New to Investing in Real Estate

Hi,
First let me say thanks for offering the information on this site. We are currently selling our properties in Saskatchewan and are looking at the Essex area of Ontario. Primarily because of the weather, but Windsor seems to have some properties that would be in our price range. Is the area worth investing in, or should we consider Kingsville/Leamington as these two are smaller cities would seem to be more appealing in the future?

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Nov 07, 2012
 RE: Financial Goals
by: Tom Karadza

We're not big believers in waiting because you end up getting side tracked sometimes, which delays your progress.

To us you make money in real estate by "being in the game for as long as possible".

We obviously don't know each other so I don't have all your details but from what you're sharing we would buy a triplex and live in one of the units. Then as you gain equity in the property tap into it to buy your next property (exactly as you suggest).

A good friend of ours is doing exactly this with a 4-plex.

One more thing ... if your concerned about taxes then get a good tax accountant. One of our favourites is out in Hamilton. He's not exactly cheap though. If you want his info in the future just email Kayla@RockStarBrokerage.com and ask her to pass your email to me. We'll share his details with you.

Tom.
Nov 07, 2012
 Financial Goals
by: question writer

So when we move we will have 100-150 in cash We have been self employed for the last five years and will be moving before we decide what we would be doing for work. I am going to be getting my real estate license which will take a few months. Our end goal is to have a diversified income stream from a number of rental properties. Now considering the above, should I wait to purchase any properties until I get my license? Next should we purchase a home, then get a mortgage to fund purchasing a rental property? Or would it be better to purchase the triplex, live in one unit then get a mortgage against the rental property to purchase another rental property or home? And as far as Windsor area I feel good about it, better when the bridge is a go. Any help or advise anyone may have would be greatly appreciated. We just want to do things in the order that will lead to the highest income stream, with the lowest tax burden.
Nov 07, 2012
 RE: New to Investing in Real Estate
by: Tom Karadza

Thanks for the question!!

Without knowing your financial goals and your lifestyle goals this is tough.

If I answered this purely on "best place to invest" I would say this:

1. Choose the city where: population, employment and infrastructure improvements (roads, transit) are improving or increasing the most. Those types of cities will always have better housing appreciation than cities who don't have this. I don't know the details of Windsor versus Kingsville/Leamington but a quick call into each city's City Hall (Economic Development Office) will get you some answers around these points.

2. After that, I would say choose the place you'll be happiest. If you're not planning on selling anytime soon and one city doesn't have the things we mentioned in point #1 then who cares. Ultimately you want to be happy where you live!

Hope that helps a tad!

Tom.

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