All Forum Posts by: Irfan Rashid

@Theresa Harris

Theresa, thank you for the reply. This unit specifically is in Oshawa, it’s being built next to UOIT. Toronto itself is very hard to get into for a beginner like me !

Frank,

 Thank you for your insight on this. Will take your advice, am looking at purchasing my first single family home (condo unit) now. It's next to where a GO Station is being built in 2024, (Train station that people use to get downtown Toronto from suburban communities). As well as a Wal-Mart having being built there recently. Only issue I'm running into is in Ontario, if I want to put 5% down it has to be as a primary residence and cannot be rented out for one year. If I incorporate I can put 20% down and rent it out right away, but unfortunately I only have about 10% down right now. Debating if I should just get into the market, shoulder the negative cash flow for one year, and rely on the equity growth.

Ideally I can find funds to put the 20% down, to avoid paying the mortgage insurance. Since you are in the states, unsure if you are familiar, if I put 5% down, I pay 4% on mortgage insurance !

Thank you again for your time !

Hello everyone, first post here, very excited to get started. 

I am a future investor looking at getting into a pre construction condo.

It's being built right next to a university, a major highway, as well as a shopping center being built. Would be renting it out most likely to a student. Estimated completion date is May 2022.

1) Have any of you had success with pre construction condos or is it generally not worth ?

2) To those who do rent out to students, would you recommend a studio, a 1 bedroom, or 1 bedroom plus den ?

Thank you for your time in advance !