All Forum Posts by: Devon Young

Roy N. I have decided to keep looking. I have found a few more deals that are also appealing. I have also found a couple people who are interested in a partnership, so I'll continue to look for my first deal. I'll definitely post on the forums once I do find something, and then I'll post again once I can call it mine. Thanks for your interest! Means a lot and keeps me working towards my first investment!! Cheers, Devon

Wow that's awesome, and I'm very interested in how you made this all happen as well, as this is exactly what I'm interested in and looking to do myself! Congratulations!

thank you very much! It's great to get any advice. Even better from someone who knows the area!  @Roy N. 

I have found a fourplex, I'm kind of using as a base to recognize a good deal.

The property is in a prime location, and looks very nice (only seen in pictures so far) and the asking price is $485,000. The seller is a licensed realtor and says the ROI will be 17%, my question is (and again this is in Canada) what are my options for down payments on this specific property. Time and time again I hear about people getting properties for low down payments or lend from places other than the bank. I don't know how to do this and I'm trying to understand it a bit better. Because this would be my first investment, I don't now if the bank would give me the amount needed for a mortgage.

In general does this sound like a good deal? I realize you are not in the same area and don't know the geography of the location but I guess what I'm saying is, given the ROI and price, and being my first investment property, would this be a good idea. Or is the idea to start much smaller and work up to something like this?

I realize this question has been asked and answered many, many times.

However, I just want to know how to recognize a good deal, more specifically in my situation.

I am looking for my very first investment, my idea is to get a duplex, live in half and rent the other half. Pretty standard idea I think. 

I am in Southern Ontario, and I'm looking to buy in the London area. I find all of the duplex's to be very pricey in the areas I would want to purchase in, compared to other areas, for the simple fact that they're around Universities and Colleges. 

My question is, should I not jump right into student rental properties and maybe start with duplex's in a cheaper area? Are student rental properties generally something you have to work up to or am I just not recognizing a good deal when they're coming? 

I realize my question is very broad, but I am completely green, and at this point I'm just looking to find some sort of answer as to why when I'm looking on MLS or Kijiji, that I honestly don't know what I'm looking at or looking for to pick out the good opportunities from the not so good ones.

I wish there were a better way to word my questions but any information would help tremendously, thank you ahead of time!

I greatly appreciate you sharing the link to your article Brandon Turner. It answered a few more questions I had but mostly it is great to see as a young person myself, that there is great opportunity for success at a young age; you being a direct example of that.

Dhane Crowley Thank you very very much for taking the time to read and respond to me. I am taking in every bit of information I am hearing and or seeing. I have actually ordered the "E-Myth" book; I had heard it's title repeated several times on the podcast and so I figured it was in my best interest to read it myself.

I will definitely keep up and active reading and posting on the forums, and again I thank you for your feedback and advice!

Phillip Dwyer Thank you for your comment, I appreciate it very much and I'll definitely keep researching. I am working very hard to save up for a solid down payment!

Thanks again, Philip.

I'll first start by saying; I'm brand new to BiggerPockets (my very first post) and this whole idea of investments and real estate buying and selling. I have been listening to the podcasts religiously over the past couple days, trying to catch up and taking notes along the way. I am only on Episode 5, so pardon me if I may ask anything that may have been answered in a later show.

My situation is this: I am a 21 year old college graduate from Ontario, Canada. I currently have no business or any real estate related experience. I will be moving to Alberta, Canada hopefully around this coming September to start working in the Oil Rig industry. At that job I will be living in a camp so I won't have to worry about buying a house in Canada (which in that area is very pricey). One of the perks of having this job is that I will have 7-10 days off, in a row, every month.

Being in the western region of Canada, it sets me up perfectly to have a "vacation" home in a Southern state (Nevada, Arizona, Texas, etc). From what I've read and from the research I have done on my own, I have learned or am under the impression that these Southern states, mentioned above, are the perfect market for success.

This brings on a number of questions for myself, being so new to this and so driven to learn more;
The first one being, can it be done?
Can I, with my 7-10 days off a month, have enough time to start up a business/portfolio of my own? (my interest at this point being rental properties). Which brings on the next question, being; Would rental properties be the right idea for me, in my specific situation?

Secondly, since there's absolutely no way I'm the only Canadian interested in getting involved in this specific market location;
Are there many known full time or part time investors, buyers, sellers, from the same or similar background to me? Is it reasonable to think it can be done? has it been done?

Finally, thirdly, given my background (young, new to the working class, with no previous experience in this field);
Will I be taken seriously when approaching, buyers, sellers and even mentors?
or, is maybe being young with such a passion to learn more and a drive to succeed, what these people look for in a new up and comer?

I appreciate you taking the time to read my first ever post on BiggerPockets. I plan to be more active on this site as I begin my journey for success. Please, give me honest feedback and I thank you ahead of time for any replies, answers or information you may provide me with.

Devon Young