All Forum Posts by: Jennifer Thomson

Quote from @Steve Vaughan:

Quote from @Jennifer Thomson:

I know this is old (3 yrs ago), but curious what you ended up deciding for your strategy?

Ha. I was about to comment without noticing it's age. 

Back in 2002 when I started, we had to be landlords for 2 years before they 'counted' it as income.  They counted 75% of rents. 

I was also going to mention it gets more difficult to get mortgages after 4. It's not smooth sailing 5-10. 

I used this same strategy at 4 for me, 4 for my wife.  Pay one off. Usually an easy decision as they weren't all good fixed rate long term conventional anyway.

 @Kyler J Sloan. I hope you were successful and would appreciate an update👍

Not to hijack the OP’s post, but I currently have accepted offers on two duplexes. Most of the investors in my mentoring groups use MICs with very high interest rates. My mortgage broker is urging me to use traditional lending, as my husband and I have pre-approval for nearly $1M. I hadn’t even thought of purchasing the properties separately. Could you elaborate on how you arranged that (legals, title? Etc) We have a corporation that we will pump the rent rolls through, so once the corporation gets off its feet, we have to get creative until we can purchase properties through it. Thank you!

I know this is old (3 yrs ago), but curious what you ended up deciding for your strategy?

A duplex was just listed in a town 20 mins from where I live (Canada). I am a virgin investor, but have purchased three primary properties in the past, so the buying process I am familiar with. I love the BRRRR strategy, and plan to manage the property with my husband.

Is someone willing to spend their Friday night helping me analyze this property with me?

- Duplex (up/down) that is vacant with 5 parking spots

- Main floor is 2 bdrms, 3pc bathroom (previously rented for $1775 + heat/electricity)

- Upper floor is a 1 bdrm, 3 pc bathroom and loft (previously rented for $1559 + heat/electricity)

- Two furnaces, two hydro meters

- Roof replaced (2011), siding/back stairs/some windows replaced (2012)

- School district neighbourhood and within walking distance to downtown core, water, shopping

- Asking price: $400k CAD 

- Property taxes $3299 / Annual expenses $7671 / NOI $32,337

I used the BP calculator, and it will most certainly generate money - it needs an update, but not a gut job.

Comps in the area vary from low $300s-$630s

I am booked to see it on Sunday, but there are already 6 showings ahead of me. I'm sure she's going to fly before I get to it....

Just seeking experienced investors to review this, as problems/concerns that may be obvious to you won't be to me.

Thank you so much for the help!

* DM if you want pics of property to help with assessment :)

Thank you for this question. I was wondering if my Canadian REI search efforts were lacking!

@Kaylee Pratt my husband and I purchased our family home five years ago. We weren’t overly keen of its location, but purchased anyways as it was without our budget. Five years later, the community is exploding and we just sold it for 270k more than we paid. We just reinvested in a different province on a house below market value, and are excited to see what else is out there for us :)

@Steven Mojsej we were just in Ottawa at the end of July trying to find our family home, and I couldn’t get over the market. It was crazy! Bidding wars, $30-$50,000 over asking... I wondered if maybe I went full circle and landed back in BC ha!

Let’s get in touch.

@Paul H. thank you Paul! I lived in Ottawa way back in 2003 when I studied at Ottawa University. I’m looking forward to getting to know the city again, but not so much the snow LOL

 I’m with the government (on temp leave), and I, too, would like to explore this new venture on the side. Eventually, I would like for real estate investing to be my primary income generator. Thanks for the info, and I’ll add you to Facebook

@Melanie Dupuis My goals are to invest slow and steady to start. I would like to purchase single-family dwellings, whether they be houses or townhomes, and use the BRRRR method. I don't have any connections (eg. Realtors, contractors, plumbers) in Ottawa yet, although I do have many just over the border in Quebec. I've never purchased a home in a different province, so that is something I would be willing to explore down the road. Thanks for reaching out!

Hi all, I am an 11-year professional working in government who is new to investing. I have been wanting to invest for many years, but living in BC has prevented me from investing due to the incredibly competitive/expensive housing market.

My family and I are relocating to Ottawa, Ontario at the end of this month and I am looking to connect with experienced investors/realtors who can discuss my goals with purchasing my first (of many, I hope) rental property. If interested, let’s connect!