Hello Everyone,
I'm looking to purchase my first investment property but I'm having an extremely difficult time finding a property that will cash flow. Let me give you a little background on my situation and what my (failed) approach has been to this point.
I'm looking in Brampton for a home with a legal basement apartment which will allow the property to cash flow easier. Since I will be leveraging the equity in my home as a source of funds for the purchase (financing 100%, SLOC + Mortgage), I'm limited by my budget and criteria (legal basements). Basically I've identified that I need to find something that rents for 2-2.2k/month with a maximum purchase price of 300k.
I've been looking for about a year without much luck. Whenever I see a property that fits the criteria, it sells before I get to see it. The few times where this didn't happen, I've made offers just to be outbid (I offered 99% of list price once just to see it sell for 105% of list).
My question is where would you recommend I search for cash flowing properties given the fact that I will be financing the purchase 100%. I've searched Brampton high and low and also looked at properties in Barrie and Newmarket with no luck.
Looking from some advice.....
I'm looking to purchase my first investment property but I'm having an extremely difficult time finding a property that will cash flow. Let me give you a little background on my situation and what my (failed) approach has been to this point.
I'm looking in Brampton for a home with a legal basement apartment which will allow the property to cash flow easier. Since I will be leveraging the equity in my home as a source of funds for the purchase (financing 100%, SLOC + Mortgage), I'm limited by my budget and criteria (legal basements). Basically I've identified that I need to find something that rents for 2-2.2k/month with a maximum purchase price of 300k.
I've been looking for about a year without much luck. Whenever I see a property that fits the criteria, it sells before I get to see it. The few times where this didn't happen, I've made offers just to be outbid (I offered 99% of list price once just to see it sell for 105% of list).
My question is where would you recommend I search for cash flowing properties given the fact that I will be financing the purchase 100%. I've searched Brampton high and low and also looked at properties in Barrie and Newmarket with no luck.
Looking from some advice.....