Seeking Advice On How To Achieve My REI Goal
Hi everyone!
I'd love to contribute to the community here but I'm a real estate investor noob so maybe I can help in other areas of interest. I work as a web3 product manager. Product manager meaning, I help businesses create/sell/market apps, websites and tech products. Web3 meaning crypto, blockchain and NFT related products. A lot of what that technology enables is around community so I would not be surprised to see this community eventually get it's own cryptocurrency and NFT…
Again, if there are ways I can help members of the community please reach out.
I'm in Toronto, Canada looking to invest in Real Estate. I came into this investment with the mindset of sticking to Toronto and only freehold as I didn't want maintenance fees. Local property prices and the inability to be cash flow positive or break even has opened me up to long distance investing. First I began to look elsewhere in my province and then other provinces in Canada, but haven't looked into foreign properties yet.
I’m currently reading The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing.
There are so many rabbit holes I can go down and spend time researching…Should I reconsider condos and townhouses? Is it better to stay in Toronto for the appreciation? How do you even answer that?
My goal is to allocate the capital I have into real estate. I want to rent it out and potentially BRRRR into more properties. I'm not looking to flip. And I do have enough income to supplement a negative cash flow property, up to a certain degree.
My next task for myself is to research where are the most cash flow positive places in Canada.
TL;DR
My goal is to invest for the long term (not flip), rent it out (long term? short term?), be somewhat passive (property manager) and eventually grow my # of units. I would appreciate advice on how to narrow my search given my goals.
Thank you!