All Forum Posts by: Matt Goddard

@Trevor Gaal

Thanks for the pointers.

So far the team seems good. I have a trusted family member who I helped train for the last few months doing maintenance to be my first tenant which is great.

As for the vacation rental side I'm already making preparations for paint, furnishings, and cleaning. So that I have everything lined up for next summer.

Also when it comes to what kind of homes to buy its abit of personal preference. Everyone has certain criteria a property needs to check, a big mistake to make is to over buy or over renovate. Especially with a rental. A 600k house isnt going to get you 2x as much rent as a 300k with similar rooms and location. The more expensive house may have a 60k kitchen but it's not any more functional then the 20k kitchen in the other home.

As for the actual building type that depends on what you are comfortable managing as a landlord. Condos, townhouses or detached; student houses, single family homes or duplexes. They all have different pros and cons.

Hey

I just purchased my first property in the maritimes, a student rental/vacation rental on Cape breton. I'm from out in Ottawa, any advice for someone new to investing in the area ?

@Sarah Mostafa-Kamel

Hey Sarah,

I've noticed the same thing, fair market price for rent hasn't quite increased as fast as the price for buying the properties. I would suggested looking in more of a regional area instead of trying to look right downtown. The property is more likely to have positive cash flow, tenants are more likely to be longer term which means less turnover cost and most people are ok with commuting in Ottawa. Areas in the west end like Richmond, Carleton Place or Arnprior are more likely to have positive cash flow generally speaking. Check google maps and put a 45 min circle around downtown and work in from there. Ottawa proper has some potential areas like parts of Bells Corners and Vanier, think communities that came up in the 80s and 90s. They are established and still have great properties for rental income.