All Forum Posts by: Mike Purvis

I have basically no experience in the US market so no. I'm not really sure why you would laugh at that? I'm just trying to figure out what I can expect in different markets in the US by asking questions.

 I'm really unfamiliar with the area. Would you be able to show me the specific areas you would think are good areas to invest in? Looking for something really cheap with good rental income and low vacancy rates.

Thanks!

http://www.trulia.com/property/3084334009-PALMER-GROVE-PARK-SUB-PLATS-9935-Grandville-Ave-Detroit-MI-48228

Just doing some high level research into what I can buy in the US market. This seems to me to be a good deal but I'm sure I'm missing something and forgetting to take certain things into account. I would really like to here everyone's opinion.

http://www.trulia.com/property/1040229667-237-Onta...

Edit: I am seeing that it looks like it has a moderate crime rate.

 I'm not quite sure I know what this means or how it answers my questions?

 These are the type of deals I'm interested in. Where are these duplexes located and how did you find them? How is the vacancy rate? What are your typical total monthly expenses?

Thanks!

Many folks are recommending that I should look into purchasing rental properties in the US instead of Ontario. I'd really like to see someones full financial analysis on their property. Purchase price, all expenses, rent, management fees, lawyer fees to get set up etc. I just want to know exactly what I can expect if I decide to get into the US market.

I'd also be interested in peoples recommendations for where to buy cheap property that will yield the best COC ratio. I'd like to do some high level research on property prices and expected rental income as well as expenses and vacancy rates.

Thanks so much in advance for your help. This Community has been great to me so far and I am so thankful!

I've had my duplex for about 5 months now and it's working out really well! I want to get my second property as soon as I can. I have a few questions I am hoping somebody can help me out with:

1) I have only about $10,000 in cash available to put towards closing costs/ down payment. What are my options to finance a deal? Am I going to have to wait until I have 20% for a down payment or are there any creative ways around this? I have heard several people say that in Ontario the government requires you to pay 20% for your second home. I've also heard there may be ways around this.

2) How can I go about finding out about foreclosed homes in my area?

3) How hard is it to find a decent rental in the USA to purchase and manage from Ontario? I've heard many people recommend this but I'm just not sure if it's going to be too much of a hassle and a risk or if it's right for me at this time.

Any advice for this newbie investor would be greatly appreciated!!

Thanks- Mitch

MODERATOR:  PLEASE, NO OFFERS OF PROPERTIES OR OFFERS TO CONNECT THIS POSTERS WITH SELLERS.

Hey guys,

I'm looking in the GTA for a duplex or a triplex. I see a lot advertised as a non-legal duplex but still advertised with multiple units. What are the legal issues of renting out a unit in your house when it's not legally a duplex or triplex?

How hard is it to turn a non-legal duplex into a legal duplex/triplex. How much does this cost in terms of fees from the city (ballpark)?

Thanks!

Hey guys,

I've been lurking the forum for a few days and thought I'd join the community. I'm 24 years old and would like to purchase my first property. I'd like a triplex where I can live in one of the units, or a duplex where I can live in the basement. I'm having a hard time finding anything that matches the suggested ratios on the site.

Can anyone help me out with info on where I can find a suitable building- I've searched kijiji and realtor.ca. I'm looking around the Oshawa area and can afford a place the is up to $250,000.

Thanks!

-Mike