Real Estate Where do I start?

Question

Not sure where to start my journey with Real estate I am 20 years old from Brampton Ontario an was looking into real estate I was online yesterday searching real estate courses then I came across BP an they actually had a free basics real estate course an I learned a lot from it but not all I need to know .. where do I start ? Do I need school? What should I start with ?

Derrick Dill · Answer

There's a wealth of resources here on this site. Start here. There's an education tab at the top, 1000s of podcasts. Not sure what kind of RE you're interested in because there are many strategies.. Buy and hold? short term rental? vacation rental? College rental? Wholesale? Notes? goes on and on

Craig Anderson · Answer

Have done more than an hour, on this July 15th, 2020 looking at threads on this forum. And am surprised at a few more are now appearing which are pondering if a crash in real estate prices will be taking place in the immediate future, due to the effect of the COVID-19 virus invading North America in 2020. And given that such a crash is a real possibility, then it might be wise for a Newbie to wait-n-watch for how things transpire in the housing market in the next few months, while looking for opportunities in buys, that might occur in such a possible crash. (On U-Tube in the previous week, I found 2 videos, in which the presenter in each, tells why a crash in the housing market will happen, why, & about when it will happen. And one video is by a British man, with the last name of McCoy-Ward. And the other video is by an U.S. man, who goes by Marko whiteboard finance.) As for when to buy, as a possible housing market crash could go on for months of continual dropping prices; it is more important to decide at what prices you want to buy at, than hoping to buy at the bottom of prices. (In 2009, when the stock market prices went into continual drops for month, Warren Buffet did large stock purchases when stock prices reached a threshold he had been waiting for, which were not at the bottom, with this bottom occurred one month later.) As for doing Real Estate buys, an attorney is essential, to watch out for you interest. And an attorney is also needed with Rentals, in case something happens which could end up in court. Otherwise, you could be reading through real estate documents, as well studying Common Law as it pertains to real estate, so that you understand how to do buys better, through legal instruments & so that you are on some kind of par with the attorney who helps you.----------------------------------------------------Something that concerns me, is that once COVID-19 is under control, likely to be in 2021, through vaccines, or a testing-tracing regime; the number of jobs available in the economy will likely shrink. And this in turn, will change what rents are going for, downward. Hence, it might be wise to seek to buy Rentals at reduced prices, bought low enough to be able to charge rent for Rentals in a reduced rent market, in the aftermath of COVID-19 is controlled. And in a possible reduced rents market for Rentals; this is one reason to hold off buying a Rental in the next few months. A Rental should pay for itself, through the rent being paid by renters. And purchase price of a Rental should reflect what the rent market is going for, with the rents market could change by 2021, downward.

Megan Doyle · Answer

@Aaron Godden Noorzad

That’s wonderful thank you so much ! I Appreciate you reaching out .

Aaron Godden Noorzad · Answer

Hey, I was born and raised in Brampton, ON and started looking into real estate at your age and bought my first rental property 2 years later (in Guelph, because Brampton was unaffordable for me). The fact that your jumping in looking to learn is step one, good for you, just keep reading and raising your interest in RE then as you become more familiar with the game and meet people with the same interests you'll find niches and areas that catch you're attention. As the above poster recommended, learning about how mortgages work and how to qualify for buying a home really helped me move on to the second step of learning about rental property income and fixing/flipping homes. I'm now 25 and looking to buy my second rental property with still SO MUCH more to learn in fact the more I learn, the more I realize how much there is to learn. So many little niches and ways to make money.

Megan Doyle · Answer

@Roy Cleeves

thank you so much appreciate it.

Roy Cleeves · Answer

Also, start by chatting with a Mortgage Broker to get an idea of what you need to put together for a Mortgage.  If you need a referral for one, just add me as a colleague and then I can send you some.

Megan Doyle · Answer

@Derrick Dill

thank you :) an yea BiggerPockets is definitely the tool I wanna use for my journey and guess the first step is to find my niche I found a few I am interested in so far but I’m going to learn a bit more of them an decide which ones I’m going to work with.

Megan Doyle · Answer

Anyone reply please an thank you very Eager to learn and get started !!

Real Estate Where do I start?

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