Investing wisdom for young investor in BC

[Michael Johnson]

Hi all,

I am a young investor in the lower-mainland looking for some advice in getting started in real-estate investing. My wife and I are currently in the market looking for a condo (Langley/East Surrey) with about 20-30% down. We have gained pre-approval and put some offers on a couple places but no luck on any of them. We started to think whether we should rent in this market and buy in another area (in-province or out-of-province) given the price-to-rent ratio? Our initial thought was to live in the place initially, paying the mortgage ourselves, then turning it into a rental property in the future (5-10 years). Any wisdom on this would appreciated.