All Forum Posts by: Simon Lloyd

I agree with @Roy N. , build the installation of separating utilities into your initial ROI analysis. I would also look at converting the electric heat to forced air natural gas---of course this might not be feasible depending on the age / design / construction of the building but it's worth getting a quote. I recently converted a property from electric to furnace for about $6000 so it could be worthwhile for you.

@Matthew McLean what a great concept! I'd love to run your model on my next flip or even on my current rental property and let you know what I come up with. Thanks for all your great work!!

Welcome to BP @Jeff Knight ! I live just outside Newmarket but I work and grew up in and around Barrie, so I know the area and the market pretty well--although I'm just a part-time investor--so if you need anything please drop a line. There is lots of information here on BP to get your feet wet and decide how you want to proceed in the real estate game. Talk soon!

Thanks @Roy N.

@Steven Darrow pardon my manners for barging in your post and not even saying hello!! Allow me to start over: Welcome @Steven Darrow from a fellow Canadian! BP is definitely a wealth of knowledge, and you're conversing with one of the greats right off the bat---yours truly! Kidding, not I but in fact your fellow East Coaster Roy N (among many other forum regulars) are invaluable resources for us Canucks.

Enjoy the community, ask questions, make connections and (my personal favorite) listen to all 65+ episodes of the incomparable BP Podcast.

Hey @Roy N. when you've researched (or applied for?) these US mortgages are they typically held at the Canadian parent bank or do we need to apply directly with the US subsidiary?

Thanks!

In Toronto proper I keep thinking Weston Village is an area to watch for gentrification, but my wife won't agree to buying there because she thinks the areas around it are too rough! There are indeed some sketchy neighbourhoods nearby but there's also a beautiful pocket of well-kept century homes at the NW corner of Jane St & Lawrence Ave. Add to that the area's close proximity to TTC, major highways and all the amenities of TO and this area is prime for gentrification, in my opinion, and right now you can still get property far cheaper than other areas of the city.
@Account Closed

@Account Closed if you're looking for properties with great appreciation potential and you're young enough to allow it some time, this area could be worth a look.

I'm looking forward to attending, thanks for hosting @Gary McGowan !

Welcome to BP, @Metin Guler ! I don't have experience with or strong opinion of Fortune Builders or any of the guru programs but I can say that you will learn an incredible amount just by reading the BP forums, listening to the BP podcasts and as @Dave Vogt so wisely states...just doing it. I can tell you it's possible to get into this game without a lot of training or experience.

I'm not a professional real estate investor yet but a few years ago I wanted to purchase an investment property, so I refinanced our home and purchased one. Then a year later we purchased another. A few months ago I sold the first property and wanted to try fix & flip so we bought a property in need of repair with good potential ARV and I'm going through the renovation process now. Sure I've made mistakes that possibly could have been avoided by taking some REI courses but I think the best lessons come from experience anyhow. :) And actually if I had found BP earlier in the process I certainly could have avoided many of those mistakes, so it's definitely a great resource.

Best of luck Metin and feel free to reach out with any questions! The Canadian regulars here on BP are incredibly knowledgeable and are always willing to help out, just ask.

@William Wong My real estate agent has a side gig as a hard money lender and coordinator, ie. he links up lenders and borrowers, so my suggestion would be to start with a good RE lawyer in your area---not to say that all lawyers do this but most should at least know potential borrowers or refer you to someone who does.

As far as lending vs. purchasing properties yourself, there are pros and cons to each of course but to me one of the most important aspects of REI is **leverage** which you don't get with lending money, you'll only get the % as your ROI. There's a bit more legwork to purchase properties of course but factor in the appreciation and leverage and your money will go much farther.

I've heard the Ottawa market isn't that great for investment, ie. it's quite pricey and rental pool isn't huge. We had a mini meetup in Ottawa a few months ago with @Matthew Graham and @Richard York and they're looking to other markets for their investments.

Welcome to BP! Enjoy the community, there's so much here to learn regardless of which direction you head.

@Roy N. you mean you're NOT a socialist? Gosh, I thought all Canadians were...

@Roy N. Great book list, thanks for the compilation.