Getting started/first time buyer

[Maria Peeters]

Hello everyone,

I’m getting started doing some research on how to get into the real estate game. I currently rent in Toronto. I work in film (so I’m self-employed). 

Of course keeping saving up is always an option but if I wanted to get in now (or now-ish) what would you recommend? I’m not sure how much being self-employed will impede my ability to get a mortgage. I’m hoping to not put down more that 40-50k. 

Options I’m considering:

-get a 2br condo in the city, live in one room; rent out the other. Possibly take advantage of the first time home buyer’s incentive; hopefully not have to put down too much more than 5%

-get some kind of property in a different/cheaper market and stay where I am; but this for sure means putting down at least 20%

Because of work, I can’t really move too far out of the city and I’d be prefer to not have to buy a car.

In either case, I think it would be smart to get something that could use a few smart/simple renovations to up the value. 

As I said, super new, so I don’t really have anything in the way of contacts. Any help or insight would be greatly appreciated. 

Thanks!