All Forum Posts by: Jeffrey Boudreau

You have 1 month to make $5,000.

Here's the rules: You don't own a business and you're unemployed. You have no assets to sell and $100 on hand. You don't have a vehicle but can temporarily borrow one every other day temporarily (so no uber or food delivery). If you commit a crime you will be shot and killed.

What do you do?

In the past year and a half I have bought a duplex and fourplex in a city 4 hours away from me because the market is more affordable and the rents are decent. I have plans to continue purchasing for years to come in this market. I have a couple friends who live in the city who also own rental properties, and I've been slowly building up a great team of reliable contacts in different trades. I've also become more familiar with local and provincial rental laws.

In the future I see myself moving to this full time and quitting my full time job. I am not sure if I care to move to the city, but that hasn't been a problem thus far. I have been able to do just about everything remotely and usually drive down once every month or two just to see progress on a few projects, or go for a day trip to get away.

I've had this nugget of an idea. Where it makes sense to own businesses that surround and bring up the rental properties. Like owning a property management company.

So my question is...am I being naive in thinking that it would work to run a business like this remotely? Of course I would hire someone local to take care of leg work errands. What have your experiences been like whether you have owned a property management company, or have used your own?

Is there any changes you would have made or done differently? Anything I have missed?

I plan on sitting with this idea into the new year and am in no rush to dive in. Just considering the different angles.

Thanks kindly!

Thanks Kellan! I'm actually a part of the Facebook group, but not active in it. I mostly lurk while listening to podcasts or audio books. It's great to see Matt finally on here!

If I am ever in the area, I will definitely shout out to you guys. 

Good day!

I'm Jeff, from Ottawa, Ontario. My wife and I own our primary residence, and hopefully by next summer will be ready to purchase a multi family. I've been studying up for a long time and ready to take the plunge once I can save up some funds, unless I can find a good hard money lender willing to make a deal.

I work in IT for the government, but my primary goal is to have enough properties that I can become FI and quit my day job to do this full time. Talking about real estate, properties, and financial independence is something I enjoy.

I listen to the BP Podcasts almost religiously. Also check out Matt McKeever on YouTube. He's from London, Ontario and has great weekly content on YouTube.

Thanks,

Jeff

Hey there!

I'm Jeff, from Ottawa, Ontario. My wife and I own our primary residence, and hopefully by next summer will be ready to purchase a multi family. I've been studying up for a long time and ready to take the plunge once I can save up some funds, unless I can find a good hard money lender willing to make a deal.

My primary goal is to have enough properties that I can become FI and quit my day job to do this full time. Talking about real estate, properties, and financial independence is something I enjoy.

I listen to the BP Podcasts almost religiously. Also check out Matt McKeever on YouTube.  He's from London, Ontario and has great weekly content on YouTube.

Thanks

Jeff

I highly recommend Remi Morvan. He has a small YouTube channel as well, and owns multiple rental properties. He was the selling agent of the house my wife and I purchased.

https://www.remimorvan.ca/

I've been digging into the following rental property and need a bit of help determining if it would be a good purchase. Unfortunately there are no internal photos and I haven't been inside yet. This is preliminary. I've also noticed that this is in a more sketchy location of the city.

MLS: 1019672 (28 Marlborough Street South, Cornwall)

A bit of a breakdown:

- Asking $155,000, last assessed for $110,000

- Rented for $27,900 / year

- Expenses are $15,000, with the heating being $9000. I can only assume this is included in the rent. My agent is looking to find out why it's too dang high. I'm sure it can be altered significantly.

- Yearly property taxes are $3800

- Estimated water is $100 a month

What do you guys think of this? Deal or no deal? Thanks for the help!