How to start in real estate investing

Question

Hey everyone! Is there anyone in Mississauga, Ontario Canada willing to help me out on how to get started in real estate investing?

Roy Cleeves · Answer

That depends upon your goals.  You need to first determine why you want to do real estate investing and then set some goals to match that.  Then you can discuss what options would work best to meet your goals.

Leo Turkes · Answer

@David Steinbok thanks sir. Didn’t even know that

David Steinbok · Answer

Oh I have 1 more thing to add, american and canadian , mortgages, laws, taxes, purchase prices and alot of other things are different. So just be aware of that. Also when you hear gurus say buy real estate and quit your day job. Well I can tell you from experience,  once you quit that day job that you worked at for 20 years with a steady paycheck, it is very hard to qualify for a mortgage. And it gets even harder when you havent had a job in 5 years, and have over 10 properties and banks dont like that you have so much mortgage debt. So you still need that day job to keep buying, or to actually refinance your existing properties. Just saying

David Steinbok · Answer

This is a very interesting topic, very broad and over reaching. I'll chim in with a few points. It's kinda like saying, hey I want to be rich, how do I do that? But then not having a quantitative goal to actually define what rich is. Like others have said, do you want to quit your job? Well that is easy... replace your current monthly income with rental cash flow or with profits from a big flip. If you earn 100k in your day job, that's a bit more difficult than replacing a 40k a year job. Do you want financial freedom? Well that's different for everyone, you may want a 13000sqft house with an infinity pool, and a garage full of Lamborghinis. I feel like I have financial freedom, and I dont have any of that stuff. But I can go snowboarding with my friends on a Wednesday,  or spend a month in Barbados if I wanted to. So is freedom having 2 million in the bank. Or 10 million.  You may be looking for generational wealth building, so you can leave your kids something. Or pay for their schooling, or a house for them.

So there are so many opportunities in real estate investing, and different ways to get there. Everyone's situation and experience is different. It's hard work, and a little bit of luck, I'd say. You just have to find what works for you. Good luck.

Oh, I also grew up in Mississauga,  but I now live in Scarborough

Leo Turkes · Answer

Thank you. It would be nice to to work with a mentor or to at least a little bit I guidance. But that’s fine I’ll read and listen to podcasts and hope that I will go in the right direction not thinking I’m Doing something wrong for the next few years. Im Sure even you had some guidance…

Tim Delaney · Answer

@Leo Turkes no one is going to be able to give you an exact step by step playbook because everyone starts from somewhere different and has plans to end somewhere different. Asking for the next step our guidelines is kind of like calling up a complete stranger on the phone and asking them to give you step by step directions to get to your grandmother’s house…without telling them where you are or what your grandmother’s address is.

It sounds like you want to replace the income from your second job - that’s a great place to start. That means you are most likely going to be looking for cash flowing properties or flipping (which in itself can become a second job). What you want to do then is analyze how many cash flowing properties you need to own to make up that income from the second job or how much profit you would need from a flip.

While you are figuring that out spend as much time as you can listening to podcasts, reading books and going to meetups to absorb as much practical knowledge as you can. Also start analyzing properties that are for sale to figure out how much you could make from them.

As you learn come back to the forums to search for questions or topics you don’t fully understand and/or post specific questions about a deal or terminology.

You’ve already taken a good step forward by finding BP, now just keep going and try to learn as much as possible.

Nicholas L. · Answer

@Leo Turkes house hack.

Leo Turkes · Answer

Okay do know how to start it? Any guidelines?

Gabe Bonaldo · Answer

That's the idea my friend. Start building an empire!

How to start in real estate investing

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