All Forum Posts by: Mohamed Mahmoud

Thanks guys for the replies.

I actually printed out letters because I'm targeting around 88 units. And yes they are pretty close, but I'm just not sure about dropping off the letters. Although it would be a lot faster and cheaper than mailing them.

Regarding calling them, where would I get the numbers from?

My wife and I are going for our first property ever, we're currently living in a rental and probably won't move out soon because the rent is relatively cheap, so we want to rent out our first property when we buy it.

However, I'm afraid if we purchase it as a rental, we'll be losing out on the Home Buyer Plan, the capital gains exemption, Land transfer tax exemption, and who knows what else.

What are the pros and cons of declaring it as a rental or owner-occupied?

Mind you, I live in Ontario Canada, so the rules are probably a bit different than the US.

Hi everyone, 

I've been away from the real estate front for a while, but now I'm ready to jump back in.

So I want to buy a condo apartment in my neighborhood. I know that it's a great submarket to invest in. However, the prices are too high to make sense. The ones that are for sale are too expensive, yet the ones that I know would probably go for a good price are not for sale.

I want to approach the homeowners and see if they're willing to sell for some reason. I just want to know the best way to approach them. Door knocking, direct mail, dropping letters at the front door. Which one works?

Hi everyone,

Just a general newbie question

What would generally provide more rental income when renting by room:

4 bedrooms and 1 bathroom, or 3 bedrooms and 2 bathrooms?

Thanks

Hi everyone

I'm really excited to get into real estate investing. I live in Mississauga, and I'm looking for a mentor to learn from.

I'm offering my time and efforts to help in any way possible without pay.

All I want is to soak up as much knowledge as possible.

I hope I can find some assistance here

Thank you

Would it make a difference if I approached several lenders for preapproval?

How much would my credit score be affected?

Thanks @Roy Cleeves and @Hai Loc for the reply.

We will try to reach a reasonable amount regarding rent.

However, if they end up paying less and we end up paying the same current living expenses or more, would it still be worth it to count on appreciation and refinance?

I'm really eager to start investing as soon as possible.

Hello everyone.

So I'm thinking of diving into my first real estate deal which is a house hacking strategy.

I live in Mississauga and the numbers aren't really impressive, but here it goes:

It's a 4br/2ba condo townhouse plus a 1br/1ba basement. My wife and I would move into the basement and rent the upper rooms.

Purchase price: 560,000

Down payment: 31,000

Rehab: 5,000

Closing: 10,000

Rental income: 700-1,000 per unit.

Total income: 2,800-4,000 per 4 rooms

Mortgage plus operating expense: 3,650

We're currently renting a 1br/1ba apartment for 1,850

So based on the numbers above, we would be saving 1,000 to 2,200 in living expenses.

Sounds great I know, but here's the catch:

To convince my wife to downgrade from a spacious apartment to a much smaller basement, we might have to have the in-laws stay in the upper units for around a year, and then we would probably all move out, rent the house and repeat the process in a new home.

The thing is, would it be a wise decision to have the family pay rent instead of regular tenants?

Also, they might not end up paying as much as normal tenants would and we might not save on living expenses but rather bank on refinancing after a year and go from there.

One more note: my sister-in-law has her own apartment and would come live with us. So I'm thinking of managing the property for her to get experienced in landlording.

What do you all think? I apologise for the long post.

@Hai Loc

Already have :-)

@Dawn Brenengen thanks for the reply.

And how can I remove the ban?