Hey bigger pockets world.
I live in Vancouver and our market is well expensive. I already own a house here but want to get a rental unit under my belt.
There is no cash flow properties here anymore.
I have started to look else where. Places like terrace or kitimat both about 17 hours away from me. Also Winnipeg, super far from me.
How do you make the job from not having a rental unit to buying something 2000 km away.
The numbers all add up buying a place for $100,000 in winnipeg and it pays rent of $1,200.
How did you get your first? Was it a leap of faith holding your breath or did you have someone walk you through it?
Looking for any thought or help. Been wanting to buy a rental for years and I got the down payment to do it. Just worried about the unknowns.
The key is having solid management, because you won't be able to be there consistently. I'd suggest speaking with, then meeting in person, a number of pms in your chosen market and getting referrals.
There are pros and cons investing in a major market like Vancouver. I did single families around Toronto.
You just have to do it and take the plunge!