Looking for often overlooked real estate advice from the pros!

[Brindley Smith]

Hello!

Quick background on myself, i'm a Canadian Masters student originally from BC but currently studying in Montreal.  Nearly a year ago I became very interested in investing and retiring early, and i've involved my partner in the "lifestyle" as well!  Since then i've read through Rich Dad Poor Dad, Richest Man in Babylon, and listened to a lot of BP episodes, among other things.  I had some questions though regarding real estate that i've never really found clear answers for.  I still have over a year before I graduate, but I wanted to learn as much as I can before then so I can potentially be prepared to pick up a place.  

I'm not sure where i'll end up in Canada, as it will depend on the job I get, but I've considered buying a duplex or split house and doing the typical live in while renting out.   If we get a trailer, small house, or condo, the plan would be to initially live there and continue to build assets until either moving or upgrading, then renting out the previous one.  I was hoping I could get some advice on buying my first place, as well as to possibly get some answers to questions like the stuff below.

1. What are the benefits of buying a condo compared to a house, when their monthly fees may be something like $200-700/month?  Is there a way to determine why fees may be anonamously high?

2. Is there typically a reason to avoid buying a trailer?  Some of them seem just as nice as a typical house, but I realize that they can be weird when it comes to paying for pad spaces, or how they may not appreciate at all.

3. What are the red flags that pop out to you immediately when browsing real estate pages?  For me it's poor lighting, water damage, and cramped spaces (mainly kitchens), but I really lack experience.

I think the plan currently is to continue investing in low fee ETF's and to wait until the housing market in Canada (which is typically ridiculous) to drop before we commit.

Any other advice, or links to previous threads with similar topics, will be very much appreciated.

Thanks!!

[Dan Bryskin]

@Brindley Smith,

1. People do invest in condos. In some places this is all you can invest in (Tokyo, Manhattan etc.)

Pros: Association covers roof, foundation, driveway, landscaping and what not.

Cons: Association is only going one way (up), comes with requirements and restrictions.

Personally I would only consider condo as a quick flip ...

2. Trailers or mobile homes - good business just watch out for Warren Buffet :) It´s a cheapest living, typically D class, has a huge negative stigma associated with it.  Another thing one can make money but has to study carefully.

3. House with one picture would typically need a gut & rehab. Assume whatever is not in the pictures is bad. Everything else may be a red flag or may be a good deal, depending on the price & your vantage point. Good luck