All Forum Posts by: Niteesh Singh

Haha so relatable man!, I see my friends buying teslas and fancy designer bags/clothes and feel why the hell am I being frugal just for the sake of building long term wealth. Investing every penny I have/save. But I and wife do splurge every 3 to 4 months on a vacation so that’s something where we don’t compromise. However I feel I’m too early in my investing career (3 years only) and I’m pretty sure if I keep investing the same way for at least the next 5 years I’ll start reaping the rewards. Maybe that time I would be able to refi one or two properties to buy my dream home and a sports car. I’ve kept a target of 20k per month rental income, once I achieve that I’ll start burning cash like crazy 😝 keep going brother let’s check back each other’s progress after a few years 👍🏻😆 also, do spend responsibly on things which you enjoy the most so that you don’t regret later on, this will keep a balanced approach imo

Prices in my area which is hamilton, Ontario have dropped around 25-30% from the peak (Feb 2022). I and my wife have been investing since 2019 and have 3 properties (7 doors) till now bringing in approx 7500 CAD per month in rental income, we have achieved this by living a frugal life while trying to increase our Tech incomes. 

we are actively making offers on duplex conversion sfh but are getting outbid mostly because we keep offer conservative due to the declining prices.  However I’ve noticed a trend that the premium properties (2500 to 3000 sq ft) which were 1.2 M to 1.5 million have quickly lost lot of value and are now around 875k to 1.1M range. We all know more rate hikes are coming and it will put more pressure specially on the higher end properties due to the affordability crisis. We are blessed that we can qualify for that range easily even if mortgage rates  reach 7% (are between 5 to 6 right now), I even paid off my Corolla few months back to increase our affordability. Should we focus on buying our dream home instead of looking for our next investment property ?, we won’t have to sell our current duplex in which we live and can rent out the upper unit for an additional 2500CAD to make it self sustaining asset. Also, even in our dream home we plan to add a legal basement suite for additional income :) as I don’t want to pay the outrageous mortgage alone 😀. 
OR should we delay gratification once again and just find the next duplex conversion n wait a bit more for our dream home. Im really confused, please share your opinions, would really appreciate it. 

You might want to look at Regina, it’s also a cyclical market however you can get close to 1% there. 
I bought a turnkey 4plex in Regina (2004 built) for 500k which generates 4700$ pm, so close to 1% rule. 
good part of buying with fundamentals is even now when my mortgage payment has ballooned on that property from 1400 to 2000$ it still cash flows :). And it’s completely hand off investment. 

Hey guys, this is my first post, closing on my first small multi a 4plex later this month in Regina, canada. 
what are the most important things to ask the existing sellers property manager before closing, apart from the regular lease agreements, utility cap and deposits ? All units are tenanted out and I’m assuming the tenants.