Hello everyone, I am totally new to real estate investing and I can't wait to get my feet wet, so to say. Just trying to learn as much as possible to be able to be confident enough on the first deal and beyond, all though it seems that the first deal always the hardest.
I love BiggerPockets and have completely fallen in love with BP after a very slow start on the Podcasts and just has become my daily focal point now. Awesome group to be a part of.
My first question on BP: I originally was looking at Duplex and Triplexes but it seems as a starter home I should be looking at SFH, what would be the best advice in terms of a criteria for the first home so that I can learn the ropes....
It's awesome to see all the fellow Canadians in here. There is a ton of great info. After 10 years of flipping houses I can say it's time for me to start building my rental empire. For everyone the perfect plan is different, but certainly any plan is better than none.
The journey is a fun one...just do your math and learn as much as you can. Find other investor to learn from and pick your team members very carefully. By team I mean your real estate agent, lawyer, etc.
Good luck in your adventures
Welcome to BP Account Closed !! So glad to see you taking part in the forums. I visited our nation's capital recently, it's a fantastic town! Very hospitable people. ;)
I don't know if I agree or not that SFR is the best place to start investing...then again, I strongly suggest starting with whatever you're most comfortable with, so if that's SFR then go for it! My only concern is if you have a vacancy in a single family and it's your only property, you have 100% vacancy ie. no rent coming in that month (or two or three depending on the rental market), whereas with multifamily that risk is mitigated across all units.
My first rental was a triplex and I was always very happy with it. It didn't break the bank when I had a tenant leave suddenly (which only happened once), nor did I feel I had to rush into taking the first tenant that came along since nearly all the monthly expenses were covered by the other two units. It's never fun paying out of pocket to carry your investment property!
I'm sure whatever you decide you'll be successful at! As long as you get to know the market well and make sure the numbers work.
The next time I'm in Ottawa let's do a BP meetup!!
@Dave Vogt , Thank you for the advise. I will definitely be looking at some professional advise ie real estate agent, I am basically trying to narrow down by search zone. I am looking at a few spots right now but the nation's capital seems like a very stable economy for housing and jobs and thus the market doesn't have as many deals as it seems (low prices and not so high rent). I believe that you are in the Niagara region and it has been an area that I am also looking, so I think we will be in touch.
@Simon Lloyd definitely can plan a Ottawa meet. I would like to see how many other members would like to come to a meeting this way and we can arrange a meet. Much appreciate your advice as well.
I have to totally agree with Simon. The more units the easier the tenant game becomes and the easier to keep it profitable. It's all in the math.
Ottawa is a going concern and a great place to live. We have friends there and love to visit. I would imagine finding good property is tough. My suggestion is to get all you finances in order and ready to pull the trigger...then get an ad on Kijiji or whatever works the best in Ottawa to locate motivated sellers. I have a website, classifieds, and target certain areas with postcards 7-8 touches a campaign. It works!
To locate good triplexes that are owned, they don't go on the market often. Usually your better to go to your local investor club and get to know the investors. Let them know your in the market for a triplex and you might get lucky this way too! Remember if they own, but don't want to sell. Offer to shadow them or help out any way you can.
First learn as much as you can. Then when your ready get out there, but don't wait to start making connections. Start vetting a good Realtor now. preferably one who has rental experience and even better fix up experience. Find local house flippers and see if any of them have their license. You will end up with one heck of a good person to buy property with because they will see things you won't especially if they are hands on like myself and my partner. My partner got her license last April and people are so surprised and happy when she starts pointing out all the big stuff right away.
A few days ago she was looking at an old century home with clients. There was some knob and tube wiring she pointed out. Then she had to explain what that was to the client and then proceeded to go get her tester from the car and see if it was live. Her clients were blown away....too funny! Saved them spending $5000-$7000 dollars on an upgrade and gave them some negotiating power on purchase price.
@Dave Vogt Thanks for the great advice and I will definitely be in touch for further questions and possible deals in your area. I will also be taking your advice on shadowing other investors who would be willing to allow me to learn invaluable tips and advise.
@Matthew Graham we should try to arrange an Ottawa and area meet for all interested members; I will be in touch with you to further explore the possibilty of Ottawa area properties.
@Simon Lloyd thanks for the advice on Multiplex properties and its advantages. Will definitely be exploring more at this route.
I am amazed at the quality of the response in this Forum and its great, hope to be able to contribute in the future. My goal at the moment is to setup my first property within the next 3 months.
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