All Forum Posts by: Jay Gill

Just out of curiosity which areas are you having success BRRRing in?

I sent you a message have a look!

The #'s are interesting depending on where you live.

My current broker is going to be away for a while so I am looking for a referral to a good Mortgage broker. I have a great broker for single family homes and first time buyers or people with 2 properties.

But I am looking for a broker who can help get things done for those who own multiple properties and want to grow their portfolio. My clients are focused in Toronto/West GTA.

I had a bunch of people calling and texting me about this. There was a group trying to take legal action for the Cosmos project, I'm sure a similar group will start up for this project as well.

I have a family member who had a unit, I still haven't spoken to him though.

The numbers aren't what they used to be even just a few years ago around McMaster, but you can still cash flow. There are some properties with 10 bedrooms that really cash flow, but there are downsides and risks involved with having so many bedrooms in a single family dwelling.

I am actually working with a client right now to find him 2 properties by McMaster. The good one's sell very very quickly, but there are a lot that sit on the market for quite some time. We missed out on 2 good ones, even when acting quickly.

There is a lot of new supply coming soon, so I think some landlords are worried about how that will effect rents in the area. This could be why the available inventory is a bit higher than usual.

As someone who is also from Toronto and knows the market, I would have jumped on this deal no problem! I don't really care how much the wholesaler makes, I just wanna know how much I can make and how much of a margin for error I have.

I'm going to send you a PM!

 Hey Kate, it's never too late to join the party :) haha!

Positive cash flow will be challenging in Toronto, unless you get creative and work with multi family. In the past, the appreciation has been amazing and paid off much better than cash flow could have, but you never know what's ahead.

Are you looking specifically in the city of Toronto? Are you interested in multi family, or turning a single family into a triplex or fourplex?

How about looking about an hour or so outside of the city?

I would love to attend any meetup even if it's just a few people getting to know each other and just chatting a bit.

Being a landlord in Ontario can be a headache sometimes, but you just have to deal with it as it comes. Some properties you will visit once a year and never even hear from the tenants, others you will lose sleep over. The way I see it is, you're making money and making money never comes without some headaches. 

Are you looking into a single family home or multi-family and what areas?

As for bad tenants, if they pay the rent you just deal with it and see if there's a way to get them out.

If they don't pay rent, you go through with the eviction process and just deal with all the hurdles of the LTB.

If you can hold the property for 6-12 months without any rent and have a bit of cash set away for incidentals, legal, intentional damage etc... it will never be too big of a deal. It just becomes a part of being a landlord in Ontario.

Factor in some maintenance and management at a minimum.

What area is this in? What is the demand for condos there? Are new condos being built?

Can you potentially make money on appreciation as well on this deal?