All Forum Posts by: Jacob Perez

Hi everyone,

We need to get this Canadian thread growing. Bigger Pockets is a great resource but the american content is only somewhat relevant to us here in Canada. I'm a mortgage broker, I got into the industry because I've been investing since 2013 (6 Multi-Family homes & counting :p).

Most my investments have been in Hamilton, ON which has treated me well. Which markets are you interested in and why?

Also managing a property 100 KM won't be ideal for your first investment, but down the road you'll be more than capable of this. We have the ability to do almost everything from our phones now a days but it takes some time to build your system, and relationships with reliable trades you can trust.

Mortgage brokers look for several things. The big factor is 1. Verifiable Income 2. Credit 3. Down Payment 4. Purpose of the purchase (rental vs owner occupied).

I can help you get started Joseph. Feel free to inbox me.

It's going to be hard to cover ALL of your costs with 1 unit. Does househacking work in terms of significantly decreasing your costs? Yes. 

More units - the most of your cost will likely be taken care of. You can also get specific mortgage products that will cover the cost of your renovations so you don't have to go out of pocket. 

Hamilton / Brantford / St. Catharines is where I'd look. I've bought 2 single families in Hamilton that have seen massive appreciation within 3 years. The only issue is the cash flow is non-existent or so small you can't re-finance and keep growing the portfolio. 

I recently JV'ed 2 deals in Hamilton both Cash flowing about $600 per month. This is going to allow us to re-finance pull significant equity out and keep buying while still maintaining a modest cash flow.

End of the day if something cashflows a significant amount it's also going to appreciate nicely considering investors want the cashflow.

I'm looking into buying a Tax sale property in Ontario. Trying to do all my due diligence before submitting a bid. 

I don't know anyone who's bid on one of these and have been networking in my circles and haven't been able to find anyone with experience.

I had my lawyer do a title search and aside from the outstanding taxes. There is 2 liens each for around 40K on the property. Will this need to be paid out cash by the buyer? Can these liens be negotiating if the deed is transferred to me?

Any guidance helps!

Jacob

Hi Everyone,

I'm new to the forum, is there any way to filter the topics? I invest in Ontario, Canada and while I can definitely learn from US investors looking to find info on topics more specific to my investment scenario

@Kyle Albert Corktown is pretty good area, you're West enough that you're close to Locke St, Downtown, Augusta a lot of hip places. Also close proximity to St Joe's Hospital which produces a lot of renters in the area.