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My intro and questions for contacts in Barrie area.

Czapski

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Aug 27, 2011
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Hi, my name is Kyle. I am 26 years old and am currently looking to work towards buying my first investment property in the new year. Hopefully by the middle of next year I will be in the fire department which will be my career while real estate will be my second. Until that happens I work at Honda and work at a bar in downtown Barrie.



I wanted to post this to introduce myself and see who is currently investing in the Barrie area and who they have for good contacts to help me get started.



I look forward to hearing from all the experience people on the forum and learning from those who are currently investing in my area.





Kyle Czapski
 

paul85s10355

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Hi Kyle



In Barrie there are basically two investment areas the North end by the college and the South end due to commuters. I have one at each end of town and they are going very well. Be careful with the student houses as they are still discussing changing the student regualtions limiting a house to a max of 6 students. There are some great finds for under 200,000 so you would only need 40 000 for a down payment. Let me know if you need any other help.



Paul
 

JohnBeddome

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Hi Kyle,



I live, work, and invest in Barrie. As an investor I specialize in small multi-family and single family properties in downtown and southside Barrie. Do you know what type of property you would like to start with? I would suggest talking with a mortgage broker about planning the timing of your first purchase around any plans to switch jobs as qualifying for financing with a brand new job can be tricky.



John
 

Czapski

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Well in terms of switching jobs the fire department will be the or to replace Honda. I plan the first place to be my own as well as a rental. I was thinking along the lines of a single family home with hopefully a basement suite and 3 bedrooms upstairs in a separate unit. The less of a downpayment the better as I am working on paying down other debts as well. Although I do plan to have about 20,000 for a downpayment. Let me know your thoughts.
 

JoeRagona

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Good morning Kyle,



Barrie is one of my key investment places and I have been there since 2008 focused mainly in the southend.



For your situation of having about 10% downpayment, connect with a mortgage broker first and get a pre-action plan in place so you are not scrambling at the last minute. It sounds like you are going to have your first personal home and renting the basement or something like that.



Do you have a broker? Do you have an agent?



Another agent I recomment is Shannon Murree, you can look her up here on the forum.
 

Czapski

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Ya as I said I am in the works to get things started. I will be sitting down with a broker soon to discuss a plan of action, possibly one of the brokers mentioned in this post. I don't have an agent either at the moment. My first home is planned to be shared as well.
 

Czapski

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I do plan to sit down with a broker and discuss my plan of action although I still have not chosen a broker and I also do not have an agent yet. I do plan to make my first home both my own and a rental as I stated earlier in the post.
 

robhil

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Kyle,



Welcome to the Barrie area. Just looking at your comments, you are starting off right, by looking for the correct contacts.



I also notice that you are considering a unit with a basement suite. Be careful with this option from an investment stand point. Many of these exist in Barrie, but they are not legally zoned. Although they may meet or excede fire code, if not zoned for 2 units you run a risk of running into the city.



If a neighbour ever reports your illegal unit to the city, they must investigate, and they can shut that unit down. From an investment standpoint the loss of income may make things very difficult. So just consider the risk before the reward.



One team you should be very familiar with is April Stewart from Landlord Legal. She is a top notch para-legal, and only represents landlords. We have a great working relationship with her, and 20 minutes with her can be worth hours with others.
 
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