All Forum Posts by: Stevie Mayer

Hi everyone! I'm wondering your thoughts on taking out an RRSP loan for the purchase of my first property. I currently do not have enough saved for the down payment on the house I want, a multi family dwelling. I'm wondering if it's worth it to get into my first investment sooner then later. If I can get a loan for 25,000 and put it in my rrsp before taxes come I will get 40% back to put on the loan, ultimately only having to pay back 15,000 on the loan. I'm just wanting advice on if you think it's worth it, or someone who has done it- your experience. I always hear people say "do what you have to do to just get into that first property" but not sure if this is a beneficial way of doing it. If I dont take out a loan, it will take me around 6-8 months to save for the payment! Thoughts please

Thanks!

@Akeem Young, What a small world! Very excited to hear from a fellow investor here in grande prairie!

You're absolutely right, Thank you for your reply!

Hi, everyone! I'm not sure if there is anyone who invests in canada here, but what are your views of investing in an oil town? I work in grande prairie alberta, canada and I'm looking to start investing in rental properties here. I know oils taken a big hit lately but it's always come back according to history and statistics, I know that greener energy is the future, but that will take multiple years, has anyone in an oil town felt the hit on their rental properties?