Newbie in Canada stuck in a dilemma.. need help

[Chirag Rathod]

Hello guys,

I am a new immigrant here in Toronto, Canada. I have been eyeing my first ever REI since I am here. Now that I have some funds accumulated around 30k, I was looking at going for a rental property which would make me cash flow positive even if it's a very small number. I just want to learn from it.

Current situation: At the moment, we are staying in a rented condo in Toronto and we are very happy with the locality.

Current financial situation: I can get approved for a property up to 450K. Wifey has just got a job and she can be approved of another 300K and AFAIK we would have to wait for another 3 months for her mortgage to be approved. That is to wait it out till Jan 2022.

While scouting most of the properties, almost all of them seem to be negative cash flow in and around Toronto.

Dilemma: Should I just buy a property (upto 450k) with 5 % down right now or just wait it out add both of our mortgage and by a bigger property up to 750k). Will student rental be a riskier bet considering I am a newbie at this?

Focused localities:

ON- Peterborough. Guelph, London & Windsor
BC - Victoria & Parksville

I would like to hear about what do you guys think should be my approach and in what cities considering the amount I am planning to invest in is a tad bit smaller. Do you think I may get an opportunity to buy SFH and add another storey/ floor to it at this price point?

P.S I am open to JV's with like-minded individuals. Also, it would be great to build up a team of realtors, mortgage agents & handyman who understand the need for investment properties.