New Wanna-be Investor In Alberta

[Stephen Darker]

Hey Guys,

I am new to the whole concept of real estate investing but the whole market of real estate really intrigues me. I want to start building long term wealth through real estate. I don't know about you guys but I have NO idea where to start. Currently I am 24 years old and have only been at my job for 4 months but it is considered a "self employed" position so I can't even qualify for a mortgage to get going on investing for another 2 1/2 years. I really want to start right away if anyone has any ideas that might help in Canada. I live in Calgary Alberta where the average cost of a single family home is $400,000.00 which is a frightening thought for a 24 year old kid.  Any advice or guidelines would be greatly appreciated.

[Cal Ewing]

Welcome to BP @Stephen Darker

I know what you mean. The market here in Calgary is pretty intimidating, however there are investors here who make it work. As they say, money can be made in any market if you are a smart investor. If that is the route you want to take, you are doing the right thing by getting on BP but also look for Calgary real estate investing meet-up groups. Canada Real Estate Investors Club (Canada REIC) has them often and they are good. 

I personally have decided to avoid the Calgary market and have been investing on and off in the US since I was in university back in 2009. There is definitely a lot to learn when it comes to investing in a different country but at the time I didn't know anything about investing in Canada so the learning curve was the same. BP is has so much US related info and it has made it easy for me to learn the way things work in the States. If you do choose that route though make sure you get a good accountant who specializes in cross-border taxation.

Best of luck

Cal