Newbie from Montreal, Quebec... Some Questions.

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Newbie from Montreal, Quebec... Some Questions.

Sahil N.
Montreal, QC · Member since 2015 · 4 posts · 2 votes

Hello everyone,

I'm currently a 24 year old student that will be graduating soon from university and I'll most likely be able to find a job that pays a decent salary. I live with my family and have close to no expenses at the moment and no plans to move out any time soon, which I realize puts me at an advantage so I would like to get into REI (or any form of investing really) to maximize my advantage.

To start, I notice there's a lot of information everywhere on this website and on others, and I'm just a little clueless on where to start. I read the "Ultimate Beginner's Guide to REI" on this website and it got me acquainted with the different types of investments. Although I'm open to really anything, I think I would like to start with rental properties as a start and possibly once I get my head in the game start flipping as well. Any guidance on other resources I can read/learn from would be great.

I noticed just from browsing the forums for a few days that people often mention finding a mentor. I was wondering how people find mentors, and what is in it for the mentor? Why would a person waste their time teaching me the ropes for free? Is there something I'm missing? Is there something in it for them?

As I'm starting out, I'd like to have some goals. I'm really looking for some part-time passive income that hopefully can eventually grow to something which would allow me to quit my job and enjoy my hobbies. Now of course, this would be in an ideal world but I assume passive income in REI still requires work. With that being said, what are some reasonable goals to shoot for and in what time frame? I really have no clue so I'll take a shot in the dark and say is 70-80k/year passive income a reasonable goal in say 5 years?

Another question I have is how do people generally find properties and how do you recognize that it's a "deal"? Is there a website people look at to find this information? I'm in Canada so are there different tools that people use?

I'll leave it at that for now as I can't think of any other questions at the moment. Apologies for the wall-of-text, but I'm hoping someone can guide me in the right direction.

Thanks!

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
11y

@Sahil N. 

Welcome. You should take a look at student housing see below. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starther

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    11y

    @Sahil N. 

    welcome to the site.

    You are correct that many people are looking for mentor's and that those with the knowledge do not want to waste their time.

    Those that will get mentors are able to provide the mentor something in return whether it be money, labor or knowledge in another area.

    0Reply
  • Antonio Coleman
    Specialist · Sibley, LA · Member since 2014 · 1k+ posts · 190 votes
    11y

    Hi @Sahil N. 

    Thanks for investing in your real estate career. There is tons of valuable information here on BP, so please take your time and digest it all.

    Plus finding properties is not was at all no matter what people tell you. You must have a system that work from a website to doing online and offline marketing. Master them both and success will come.

    0Reply
  • Sahil N.
    OP
    Montreal, QC · Member since 2015 · 4 posts · 2 votes
    11y

    I appreciate the responses. Any more input is welcome.

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Sahil N. 

    Welcome. You should take a look at student housing see below. Fill in the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starther

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul

    1Reply
  • Sahil N.
    OP
    Montreal, QC · Member since 2015 · 4 posts · 2 votes
    11y

    Thanks! Will definitely try to get through those. Seem like solid resources.

    0Reply
  • Chaz Reid
    Investor · Fayetteville, NC · Member since 2014 · 916 posts · 190 votes
    11y

    Welcome to Bigger Pockets @Sahil N.  now for your questions...

    You can listen to podcast, they are a great resource for everything. Learning about different niches, hearing the good and bad about investing. Book recommendations. Everything. I've been working my way backwards from each podcast soaking in the knowledge and advice.

    You can find mentors everywhere. Your local REIA meetings are perfect. Local landlords, people on Bigger Pockets, some people are on YouTube, around your area (depending on your niche of interest). You just have to open your eyes.

    They will NOT waste their time on anything. You have to come to them and show value, prove to them that you will be beneficial in some manner.  

    You aren't missing anything, you're just curious lol

    Yes, money hopefully or at least a cup of coffee. It depends on what you are willing to offer. Some people bring mentors a deal and split the profits in order to receive mentorship.

    The goals and time limits you shoot for are completely up to you. Whatever you believe will happen, will happen if you focus.

    You can do that in one year, if you really desire it. A lot of people will say, you are shooting for the stars or whatever but they are the people that plant seeds of doubt in their minds. Don't focus on stuff like that, make every moment count.

    There are tons of ways to find deals and how to know what is considered a deal. You first have to figure out which niche you are interested in, then you will find the answers to your questions.

    The MLS, Craigslist, Postlet, Google, BP, in front yards, everywhere. Again, find a niche you want to focus on and you'll find the answers to your questions.

    I have no clue about anything in Canada, but I'm pretty sure things are basically the same.

    I believe I covered everything you asked. Feel free to post questions to the forum anytime bro, see you around.

    0Reply
  • Sahil N.
    OP
    Montreal, QC · Member since 2015 · 4 posts · 2 votes
    11y
    @Chaz Reid Thanks for your reply. That's a ton of help. Already started listening to the podcasts, will also check out the other resources you've given me.
    0Reply
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