All Forum Posts by: Ryan Teixeira

Originally posted by @Jay Hinrichs:

@Mark Ferguson 

  dead on Mark... having been a top producer for years before we had Teams.. it always amazed me at those that just did not follow up... RE is about urgency.. its about buying temp.. lackadaisical  attitudes don't do well. 

And its anything but a job to the agents that are successful and I put successful at 150k and up.. I was making 60k in the late 70s as a 19 yo hustling agent...

And yes just answer the darn phone.. drives me nuts.. I called on a block of lots the other week it was a listed OREO  agent called me back 5 days later.. I bought something else in the mean time so was not interested any longer.. But really 5 days..

Real Estate to me is a Lifestyle not a job.. you work when others don't IE when they are of work to show homes  evenings and weekends... But then during the days of the week then you can get in your golf or other activities..

I know this is an oddly specific question, but with all the talk on the BP podcast regarding wholesales using google voice: 

Do you think that setting up an automatic answering service like google voice and then calling back would be too slow of a response for a RE agent?  Is it better to just use your standard cell phone? 

Sounds like there could be created value there with rental increases post renovation.  This will be a long process though considering that only 2 units are vacant.  Maybe you can find some details about current tenants, such as how long they have been there, what sort of jobs they have, which could give you an idea of if there will be some vacancy in the near future (which is good for you).

Roof leaks + older building + disrepair could mean mold.  Definitely have a couple good inspectors run though it and check for mold.  That could add to your reno budget significantly.

I agree that his valuation is off.  If you make an offer, make it contingent on inspection and then document every little thing your inspectors find, and include that in your follow up.  Even if you don't take care of all of it right away, you can use it as leverage to get a discount.  I would think competition in your market is far less than the GTA.

What are the renters like?  Welfare, ODSP?  Jobs?  Can you change the target market of the building to a higher rent demographic?

@Gary McGowan I RSVP'd for that event, thanks for posting.  I look forward to the 17th. I have read some of your posts on BP and they are well written and thought out.  How long have you been an Agent? That is something I am interested in doing. 

@Account Closed I have heard cash flow in the Niagara region can be good on multi family residential. Are you looking at renting to students or family's/singles?

Walid S. Is Guelph mainly student rentals? Are there good opportunities to buy distressed properties?

Susan Velasquez thank you. How have you found your condo owning experience so far?

Chad Urbshott I would definitely be interested in local REI meetings. I'm planning on attending the Durham one. Any other ones you like? Also regarding pre cons , I think I got a deal I can live with for now, considering that it is also a way for me to save the equity to begin in real estate. I have a pretty boring full time job with the city which pays average. But have been toying with the idea of getting my real estate licence to do that part time (and have the added benefit of learning about real estate from the inside)

Hello, my name is Ryan Teixeira and I am new to Bigger Pockets having found the site from a mention on reddit. I have currently gone through the first 25 or so Podcasts in the last couple weeks, loving it so far. I currently do not own real estate but did sign on a pre-con condo before finding BP...ugh. I am from Mississauga, ON but am interested in investing in the Hamilton, Barrie, or Kitchener Waterloo Cambridge tri city area. Basically I would like to invest in up and coming neighbourhoods which are undervalued (if such a thing exists with GTA house prices being significantly higher than USA). Before finding BP I recently bought into a pre con 1+1 condo in the Yorkdale area. I am sort of regretting it now as I could use that capital to purchase something with immediate cash flow rather than having it sit for 2 1/2 years! However, I did manage to get multiple exit strategies: $0 assignment and a leaseback from the builder to rent it out. Could flip it or rent it. It would be pretty much cash flow neutral / slightly positive. Area is appreciating at 7-8% last 5 years which can't sustain, but will see some appreciation. I would appreciate some direction on where to go from here, that's why I'm opening up on bigger pockets. Thanks! Anyways...sorry for the novel, and hello BP community :)

Frank Dec in regards to Hamilton, if the listing states 'legal non conforming' duplex, triplex etc, what does that mean and how are the bylaw sheared towards these properties? (I saw you invest in Hamilton)

Hi there, I'm new here and relatively new to real estate investing in general.  I'm not trying to be a downer by asking this, but as someone wanting to jump into the game, I have some big concerns regarding buying now and the ability of GTA (and outlying) properties to produce cash flow. 

How do landlords cashflow in the GTA?

It seems that since property values are so high, and rents are so low (plus rent control), that cap rates and total ROI are SO LOW for Canadian properties.

BiggerPockets logic points towards a 2% gross income / purchase price ratio, but that is nowhere to be found up here.

Example: I have been looking at Hamilton Duplexes.
Purchase price: ~$200-230k
Gross rent: ~$1800-2000 per month

Or approx. 0.87% gross rent / property value.

Quick valuation of Cash-on-Cash seems approx 5% to me, which doesn't seem good at all.

Are investors seeing better Cash-on-Cash than this? What am i mising here?