Good place/time to start?

[Joshua Orillo]

Hi! I am a 27 year old immigrant here in Vancouver Island, BC, CA. I'm single and currently living with my workmates. I've been thinking and trying to get into real estate investing but I do not know if I am in the right place and time of my life to start to. 

I've saved up a lil over 50k (all in savings) since I came here in 2022. No dept besides regular monthly expenses in my Credit card. I have full time and part time jobs.

I am already in contact with an agent. Got pre-approved, visited a unit, sent and offer, got accepted, and now trying to get approved. The unit is an old apartment with 2 BR and shared laundry area. Assessed value is 239K listed at 249K but they accepted our offer lower than the assessed value. The unit needs a lil fixing like paint but not sure if theres a need for any major repair because inspection is not done yet.

The initial calculations that the agent showed me will sum up to almost 80% or even higher of my over all savings for DP and Closing cost. Now if things go well my main concern is, based on my current situation is it safe to start and invest morethan 80% of my savings? My plan is to have the other room rented. I am torn between waiting a lil bit because the value might appraise and end up not being able to buy it. or take risk with my saved money? and if this is a right property for me to start with.

Your thoughts and expert opinion will be a big help for me to decide.