Newbie - Barrie Ontario, Canada

[Alan Ferrante]

Hey Guys,

So I've decided to start my journey in real estate investing and wanted to reach out. Is there anyone from the BP universe In the Barrie ON, area, who can share some insight into this market and your tips on how to get started here.

Thanks :)

[Darren Horrocks]

Hi Alan,

Barrie is a great city! One of the highest rents in Ontario, if not all of Canada. 

I've had alot of success with small multi-family in order to cashflow /w the cost of property, and rising interest rates. Taxes are also high. Not to say SFR wont work.

All good reasons to make sure you are doing your due diligence and analyzing your numbers. 

Get a good agent who does, or knows property investing. And a good broker in the same boat. You'll likely be able to get a 5% down, 3.5% 30 yr am - but also consider interest rates on are on the rise, so we might start to see a flatter rental market, and a slowing/declining RE market - so if you're comfortable having a small amount of equity in a property as things get tougher then go for it. Otherwise, see what you are able to afford financially, and possibly put more skin in the deal for a down payment to buffer your equity position.

Also I'd recommend making a plan as to what you are expecting Real Estate to do for you down the road, derive a road map, and have an exit strategy.

Best of luck to you @Alan Ferrante!