All Forum Posts by: Matthew Lee

Can I just tell you a property and you can tell me an estimate of what a property like that would rent for. and also could i use you as a real estate broker in lets say Hamilton or Weland.

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Originally posted by @Scott Innocente:

Hi Matthew, Windsor is the place to be for the cashflow/appreciation combo. Property manager typically 7% + or -, you'll be hard-pressed to find a better place to buy cash flow in Ontario other than a small town. As for being four hours away, much of the buying process is done remotely anyways.

Would I need to commute there on a regular basis or can I do most of the stuff virtually. Ex. Looking at the house, finding a realtor, finding a contractor, looking at finished product, finding tenants.

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Im thinking of going into real estate investment once I have enough money saved up. Im looking at Guelph and Welland right now because they arent that far of a drive. Im having some troubles making the rent on some of the houses cover the mortgage plus other expenses. Is there a way to find how much you should be charging for rent on a house, because I cant seem to make it work. Also I know that Windsor probably brings in more Cashflow, but I dont really want to drive 4 hours and idk how expensive property managers can be.

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Originally posted by @Nathan Klym:

I also invest in Guelph - I have a bunch of student rentals that cashflow. They can be found but it’s definitely not as easy as it once was.

Other markets like london, Windsor and Sarnia all have good cashflow opportunities. Same thing with most places in northern Ontario as well

Yeah I was thinking about windsor but I dont want to have to drive that long, thats why im looking in the 1-2 hour range. Also is there extra maintenance cost because i heard that students often trash the rental property.

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Originally posted by @Roy Cleeves:

Cashflow numbers work best where the rents are still relatively high and the purchase costs are lower. You will find that situation in many Eastern provinces and in Alberta as well. If you want to stay with Ontario then you want to be outside of the GTA (Greater Toronto Area) and more West like London or Northern Ontario. Good Luck in your search and if you need to find a good Realtor in any of these locations, I may be able to recommend one for you.

Thanks i dont think im going to buy my first property just yet, but when the time comes ill hit you uo

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Originally posted by @Andrew Meyer:

Originally posted by @Matthew Lee:

Originally posted by @Andrew Meyer:

If you’re going in those areas, it’s ideal to duplex. I have a duplex in Guelph I bought for $685k and it pulls in $2315 in the top unit and $1750 in the lower. Thats $4065/month. My monthly interest on the loan is $819, property taxes $272/month, and from there add in maintenance, insurance, cap ex, etc.

you can find them…. I went door knocking to find mine.

Thanks, yeah I guess I gotta put a little bit more effort in finding the right deals

If you’re looking in Guelph, I’m happy to introduce you to vendors in my network.

That would be great.

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Originally posted by @Theresa Harris:

Originally posted by @Matthew Lee:

Originally posted by @Theresa Harris:

Originally posted by @Matthew Lee:

Originally posted by @Bill Ward:

What are your numbers? Either your doing the math wrong or they aren't good deals.

well theres a $550,000 property in welland, lets say for example wise i Put a down payment of %10=$55,000. So lets say that im not going to do any renovations to make the example simpler. I have to pay 4,635 every month on a 10 year amortization period(there's a 15,345 mortgage insurance). So the total Mortgage is 510,345, there a %1.75 mortgage rate over 10 years and my monthly mortgage payment is 4,635.

And houses nearby in the area that are pretty similar list for around 2k per month.

I mean I could just be looking in the wrong area, or on the wrong sites.

Are you going to be living in it? If you are buying it as a rental, you need to put 20% down. Also do not do a 10 year amortization, you want to do it as long as possible-25 or 30 years. Do a closed mortgage, so interest rates are locked in for 3-5 years.

If you are living in it, then you can do less than 20% down. Still do the longest term mortgage as possible to keep payments low.

im not going to live in it, but yeah doing the mortgage over 30 years makes more sense.

Then you will need 20% down. That also opens up options though if you wanted to buy in another area or province and get a property manager. If you are wanting to stick with ON, there are quite a few people who invest there on BP.

Yeah theres a few other places that Im looking, but I think im gonna stick with Ontario and try and manage my first rental property, to get the experience, also whats BP?

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Originally posted by @Theresa Harris:

Originally posted by @Matthew Lee:

Originally posted by @Bill Ward:

What are your numbers? Either your doing the math wrong or they aren't good deals.

And houses nearby in the area that are pretty similar list for around 2k per month.

I mean I could just be looking in the wrong area, or on the wrong sites.

If you are living in it, then you can do less than 20% down. Still do the longest term mortgage as possible to keep payments low.

im not going to live in it, but yeah doing the mortgage over 30 years makes more sense.

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Originally posted by @Andrew Meyer:

you can find them…. I went door knocking to find mine.

Thanks, yeah I guess I gotta put a little bit more effort in finding the right deals

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Originally posted by @Bill Ward:

What are your numbers? Either your doing the math wrong or they aren't good deals.

And houses nearby in the area that are pretty similar list for around 2k per month.

I mean I could just be looking in the wrong area, or on the wrong sites.

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All Forum Posts by: Matthew Lee

Matthew Lee has started 2 posts and replied 12 times.

Post: Beginner Ontario Real estate Investor

Post: Beginner Ontario Real estate Investor

Post: Beginner Ontario Real estate Investor

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent

Post: I cant seem to get the math to work on the rent