Hi everybody,
So I am looking to purchase my first investment property in the city of Lloydminster Alberta, Canada. Due to the oil industry taking a nose dive industry here has slowed down greatly. I find myself in the midst of a buyer's market yet I don't know which investment property type I should be aiming to start with (I'm renting with my GF at the moment). We are considering a multifamily of up to four units (house hack) but our concern is paying up to $400,000 and not generating enough rental income in this current market. Is it a smart move to go for multifamily in a down market and risk no positive cash flow, whilst hoping to make a killing when industry fires back up, or do we attempt a different strategy such as the BRRRR? With many oil field workers leaving town foreclosures are becoming abundant as well as other great investment opportunities for single family units.
Any suggestions would be greatly appreciated.
Thanks
Chris M
