All Forum Posts by: Mark Polan

@Kevin Conroy

I appreciate the information and advice.

@Kevin Conroy

Great! Thanks for the information. Still debating what the best strategy to start is. Buy and hold and Reno as tenants move out (just like your situation) or start off BRRRR method. The biggest thing for me that can make or break a deal is the cost of the contractor and will the rent be higher then the mortgage after refinancing and fees. Of course that is what the research part is for but to hire someone that is a complete stranger can be tough for contracting. I tend to believe people pretty easily lol. Glad I'm getting some feedback from people in my area so I know it is possible to still find deals and make it work in cheaper areas surrounding Ottawa.

i will check out that investing group though.

-Cheers and keep me posted on any other successes stories you and your wife come across!

@Paul H.

Thank you, I really appreciate your information. I've driven by Dore office on Tenth line many times. I'm very close that location. I bought the BRRRR book and long distance is my next one.

Looking forward to the success story.

@Paul H.

Last question, I don’t want to take up too much of your time. Are you using a property manager? I’ve noticed the ones I have looked into charge one month rent to place a tenant and 8% a month to continue managing.

@Paul H.

Awesome! That’s exciting news. I’m hoping by next summer I can be actively looking with a partner. I will have some money in the stock market I can take out by then. I much prefer to partner for the first one since I have never been through the process before. Good luck and feel free to update me on any of your new/old purchases. I love to hear about ones close to home that I can relate to and are realistic for myself as well.

@Paul H.

Thanks! I have been looking at all those areas but my only concern is the rent won’t match up quite well profit wise with the mortgage. Obviously that’s where the professionals come in hand. Are you invested in any of there areas?

So I’m new to Bigger Pockets and I do not have any rentals at the moment. Currently reading and researching and preparing myself. I own my home and live in a very expensive city. I paid $200,000 (with a 2.49% interest rate ) for a townhouse with no garage and parking lot style parking. I pay $400 a month in condo fees as an example.

To find any type of single family homes that you would even come close to buying cash, you are driving a good hour easily out of town and will barely find anything under $120,000. In the city, single family/duplex’s, etc are going for $350,000+ easily. So traveling for my first purchase is a must but also not ideal since I would like to know the area I’m investing in.

I understand you need to have professionals help you to find the deals, but until I’m ready to pull the trigger I am not ready to ask Agents to start looking for me. Rents don’t come anywhere close to the 1% unfortunately. For example, I wouldn’t be able to rent my house out for more then $1,600-$1,650 at the moment.

Main question is, is there anyone here that is family with the Ottawa,Toronto/Montreal surrounding area that have had to deal with more expensive housing to start off? And if so, how did you go about it?

Thanks,