All Forum Posts by: Irfan Rashid

Hey Jacob, just wanted to reach out and say thank you for the advice. The Bowmanville property definitely paid off. Looking to refi and rinse and repeat, although the whole area has exploded. Might look out further in Newcastle, or even Calgary now.

Will try to summarize the details, I have done my DD but want to see just in-case I am missing anything. Thank you for any input in advance.

Waterloo Ontario has U of Waterloo as well as Laurier, Google is also expanding their offices there (for those unfamiliar with the location)

$352,600 Unit cost. $3,500 due at signing, 5% in 180 days, 5% in 1 year, 5 % in 2 years.

MONTHLY CASH OUTFLOWS

$182/m condo maintenance fees

$319/m property tax

$1354 Mortgage (this will vary ofc based on downpayment etc)

CASH INFLOW

$1995/month guaranteed rent for 2 years

OTHERS

2 Year Free Property Management

All furniture included

CASH FLOW POSITIVE (BASED ON MORTAGE) by about 140/m

Luc, thank you for the response ! Numbers are below, after crunching it out i guess I have my own answer

Purchase Price: 170,000

Monthly Expenses:

Maintenance: 218$/m

Mortgage: 700$/m (based on 2.65% rate, 20% downpayment, 25 year term)

Property Taxes: 191$/m

Income (Rent)

"Guaranteed Rent" of $985/m, units are going for about $1000 currently in the area

Cash Flow:

$1000 - $700- $191-$218 = -109

@Huong Luu

Thank you for the tip on the financing. The building is already built.

Hello, has anyone looked into this unit yet ? I know there aren't many fellow investors from Ontario Canada on here, but i did inquire about Bowmanville Ontario earlier and the response was amazing !

I ran the ROI, cash flow is positive upon buy, the builder is guaranteeing 1 year of rent as well @ 985$/M.

It's a small studio apt, 500 SQ FT, entire building is just studio apartments with shared areas, next to UOIT and Durham College.

Would appreciate anyone elses insight on this as I am in the phase of having read all the books, but haven't made my first actual buy yet.

Hello,

 
Quick question here, I'm looking in an area named Bowmanville, Ontario. There is a GO Train station being built here , estimated completion date by 2024. This will allow transit to downtown Toronto. Have been analyzing some properties and looks like I can get some cash flow out of it.

1) Have any of you experienced either a growth in value of the property, OR the amount you are able to rent it out for based on an incoming Transit Hub ? 

Thank you for your time in advance,

Irfan Rashid

@Sol Kassam

Thank you ! Am looking around VWC now.

@Adam Narbon

Thank you for your time ! When you say Vaughan Metropolitan do you mean units around the VMC ? Will look into some tonight!

@Adam Narbon

I was referring to the UC Tower project in Oshawa, would you mind providing your opinion on this one ?

@Sol Kassam

Was referring to the UC Towers being built by Tribute in Oshawa close to UOIT. Realized I would be relying on appreciation to make up for the negative cash flow, which is why I was hesitant.

Would you mind providing your opinion on this project specifically ?