21 Year Old Starting out

[Luke Farrell]

Hi Everyone,

I am 21 years old located in Edmonton, Alberta (Canada) with $50,000 saved up from my job. I am looking to get my Real Estate portfolio started, but I am just a little confused if the Single-Family Home's category Multi-Family Home's category would be the best decision to start. I have been leaning towards the idea of MFH's thus far because of the benefit of multiple doors in one package but they are not cheap to buy in my area. Any tips on how to find the right route to start from you experienced investors out there? Thank you & God Bless.

Luke

[Zorya Belanger]

Properties with more than one door is the way to go in Edmonton. 1-4 doors is considered residential. When you say multifamily, that typically implies 5 or more units (and involves commercial financing). I agree with Grace, start with a duplex, a house with a basement suite, or a house with a garage suite, a suited duplex, or a 4plex. If you live in one of the units, you can put as little as 5% down on the property when you go with a CMHC insured mortgage. A local meetup you can join is the Edmonton Real Estate Investors Association (on meetup).