Hi everyone! I hope you are all doing well especially during the unprecedented times.
I have been really interested in real estate for quite some time but am a University student and don’t know exactly where to start and how. As well, I’ve been watching BiggerPockets for a while and thought the app would be a great place to start!
Essentially, I am asking how to start (I reside in Canada) and I’m looking for some type of guidance or tips/strategies to follow.
The best way to start is to dig in. Keep in mind that the first few investment deals are for learning more than anything else. You can better prepare for your first deal by self educating and if possible, find a mentor. Keep us posted on your journey and bets of luck.
Buy a house near your university and rent out all of the rooms to your friends or other university students.
Hi Zo, I'm in Edmonton. At which university are you? That might influence things. I agree with comment above - I great way to get started is to buy a house near university, put 5% down, get a CMHC-insured mortgage, live there and rent out the other rooms. Use an investor-focused realtor. Join investor groups on Facebook. Read Canadian real estate books. If you can't buy it on your own (due to no income and/or downpayment), you can look into partnering or joint venturing with someone. Feel free to reach out if you need help.
Buy a single or multi-family property, live in one room or unit and rent out all the spares. That's how I started.