Just bought 4th property in GTA Canada
Be patient and you can do it too. Don’t believe in unaffordable market sentiment. Don’t listen to negative attitude folks. Work towards your goal. Save more spend less. There is no secret. Find ways to generate more income. TC 300K
Do you work in Canada or US? 300k is CAD?
In Canada 320k+ CAD
Sounds really stupid to buy now. Market is doing 20% gains annualized while housing market is tanking. You're better off putting your cash in t bills right now.
Housing is always long term. I’m into passive income and long term value. I’m 1M+ in positive in today’s market.
Housing isn't passive. Only stock market, bonds, and dividends are passive. Housing market might be low effort, but it doesn't qualify as passive income. 1M from what base? Liabilities? I don't think you understand finances very well.
Tell me you are indian 😀
It's the life goal of all Canadians from all ethnicities to own real estate. The whole country is obsessed with real estate as an investment for some reason. Nothing to do with India. OP might be Indian, but this would be a coincidence here.
Are you cash flow positive on these properties? Current rent prices don’t pay off these mortgage rates. Owning just to pay $$$ in interest is not the money maker you think it is.
What neighborhood would you recommend?
How much did you bribe the mortgage officer at the bank?
Do I need to?
Pretty bad advice for Canada. Even if OP is cash positive he won’t be very soon because unlike US, Canadian fixed rate mortgages renew every 5 years with the current interest rate. Also in the wokest land on earth, you are just a bad tenant away from going bankrupt. In that ultra woke country owners have zero protection, throwing out a tenant who isn’t paying rent takes atleast 1 year and forget about recovering the unpaid rent. Unless OP is running a slum where in 3 bhk 10 students are cramped in , avoid getting into RE in Canada by all means.
I have mortgages with 1.6 interest rate. New ones at 5 but not 5 years. It’s 3. Not all tenants default. Even if one of the tenants don’t pay rent, I can manage. There is risk I agree but it is not as bad as you portray it is. All my tenants are working professionals or families. Not students. I don’t understand this hatred on Canada. It’s a wonderful place for us at least. We have progressed exceptionally well after we came here. I don’t manage my tenants btw I have property management folks taking care of them.
I don’t know what kind of property you buy but even a decent freehold townhouse in the kitchener waterloo area is atleast 650k. After 20% down, your mortgage + property taxes + any maintenance at current rate is ~4500 CAD. The rent doesn’t go beyond 3k. There’s no way you can buy a cash flow positive anything anywhere in Canada unless you are stuffing 12 -15 students in a 3bhk with basement. Source: Canadian living in US. Got brand new semi detached in Kitchener in 2020 for 600k @2%.
Good work. I am down to 7. Sold one recently.
I can't be the only one who thought you meant Grand Theft Auto
I came here for this comment
As someone who lives in Western Canada that is my default reaction everytime someone from Toronto brings up the term "GTA"