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Newbie wants to invest

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Mike410 | 22 Sep 2015, 04:29 PM Agree 0
Hi there,

I'm interested in buying a rental property, like a duplex and living in one unit while renting the other. I'm new to the real estate world and have never owned a property.
I am in my early 30s so would be looking at building up a portfolio over time.
What are some recommendations on how to start, where to look for information, best way of finding properties etc. I'm eager to learn, any advice would be appreciated.
  • davida | 16 Oct 2015, 01:51 PM Agree 0
    Find a REALTOR in your area who deals with investment properties. He/she should be able to help you find suitable properties, show you what they are renting for, advise you on other costs you will incur and introduce you to a good mortgage broker who also specializes in investment properties to help you get financing. Once you finalize the sale they should help you rent it and be there for you if you have any problems. Good luck, wish I had started investing when I was in my 30s!
    • anonymous | 05 Dec 2015, 10:17 AM Agree 0
      How old are you now?
  • | 17 Oct 2015, 11:38 AM Agree 0
    I have several rentals that are doing well I'd be happy to let you in on some simple strategies (depending what city you're looking in)
  • CSL | 15 Nov 2015, 10:32 PM Agree 0
    Looks like you're looking at rental properties. Are you interested at all in wholesaling... buying a contract? I find rehab properties for real estate investors. I locate and wholesale to said investors. At this present time I have a suitable lead on a two family semi in the Nork York area with a potential net profit of $60K.

    • Patrick B. | 25 Nov 2015, 03:43 PM Agree 0

      Can you tell me more about wholesaling? How does it work exactly and what would I actually own and be responsible for?

      Am new to the Canadian market of property investment.


    • Anh Le | 18 Apr 2016, 10:09 AM Agree 0
      Hi CSL .Thanks for your information . I am interested in wholesaling ...buying a contact .Can I have your phone number so I can contact you immedietly .
  • Vitaus | 17 Nov 2015, 01:18 PM Agree 0
    I work with a few investors and most rely on getting a good gross yield and working out from that what the max price they can pay for the property. Also they choose areas where there is good demand for rental property. Check out the local papers and agencies to determine what the rental cost is in the area you are looking at, how many places are available, how long are they on the market for without a tenant? All these facts will have a bearing on your decision. Use property yield calculators and apps on your phone, makes it convenient when shopping around. Good luck, it is a great way to invest and keep up with the financial landscape.

  • carlr | 03 Dec 2015, 06:22 AM Agree 0
    I want to buy a rental property and it should be like a duplex or living in one unit. As, I'm new to the this real estate world and have never owned a property. So, I want a trustworthy broker who can help in buying the property according to my convenience.

    • Aisha | 09 Dec 2015, 11:25 AM Agree 0
      Is it for investment purposes or to live in? If you have never owned a property before why are you trying to go into rental already?
    • Travis Royle | 10 Dec 2015, 11:50 PM Agree 0
      Where are you looking to buy? I can help in the belleville Kingston and surrounding areas. I'm not just a real estate agent, I invest myself. Investing is what brought me to become a real estate agent in the first place. I try and buy 3 or 4 a year but my clients get first dibs when I find them. It's only fair in my eyes. If you or anyone else wants to talk about investment strategy, feel free in giving me a call/text or email. It's my passion and I love to share it.

      Travis Royle
      Sales representative
      Century 21 Lanthorn
  • Travis | 10 Dec 2015, 11:34 PM Agree 0
    Hi Mike,

    I have been investing for 10 years now and have tried many strategies. I think you are smart in what you are thinking of doing. I buy 3 to 4 properties a year now and I would not be here doing this now if I didn't start with living in my first one. I am not sure you know but if you buy a duplex, a new rule has come out where you can use 100% of the rent as income to qualify for larger mortgages.

    This will allow you to get a better unit that you could not normally afford.

    What area are you looking in? Ifor you are looking east of Toronto, in and around the Belleville area I could totally help.

    Good luck!

  • PaulineF | 04 Feb 2016, 11:28 AM Agree 0
    It's pretty hard at first to buy your first property (been there!). We had a hard time on how to get the best property that can return a good investment. Thanks to my friend who introduce Noble Black to us.He is best in taking care of all the processes for us to find the best profitable property.
  • Michael Ponte | 03 Jun 2016, 02:10 PM Agree 0
    Hi Mike,

    This is an old thread but regardless I thought I'd throw my two cents in. Getting started in real estate investing can be very exciting and also nerve racking which I'm sure every investor could relate too. If you are looking to venture out on your own and not work with a joint venture partner or a company that is investing in real estate, my recommendation is to take sometime to educate yourself first before jumping in.

    By educating yourself first, it will help answer some of the questions that you have but more importantly will help avoid any costly mistakes when getting started. Learn from others experiences.

    You don't have to spend tens of thousands of dollars to learn how to invest in real estate so be cautious of some of the programs that are out there. A good program will cost you between $1,500 - $2,000 but that's a drop in the bucket compared to making one costly mistake in this game. I always look at training as a return on your investment so if you spend $2,000 then your first deal should be able to cover that cost with the returns that you make.

    Another way to help you learn is to read tons of books on the subject and to network with other successful investors and learn from them. Maybe hire a mentor to help guide you on your first transaction. Again same principles as above, helping you avoid costly mistakes but more importantly putting money in your pocket. This can be a much longer process and for those wanting to get started right away, you may get a little impatient.

    Real Estate investing can be very lucrative when done right but damaging when done wrong. Take the time to educate yourself first before jumping in with both feet. You would never perform dental surgery on someone without learning how to do it first. The same thing applies to buying real estate.

    I can give you some recommendations on some great programs to help you get started so just send me an email and I'll be more then happy to share them with you.

    Good luck in your real estate investing journey and I hope this post help.


    Michael Ponte
    Prosperity Real Estate Investments Ltd.
    Phone: 604-882-6901

  • Nessa G | 15 Jun 2016, 02:37 PM Agree 0
    HI, I'm looking for some feedback. I have $10,000 saved up. I would like to purchase a house in either Hamilton or Windsor and rent it out to students. I've be mulling over it for the last couple of months and can't seem to come to a decision. I'm afraid that A. i would get it rented and B. I will be stuck with mortgage to pay. Lol i am actually starting to feel stressed out about this venture. What do you think?
    • Scott | 16 Jun 2016, 05:07 PM Agree 0
      @ Nessa - $10,000 is not very much.

      The best advice you'll get from me is to save up more money, say $50,000 or more. Investment properties usually require 20% downpayment although I like to put down 25% or 30%. If the property you're looking at is $100,000; you'll need $20,000 minimum down payment. Also, there will be costs - legal fees, property survey, perhaps a professional cleaning - yes, you'll save money if you do it yourself BUT do you really want to be wiping off a toilet covering in urine stains that hasn't been cleaned since the 80's? Just to name some costs.

      And.....don't forget a healthy reserve fund because you will have expenses. The hot water tank will need to be replaced, your tenants will vacate the unit (without notice perhaps) and you won't find new tenants for a while. It's also possible the city will fine you as the landlord if the tenants let the property become a dump.

      Oh joy!!

      Still interested? One strategy that some people use is to buy a duplex, live in one unit and rent out the other. This might be worth exploring in more detail.
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