20-yr-old looking to invest in RE in KW region!

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Hello BiggerPockets,

This is my first post ever on here! I am 20 years old and looking to 'house hack' a duplex in Kitchener, Ontario, Canada but not exactly sure where to start. I know housing prices are at an all time high right now though it is often said that 'time in the market beats timing the market.' As a newbie investor looking to purchase his first property, this makes some sense but at the same time, I don't want prices to decrease substantially.  Nobody has a 'crystal ball' but the average price for a single detached home with duplex potential seems in the range of $500-600K asking price in Kitchener - isn't this unsustainable? I know there are bidding wars going on between average home buyers but what about amongst investors? Are rental properties selling for $100K over asking in Kitchener too? The videos I see on YouTube where people purchased their first property at $130K is just crazy and my eyes glaze over when I hear this because it seems unapplicable to today's market. Not complaining, simply observing.

As far as traditional financing goes, I certainly do not think I would qualify. My income is not that high at the moment. Currently training at a reputable local electrical union (unpaid) and will be starting an apprenticeship soon, with pay set to increase 10% of a Journeyman's wage every year. Making some passive income currently from YT channel and working the odd job. Good savings and credit score. Looking into a 5% down payment, and ok with biting the bullet of PMI and PST. Here in Kitchener with a duplex while living in it, it appears I will have to foot about half of the expenses. So, say for $3,200/mo in costs tenant might pay $1,700 and I would have to pay $1,500 out of pocket. In practicality that should not be an issue while working. As far as positive cashflow goes I feel that would take a while after I move out, right? Cashflow positive properties seem difficult/impossible to find in KW, and I know there are many who say "don't worry much about cashflow" but still it is something to think about, no? I want to do BRRR with this house hack and refinance ASAP and buy that second property.

I found a property listed on realtor.ca that has duplex conversion potential, near downtown, however it is a fixer upper (new flooring, painting, wiring) and is in a neighbourhood with 57% renters according to realtor.ca's 'Statistics'. Would this be a mistake for a new investor? I am fairly handy, but I want to buy in a good neighbourhood that will appreciate well and attract quality tenants.

I am assuming it would be very beneficial to speak with a local mortgage broker and real estate agent that specializes in real estate investing, but don't know any. Can anyone here suggest any that they personally had good experiences with?

Also, would you suggest starting a corporation for my first property?

If I said anything naive here it is simply because I do not have experience, which is exactly why I'm reaching out. So much learned already, but so much more learning and networking is required. There are always going to be doubters, but I enjoy proving them wrong. Eventually the goal is to create a real estate company with a portfolio of 100+ doors. I just want to get started now. It's not that I'm impatient, rather the opposite. I could read books and watch YouTube videos till the cows come home, but I would rather move out and begin this journey sooner than later.

Thanks,

Lucas