Where to look for the deals in Toronto / Barrie

[lakeheadteacher]

So I`m new to the game but am enjoying the learning curve and the hunt my first rental property. I would like to start small. However, I`m having a hard time finding properties listings on the web that are of any use to me. Kijiji (sp) and Craig`s list are mostly adds by agents and other real estate folk disguising themselves. The agents are trying to get the best price for their customers as the commission gets bigger, so their web postings don`t help.

So....where do you go to find good deals.

What I like about real estate and this site in particular is that there is so much to go around that people do not mind giving out tips and helpful hints.

That is what I`m hoping to get from this post.

So, if you know a great place to look for cash flow properties in Toronto or Barrie, please help me out.

Kind regards,
C
[email protected]

 

[CarrieKoch]

QUOTE (lakeheadteacher @ Feb 26 2010, 08:51 AM) So I`m new to the game but am enjoying the learning curve and the hunt my first rental property. I would like to start small. However, I`m having a hard time finding properties listings on the web that are of any use to me. Kijiji (sp) and Craig`s list are mostly adds by agents and other real estate folk disguising themselves. The agents are trying to get the best price for their customers as the commission gets bigger, so their web postings don`t help.

So....where do you go to find good deals.

What I like about real estate and this site in particular is that there is so much to go around that people do not mind giving out tips and helpful hints.

That is what I`m hoping to get from this post.

So, if you know a great place to look for cash flow properties in Toronto or Barrie, please help me out.

Kind regards,
C
[email protected]


I am getting quite a few leads on private properties in Barrie. What are you looking for specifically? houses? multis? commercial?

Another consideration if you want to come to Barrie is to go to Orillia. Less competition for properties, lower prices and equal rents. I also believe stronger economic fundamentals...but you do your own research on that!

 

[housingrental]

Get hooked up with a good PM, like Carrie above, who can provide some perspective on what make work well

 

[sdolson]

QUOTE (lakeheadteacher @ Feb 26 2010, 05:51 AM) So I`m new to the game but am enjoying the learning curve and the hunt my first rental property. I would like to start small. However, I`m having a hard time finding properties listings on the web that are of any use to me. Kijiji (sp) and Craig`s list are mostly adds by agents and other real estate folk disguising themselves. The agents are trying to get the best price for their customers as the commission gets bigger, so their web postings don`t help.

So....where do you go to find good deals.

What I like about real estate and this site in particular is that there is so much to go around that people do not mind giving out tips and helpful hints.

That is what I`m hoping to get from this post.

So, if you know a great place to look for cash flow properties in Toronto or Barrie, please help me out.

Kind regards,
C
[email protected]


Rather than avoiding real estate agents like they are the plague I am going to suggest a different approach.

Since you are new to the game there is lots that you can learn from working with an agent rather than going solo and searching for FSBO properties. You should note that many agents work with investors and they know what they are after....Positive cashflow in areas that have strong economic fundamentals. These agents also know that investors are a good source of repeat business so they should treat you with the upmost respect and help you find the best deal possible.

My first suggestion for you would be to search your area for a real estate agent that works with "investors" and interview 3 of them. By doing this you will not only learn a lot about the real estate agents but about yourself and what you are looking for when you are assembling the remaining parts of your real estate team (accountants, lawyers, property managers, property inspectors etc.)


Although the internet is a great resource for searching for properties it is only one tool that can be used to indentify prospective properties. You should also keep in mind that when searching for FSBO properties on the internet these people are also looking to maximize their profits from the sale of their home. So be cautious when dealing with FSBO as you may think you are getting the best deal possible by cutting out a real estate agent FSBO can take you for a ride if you are not careful.

Anyways those are my thoughts on the matter I hope its helped or at least made you quesiton whether or not an agent could be useful to your business.... because at the end of the day thats what your getting into...A business and why wouldn`t you want to assemble the best team possible.

Wishing you all the best in your investing.

Cheers,

Scott

 

[lakeheadteacher]

QUOTE (CarrieKoch @ Feb 26 2010, 05:05 PM) I am getting quite a few leads on private properties in Barrie. What are you looking for specifically? houses? multis? commercial?

Another consideration if you want to come to Barrie is to go to Orillia. Less competition for properties, lower prices and equal rents. I also believe stronger economic fundamentals...but you do your own research on that!

Hi Carrie. I am looking for something that will cash flow after the payments of a management company looking after it. I would like to find something in the 200K and under range. This is my first attempt at buying a rental unit so I would prefer a smaller, easier model to start even if this means a little less profit to be had. I want to use this a learning experience as much as anything else.

Thoughts?
Craig
[email protected]

 

[housedoc]

QUOTE (lakeheadteacher @ Feb 27 2010, 01:16 AM) I am looking for something that will cash flow after the payments of a management company looking after it. I would like to find something in the 200K and under range. This is my first attempt at buying a rental unit so I would prefer a smaller, easier model to start even if this means a little less profit to be had. I want to use this a learning experience as much as anything else.

Thoughts?
Craig
[email protected]

200K may get you 1/2 of something in Toronto.

 

[CarrieKoch]

I have a lead on a private house, owner wants to get out as her and husband our separating but she would like to stay. With the right down payment and a good deal on the house it`s a good investment. She has a real commitment to the house. I`m working with her right now to see what solution I can provide.

I know many investors are purchasing townhouses in Barrie, you can get them under 200 and management fees are very low. Cash flow isn`t as high but you can get in for a low investment. I am looking at duplexes in Orillia for $215k. With those you have more management but better cash flow. And we just purchased a triplex in Orillia for just $255, again more managing required but terrific cash flow.

I would recommend working with a great realtor who deals in investment. I partner with Shannon Murree of Remax Chay and we offer tenant placement and management for investors.

For an easy start rent to owns or townhouses are an easy and affordable to get into the market.

 

[BrianPersaud]

QUOTE (lakeheadteacher @ Feb 27 2010, 01:16 AM) Hi Carrie. I am looking for something that will cash flow after the payments of a management company looking after it. I would like to find something in the 200K and under range. This is my first attempt at buying a rental unit so I would prefer a smaller, easier model to start even if this means a little less profit to be had. I want to use this a learning experience as much as anything else.

Thoughts?
Craig
[email protected]

There`s not much you can buy in either of those cities for $200k. Have you been prequalified for a mortgage and how much of a downpayment do you have?

 

[JoeRagona]

Craig,

I am actively in the Barrie market. My team consists of Shannon Murree and I use Carrie as well. I can certainly give you perspective on what to expect with cash flow, rents, tenant placement and where to look depending on what you want to accomplish.

I have experienced RTO, midnight moves, long holds to find prospective tenants along with market buy timing that you should be aware of. There are many factors that come with purchasing in these areas that you need to be aware of.

You can reach me anytime by phone or email.

 

[BrianPersaud]

QUOTE (lakeheadteacher @ Feb 26 2010, 08:51 AM) So I`m new to the game but am enjoying the learning curve and the hunt my first rental property. I would like to start small. However, I`m having a hard time finding properties listings on the web that are of any use to me. Kijiji (sp) and Craig`s list are mostly adds by agents and other real estate folk disguising themselves. The agents are trying to get the best price for their customers as the commission gets bigger, so their web postings don`t help.

So....where do you go to find good deals.

What I like about real estate and this site in particular is that there is so much to go around that people do not mind giving out tips and helpful hints.

That is what I`m hoping to get from this post.

So, if you know a great place to look for cash flow properties in Toronto or Barrie, please help me out.

Kind regards,
C
[email protected]

Take a look at this hotel to condo conversion project, Etobicoke City Centre

http://www.selloffcondo.com/

Bachelor units will be starting at just $119,000, junior one bedrooms from $149,000 and 1 bedroom units from just $169,000!


1 bedroom apartments in the area rent for $900-$1200

 

[Rickson9]

Assuming an investment can throw off $1,200 per month per door or $14,400 per year per door in gross rent I would be willing to pay $72,000 per unit. Of course, I can only speak for myself so please keep that in mind.

 

[MonteDobson]

QUOTE (Rickson9 @ Mar 1 2010, 04:54 PM) Assuming an investment can throw off $1,200 per month per door or $14,400 per year per door in gross rent I would be willing to pay $72,000 per unit. Of course, I can only speak for myself so please keep that in mind.

Where do you find such a property?

 

[Nir]

QUOTE (Rickson9 @ Mar 1 2010, 04:54 PM) Assuming an investment can throw off $1,200 per month per door or $14,400 per year per door in gross rent I would be willing to pay $72,000 per unit. Of course, I can only speak for myself so please keep that in mind.

I agree. maybe 90K but definitely not 169K! a bit surprising a REIN member recommends buying a property with such a low
annual rent to price ratio of 8.5%!? (14400/169000).

Regards.

 

[BrianPersaud]

QUOTE (investmart @ Mar 1 2010, 08:46 PM) I agree. maybe 90K but definitely not 169K! a bit surprising a REIN member recommends buying a property with such a low
annual rent to price ratio of 8.5%!? (14400/169000).

Regards.

i`m not recommending him to buy selloffcondos..but its the only thing in Toronto in his price range. It`s tongue in cheek response...if you know the project and know the Toronto market it would be funny/

In seriousness, the GTA, i`d recommend a slight fixer upper in outside toronto, with a legal basement apartment.

 

[BrianPersaud]

QUOTE (MonteDobson @ Mar 1 2010, 06:04 PM) Where do you find such a property?


Rochester? Detroit?

 

[Pheenix]

QUOTE (BrianPersaud @ Mar 1 2010, 09:25 PM) i`m not recommending him to buy selloffcondos..but its the only thing in Toronto in his price range. It`s tongue in cheek response...if you know the project and know the Toronto market it would be funny/

In seriousness, the GTA, i`d recommend a slight fixer upper in outside toronto, with a legal basement apartment.

Hey Brian
I thought the idea was cash flow positive from the beginning - more than tongue in cheek, `you wicked boy`

. It is a real question of when that would happen on this project.

It will indeed be an interesting project to watch. I can see the tower as an easy conversion (relatively, and if years is easy) but the low rise portion will be more of a challenge - knock down perhaps?

From a tenant perspective there is a small townhouse complex across the street with 3 bed, 1-1/2 bath units, with full basement, for a little more rent than what you referenced (no condo type amenities) and there has been at least one vacancy (not necessarily the same one) in it for over a year now. Several walk ups in the area with vacancies too, and new condos at the subway, for a bit more, including private theatre and virtual golf rooms. A tight but not zero vacancy sub market.

Despite the low (seemingly) price there will be alot of work required to convert, and the timelines therefore uncertain, I think. Would you agree?

Several other `knock down and build` condo projects in the area, not a lot of interest judging by the fact that the oldest is not out of the ground yet. If they all go at once (with speculators buying) could change the vacancy rate dramatically.

I agree with your point, for this price target look in the hinterlands. Another option might be Hamilton, as some REIN members are doing.

 

[thejules]

If you`re going to check out Orillia, I would look at some condo type stuff Mississaga St. West & Barrie Road. It`s close to the new university under construction.

If you`re looking in Barrie I would look around the Lakeshore Drive, Essa Road area from Tiffin St. to Burton Ave. within 800 meters of the 2nd Go Train Station.

 

[housingrental]

Then te last time you would have been a property in the GTA would have been before 1986 !

In Ontario GRM of like that exist for:
ZZZ area`s
Rural area`s
Slums with extensive deferred maintenance

This topic is on Toronto / Barrie NOT Ohio


QUOTE (Rickson9 @ Mar 1 2010, 05:54 PM) Assuming an investment can throw off $1,200 per month per door or $14,400 per year per door in gross rent I would be willing to pay $72,000 per unit. Of course, I can only speak for myself so please keep that in mind.

 

[housingrental]

Brian / Brad Tell me more about sell off condos?

 

[Pheenix]

QUOTE (housingrental @ Mar 2 2010, 12:54 PM) Brian / Brad Tell me more about sell off condos?


Hi Adam
I assume Brian was referring, in this case, to the old Valhalla Inn, east side of 427, south of 401. You can`t miss the sign. Don`t know if they have other projects, too.

Brad