All Forum Posts by: Susanna S.

Hi Jonathan, 

Does your CPA work with Canadian investors? We are looking to connect with cross-border accountants and lawyers to structure our entities. We are also contractors! (in Toronto)

Hello!

I just want to express how deeply I appreciate this community. Everyone has been amazingly helpful and honest! I listen to Josh and Brandon on the BP real estate podcast on Spotify, man I love those guys! Check them out if you haven't already. The discussions are easy to understand, the guest speaker(s) go into detail so nothing gets missed.

I'd like to take my real estate journey to the next level by joining some groups in Toronto. Any groups already established willing to take in a rookie?

I can be contacted via BP messaging.

All the best,

a very excited new investor.

@Kar Sun

I can sell without a realtor, I have no prior experience in that and I'm trying to learn as much as I can before we take any big steps. It is a 2 bedroom and the second bedroom is quite small which leads me to believe that it's unrealistic to move in at this point. It is also tenanted, am I able to take back part of the space as storage? I wonder how the rent would work in that case. 

Thank you so much for your response!

@Theresa Harris It's been a rollercoaster ride, happy to see some light! cheers :)

@Roy Cleeves What you said is exactly what our original plan was and remains to be. The 900/month started in May of 2021 and before that, we were paying close to 4k/month all in due to 8 months of vacancy and a 7.25% interest with a private lender. So far, we've invested $52k in this property for the duration of1 year and 3 months. We think that it's possible once we refinance at a lower rate, we can wait for market appreciation. 

Thank you so much for your input!

@Account Closed Thank you for your kind words. I hope things work out as well

@Jon W. We do have the funds to keep paying the $900 monthly for now, but of course, this is all just in hopes for appreciation. We are currently "buyers" and not investors until we learn how to navigate the world of real estate.

@Nathan Gesner These are tough words to hear and also very necessary. Thank you for your honest input, I love BP for this reason!

@Lena B. Currently, we are both working as servers in hospitality. In Ontario, the rent increase for 2022 is 1.2%. At the moment, we are locked in at $1750 for a 2 bed 1 bath 900SQFT apartment in downtown Toronto including 1 parking. The 1.2% is incredibly insignificant as our maintenance fees have gone up more than the rent increase amount. We are thinking of holding on for a year or two until our mortgage term is up. We are currently in a 2 year fixed closed mortgage at 3.79. The markets have gone up in the last year and we are working hard in our other investments to make up for this one. Thank you for your suggestions in regards to for sale by the owner. We will consider that, hopefully, by then we will be well educated!

@Jonathan R McLaughlin Yes, we are both working now. At the moment, we are trying to recoup what we've put into this property and even though living with parents is not ideal, it is saving us a lot of money right now. They're super chill so I am very grateful for them!

Hi Bjorn, thank you for your advice. We are contemplating the sale as it will most likely be a 40-60k loss after realtor fees.

Hi Theresa, thank you for your response. We refinanced out of a private to a B lender for more favorable interest rates. We were paying 7.25% and a year after we both got our jobs back and were able to get it down to 3.79%. At the time, the market had dropped pretty much right after we bought the property. We didn't know what we were doing. I guess the thought was just to buy a place since we were tired of renting.

Hi everyone, I'm new to real estate and I bought my first property(old 2 bedroom condo in Toronto, Canada) last September. It was intended to be a primary residence but my partner and I moved back home with our parents as we were laid off right after the sale. We tried to rent it out but it was vacant for 7 months...we were in a private mortgage due to not being able to close on time since we got laid off from ours jobs. Long story but just bad timing overall. We were able to refinance to B lender a few months ago but we are still paying $900 out of pocket each month to keep this property afloat. (including mortgage, maintenance fees, property tax) The tenant that we eventually found got way below market value, about $500 less now since the rents have gone back up. We were desperate at the time to just fill the vacancy.  I'm looking for some advice, is it ever good to keep a negative cash flow property? Should we sell as soon as we can just to break even or hold due to speculation of appreciation? Never know what the market is going to do but if we sell now, it will most certainly be for a loss. Is it ever ok to tell your tenants you are thinking of selling because you can no longer afford the payments since the rent doesn't cover expenses to prompt a higher than allowed rent increase?

I really appreciate any suggestions. Thank you so much.