I wrote recently about Sheridan college opening up in Mississauga by Square One. If you haven't noticed there are a ton of condos going up in the neighborhood. I wonder why? Yes it is great to buy a new condo before construction and make 15%-20% after it is ready, but that might take a lot of time of waiting and not knowing what to expect in the condo, and the way the condo corporation is run. What I suggest if you would like to buy something at an affordable price is look at all of the older townhouses a little south. These townhouses are older and not the prettiest to look at, but if you put a fresh coat of paint and some minor repairs you could easily rent it out to a few students who are going to Sheridan when it opens. In the meantime, you could rent it out for the year to a family and have your investment secured for the future. The best part of a these older homes is that they are a bit older, so you do not have to worry about a few scratches here and there from a party your students might hold one night. They are college kids after all.
If a townhouse is not what you would like to buy, there are many older more affordable condos in the area. There are numerous buildings within a few kilometers of the Sheridan site. If you really want to get into something where you could rent out a few floors, we could take a look at some of the houses in the area. Just like the towns, there are many older affordable houses in the area. Depending on the house, you could rent out one floor to 3 or 4 kids and the bottom floor in the same manner. You just have to make sure the bottom floor is properly zoned as an apartment with all of the laws being followed. (call me I will tell you what they are)
Now is the time to buy one of these properties. If you go to the area where Sheridan is in Oakville or Brampton, people have been investing in that area for years. Yes it might be a pain to deal with students but they always have mommy and daddy to pay the rent. For more information call me today, I can take you out on some listings in the area and you can start paying off your college tuition of the past by investing your hard earned dollars. 905-277-1805