One of the hardest things Im having problems is with deciding what city to purchase a rental property in!! I have looked in B.C, Alberta & Even Saskatchewan!! If you had the opportunity to invest in a rental property, what city would you invest in??
What City To Invest In???
- Thread starter Bindy25
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Edmonton & area, Calgary, Red Deer .. in that (falling) order.
See here: http://www.topalbertatowns.com/
In NE BC say Fort St. John or in AB smaller towns like Cold Lake, Lloydminster or Grand Prairie are OK too.
Smaller towns have more risk, though.
BC and SK are hard to cash-flow but with pocket knowledge and a higher downpayment (say 30%+) often works as well.
See here: http://www.topbctowns.com/
Select ON cities might do OK with a low Can $ next year but is has a difficult landlord-tenant act, high and steeply rising electricity prices, rent control and huge huge deficit with high taxes and a left-of-center government. I avoid parts of the world run by socialists. Pick a pro-business area, where government is your friend. Even the left-coast in Canada is more business friendly than ON these days.
See here: www.topontariotowns.com
I hear Halifax or Moncton, NB are OK too.
Read the Top 10 town reports published by REIN.
related posts: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10689-Educational_REIN_Posts_by_Thomas_Beyer.html (such as how to get started)
See here: http://www.topalbertatowns.com/
In NE BC say Fort St. John or in AB smaller towns like Cold Lake, Lloydminster or Grand Prairie are OK too.
Smaller towns have more risk, though.
BC and SK are hard to cash-flow but with pocket knowledge and a higher downpayment (say 30%+) often works as well.
See here: http://www.topbctowns.com/
Select ON cities might do OK with a low Can $ next year but is has a difficult landlord-tenant act, high and steeply rising electricity prices, rent control and huge huge deficit with high taxes and a left-of-center government. I avoid parts of the world run by socialists. Pick a pro-business area, where government is your friend. Even the left-coast in Canada is more business friendly than ON these days.
See here: www.topontariotowns.com
I hear Halifax or Moncton, NB are OK too.
Read the Top 10 town reports published by REIN.
related posts: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10689-Educational_REIN_Posts_by_Thomas_Beyer.html (such as how to get started)
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Do you presently own any rental properties. What size of investment property are you looking at buying. Number of doors?
In my opinion your present investment status should play a major roll in your decision.
For example are you intending to be strictly a investor or are you considering being a landlord. Are you speculating on appreciation
or is cash flow essential.
In my opinion your present investment status should play a major roll in your decision.
For example are you intending to be strictly a investor or are you considering being a landlord. Are you speculating on appreciation
or is cash flow essential.
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- Dec 4, 2007
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- 263
[quote user=Bindy25] ... If you had the opportunity to invest in a rental property, what city would you invest in??
To answer your question above and more... In the scenario where I have the capital lined up and it is my first time dipping my toes in the real estate pond to learn the business first hand...I would buy locally. After I spent all the time educating my self real estate, I will surely take a well calculated steps and buy a rental property. Apply the theories I have learned, and experience for my self the landlording part of the business.
If I am a seasoned investor, In this case I would definitely invest outside of my comfort zone. Grow the business with no limit. I would look for opportunities anywhere there is market fundamental. I would seek for different partners that will compliment my stands in every angle. Be it partners that are local experts, capital contributors, renovators, etc... Hire a property manager. Set focus in the investor's relations and acquisitions of cash flowing properties and hold them longterm.
To answer your question above and more... In the scenario where I have the capital lined up and it is my first time dipping my toes in the real estate pond to learn the business first hand...I would buy locally. After I spent all the time educating my self real estate, I will surely take a well calculated steps and buy a rental property. Apply the theories I have learned, and experience for my self the landlording part of the business.
If I am a seasoned investor, In this case I would definitely invest outside of my comfort zone. Grow the business with no limit. I would look for opportunities anywhere there is market fundamental. I would seek for different partners that will compliment my stands in every angle. Be it partners that are local experts, capital contributors, renovators, etc... Hire a property manager. Set focus in the investor's relations and acquisitions of cash flowing properties and hold them longterm.
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I agree 100% with Jason's advice.
If you are new to the business I highly recommend learning the business from the ground up. It is extremely difficult to manage property managers from a distance if you have no idea what you are talking about or dealing with.
Invest within easy driving distance and start as a landlord, get real hands on experience then graduate to becoming a arm chair investor.
This is a business, like any other, that you need to master in order to grow and become successful.
Also keep in mind a major part of the business is tenant management. Before you buy I strongly recommend you get a copy of the applicable provincial landlord/tenant regulations and learn them inside out and backwards. They are the bible of the business. Ask questions of other landlords in the province to learn how they are applied and if possible attend landlord/tenant board hearings to see first hand how they are operated.
You would be astounded at how many new landlords never bother to learn how the regulations apply to tenants until they inevitably have their their first bad tenant. Unfortunately this is often their first tenant as few new landlords know or understand the importance of proper screening. This is also an area where property managers often fail miserably. Many care little beyond whether the applicant has a heart beat.
Lots to learn before you invest.
If you are new to the business I highly recommend learning the business from the ground up. It is extremely difficult to manage property managers from a distance if you have no idea what you are talking about or dealing with.
Invest within easy driving distance and start as a landlord, get real hands on experience then graduate to becoming a arm chair investor.
This is a business, like any other, that you need to master in order to grow and become successful.
Also keep in mind a major part of the business is tenant management. Before you buy I strongly recommend you get a copy of the applicable provincial landlord/tenant regulations and learn them inside out and backwards. They are the bible of the business. Ask questions of other landlords in the province to learn how they are applied and if possible attend landlord/tenant board hearings to see first hand how they are operated.
You would be astounded at how many new landlords never bother to learn how the regulations apply to tenants until they inevitably have their their first bad tenant. Unfortunately this is often their first tenant as few new landlords know or understand the importance of proper screening. This is also an area where property managers often fail miserably. Many care little beyond whether the applicant has a heart beat.
Lots to learn before you invest.
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[quote user=Bindy25]budget is $200k. My focus will be cash flow!
200,000 cash ? or total property value ?
If levered 3:1 or 4:1 there is no cash-flow. Cash-flow might exist in smaller towns, with higher risk of vacancies, though, or property value decline. You can also create true cash-flow if you put down 35% or more in bigger centers !
Also assume cash "flow" makes only a brief stopover in your bank account
before it is used, 2 or 4 years from now for repairing the carpet, a
paint job, the broken fence, 2-3 months vacancy, a new fridge .. or
worse: a new roof, new hot water tank and a new porch.
As such have a decent reserve. "decent" is a function of property age,
vacancy assumption, mortgage payment and ability to absorb risk or write
cheque for 5 digits in an emergency like a leaky roof or a really bad
tenant that trashes not only the carpet but also the kitchen or the
drywall. Aim for a minimum of 3 month property cost (taxes + utilities +
mortgage + insurance) .. better 6. I'd say $20,000 comes in handy once
in a while, and if not in cash, at least in an LOC that can be drawn
upon when needed.
200,000 cash ? or total property value ?
If levered 3:1 or 4:1 there is no cash-flow. Cash-flow might exist in smaller towns, with higher risk of vacancies, though, or property value decline. You can also create true cash-flow if you put down 35% or more in bigger centers !
Also assume cash "flow" makes only a brief stopover in your bank account
before it is used, 2 or 4 years from now for repairing the carpet, a
paint job, the broken fence, 2-3 months vacancy, a new fridge .. or
worse: a new roof, new hot water tank and a new porch.
As such have a decent reserve. "decent" is a function of property age,
vacancy assumption, mortgage payment and ability to absorb risk or write
cheque for 5 digits in an emergency like a leaky roof or a really bad
tenant that trashes not only the carpet but also the kitchen or the
drywall. Aim for a minimum of 3 month property cost (taxes + utilities +
mortgage + insurance) .. better 6. I'd say $20,000 comes in handy once
in a while, and if not in cash, at least in an LOC that can be drawn
upon when needed.
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- Aug 29, 2007
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In the event you are looking at starting with a single door I would suggest you defiantly buy close to home so you can manage it yourself. Finding a decent property management company that will care enough to do a good job with only one unit is imposable to find.
Bottom line is you should start in your own neighborhood/city.
Bottom line is you should start in your own neighborhood/city.
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Good advice above.
I also recommend to new investors to buy a property that is easy to sell again. Real estate investing is not for everyone. There is a good chance you will hate it and want out. In that event, you could be stuck with a property you cant unload and it is stressing you out.
Condos (in select markets), Town homes and lower priced detached houses are often good choices because they have a large pool of potential buyers. Commercial, and mixed residential, along with student housing can be tougher to sell if you decided real estate investing is not your game.
jon
I also recommend to new investors to buy a property that is easy to sell again. Real estate investing is not for everyone. There is a good chance you will hate it and want out. In that event, you could be stuck with a property you cant unload and it is stressing you out.
Condos (in select markets), Town homes and lower priced detached houses are often good choices because they have a large pool of potential buyers. Commercial, and mixed residential, along with student housing can be tougher to sell if you decided real estate investing is not your game.
jon
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Hi all,
While investing, see to it that you select the place for investment where you get great returns in the near future. One such place could be Grimsby , Ontario. A prefect place to spend life on the shores of Lake Ontario. Since there are many condominiums developing here. This is my personal preference.
While investing, see to it that you select the place for investment where you get great returns in the near future. One such place could be Grimsby , Ontario. A prefect place to spend life on the shores of Lake Ontario. Since there are many condominiums developing here. This is my personal preference.
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Zackery - Please tell the forum about condominium opportunities in Grimsby. We are all very excited to read more!
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It's my pleasure to talk about condominiums at Grimsby.
I'm sure you must have heard about LJM Developers. They are one of the leading developers in Canada. They have just launched
a project named Waterview Condominiums . This is simply awesome. This
is a perfect combination of design and comfort. You get a perfect place
to live.
I'm sure you must have heard about LJM Developers. They are one of the leading developers in Canada. They have just launched
a project named Waterview Condominiums . This is simply awesome. This
is a perfect combination of design and comfort. You get a perfect place
to live.
- Joined
- Aug 30, 2007
- Messages
- 13,881
[quote user=housingrental]Zackery - Please tell the forum about condominium opportunities in Grimsby. We are all very excited to read more!
perhaps he did not get the sarcasm here ...
Having just visited Paris, London and Jerusalem, and Frankfurt, Munich and Vienna last year, where prices have risen 10-15% or more over the last two years I can conclude that many cities with decent economic growth and lifestyle amenities are attractive places to invest.
perhaps he did not get the sarcasm here ...
Having just visited Paris, London and Jerusalem, and Frankfurt, Munich and Vienna last year, where prices have risen 10-15% or more over the last two years I can conclude that many cities with decent economic growth and lifestyle amenities are attractive places to invest.
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Thank you Zackery!
I have not heard about LJM Developers. Please tell me more about them.
I would like to read more about Waterview Condominiums. Can I purchase one now? Can I purchase more than one? Or is there a lottery system in place?
What if I do not want to live in the place, just invest, I'm I allowed to do this at Waterview Condominiums?
How many condominiums have you bought and which units are they?
[quote user=zackerycote]It's my pleasure to talk about condominiums at Grimsby.
I'm sure you must have heard about LJM Developers. They are one of the leading developers in Canada. They have just launched
a project named Waterview Condominiums . This is simply awesome. This
is a perfect combination of design and comfort. You get a perfect place
to live.
I have not heard about LJM Developers. Please tell me more about them.
I would like to read more about Waterview Condominiums. Can I purchase one now? Can I purchase more than one? Or is there a lottery system in place?
What if I do not want to live in the place, just invest, I'm I allowed to do this at Waterview Condominiums?
How many condominiums have you bought and which units are they?
[quote user=zackerycote]It's my pleasure to talk about condominiums at Grimsby.
I'm sure you must have heard about LJM Developers. They are one of the leading developers in Canada. They have just launched
a project named Waterview Condominiums . This is simply awesome. This
is a perfect combination of design and comfort. You get a perfect place
to live.
- Joined
- Feb 3, 2014
- Messages
- 10
Thanks for showing so much of interest.
When I came across this I found them mentioning that Waterview condominiums is a 9 storey building with around 82 residential units. So you may check out with them directly how many are remaining. Yes I have registered through the website of Waterview Condominium and just waiting for the pre sale event which will be in this coming April.
When I came across this I found them mentioning that Waterview condominiums is a 9 storey building with around 82 residential units. So you may check out with them directly how many are remaining. Yes I have registered through the website of Waterview Condominium and just waiting for the pre sale event which will be in this coming April.
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Hi all , Just updating you'll about the Grand opening of waterview Condominiums. It is on May 3rd. So you can quickly register and become a part of their grand opening . Have a great day.
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This is great news Zackery!!!
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Your welcome...
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p { margin-bottom: 0.08in; }
The
top cities to invest in Alberta are :
[list type=decimal]
[*]
Calgary
: It is the top investment town in Alberta.
[*]
Edmonton
[*]
St.
Albert
[*]
Red
Deer
Sylvan
Airdrie
Toronto
[/list type=decimal]
The
top cities to invest in Alberta are :
[list type=decimal]
[*]
Calgary
: It is the top investment town in Alberta.
[*]
Edmonton
[*]
St.
Albert
[*]
Red
Deer
Sylvan
Airdrie
Toronto
[/list type=decimal]
- Joined
- Aug 29, 2007
- Messages
- 2,042
The top cities to invest in Alberta are :
[list type=decimal]
[*]
Calgary : It is the top investment town in Alberta.
[*]
Edmonton
[*]
St. Albert
[*]
Red Deer
Sylvan
Airdrie
Toronto
[/list type=decimal]
Nice to know that Toronto is no longer in Ontario. Having the center of the universe in Ontario has always been a daunting responsibility.
[list type=decimal]
[*]
Calgary : It is the top investment town in Alberta.
[*]
Edmonton
[*]
St. Albert
[*]
Red Deer
Sylvan
Airdrie
Toronto
[/list type=decimal]
Nice to know that Toronto is no longer in Ontario. Having the center of the universe in Ontario has always been a daunting responsibility.