Real Estate

Buying a investment property in Mississauga/Brampton. Good idea in this climate?

  • Last Updated:
  • Jul 26th, 2020 10:30 am
[OP]
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Feb 2, 2018
255 posts
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Buying a investment property in Mississauga/Brampton. Good idea in this climate?

Hello,

As the title States and I wanted to get some input/opinion on purchasing a rental property (semi detached) in the Brampton Mississauga area. Doing the math if both top and bottom are rented, even with the high price tag of 800-850k these can be rented and mortgage covered with 20% down. There should be a little extra change left over which will be set aside for maintenance.

Ive discussed with a realtor here and there and would like to get more feedback...

My questions:

1. With interest rates being all time low.. Is it a good idea to invest in a rental property for investment with the current COVID situation? Planning to keep it for 5 years atleast, most likely longer.

2. How is the rental demand in these cities? I don't want to be looking for a tenant for 2-3 months. What is the rental rate for Mississauga/Brampton for 3 bed upstairs and 2 bed downstairs basement/walkout?

3. Is it a good idea to purchase here or somewhere else than GTA? Many places come to mind kw area, Cambridge, NiagaraLondon. Etc. Its higher price tag here but I would imagine more people to rent out to here relatively.

4. How much should be set aside incase I cannot rent or get a bad tenant who doesn't want to pay?

5. Are there other people who have purchased houses for purpose of investing? I have been thinking about doing this for years and really want to do this as I don't want a lifetime of mortgage ... (Current main household).

Thanks for reading.
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