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Updated almost 4 years ago,
Jump in with a mediocre deal, or pay opportunity cost? cost
HI everyone! I'm new here. I'm Talia, 30, and live in Ajax On. I'll get straight to the point.
I'm completely new to real estate investing. I've always wanted to
Own a little real estate empire because I like the tangible security of owning property, but I never thought it was possible till recently when I discovered BP, matt McKeever, and a bunch of different real estate YouTube channels and podcasts that I've been binging.
The problem: I barely have capital. All in, with every last
dollar I've ever saved and I only have 30k. I'm looking to invest for financial freedom in the long term. Short term I need to get a property, house hack, brrrr, so I can use the refi money to purchase an investment buy and hold property for my mom who is retiring in 5 years and has absolutely no assets. We
're currently renting.
Given what I've researched about rei, I know that the best deals are not on MLS, and therefor a newbie like me has no access to them. I also
Don't have the capital to close quickly and pay thousands above the listing price like these homes on the MLS go for.
I'm looking to invest in Hamilton, Windsor, or st Catherine's because they are the places I can afford (barely) and are still up and coming.
I know if I buy now, it will be extremely tight. I have a line of credit for about 15k to cover both repairs and closing costs which will barely cover.
I have been a chronic over thinker and also struggle with analysis paralysis so I really want to jump in now. I also know that with the way the markets are trending, if I dont get it now I might not be able to later on.
For all you experienced investors, what would you suggest I do? Jump in now and try and make whatever I have work, knowing that the chances of me getting a good deal are slim but I may be able to break even?
Or, wait and save. I don't have a high salary unfortunately and I wouldn't be able to save that much more in a year, but it would give me at least another 10-15g to assist with the extra fees. But by then, prices may have gone up enough to keep me out.
I apologize for the long post and I truly appreciate anyone who takes time to read and offer feedback.
I'm a single female, none of my friends are into this type of thing, so I don't have anyone to ask. Its just me, no friends and family who can lend me money, no equity in a house my parents own, nothing. I'm just trying to find a way to make it and retire my amazing mom. Many thanks :)
I'm completely new to real estate investing. I've always wanted to
Own a little real estate empire because I like the tangible security of owning property, but I never thought it was possible till recently when I discovered BP, matt McKeever, and a bunch of different real estate YouTube channels and podcasts that I've been binging.
The problem: I barely have capital. All in, with every last
dollar I've ever saved and I only have 30k. I'm looking to invest for financial freedom in the long term. Short term I need to get a property, house hack, brrrr, so I can use the refi money to purchase an investment buy and hold property for my mom who is retiring in 5 years and has absolutely no assets. We
're currently renting.
Given what I've researched about rei, I know that the best deals are not on MLS, and therefor a newbie like me has no access to them. I also
Don't have the capital to close quickly and pay thousands above the listing price like these homes on the MLS go for.
I'm looking to invest in Hamilton, Windsor, or st Catherine's because they are the places I can afford (barely) and are still up and coming.
I know if I buy now, it will be extremely tight. I have a line of credit for about 15k to cover both repairs and closing costs which will barely cover.
I have been a chronic over thinker and also struggle with analysis paralysis so I really want to jump in now. I also know that with the way the markets are trending, if I dont get it now I might not be able to later on.
For all you experienced investors, what would you suggest I do? Jump in now and try and make whatever I have work, knowing that the chances of me getting a good deal are slim but I may be able to break even?
Or, wait and save. I don't have a high salary unfortunately and I wouldn't be able to save that much more in a year, but it would give me at least another 10-15g to assist with the extra fees. But by then, prices may have gone up enough to keep me out.
I apologize for the long post and I truly appreciate anyone who takes time to read and offer feedback.
I'm a single female, none of my friends are into this type of thing, so I don't have anyone to ask. Its just me, no friends and family who can lend me money, no equity in a house my parents own, nothing. I'm just trying to find a way to make it and retire my amazing mom. Many thanks :)