Updated almost 5 years ago on . Most recent reply
0 experience and wants to get into Real Estate in Canada
Hello everyone, I am a 32-year-old normal guy who works at a full-time job as a graphic designer and I want to get into real
estate. The main reason for this is I want to be financially independent. To be specific, I want to learn how to invest in rental properties as I
think it is the only type of real estate that will work for me given my financial situation. I am an immigrant here in Canada and support my
parents back home but I am frugal and try to save crazy to be able to invest. I am totally no idea about the real estate market here.
I read some books like Rich Dad Poor Dad, Richest Man in Babylon, and I'm currently reading Brandon Turner's The Book on Rental Property
investing. Right now I am trying to find and reach out to real estate agents and investors so I can learn from them. One guy replied and I said I can work for him or if I can be of value to him, and told him I want to learn what he does. He said that we'll stay connected.
I will gladly accept any advice I can get from people here as I know a lot here have a lot of success in this field and getting bigger. Thank you in advance!
Most Popular Reply
I started out a lot like you. Basically, from the point you are right now, I would listen to as many bigger pocket podcasts as possible. From each pod cast, I'd make a note of anything I wanted to follow up on, then continue my research until I felt like I could explain it to someone else. There are so many nuggets of gold on the podcast and it will give you the confidence to talk the talk. From there, start getting used to tools like the rental property calculator. It might be hard to find a property that cashflows straight from the mls listing (or however you look up properties for sale) so you'll have to use your graphic design creative mind to see how you can add value to a property to bring up the rental price. At this point, you might like to start walking properties with a realtor who preferably is an investor themselves, keep a keen eye open to opportunities to increase the value of the house like adding a bathroom or updating the house to more appealing finishes etc. Practice your inputs that you used in the rental property calculator and don't overpay.
After listening to a few podcasts, you may find out other strategies that work better for you as well like the BRRRR method or something else. So, educate yourself as much as possible. Feel confident you can talk with realtors and know what questions to ask. And don't get discouraged, it's hard to find a property that works, but keep at it, and keep running the calculator and when you find a place that does work, you'll have the confidence to pull the trigger.