Buying Condo in Mississauga

[stlesly]

Hi,

A condo in mississauga, near 403 exit on hurontario street, well maintained. I would like to know whether its a good investment, as this is the first investment after the quickstart program and reading through Don`s books.

Asking price: $180,000
Taxes: $ 143/month
Condo fees: $ 523/month - covers all the expenses.

monthly rent range: $1350 to $1450

This condo has 5 parking places ( 2 tandem parking and 1 single parking ).

Also, please let me know any REIN realtor in Mississauga or Brampton.

Thanks for any info.

 

[AndreiAngelkovski]

I would personally recommend Ed Frezza in the West end of the city. He is a REIN Member and an excellent professional. I highly recommend him.

You can contact him at 416-232-9000

Andrei

 

[JesseLee]

The price is quite good comparing to the rent, but still the calculation shows cash flow is negtive even with 20% down for a 25 AM.

are you sure the rent can be up to $1450? $180K condo is usually a small unit.

 

[Donal_Ward_McCarthy]

And for the same type of money you can get a great 3 bedroom town home condo in Hamilton which will appreciate more in the long run as an invetment. Invest in the Top Ten towns report offered by REIN. This will give you insight into where you might wish to invest, but as always, it`s your decision and comfort level at the end of the day that matters.

d.

 

[MrsChas]

QUOTE (stlesly @ Apr 22 2008, 09:35 PM) Hi,

A condo in mississauga, near 403 exit on hurontario street, well maintained. I would like to know whether its a good investment, as this is the first investment after the quickstart program and reading through Don`s books.

Asking price: $180,000
Taxes: $ 143/month
Condo fees: $ 523/month - covers all the expenses.

monthly rent range: $1350 to $1450

This condo has 5 parking places ( 2 tandem parking and 1 single parking ).

Also, please let me know any REIN realtor in Mississauga or Brampton.

Thanks for any info.

It would be wise to figure out what units in this area are actually renting for. It would also be a good idea to speak with property management to see whether the condo fees will be raised in the near future as you could end up having to put in extra money on top of what you would be renting it for.
And you need to know what you are going to do with it if you cannot rent it out or sell it at occupancy - you may just have to take occupany yourself. Also, 1 bedroom units are usually harder to sell and appreciate less in value than units with 2 bedrooms.
Be careful!