What Are Some Things You Wish You Did When You Were 19 Years Old?

[Aaron V.]

I’m currently 19 years old and have quite a passion for real estate. I plan to get into house hacking firstly and then progressively move towards rental.

A little background info; Im in my second year studying at York University, have all my student debt paid off, all bills paid off and have about $5000 in a TFSA account (tax-free savings account), I read real estate books (Rich Dad Poor Dad and I often listen to the BP Podcast. My capital is around $10,000 at 19 years old and the real estate market in my city is quite inflated at the moment.

Do you guys have any advice for me? Something you wish you would have done when you were 19 years old?

Anything will be greatly appreciated

Cheers,

Aaron

[Brian Hosier]

Hi Aaron, you have an amazing head-start for your young age. Well done!  Not sure what market you're looking at but you would need a funding partner if you are house-hacking anywhere in the Greater Toronto area. It's tough to do anything in Toronto with less than $100k available. Be patient and continue to save, get more education, and network (once the pandemic is over). Likely once you are working full-time after graduating, you'll be able to qualify for a mortgage. As part of your education, approach the banks or a good mortgage broker and see what you need to qualify for a mortgage.

You are in an excellent position and I'm sure you'll be successful in the long run.