Buying in Canada or U.S.

[Milo Williams]

Hey everyone,

I am currently looking to buy my first real estate investment property. However, I live in one of the most expensive cities, Mississauga Ontario (just outside Toronto). I see that Condo/apartment buildings in the states can sell for the same or a lower price than a single home in Toronto would. 

So this leads me to my question, should I even look for deals here, or should I buy my first property in the states? I want to purchase the house with little to no money down and it seems extremely hard to do when my downpayment would be $225,000+ (on top of this being my first transaction with little trust from lenders). 

I seem to be ready in every aspect to make the leap into my first property, asides from this aspect of having to find a lender loan $225K. In the states, I could find a home for $225k.

Any help or comments would be extremely appreciated!

Thanks, @Miloxwilliams

[Joe Hammel]

Hi Milo,

As I'm sure you know, buying with little to no money down takes some extreme resources or strategy. Either you're extremely knowledgable on real estate and can convince someone who isn't to partner with you or maybe you find an amazing deal and can make someone a partner deal. Gotta bring something to the table.

Another way to do "low" money down is househack. Buy multifamily for 3.5% down or so. 

Househack you would do where you live. 

Otherwise,

Best suggestion is to start saving. $25k is a good number.

Across the lake, here In Metro Detroit we see canadians having success with low risk, high roi deals such as below.

Purchase: $80k-$130k

Rent: $1200-$1500

ROI: 10-14%

Cash flow: $250-$350/door

Appreciation: Double digit (for past 10 years, will gladly send data)

Location: C, B- (suburbs and certain markets)

We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, mortgage, Amazon fulfillment, and more jobs.