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Updated over 6 years ago, 08/01/2018
New investor needs some advice
Hi everyone, I am new to real estate and this form. Seeing so much great advice and information here, I was wondering if anyone would be willing to share some wisdom on my situations:
- I live in Vancouver and purchased my first rental property (a one-bedroom condo) last year.
- Currently the rent barely breaks even but the price has appreciated quite a bit.
- Should I have the condo sold today, I would have about $260k on hand ($180k down pay + $80k profit after exp.)
After listening to some podcasts and doing research, I decide my main goal is to buy and hold for the passive cash flow. Therefore, my condo might not be a good investment and the Greater Vancouver Area is a tough place for my investment goal. Now I want to keep going but I am unsure about my next step. Should I sell my condo and invest in a different market? If yes, where should I go? I am much more comfortable with the Canadian market than the US, given my lack of experience.
Any piece of advice would be appreciate!!