I am looking to get my first rental property within a year. As of right now, I live at home and my only recurring bill is my cell phone. I live in Vancouver BC so it’s a pretty high market – I could potentially house hack but I would have to get a car, deal with water and heat bills etc. I don’t think it makes much sense to increase my personal bills when I don’t have to. I am very lucky :)
This is why I’m looking at buying on the East Coast. Obviously buying your first property is intimidating enough but having it on the other side of the country is something else. I know it’s possible I was just hoping to hear all your tips and tricks. Do I need a property manager? How do I find good deals/ and look at them when I can’t always be in the area? If I find a good deal but for whatever reason, I can’t personally go and look at the house (i.e. Covid) should I be wary of buying it? (I would get it inspected of course).
Any comments or suggestions are super helpful and I really appreciate your time :)
Hey @Emily Flood
Getting your first property is really exciting. I lived in Vancouver for several years so i know the market can be a bit challenging to break into.
Just out of curiosity, why the east coast?
Well, I'm looking to spend around 100,000 and so far I've been able to find some good deals out in Nova Scotia area. I use to work with someone who got a rental out there with their family (so I can ask them lots of questions and get recommendations), and lastly (maybe not a great reason) I have never actually visited the east coast of Canada, I'm a complete travel bug so this seems like an awesome excuse to go. However, If you had any suggestions I'm all ears! :)
Ok, I understand. Having a connection with experience in the market you're looking at is always helpful. Travelling there is definitely advisable before you invest, but not always necessary. Ultimately, it is up to you and what makes the most sense for you. I only asked because there is many good places to invest between the west and east coast. 100k budget is tight though for many areas.
So, what's the biggest obstacle holding you back right now?
Ya, it is tight in most areas but there are a few hidden gems. I think the two things right now are money and not being able to see the place in person. I'm researching other methods of gathering money for a down payment - but I want to make sure I understand what I'm getting myself into before I jump in. So in the meantime, I am continuing to save as if I am doing the standard 20% down. If you have any advice on things you have found successful I would be all ears!
As to not being able to see it in person, I think I'll just have to build up connections with people I can trust - so it'll just take a little bit of time.