All Forum Posts by: Igor Tomic

Hey Everyone. Investing in Windsor Ontario here. Started this year and owning one duplex for now. Would love to get more but it is hard to save down payment of 20%. Seems there is a lot of investors from outside that are buying properties here. Good deals to be found for sure

Thanks all for reply. I purchased a property in March of this year and remember I had to show them funds in my account. I used different bank for mortgage then i use for my personal banking. So even if I transfer funds from my LOC to my checking I still can't use that? I have LOC right now so there is no need to get another or new one.

If I can't do that I'm thinking to get a family member write me a check for 10k for example and get gift letter from them. After I close the deal I can get my LOC an pay them back. I don't think there is anything wrong with that......or am I wrong?

Hi all. I'm wondering what you guys think about using personal line of credit to put downpayment on my next rental. Does it make sense to use cashflow from the property to pay off credit? #ASKBP

Congrats 

Any investors from Windsor or surrounding area?

The Skyline Apartment Real Estate Investment Trust is investing heavily in Windsor and Tecumseh.

The Guelph-based company just purchased 23 properties for $136.2-million, to become one of the more dominant landlords in the area.

Skyline CEO Jason Castellan believes it’s a good time to invest in the region. “With the biggest trading partner being the US right on the border there, and their economy picking up, we see great opportunity,” he explains. “Windsor has a skilled work force, they have a new bridge, they have a lot of strength going and a lot of momentum in their direction.”

The Skyline Apartment REIT owns 15,000 units in 48 communities across six Canadian provinces.

I don't think pictures have to do anything with property not being rented. It must be saturated market like you guys discussed before. I see your ad is still active so I'm assuming it is still available. Is there any chance for you to rent it out as whole unit instead of rooms? Get long term tenants if possible. Can you have any cash flow with that?

I rented my property on kijiji in a week. Had 2 showings and third took it. Also some emails and phone calls after it was rented. Pictures weren't that great either. 

Good luck

I just got duplex in Windsor for 100K and it passed inspection with flying colors. I can't give you more info then that since I didn't get keys yet. All in all there are good deals around here. Some have to be negotiated to realistic price and you should know the area like everywhere else where you are planning to invest. I've been in Windsor for 15 years so I know the city pretty good. If you guys need some info I will help if I can

@Roy N. Thanks. I haven't contacted Dave Vogt. Never heard of him to be honest. Can't seem to find info on him in Windsor. Do you have contact info that you could send me on PM? Thanks

Hi everyone. First I wanna say thank you all for the great amount of info and from saving me by analyzing one of my properties which was a bad deal. I got a new real estate agent which has big portfolio himself and understands numbers.

I bought my duplex in a class C neighbourhood. In Canada we don't have war zones :) Home inspection went great (all new electrical, plumbing is good, Everything is by the book etc). It is going to need a new roof in the spring and some bathroom work (new ceiling and ceiling fans). It has tenants in. Family on the upper has been there for 10 years and from what I got from them they are not planning on moving any time soon. Bottom tenant used to live in the other house which current landlord owns. He said he never had a problem with them otherwise they wouldnt be moving in. They just moved in Feb 1. No contract and are month to month.

I got the house for 100K and are going to take 10K on top for the home improvements.

Upper is rented for 700 nothing included and bottom is 950 all included but we are going to put the cap on utilities at 250/mth. Tenant is ok with that but will get it in writing. Property tax is 1620/yr

Now after the new roof gets done, bathrooms finished (from the 10K extra) there won't be any big things to do. Furnaces (2006,2007), hot water tanks owned (2010,2011).

Anyway I am getting keys on march 27 and are super excited to finally pull the trigger. I was getting into that analysis paralysis mode :)

Thanks again to everyone and Josh and Brandon thnx for the podcast. Really learned a lot!