Markham, Ontario · Member since 2016 · 2 posts · 0 votes
Hey everyone, I'm just starting out on real estate. I've saved about $30k and want to go about doing something.
I know what most might say - do a search bar search, but I don't even know where to begin as I don't know what I'm doing. I've been a silent member of this forum for a while, often dipping my toe via youtube videos, so I know a thing or two I'd say.
What I would like to do is own 100+ units. My goal is to generate $30-40k in passive income within a 5-10 year time span. I've tried to talk to my family members for advice but they're all very discouraging with the often "it can't be done" or "it's almost impossible, don't waste your time", type of mentalities. I really would like some guidance.
I am new as well and its stupid to say it cannot be done. Now it depends on the risk your going to take. My plan is slightly different though. I plan to try and get around 10is properties within the next 5 years. By that point I will have built up some equity in the first ones I bought that I will probably liquidate to buy bigger properties. I will be doing most of the property management myself as real estate is really cheap around me and property managers charge minimums that are like 20% of rent in some cases. By building up the value of the properties rather than the number of properties I can avoid this issue all together.
I am new as well and its stupid to say it cannot be done. Now it depends on the risk your going to take. My plan is slightly different though. I plan to try and get around 10is properties within the next 5 years. By that point I will have built up some equity in the first ones I bought that I will probably liquidate to buy bigger properties. I will be doing most of the property management myself as real estate is really cheap around me and property managers charge minimums that are like 20% of rent in some cases. By building up the value of the properties rather than the number of properties I can avoid this issue all together.
Hey thanks for your reply!
May I ask your investment strategy exactly? Are you going to enter apartment complexes, single family homes, multifamily homes? BRRR method? How much are you starting out with?
Sorry for the plethora of questions but always nice to see a bright-eyed newbie as well!
@Zee Ab I am starting out with much less than you with 10-20k. I have access to more money but I am trying to dip my toes into the water with a 30-70k home where I am in Wichita. I have also brought my brothers in as investors with an LLC which reduces my risk exposure to 15-35k.