Hey guys, so I’m new to bigger pockets and this whole real estate world. I’m currently 19 - just turned in may, and I’ve just been hit the real estate bug after reading rich dad poor dad. So far my last 4-5 months during this COVID lockdown has been spent reading a total of 72 books. Majority of which being business, real estate, self development, and bio-hacking. I’ve also been binging on all the bigger pockets podcast. I plan to have all the shows finished by my 20th birthday in May 2021 when I plan to buy a duplex as my first rental property.
I’ve been looking at some duplex’s in my home town of Timmins Ontario for roughly $140,000 to $160,000. I’m looking at a duplex with a nice basement apartment. I think after all expenses and putting away money for capx, insurance, mortgage, etc.. the building should cash flow $500 - $700.
After the first duplex I plan on buying building a year with owner occupant loans. I think I’d do minor cosmetic repair with friends and family so my side of the duplex will always be up to date which would hopefully add $100 to rent when I happen to move out. I’d even be willing after a tenant vacates to move into their old apartment and rent out my old one which could be emptied, cleaned, and new tenant ready within days.
