All Forum Posts by: Joel Arndt
Joel Arndt has started 8 posts and replied 74 times.
Post: When to Expand Into Another Market

- Hamilton, On
- Posts 75
- Votes 36
Originally posted by @Gary McGowan:
Always buy in areas that have good economic fundamentals. Your in Hamilton and I know many investors there that never leave the area because there are some great opportunities there.
Since the originally post, I've come to appreciate Hamilton a lot more. Plus, my first deal was done here in Hamilton. So, at the time I posted originally I may have sought to move from Hamilton, but now I just want to expand (smartly).
The long distance model is super attractive to me (building a team I can rely on), so I'm implementing it here in Hamilton and scanning nearby markets for opportunities. It's forcing me to get my **** together faster.
Post: Master Lease Agreements in Ontario

- Hamilton, On
- Posts 75
- Votes 36
Originally posted by @Gary McGowan:
In Ontario we now have a mandatory Lease from the Gov. that we have to use. We can add a schedule B to it with our own terms however the Land Tenant Board rules will always supersede anything.
I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses). There isn't anything in the Standard Lease that would forbid that? And wouldn't anything agreed to in schedule B override the original agreement (like it usually does in a purchase contract)?
I'm being nit picky on purpose.
Also, the Standard Lease doesn't apply to commercial tenants, so if the property under question is 6+ units, that might be easier.
That's not a bad idea - just strike a business contract. Approaching it like that would also automatically set an expectation for the owner to pay maintenance expenses.
However, the intent of the Master Lease is equitable interest. I want to have a legal right to that property and it's equity. Could that be accomplished through a purchase contract (that lasts x number of years)?
Post: I just paid an $80,000 wholesale fee...

- Hamilton, On
- Posts 75
- Votes 36
I second @Troy Sheets, how'd this pan out? Has it completed yet?
Post: Master Lease Agreements in Ontario

- Hamilton, On
- Posts 75
- Votes 36
Post: When to Expand Into Another Market

- Hamilton, On
- Posts 75
- Votes 36
Good point about perusing BP!
I don't invest in the US yet, but it's a goal to get into the US within 5 years. You guys have such crazy access to info that we don't get here in Ontario. SUPER attractive for marketing.
Post: For those that invest in Ontario,

- Hamilton, On
- Posts 75
- Votes 36
I think most of this advice can be summed up in two words:
Networking and Knocking.
I found my first (and only) deal through driving for dollars. Actually, a friend and I were driving, he knew of an abandoned house, so we went to look at it. Later, I went to the city tax records, looked up who they were sending the tax bill too, and mailed them a simple letter. A couple weeks later I got a call.
The most responsive tactic I've experienced is this method of finding vacant, boarded up buildings, looking up the owner's mailing info, and sending them a personal letter. I'm negotiating on a 7-plex in Hamilton right now because of this tactic.
Kijiji, direct mail blasts and bandit signs are other tactics I'm using. Nothing has directly led to a deal yet. Kijiji yeilds the most response though. My next tactic is cold calling with Mojo Dialer.
Post: When to Expand Into Another Market

- Hamilton, On
- Posts 75
- Votes 36
Post: "Subject To" deals in Canada

- Hamilton, On
- Posts 75
- Votes 36
Post: Rental listings Canada - where do you find the most success?

- Hamilton, On
- Posts 75
- Votes 36
Hi @Patrick Archer.
It sounds like you're an out of town investor. Do you have a property manager?
60 days would be the minimum, and it's actually not just a rule of thumb. I believe (I've always been told) that tenants have to give 60 days notice to their current landlord before moving out. So, really, 60 days is the absolute minimum.
It also sounds like you may not be familiar with all of the Landlord-Tenant rights. Just a suggestion, but if you hire a property manager, they'll take care of all the advertising, tenant screening and application process for you. Plus, they will be intimately familiar with the RTA (Residential Tenancies Act) in Ontario and protect you and your property as best they can under the act. NOW, that's what the GOOD companies will do. Finding a good property management company is like anything else in business, it takes time and diligence.
Unfortunately, I'm not familiar with London, but I'm sure there are many here who can help you find a great property management company, if that's something you want to explore.
Post: To Start Rental Property in Ontario

- Hamilton, On
- Posts 75
- Votes 36
What's your definition of "less money to start with?" Some of us have no money, some of us have 20K, some of us have 100k ready to invest. Toronto is the biggest population base in Ontario, but also the most expensive. If you have 250k, cash, ready to invest, then you might be ready to find rentals in Toronto. But if you have "less money to start," start evaluating other markets around the Greater Toronto Area (GTA).
Start with how much cash and credit you have access to. If you can get a $1 million loan and put $250k down, then look around the GTA. But if you can only get a $500,000 loan and put $120k down, then look in markets like Hamilton, Oshawa, London, Kitchener, Barrie.
Although, if I had access to $1 million, I would got to the smaller markets anyway and buy more properties. They will cashflow better than the GTA and your Cash-on-Cash return will be greater. $1 million doesn't go very far in Toronto, but it will do a lot for you in surrounding markets.