Hi Thomas,
I am a new REIN member and live in Sudbury, Ontario. My wife and I have been investing in this (Sudbury) market since April 2007. Our experience has been very positive. Some investors locally think the market has peaked but I disagree. The market is dependent on the local mining industry however, Sudbury is the largest community in Northern Ontario (165,000 people) and there are many other economic fundamentals at play.
Unemployment is one of the lowest in the country and the vacancy rate is zero. People are crying for accommodation. I have owned a rental property (duplex) for over 20 years and haven`t seen the market this hot, ever. We have double our personal income since quitting our jobs to do what we are doing now.
As an example, our first purchase was a run down, beat-up fourplex which (I have a renovator at my disposal any time I need him) which we purchased for $84,000. (April 2007) and after three months of work it was appraised at $180,000. Very good return on investment. Another triplex we purchased for $107,000. and we put about $25,000. into was appraised last week for $195,000.
We currently have 21 units and our five year plan includes a minimum of 45 units to reach our goal. We are currently working with a JV partner (our second since we purchased a flipper for $54,000. and decided to include our renovator, as a bonus, to be our first JV partner. We are open to partner with others if you are interested. Please let me know and I can send you information on the market and our community.
Greg