New To Property Investing

[Chinyere O.]

Hello,

I am new to property investing and need some guidance. I attended a Keyspire 3 day conference for just under $400 CDN which was okay as it introduced me to some strategies used for property investing. I could afford the $13,000 to join their most prominent membership package but frankly, I was uncomfortable with they way they operate. Not because they were selling packages but because they weren't up front with what they were ultimately selling.

I have a few questions I hope I can have answered in this forum. I am considering signing up with the BiggerPockets and was wondering if their tools can be used for Canadian investing? Do they have any short comings?

Is this a good time to invest in real estate? I'm starting to hear more and more that we are at the top of the market, about to crash. Also the market is crazy. Their was a couple of Hamilton properties I asked my real estate agent to look into that were posted at about $550K. One ended up selling for over $700K and the other for over $1million. Also there doesn't seem to be much inventory in this region.

I was also looking into Windsor. What are the best areas for a strong cashflow? I am willing to look outside of Ontario if necessary.

Also, I need to build a team so if anyone has any suggestions or referrals, I would be really interested. My current real estate agent appears to be too busy.
I look forward to learning more from others in this forum.

[Dean Curtis]

Quote from @Chinyere O.:

Is this a good time to invest in real estate? I'm starting to hear more and more that we are at the top of the market, about to crash. Also the market is crazy. Their was a couple of Hamilton properties I asked my real estate agent to look into that were posted at about $550K. One ended up selling for over $700K and the other for over $1million. Also there doesn't seem to be much inventory in this region.

I was also looking into Windsor. What are the best areas for a strong cashflow? I am willing to look outside of Ontario if necessary.

Also, I need to build a team so if anyone has any suggestions or referrals, I would be really interested. My current real estate agent appears to be too busy.
I look forward to learning more from others in this forum.

Congrats to you for being a new real estate investor, and being smart enough to come to BiggerPockets.   A great place to learn and network with other investors!  I assume you are in Ontario as you mentioned Windsor and that you would be willing to look outside Ontario.  You've been hearing that we are at the top of the market and things are about to crash?  Am I correct that you are hearing that mostly from people who ARE NOT real estate investors?   Please Please be sure to listen to people who are successful real estate investors rather than people who do not own any investment properties.  You want advice from people that are doing what you want to do.  Not people who have built up excuses in their mind why they are making the smart decision by not investing.   I don't go to my doctor to find out if my car needs new brakes. I shudder to think of where I would be if I listened to my family telling me the sky is falling in 2017, 2018, 2019, 2020, 2021, and now.

For your first investment you want good cash flow.   Later after you have built your portfolio a bit you can speculate on projected appreciation.   For cash flow you need to think outside of the box.  So yes, cash flow is better in Northern cities, further away from Toronto where the bulk of immigrants ends up.  

Look for team members who are investors themselves.  So a realtor who is an investor and specializes on working for investors would be best.  Same for mortgage broker, and other team members.  Better if they have walked the path that you want to walk!

Is now a good time to invest?   We have higher than ever projected immigration numbers for the next three years.  Near record low interest rates.  Housing shortage due to low supply AND production slowdowns from covid shutdowns.   Simply put there is just not enough houses for the people we have here.   So barring something drastic like the government shutting down all immigration until housing supply catches up..... damn right it's a good time to buy!