how to start in real estate investing
hey everyone!
My name is Leo. Is there anyone willing to show me the way how to start out in real estate investing in Mississauga Ontario Canada?
Leo
Hey Leo, glad to see more people with interest in investing. I am in Mississauga as well. I currently invest in multi-family, doing the BRRR strategy. Not exactly a beginner strategy, but that is because I am old. Happy to share some of my experiences with you. Let me know what you hope to learn and what you know so far.
Hey, Adrian thank you for your kind reply.
I am not sure which type of investing I should go into. I don't have a lot of capital right now and don't know much about it. do you have any ideas or suggestions I should begin with? I was thinking of something that would lead me to passive income? I don't want to start on my own, go on the wrong path and waste time and money. I would rather someone help at least guide me in the right direction. For example, are there any videos or courses I could start with?
Leo,
starting out is tough to do, especially now with the massive increase in pricing. There seems to be less profit in small properties as they require a lot of capital and time commitments. I am in the multi-family space, so I am able to amplify my returns by economies of scale. My investors look for opportunities to invest in profitable assets while minimizing their involvement because they work full time or are retired and just want to be retired. BP is a great place to start listening to the ways to build your portfolio. Teaming up is also a great way to leverage someone else's expertise, see a return and gain some insight. Three imperatives for being profitable in real estate: time, money and experience. You need two at a bare minimum. The other will have to acquired through partnership. If you only have one, become a silent partner and get exposed to the business. I know there are many other ways to get there, but this seems the most prudent to me if I were starting out.
okay great thanks. i will take your advice and start doing so!
Buy a house--rent it out.
But get educated about this first so you don't end up with a Money Pit.
houses here in the greater Toronto area are about 900,000 starting and you need to have a salary of around 150-200k a year about 10% downpayment for the bank to even look at you. I am nowhere near that. thanks for the advice though I appreciate it. by the way, what would you do if you were in my shoes? I don't have enough money to purchase a home and not a lot of capital? how would I start out?
@Adrian Ransome would you know someone that could help me start real estate investing near our area?