…. that no one is talking about
Hello Hamilton Real Estate Investors,
A client of mine who owns a townhouse condominium (THC) in Hamilton mentioned to me that in the same complex as his property, there are currently three vacancies. That’s a lot! (thankfully he already has a tenant on a 12 month lease) So as any sophisticated investor does, I pushed forward with my research and spoke to my friend Jeff Varcoe (REIN and Rock Star member, Hamilton investor) who operates a well respected Property Management company called Corner Select Properties. Jeff tells me there are several THC vancancies in the east end of the lower city near the Red Hill and to stay away. My next question then is what are the high demand properties and where? Readers, wouldn’t you like to know? Watch the below video where I’ll explain and it may shock you… the answer is not townhouse condos…
So what are the numbers?
Here’s your typical THC that I know several investors have already bought vs. a semi in West Hamilton.
(Assumptions: 20% downpayment; mortgage, 3.94% five year fixed, 35 year amortization; total vacancy, repairs, property management allowance = 21% of rent)
Notice how much of a difference the condo fee makes? Big thanks to Jeff from Corner Select Properties for letting me see the property and sharing his insights into the market.
Hope that helps! Till Next Time – Happy investing everyone!
Real Estate Investment Adviser
PS: If you would like to learn more about investing in real estate in Hamilton please feel free to call 289-288-5019 or email me erwin (at) mrhamilton.ca.
PPS: sign up for my newsletter so you don’t miss out out on what’s going on in Hamilton!!
Update: check out the comments for this post, some great questions, feedback, and comment by Jeff Varcoe