Next step In Canada

[Chad Friesen]

Hey Guys

I am new to this site so hopefully im putting this in the right place.

I am a relatively new investor and a little stuck.  My wife and I have an up down duplex that we rent out and cash flows a couple hundred a month.  We also have our primary residence that we rent the basement suite.  We live in Grande Prairie AB which is very reliant on oil and the market has taken a big nose dive in the last year. 

I am thinking it is time to buy our next investment property while the prices are low.  We have 20000 to put down and a couple possibilities to get a couple other people to get a bigger down payment.  

Does anyone have some experience in Canada or even Alberta more specifically on steps to take next.  My goal is to have enough properties to make enough cash flow to match my current job wages.  

Obviously I am going to have to buy quite a few properties to get to this goal so I need some guidance on how to best spend my money.  

Is it generally faster to go in with partners to by more properties or try on your own.  If you use partners should you use the bigger down payment that more people can provide to buy one better house or try and spread your money out and buy multiple properties. To me if I am going int with partners I don't see the benefit of only buying one house together.   

I know this might be an impossible question to truly answer as most of it depends on a lot of different situations but I am hoping by asking and going back and forth we can smooth my thinking out and get a little clearer picture of what I need to do.