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Newbie from Toronto

Oli

Oli

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Aug 3, 2009
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Hi all,

As I`m reading through Real Estate Investing in Canada, I decided to join myREINspace. I moved to Canada 2 years ago (from Europe) and after working for 2 years in Toronto, I just bought my first property (a condo by Yonge/Sheppard). It`s not technically an investment in the sense that I will be living in it. I`m 28 years old and I`m hoping to get to meet some of you around T.O! I`m not going to join REIN right away ($250/mo is a sizable amount) but I`m planning on doing so as soon as I get more that a couple of properties (in the meantime a colleague from work is a member, and he`s happy to give me some advice).

I didn`t put all of my cash towards the downpayment, as I`m thinking of buying an investment buy-hold-rent property either in Barrie or KWC.

So 3 key points:
[list type=decimal][*]Hi all![*]Any young investors around the Toronto downtown area who meet or wish to meet?Do you think I did the right thing not putting everything towards the downpayment and thinking instead of buying my first investment property?[/list type=decimal]Have a great day!
Oli
 
Hello Oli.

Welcome to this great Forum. I would get the book of Don, as it gives a real good first impression of investing in RE here. I just it (and the forum here) as reference.

I invested first everything in our home and used a Heloc for the downpayment of the first investment property. I had to this way since we came from Europe too (last year) and I had some issues in the beginning in regards of missing credit history.

Anyhow, others will tell you their 1st approach.

And, sure, we could meet for a coffee next time I am in yyz.
 
Hi Alex,

As mentioned, I`m currently reading Don`s book (currently on chapter 7). So far the 12 keys points for a property to be a good/great investment, even though is part of the ACRE system is "just" common sense and I feel is applicable anywhere. I hope it gets more concrete with numbers and advice as I progress through the book (like discussion regarding 25 vs 35 amortization, what`s considered a good percentage downpayment, etc.).

Looking forward to discussing with other RE investors whether experienced (as guides and mentors) or young (to keep each other motivated).

Cheers!
 
I missed your info that you are reading the book right now. Mea culpa maxima.

Yep, I thought the same that it is very general, but it turned later on to be a bit more specific.... but this forum and the forms, legal agreements aso, which are available in the Member section, made me join Rein.

I installed soon the Trailversion of REMA and started to go to open houses and to run numbers to train (even without putting offers on the house). I am a strong believer in "Learning by doing" in real Estate and would go for a first property soon- although it wouldn`t be a Condo in Toronto as the market will tank there (as Rein predicts). Find a nische which works for you, build a team aso.... and

ASK THE FORUM!
 
1. Hi
2. Near Yonge/Sheepard apx once a month maybe. REIN meetings make more sense.
3. Yes only if you buy something soon and there`s an after tax spread over what you`ve cost yourself in additional personal mortgage costs from start of purchasing the property you occupy.

QUOTE (Oli @ Aug 3 2009, 04:06 PM) Hi all,

As I`m reading through Real Estate Investing in Canada, I decided to join myREINspace. I moved to Canada 2 years ago (from Europe) and after working for 2 years in Toronto, I just bought my first property (a condo by Yonge/Sheppard). It`s not technically an investment in the sense that I will be living in it. I`m 28 years old and I`m hoping to get to meet some of you around T.O! I`m not going to join REIN right away ($250/mo is a sizable amount) but I`m planning on doing so as soon as I get more that a couple of properties (in the meantime a colleague from work is a member, and he`s happy to give me some advice).

I didn`t put all of my cash towards the downpayment, as I`m thinking of buying an investment buy-hold-rent property either in Barrie or KWC.

So 3 key points:
[list type=decimal][*]Hi all![*]Any young investors around the Toronto downtown area who meet or wish to meet?Do you think I did the right thing not putting everything towards the downpayment and thinking instead of buying my first investment property?[/list type=decimal]Have a great day!
Oli
 
Two pieces of advice.

1) before you buy a investment property in Ontario read, learn, understand the RTA and the operation of the LTB. Your odds of survival will definitely be higher.

2) Since you are in the T.O. it would be a good idea viewing the site below and considering joining in. Don`t let all the negative talk put you off too much. It`s just that it is a very tough business in Ontario and the old time hardened survivors are some what cynical. OK a lot cynical but there first hand knowledge about being actual landlords goes beyond the investment aspect.
Also don`t let the name put you off either a new name and proper web forum is just around the corner, any day now.

http://members7.boardhost.com/Landlordontario/
 
Hi Greg,

Just making sure: RTA - Residential Tenancies Act, LTB - Landlord & Tenant Board?
As such do you recommend I simply browse around http://www.ltb.gov.on.ca ?

Thanks!

Also, do you guys ever get together around T.O outside of the REIN workshops?
 
Wow... after spending 2mins on that forum, I really get the sense that Ontario is not a good place to invest. :s
 
LOL... nice one, Oli.

I am from Germany and renting out in Ontario is compared to Germany and their rental laws a blessing. So, it always depends of your point of view and were you are coming from. But I agree, that renting out in Ontario is much more work and more LL unfriendly then Alberta or others. Also the cap rate in the GTA area is quite low, as I was told.

Anyhow, I will do my first JV this month with a 5plex in Ontario, ehh!


Yes, RTA - Residential Tenancies Act, LTB - Landlord & Tenant Board (even if I am not Greg). Also nice to look at is "the other side": http://www.ontariotenants.ca/
 
Congrats, Alex!

I myself am looking (among my friends) if someone is interested in starting a JV for a first property in KWC... but it`s hard to find motivated people. I guess that`s partially what REIN workshops are for too
 
Oli - Theres a meeting on Sunday Aug 23rd if you`d like in Kitchener - please email me for details
 
QUOTE (Oli @ Aug 4 2009, 11:17 AM) Wow... after spending 2 mins on that forum, I really get the sense that Ontario is not a good place to invest. :s


Ontario is a OK place to invest. The problem is that the LTB being pro tenant will force LLs to keep bad tenants at the LLs expense.
To succeed you need to be expert at screening out the bad or professional tenants. If you drop your guard or fall for any sob stories from applicants you will get burned. Always remember..No cash ..No key.
You also need to be able to deal directly with tenants that often have no respect for you or your property and feel that all LLs are getting rich off of the less fortunate.
Although the majority of tenants are reasonably good about 10% will definitely cause you problems. Providing dealing with that 10% does not effect your sleep at night then being a LL is not so bad but you will not get rich being a LL.

http://members2.boardhost.com/TorontoTenants/


This forum can be found on the "other side" link that Alex posted.
This is a tenant activist site based in TO.. You will find the pat answer to most tenant problems is " file a complaint with the LTB and you will get a rent rebate".
The site instills a hatred of LLs and portrays them as wealthy, greedy, uncaring individuals out to take advantage of tenants.
This is where the 10% gather.
 
Thanks Greg... makes me feel a *little* better
So for sure it seems that thourougly screening tenants is probably more important in Ontario than anywhere else. Gotcha.

Now in order to make the lives for the good ones out there, has the Ontario govt discussed the possibility of establishing a black list of tenants? I know this has been in the talks for a while in Europe.
 
QUOTE (housingrental @ Aug 4 2009, 03:45 PM) Oli - Theres a meeting on Sunday Aug 23rd if you`d like in Kitchener - please email me for details

Hey Adam,

Seems like I`m not allowed to email you. Give me a shout at lordeagle2000@hotmail.com on MSN/email or OliRulesItAll on AIM.

Cheers.
 
You won`t see a black list from the government in Ontario.
It`s the government that made the rental system as bad as it is today in Ontario.
They fund the tenant activist groups that are working against LLs.
 
Hi Everyone. I`m also from toronto and looking to invest in the GTA and KWC. I`ve been browsing around and still need to build up lots of knowledge. I`ve bought and sold many residential properties in the GTA so I have experience to share but also lots to learn. I`m up to meeting up with other members for a coffee to exchange ideas if anyone is still interested.
 
Hi benho2006
Why not try out a REIN meeting?
There is a monthly meeting for KWC investors at a coffee shop if you`d like to go to the next one email me for info


QUOTE (benho2006 @ Jan 31 2010, 03:17 AM) Hi Everyone. I`m also from toronto and looking to invest in the GTA and KWC. I`ve been browsing around and still need to build up lots of knowledge. I`ve bought and sold many residential properties in the GTA so I have experience to share but also lots to learn. I`m up to meeting up with other members for a coffee to exchange ideas if anyone is still interested.
 
I used to live at Yonge/Sheppard and still have rentals in the GTA. You can reach me by the link in my sig.
 
I used to live at Yonge/Sheppard as well. If you want to chat you can reach me by the link in my sig.
 
QUOTE (housingrental @ Jan 31 2010, 12:22 PM) Hi benho2006
Why not try out a REIN meeting?
There is a monthly meeting for KWC investors at a coffee shop if you`d like to go to the next one email me for info

I certainly am intrigued to attend a meeting. Having read some posts on this forum regarding annual membership I have some reservations as to becoming a member right away. I view this as a new venture and I am cautious with my business spending. If you don`t mind I would like to join in one of your kwc meetings. When is the next meeting day?

-ben
 
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