Toronto (GTA), Canada Real Estate Investment for Beginner

[Faith Sia]

Hi All,

So brief stats on my finances:

• > 28 yr-old, earning $60k annually
• > currently renting and keeping my expenses 1k/month
• > no debt, $18k in TFSA & $2k in RRSP

I opted out from getting a car (hoping to keep it that way) to have a $2750/month margin for investing/cash flow flexibility, so I'm looking for suggestions to help brainstorm some ideas on how I can start some equity within the GTA area (TTC-bound). I want to go with as little as down payment that would make most sense in a timely manner that i'm not taking too long to just get started on some rental income & experience. Affordability-wise, I am looking at mid to high $200k properties which are likely condos. With these, I'm seeing some 2 bedroom properties (which can go for $750-900/room), but the maintenance fees & property taxes on them are almost $1k/month already. Depending on the downpayment i'll put and the mortgage payment, it'll be on a negative cash flow if not breaking even but it'll get me some equity going for a couple of years and go for a more sensible property after. Am I just making it more complicated to even consider sticking within the city? I know I can get a detach house with some really good cash flow outside the city but my transportation expenses + traveling time could possibly just offset that. I know I just have to get started first to get some traction.

Any thoughts on this?