Here’s something that might surprise you: having 100 investment properties doesn’t always mean you’re winning at real estate.
Monica Jaszek learned this the hard way. After 14 years of investing, she made a bold move during the pandemic – she sold off all her properties in Northern Ontario and completely changed her strategy.
The reason? Sometimes cheaper really isn’t better.
The Problem With Cheap Properties
Monica’s Northern Ontario properties looked amazing on paper. She was buying places for $40,000 and renting them for $1,000 a month. Sounds like a dream, right?
Wrong.
Here’s what actually happened:
- Jobs dried up when the government changed and stopped investing in the region
- Vacancy rates shot up as people left for work elsewhere
- Property managers turned corrupt, stealing rent money and lying about occupancy
- Properties barely appreciated in value over years
- Managing over 100 units from far away became a nightmare
- Ontario’s tenant-friendly laws meant a non-paying tenant could stay for a year and a half
Monica spent years clearing out this portfolio. Looking back, she’s grateful to be done with it.
The New Strategy: Quality Over Quantity
Monica asked herself a powerful question: “Do you want 100 problematic properties or a $20 million portfolio with 10 properties?”
During the pandemic boom, she sold properties in Hamilton, Barrie, Kitchener-Waterloo, and Windsor at all-time highs. Then she moved all that money into what she calls “A+ markets” like downtown Toronto, Markham, Stouffville, and Calgary.
Monica went from 100 problematic doors to a focused $20 million portfolio in A+ markets — if you’re rethinking your own strategy, book a free strategy call with LendCity and let’s map out your next move.
Why Location Beats Cash Flow Every Time
Monica is blunt about this: markets that are perpetually marketed as “the next best thing” usually aren’t.
She’s been hearing about Cleveland, Ohio for 14 years. It’s still flat. Same with Kansas City, where she invested 12 years ago. Detroit is too cheap to be sustainable. Many Washington State markets have gone nowhere.
In Canada, she warns against Edmonton, most of New Brunswick outside Halifax, and generally most provinces outside BC and Ontario.
Why? Because without natural Appreciation, you’re just treading water. You can refinance your home to pull out equity all you want, but if your property is worth the same in ten years, you’re just trading apples for apples. No wealth gets built.
The Real Cost of Bad Tenant Laws
Here’s a number that should scare you: $50,000.
That’s what a non-paying tenant can cost you in Ontario when they can legally stay for a year and a half without paying rent. Monica says you should write that number on your investment spreadsheet before you buy anything.
Compared to that, insurance increases or property tax hikes are nothing.
Moving Into U.S. Markets
Monica has been investing in the U.S. for 14 years, so this isn’t some new trend for her. But she’s very specific about how to do it right.
Florida: Ocala and Marion County
Monica used to hate Florida. Too much overdevelopment, too many vacancies, rental properties everywhere.
But Ocala is different. It’s not the Disney area or the beach communities. It’s not hurricane-prone like Cape Coral or Naples.
What it has: 300,000 people, 30,000 new jobs from Chewy, FedEx, and Amazon distribution centers. Properties run about $250,000 USD. Insurance is only $800 per year because they use block construction instead of wood frame.
Monica’s team just built 18 new homes there with an award-winning builder. Even with massive delays from hurricanes affecting other areas and an 8-month permitting delay, investors still saw 66% ROI on the forced appreciation.
Texas: Houston
Their Houston team is led by Zandra, who owns her own contracting company. This means they can do value-add projects and development deals. They offer both active investment opportunities and passive options for smaller amounts.
Other Markets
Monica’s company RPI Education also has teams in Phoenix (student rentals and short-term rentals), Atlanta (though it’s more cash flow neutral), and even Los Angeles (despite its tenant law challenges).
If a non-paying tenant in Ontario can cost you $50,000 and properties in your market barely appreciate, it’s worth exploring better options — book a free strategy call with us to compare markets and financing strategies.
Rules For Investing Outside Your Backyard
If you’re going to invest in another market, Monica has non-negotiable rules:
Visit first. She tells a story about a client who spent five days in Atlanta walking properties, only to realize it wasn’t right for him. Better to find out before you buy.
Partner with local experts. Your team needs to live there, have a successful portfolio there, and show you their properties. If they won’t walk you through what they own, run away.
You can’t be the smartest person on your team. Monica says if you’re the key person in your operation, it’s not a good operation. You need people stronger than you leading the show.
Understand active versus passive. Active investors must travel regularly and maintain oversight. Passive investors need to thoroughly vet who they’re investing with and understand the model completely.
The BRRRR Strategy Across All Properties
Monica uses the BRRRR strategy (Buy, Renovate, Rent, Refinance, Repeat) on everything. This lets her force appreciation through improvements, pull equity back out, and repeat the process.
She emphasizes you need to make money when you buy, not just hope for appreciation later. Whether it’s building from scratch, renovating, or adding square footage, you need to create value immediately.
Is Now A Good Time To Invest?
Monica’s answer: it’s always a good time to invest.
But she’s realistic. With current interest rates, cash cows don’t really exist in buy-and-hold real estate anymore. Her Florida properties cash flow about $400 USD per month after everything – she calls this “fairly cash flow neutral.”
The point isn’t massive monthly cash flow. It’s appreciation potential and diversification. For foreign investors using higher interest rate residential financing, it still makes sense because you own stock in U.S. real estate, earn U.S. dollars, and hedge your currency risk.
Stop Freaking Out About The Wrong Things
Monica sees investors panicking about:
- Florida insurance costs going up 40% (but with the right construction type, it’s only $800/year)
- Toronto tax increases of 16.5% (which is just a couple thousand dollars on properties appreciating significantly)
- Mortgage rate increases (which reduce returns but don’t eliminate them with proper fundamentals)
Her advice? Take your fears out of the air, write them down on paper, and really examine them for what they are.
The Bottom Line
Monica’s journey from 100+ cheap properties to a concentrated portfolio in A+ markets tells you everything you need to know about successful real estate investing.
It’s not about how many doors you have. It’s not about finding the cheapest price per door. It’s not about chasing the highest cap rate on paper.
It’s about investing in markets with strong fundamentals, having boots-on-the-ground teams you trust, making money when you buy through forced appreciation, and holding properties that will actually be worth more in ten years.
Everything else is just noise.
Key Takeaways:
- The Problem With Cheap Properties
- The New Strategy: Quality Over Quantity
- Why Location Beats Cash Flow Every Time
- Moving Into U.S. Markets
- Rules For Investing Outside Your Backyard
Frequently Asked Questions
Why did Monica sell all her Northern Ontario properties?
What are A+ markets in real estate investing?
How much can a non-paying tenant cost in Ontario?
What should you do before investing in a U.S. market?
Why does Monica focus on Ocala, Florida instead of other Florida markets?
What is the BRRRR strategy?
Is now a good time to invest in real estate?
What's more important: cash flow or appreciation?
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a licensed mortgage professional before making any financing decisions.
Written by
LendCity
Published
December 22, 2025
· Updated February 12, 2026Reading time
7 min read
Appreciation
The increase in a property's value over time, which builds [equity](/glossary/equity) and wealth for the owner through market growth or [forced improvements](/glossary/forced-appreciation).
BRRRR
Buy, Rehab, Rent, Refinance, Repeat - a real estate investment strategy where you purchase a property below market value, renovate it to increase its [ARV](/glossary/after-repair-value-arv), rent it out, [refinance](/glossary/refinancing) to pull out your initial investment, and repeat the process with the recovered capital. Success depends on [forced appreciation](/glossary/forced-appreciation) and strong [cash flow](/glossary/cash-flow).
Cap Rate
Capitalization Rate - the ratio of a property's [net operating income (NOI)](/glossary/noi) to its current market value or purchase price. A 6% cap rate means the property generates $60,000 NOI annually on a $1,000,000 value. Used to compare investment properties regardless of financing. See also [DSCR](/glossary/dscr) and [Cash-on-Cash Return](/glossary/cash-on-cash-return).
Cash Flow
The money left over after collecting rent and paying all expenses including mortgage, taxes, insurance, maintenance, and property management. Positive cash flow is the primary goal of buy-and-hold investors. See also [NOI](/glossary/noi), [Cash-on-Cash Return](/glossary/cash-on-cash-return), and [Vacancy Rate](/glossary/vacancy-rate).
Equity
The difference between a property's current market value and the remaining mortgage balance. If your home is worth $500,000 and you owe $300,000, you have $200,000 in equity. Equity builds through mortgage payments, [appreciation](/glossary/appreciation), and [forced appreciation](/glossary/forced-appreciation). See also [LTV](/glossary/ltv) and [Refinancing](/glossary/refinancing).
Interest Rate
The cost of borrowing money, expressed as a percentage. It determines how much you pay on top of the principal borrowed. Interest rates directly affect monthly payments, [cash flow](/glossary/cash-flow), and [DSCR](/glossary/dscr). See also [Amortization](/glossary/amortization).
Refinance
Replacing an existing mortgage with a new one, typically to access equity, get a better rate, or change terms. Investors commonly refinance to pull out capital for purchasing additional properties (cash-out refinance) while retaining ownership of the original property.
Property Management
The operation, control, and oversight of real estate by a third party. Property managers handle tenant screening, rent collection, maintenance, and day-to-day operations.
Vacancy Rate
The percentage of rental units that are unoccupied over a given period. A critical factor in [cash flow](/glossary/cash-flow) analysis, typically estimated at 4-8% for conservative projections. Vacancy directly reduces [NOI](/glossary/noi).
Fixer-Upper
A property that needs repairs or renovations, typically priced below market value. Often targeted by investors using BRRRR or fix-and-flip strategies.
Value-Add Property
A property with potential to increase value through renovations, better management, rent increases, or adding units.
ROI
Return on Investment - a measure of profitability calculated by dividing net profit by total investment. Used to compare the efficiency of different investments.
Property Tax
Annual tax levied by municipalities on real estate based on the assessed value of the property. Property taxes fund local services and are a significant operating expense that investors must account for in cash flow projections.
Currency Risk
The potential for financial loss from fluctuations in foreign exchange rates. Canadian investors holding US or Mexican properties face currency risk because values and rental income in foreign currencies change in Canadian dollar terms.
Forced Appreciation
An increase in property value driven by the owner's actions rather than general market conditions. Strategies include renovations, increasing rents, reducing [vacancies](/glossary/vacancy-rate), or cutting operating expenses. In commercial real estate, raising [NOI](/glossary/noi) directly increases the property's income-based appraised value. Key to the [BRRRR strategy](/glossary/brrrr) and improving [ARV](/glossary/after-repair-value-arv).
STR
Short-Term Rental - a furnished property rented for periods of less than 30 days, typically through platforms like Airbnb or VRBO. STRs can generate 2-3x the income of long-term rentals but require more active management, higher operating costs, and compliance with local short-term rental regulations.
Hover over terms to see definitions. View the full glossary for all terms.