All Forum Posts by: Christopher H.

@Matthieu Feiguel

Welcome, Matthieu.

Sounds like you have done your research and your plan is looking solid. I love the mf house hack idea!

One thing to look into is doing the financing in one of your names only. IF you plan on buying multiple properties it can be a significant advantage down the road. It may not be applicable to you, but something to look into.

Good luck on your REI journey.

@Jordan Moorhead

Upwork

@Amir Hemmat

Someone is going to ask so I'll start it off.

Where do you live and what's wrong with Investing there?

@Daniel Tisdale

Ok I'd start by figuring the numbers on the current house. Get your rental comps and do your research etc. Now you have a baseline to compare

Now look at properties running the numbers on them as a rental. Find one that meets your criteria and the numbers work for you. With this we can easily see how the two places compare when they are apples to apples.

Next, which suite do you want to live in? Remove that rent income from your numbers and see how that changes the metrics. Play with this looking at the different scenarios. Watch how your cash flow and returns change depending which suite you live in. Think about how this impacts your personal budget also.

Now you compare those metrics with your personal wants. For example, maybe you want to upgrade your living space so you will take the upstairs of that new house and sacrifice a bit of cash flow OR you take the dingy 1bed suite in the garage so you can get the bigger return.

Only you can decide the value in these scenarios, but doing it this way you can see what those decisions 'cost' you.

This really is a tldr though there is many factors here.

Knowing what your next move after this is going to be is also something to think about. Could be an opportunity to accelerate that. This is where I would start, personally.

Hopefully this helps and doesn't muddy the waters :)

@Dave Campos

The only suggestion I could really make here is don't wait.

What if the numbers work out great and you have found yourself a good opportunity? Don't miss it because of waiting.

So if I might suggest.. connect with an expert right away. Don't wait.

The ball is in your court. :)

@Daniel Tisdale

The alternative is just buying another rental and staying where you are. Unless of course you don't want to live there anymore.

Your financing, investment, and tax strategy should be a factor here as well.

For me I would just keep an open mind when I'm looking at deals. I'd be looking at both scenarios and comparing the numbers to see what gets me the best roi/value.

@Lien Vuong

He wants to drive a Ferrari but pay for a Kia.. is that what your saying? :)

@Anthony Panepinto

I'm really biased on this one so take it with a grain of salt ;)

Chris baxter is right. Our policies certainly favor renters out here in bc and from what I've read Ontario is similarly strict.

However, it's my belief, that the okanagan provides one of the best mixtures of potential for growth and downside protection in the country. Particularly Kelowna and a couple other spots.

With 200k I'm looking at 2-4 unit properties(sfh/duplex/fourplex) for a brrrr in the okanagan. Refi and pull as much of that cash back out.

Rental rules suck here. For me because my investment window is long the significant upside far offsets the challenges presented by those rules. This is a personal preference though.

If you haven't been to Kelowna come for a visit next summer. People WANT to be here. Not a lot of places in canada can make that claim honestly.

If your patient and in it to build real wealth then the above is an option. It may be possible to find a location in ontario that has similar potential and characteristics.

Just my 2 cents :)

@Danny Keating

Start and don't stop.

Take all of that 17 year old energy and enthusiasm, Commonly referred to as piss and vinegar, and laser beam focus it at being a real estate investor.

Time is on your side right now, but it is a non-renewable resource so spend it wisely. Small progress and wins will compound significantly over time IF you don't stop!!

Learn everything you can. Build every relationship you can. Don't spend a dime on anything you don't truly need.

Ask any and every question you can think of.

Last but not least. Figure out why your doing it. This one might be tough at first. It may even take you years to figure out. It will also change as you go, but it's one hell of a map once it's clear.

Hopefully that helps a bit. Good luck.

@Bryce Stclair

Very nicely done!!