Volatile Market and Thinking About Next Steps

[Mark G.]

My wife and I live in Ontario, Canada.  We have spent the past couple of years working on a full house flip in our spare time.  We are getting close to being done and will be working on the finishing touches this winter.  This has been a huge undertaking, a great, but challenging learning experience and since we are finishing up the big ticket items is finally becoming a huge financial relief.  We are going to be living for half the cost of what an equivalent house would be in our area and have built pretty close to $100k in equity.  Our house would be considered an entry level property in the area.  We aren't sure what is best for us personally or financially right now, but think we may stay here for the next few years before cashing out and doing a fixer upper in an area that is a little nicer area.  Our area is red hot right now (I think ~30% increase in value in 3 years) and we feel as if prices may be inflated.

We are both interested in real estate and are both planning on working on getting our real estate licenses this winter after we finish up some projects around the house.  Looking at next steps we are both interested in getting rental properties, that is why I'm posting here. Right now, we aren't making any moves.  With the way the market is and the current health situation we are just saving as much as we can.  Never know what the future is going to hold, but there is a lot of uncertainty right now.  If the market takes a turn or remains stable after covid I will feel more comfortable going out there and buying.

In the meantime, I'll be browsing these forums and learning what I can.  I've been taking in the podcasts while working on the house, learning a pile, and dreaming big.