- Joined
- Jun 29, 2015
- Messages
- 2
Hello Everyone,
First off let me thank you for taking the time to read my post, everyone's time is valuable and I appreciate you taking the time to assist me achieve my goals.
About me: I'm a 30 year old IT professional working in the Toronto area. I've owned my home since 2009, renovated/landscaped the property thus increasing it's value above the market rate in Whitby where I currently live. I'm very driven once I set my mind on something I always find a way to achieve it. Part of my home has been renovated on Mike Holmes' TV show "Holmes Inspection" here: hgtv.ca/video/pane-full-truth/video.html?v=350645827723 this is just a fun example of how much one can achieve when they try. It took me three months to get on that show, worth every penny. I've rented the extra rooms in my home since I first bought it and only removed my last tenant at the request of my significant other.
I'm looking at buy and hold properties in Ontario, anywhere I can drive to really. I've done a lot of research and joined the Durham Real Estate group to gather with like minded people who will have the connections to assist me with the process. Everyone in the group appears to love Durham as a place to invest in, with good reason seeing that prices have climbed (ripple effect of Toronto) and with the 407/Go transit expansions it scores fairly well on the goldmine score card. The market has been HOT, far too hot for too long for me to feel like the transit improvements will be enough to help maintain the values of any properties I purchase. The area doesn't really have "local employment" strong enough to support the continued growth in home values as most commute to Toronto in the area for work. If Toronto is affected then naturally commuter towns would be as well right?
Lets say I'm wrong, so I grab a duplex in the area or more likely a home with an in-law suite which I can convert to a legal duplex. How do I know when to get out? I can look at stats Canada until I'm blue in the face but the data is old, most of the data I'm finding online is old. This is my biggest concern. I've already found a property in Bowmanville ON that will return an outstanding $675 ROI monthly from rent. That's factoring in a 3.6% vacancy allowance, 5% repair costs, insurance, property taxes and property management costs. It seems too good to be true.
I will continue to research, any help you fine people can provide is much appreciated.
Thanks again,
Dan
First off let me thank you for taking the time to read my post, everyone's time is valuable and I appreciate you taking the time to assist me achieve my goals.
About me: I'm a 30 year old IT professional working in the Toronto area. I've owned my home since 2009, renovated/landscaped the property thus increasing it's value above the market rate in Whitby where I currently live. I'm very driven once I set my mind on something I always find a way to achieve it. Part of my home has been renovated on Mike Holmes' TV show "Holmes Inspection" here: hgtv.ca/video/pane-full-truth/video.html?v=350645827723 this is just a fun example of how much one can achieve when they try. It took me three months to get on that show, worth every penny. I've rented the extra rooms in my home since I first bought it and only removed my last tenant at the request of my significant other.
I'm looking at buy and hold properties in Ontario, anywhere I can drive to really. I've done a lot of research and joined the Durham Real Estate group to gather with like minded people who will have the connections to assist me with the process. Everyone in the group appears to love Durham as a place to invest in, with good reason seeing that prices have climbed (ripple effect of Toronto) and with the 407/Go transit expansions it scores fairly well on the goldmine score card. The market has been HOT, far too hot for too long for me to feel like the transit improvements will be enough to help maintain the values of any properties I purchase. The area doesn't really have "local employment" strong enough to support the continued growth in home values as most commute to Toronto in the area for work. If Toronto is affected then naturally commuter towns would be as well right?
Lets say I'm wrong, so I grab a duplex in the area or more likely a home with an in-law suite which I can convert to a legal duplex. How do I know when to get out? I can look at stats Canada until I'm blue in the face but the data is old, most of the data I'm finding online is old. This is my biggest concern. I've already found a property in Bowmanville ON that will return an outstanding $675 ROI monthly from rent. That's factoring in a 3.6% vacancy allowance, 5% repair costs, insurance, property taxes and property management costs. It seems too good to be true.
I will continue to research, any help you fine people can provide is much appreciated.
Thanks again,
Dan