First time investor doubts

[Daphne Wielunska]

Hi there,

I guess I am writing to see if I can get any support as I take the first leap to purchase a property. I am from BC Canada, specifically Coquitlam. There are not many cash flowing property here because of high costs. I found a 3 bedroom 1600 condo (two level) above retail in Abbotsford and it seems like a unique property but I am terrified it won’t rent. Asking is 449k but due to comparable a we are thinking to go in at 465k. Since this is a condo with three bedrooms it’s hard to find comps. Anything I see this size is a detached home. How would I compare to see what it would rent for? At 465k I would need about 2300 to rent. While detached home rentals are going for this, I worry a condo is lacking due to no yard even though the sq footage is there. Any advice? I don’t really even know what markets to look at. I was just going by the vacancy rate but offers are to start Wednesday and I’m terrified. Any guidance would be great. Thank you for taking time to read this. 

[Jeremiah Lewis]

@Daphne Wielunska I'm right there with you and will be following! I have a similar scenario, mines a SFR and it's my primary and I need to move out of it and buy another but I'm scared I'll move out and it won't rent so I'm a little guy shy.