Thanks for your response Trevor and Brian.
The rental market is typically around the 1% mark or better however does vary significantly given your location in the province. Approaching the city (Halifax) demand and value for both rentals and sales has risen dramatically in the past few years. This started to flow into the urban areas outside Halifax and we're seeing increased numbers in those areas now as well. I live in what would be considered a rural area approx. 45mins outside the downtown core and 25-30mins to some of those urban areas. There has been a steady demand for lower income rentals in my town of Windsor but we are seeing more developments and rising rent as well.
I'm 28 and share a home with my girlfriend, we have no kids currently. She owns a residential cleaning business and I am a paramedic of 8 years currently on leave. I am very new to this and have just recently started to really educate myself on REI. I have had an interest in real estate and home renovations since I was younger which has given me reasonable knowledge on these topics.
We have owned 2 homes, owning the one we live in now outright with an assessment value of approx. $160 000. The intention is to use the equity in our home to kickstart my venture. At present I have an interest in buying a lower priced home to flip it to increase my capital. I have also grappled with the thought of doing a BRRRR type strategy and using these properties as rentals and increasing my overall equity while building an income property portfolio.
I admittedly need to do more research and further my education and thus is my reason for seeking advice through this forum. I am currently in the process of trying to seek out some of those connections and begin networking. Firstly hoping to find a knowledgeable realtor in my area and seek financial advice for my particular situation.
My ultimate goal is to make a living from this, whether it be flipping homes or owning enough rental properties to generate a solid income. I have had a passion for investing and home construction much of my life and now want to act on that. I am considering obtaining a certification in home inspecting to gain a good background along with generating an alternate income if I were to sell my services.
Hope this provides some more insight. Any and all advice is appreciated and happy to answer any questions you may pose about my situation! I know I want to dive into this however I don't want to rush and am trying to get as much knowledge and direction I can beforehand.
Thanks!
