Hello, this is my first post on this forum
My name is Dylan I am 23 years old, I live on Montreal's north shore in Quebec, Canada and work in the industry of cinema. I am currently making around 30k per year, but the income is highly unstable, due to the nature of my work. I am looking to make my income more stable through real estate investing.
Right now I have around 30k on hand to make a cashdown and a few familly members ready to help me get a loan.
My goal is to have a 2500$/month cashflow in 5 years.
The way I am looking at to get there is using the BRRRR strategy on Duplexes and Triplexes, Planning to put around 10k/building in Rehab. From my calculations I would need approximately 10 units to get to my goal. I am planning on living in every one of the properties I will buy since right now I have no property of my own. I am planning to be very hands on for Managing, but not for Repairs or Rehab.
Do you have any advice for me? Do you think this is the right path for me?
Awesome vision Dylan! My first thought on this is that the Refinance part might be difficult with an unstable income of $30k. You may want to talk to a few lenders before you get too far into this to confirm that you can qualify for the loans you'll need to make this happen. If traditional banks won't lend you can always try a portfolio lender or private loans. Good luck!
I cant help but feel your math does not add up. Quebec does not really have many markets you can get over 250$ per door cashflow, are you planning on investing in trois-riviere? After BRRR 100$ a door in most major citys (beside the mauricie area) is a very good deal nowadays. Do you have examples of the numbers you are trying to work with? Being realistic is the first step.
30k capital with 30k/y is enough to get started but if it's not stable you need to verify first. You need to look for banks that will finance you, start with scotia, I'm with banque nationale but have had very good recommendations for scotia from investors and I will try them in the future.