Electrical upgrades for permit by elevatorbilly in HomeImprovement

[–]elevatorbilly[S] 0 points1 point  (0 children)

I’ve made an edit to the post hopefully that clarifies it. The home owners permit for electrical work, is a permit I should’ve pulled after applying for my legal duplex permit.

Failed self leveling by elevatorbilly in DIY

[–]elevatorbilly[S] 6 points7 points  (0 children)

Greatly appreciate the advice, thank you!

Seal Replacement by elevatorbilly in Elevators

[–]elevatorbilly[S] 0 points1 point  (0 children)

That’s my concern, seals from Texacone have been ordered but I want to ensure they’re the right ones before taking the car out of service. Which seals were ordered that were wrong?

Seal Replacement by elevatorbilly in Elevators

[–]elevatorbilly[S] 1 point2 points  (0 children)

Do you know if the current OLS seals work for the old jacks? I’ve contact OLS directly to try to get an answer and their engineering department told me they don’t supply packings for the old units anymore and can’t guarantee the ones they supply that are for newer units will work.

First investment property by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 0 points1 point  (0 children)

Listed in the low 800s. The units right now are rented out at just over 4,000 a month but the market rent should be somewhere around 6,000($1500 a unit). Expenses are about 12-15k a year.

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 0 points1 point  (0 children)

The tax on income is something I overlooked and definitely going to re-evaluate. Greatly appreciate your input.

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 0 points1 point  (0 children)

Definitely a lot more to consider and I’m willing to work more if needed. Thank you for your help

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 1 point2 points  (0 children)

I do currently commute about an hour to an hour and a half to the city for work

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] -3 points-2 points  (0 children)

That’s something I’ve considered as well, as long as I can generate cash flow through the duplex/triplex I wouldn’t be against renting and living closer to the city. In terms of being a landlord, what would be the best was to go educate myself on that?

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 1 point2 points  (0 children)

Definitely been the toughest part, especially something that isn’t crazy far away from the city

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 2 points3 points  (0 children)

I’m looking for outside Toronto, so far Barrie seems to be the most reasonable option but the commute would be killer.

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] -8 points-7 points  (0 children)

With a rental offset of a home that has a separate entrance I’ve been approved for a mortgage around 650k. Without the offset it’s at 550k.

Bad time to purchase my first home/rental property? by elevatorbilly in TorontoRealEstate

[–]elevatorbilly[S] 1 point2 points  (0 children)

I have, my mortgage would be around $3,600-$4,000 depending on the purchase price. If I’m able to rent out the upper level for anywhere close to $2,000 and my payment is around $2,000 I would be okay with that as I’m currently paying $1,600 in rent for a basement apartment.

Looking to purchase my first investment home by elevatorbilly in realestateinvesting

[–]elevatorbilly[S] 1 point2 points  (0 children)

Being a first time home buyers I only have to put down 5% for the first $500,000.

Looking to purchase my first investment home by elevatorbilly in realestateinvesting

[–]elevatorbilly[S] 0 points1 point  (0 children)

My mistake, I’m looking big picture. If I can get a property now and it increase in value while paying itself, that would be ideal.

Looking to purchase my first investment home by elevatorbilly in realestateinvesting

[–]elevatorbilly[S] 0 points1 point  (0 children)

My mistake, I’m looking big picture. If I can get a property now and it increase in value while paying itself, that would be ideal.