Episode 88 - Investing In Cottages In The Kawarthas w/Sarah Larbi

<p>Gary chats with friend and fellow investor Sarah Larbi. They’ve done several podcasts and webinars together, they touched on market predictions, but the focus of this episode is cottage properties. Sarah bought a short term rental cottage, sight unseen and has done well renting it out, but she provides some indispensable information on purchasing a cottage, whether it’s to create income or provide a place of rest and regeneration. She spoke of due diligence, ensuring the property is suited to your needs and avoiding issues later. Sarah also managed to purchase 9 properties by age 33!</p> <p><strong>What you'll learn:</strong></p> <p>¥           Gary provides a current market update - what does rolling back to a modified Stage 2 mean to investors, and the markets?</p> <p>¥           Why Sarah, in a former life as a financial planner, determined that investing in mutual funds, etc. because the commissions took all the profit</p> <p>¥           The banks want you to buy their mutual funds because of commissions and fees, and don’t have your best interests at heart</p> <p>¥           Sarah rents her cottage during July and August for $550 per night for 4 bedrooms, 7 night minimum. If it’s rented every night of a month it will be $16,500 for the month! You’ll make your money back buying a recreational cottage in Ontario</p> <p>¥           Long weekends can make even more</p> <p>¥           You can get bookings in May, June and September at $350-$400 per night</p> <p>¥           Long weekends or March break will be shorter rentals</p> <p>¥           Why ‘your network is your net worth’</p> <p>¥           Why a 3 season vs. a 4 season have differing down payment amounts!</p> <p>¥           Proximity to a town for supplies</p> <p>¥           Proximity to a larger city for renters</p> <p>¥           The more bedrooms the better</p> <p>¥           If you have 4+ you can rent to two couples</p> <p>¥           Cell coverage and internet is HUGE</p> <p>¥           Ensure you have the correct number of supplies to match pot