All Forum Posts by: Jay Gill

Another local checking in :) haha. I'm in.

The appraisers haven't been as friendly over the last few weeks.

I wouldn't mind joining in

There's always opportunity in every market, you just need to adjust your strategy for the market you are in.

If anyone in the GTA wants to chat shoot me a private message anytime, I'm a bit bad at replying to threads.

Be careful with Hamilton, be sure to work with someone who knows the different areas well if you chose to invest there.

What looks like a good deal numbers-wise can end up becoming a nightmare pretty quickly.

It can be good, what is the potential purchase price of the property? How do the numbers look? Is there any upside?

PS: Don't listen to anything realtors say (I'm a Realtor too LOL).

It depends what you mean by good enough, but I am working with 2 people in the area right now and what we've found works best is an older brick Bungalow with an unfinished basement and then you get a secondary suite in there. 

We made an offer on one at 485k, but got beaten out by a cleaner offer with no conditions. This one didn't have a full brick exterior, but the basement was already finished so we thought we'd give it a shot.

How long do you plan to keep it? If prices come down will you still hold on and not try to panic sell? If times get tough and rental rates come down and you get hit with a bit of vacancy will you be able to hold on to it? Those are some things you need to think about when looking for appreciation. Predicting the market is very difficult, but you can at least analyze the amount of risk involved if things don't go as planned.

I would personally stick to the index funds unless they have a great track record and even then I would probably not trust them.

On the tax side you should probably find another accountant who knows the ins and outs of what you need and just go in for a consultation.

I did have to eventually switch accountants when I began to generate revenue from multiple sources both personally and through corporations.

 Hi Terry, thanks for this great thread! I think it will be useful for a lot of people, I can't wait to see the progress/results.

Your quoted cap rates are accurate, but they will not apply to your property at all.