I Am Looking For Your Expertise!

[Dominik Hekiert]

Hey Everyone, 

I am relatively new to the BP community but I have learned a lot of useful information in this short time. However, I am looking to get my first property and I am looking to get some general advice on how to achieve my goal of buying a residence in 2021. 

Insight into my situation:

• - I am based out of Ontario, Canada. 
  - I am looking for a property mainly in Windsor (lowest prices), London, Welland.
• - I am a 21 year old currently in my 4th year of university, my program is 6 years long
• - I work a part time and made roughly 35k in reportable income 
• - I have $30,000 saved for a down-payment 
• - I have a good standing credit score
• - I have still not filled out a mortgage pre-approval as I am waiting for the perfect time. 

What I am looking to invest in:

• - I am looking to possibly buy a run-down but rentable duplex in the Windsor area for $150,000-$250,000 to do a BRRR
• - I intend to hold onto this property long term and to be a part of my portfolio of residences in the future. 
• - I am hoping to take advantage of the first time home buyer incentive, needing to only put 5% down and living in a room of the residence. (This is possible for me since my work and school are remote)

What I want to know:

• - Is it possible for me to get a pre-approval to that extent if I do not put down 20% and report the rent as additional income
• - If this is the best way currently for me to start my journey into real estate or if there is a better option?
• - Would it make better sense to find a wholesale deal, pay the assignment fee directly and have the rest financed by the bank instead of looking on the mls.
• - Are there currently better markets than Windsor for low pricing in Ontario?

Thank you for reading and I hope we can all connect =)