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Updated about 4 years ago on . Most recent reply
18 year old newbie investing in Real Estate in Canada
I have a lot saved up from living with my parents and working a lot in high school, I will also be living with my parents during University to save as much money as I possibly can. I want to get into the BRRRR investing strategy.
I have read many books like the usual rich dad poor dad and think and grow rich, and I have been listening to the bigger pockets podcast, I feel so overwhelmed and lost and don't know where to begin.
My parents brought me here to this country so that I can be successful and I will not let them down, if anyone has any advice on how to start please leave me a reply or send me a message, I really want to learn and know what to do.
Thank you :)
Most Popular Reply
@Faisal Sabastawi
Get a job now that gives you a t4 and hold it for at least 2 years. Even if it’s part time currently, it’ll help you qualify when the time comes. And be aware, if you graduated Uni and right away quit that job to start your “career” job,.. that’ll work against you for qualifying as lenders will prefer to see 2+ years at current employment. So even if you keep the part time job (work casual hits)and add on your career job you’ll be better off.
Focus on learning for the next 24 -48 months, and make sure when the day comes that you are ready to buy you’ll have no problem qualifying.
Read Don Campbell Real estate Investing In Canada 2.0 and 97 Tips for Canadian real Estate Investors. Follow that with his book on the Canadian real estate cycle.
And don’t pay anyone any money to teach you anything (I’m talking $0.00) until you have completed the above. Anyone who says they can show you exactly what to do without investigating your individual situation is quite likely making far more money off fleecing new folks than their own real estate investment.
There are an infinite number of ways to be successful in real estate, but no two paths are the same. Learn learn learn and plot your own course. Develop your end game goals, thoroughly.