All Forum Posts by: Hai Loc

Hey everyone , 

Interested in getting to the point of owning my first property and how to get the most out of where I live (Toronto). Unfortunately the First Time Home Buyers Plan only lends out $35,000 with 5% down instead of %20 and which is payable after 2 years which you must live in the property for one year. I’m looking for investors to help with owning and finding properties that aren’t more than $30,000 down with 5% down which is basically $500,000 condos and apartments with one bedroom. I need to purchase a property with this first time Home Buyers Plan and I’m also very creative when it comes to this and looking for deals. I’m not interested in buying a mobile home for $200,000 and maintenance fees of $1,600 per month. Anyways. Looking to find someone who’s done this before and how I can do this with becoming profitable at the same time if this can be done before please share and spread some light on this topic. 

Thanks. 
Joseph

@Hai Loc how do I find out how much it would cost to build?

I want to buy a home but I’ve been doing a lot of research and a lot of investors suggest that duplexes would be a great way to start off. I have been looking but am having a hard time finding a duplex in the area I would like to live and in a decent condition. I am thinking of finding land and having a duplex built but I don’t know how or how much money I’ll need to actually make that happen? Is It better than buying an existing duplex?

What exactly is the rule on being an Owner Builder? 

I have heard that you have to wait at least 1 year after construction or remodel to sell/rent the property? 

However, I see house flippers all the time that are obviously not Contractors do all of their own work and then sell the property 6 months later. 

Is it only for the projects that you have to pull permits for? Obviously you can buy and sell as many homes as you like so I guess most of these flippers just never pull a permit during their remodels? 

If an owner builder can do all of this what is the point of even getting a Contractors license? 

AFTER BUYING MY HOME, I REALIZED HOW TRAPPED YOU CAN GET, I WANT OUT NOW. I'VE BEEN DOING LOTS OF READING AND WANT TO STEP TOWARDS DEEPER UNDERSTANDING FROM PEOPLE WHO ARE DOING THIS. WITH REGARDS TO THE HOUSE IF I COULD GET SOME ADVICE ON DIFFERENT STRATEGIES TO MAKE MY HOME A RENTAL I HAVE A GOOD OPPORTUNITY WITH THIS. FOLLOWED THEN BY DIRECTION TO START GETTING MY GOALS ACCOMPLISHED IN REAL ESTATE. I REALLY THINK GETTING SOME FOOTWORK IN IS GOING TO ME UNDERSTAND THE DIFFERENT TYPES OF REAL ESTATE INVESTMENTS. I WANT TO WORK ON A TEAM THAT HELPS GET PEOPLE TO LEARN WHAT INVESTMENT REAL ESTATE CAN DO, SHOWS WHAT PROCESSES LOOK LIKE, AND SETS UP DEALS, ECT.

Equity Partner needed for acquisition of a commercial NNN property that's generating an excess of $5M+ per year.

Hi everyone,

I purchased a Jr 1 Bed condo in Leslieville, Toronto right by Dundas and Carlaw back in Jan 2020, thinking it would be my primary residence until I start a family. Then, I started renting it out because I didn’t like living in that unit and also wanted to move to California, so I’m realizing I’m not sure it makes sense from an investment POV since I made the rookie mistake of not seeing it as an investment property first. 

I like the idea of holding at least one property that I can use as an investment vehicle, until such a time as I’d like to move into it myself. Is this something I should consider doing? Here are some numbers to help shed light…

Purchase price: $536,000, Sq ft: 513, average price per sq ft is 1081, and the building is 10 years old

Costs:
Interest payments: $10,164.51 a year
Taxes on net rental income: $1331.21
Property taxes: $2,211.60 a year
Property insurance: $497.52 a year
Maintenance fees: $3653.52 a year

**Total expenses**: $17,858.36
**Total gross rental income**: $1821/month or $21,852.00/year
**Difference: +$3993.64**

I guess in my head all the real estate investing I've read said I should be netting a positive cash flow, and I'm not which is why I'm not sure if I should keep it given I am technically netting out positive despite me having to take cahs out of pocket to continue funding the principle payments

I’m debating if I should sell, keep, or port my mortgage over to into another property that makes more sense from an investment perspective and also one I wouldn’t mind living in later when I am ready to settle down?

Thanks everyone for your advice!