24 Year old New Investor from Ontario, Canada

8 Replies

Hey there!

My name is Brad, I purchased my first home at 22 years old and have been living in it with two of the rooms rented out to cover 100% of my mortgage.

I've been saving and I'm itching to purchase my first income property. I came to this site to learn as much as I can in order to make a calculated decision on where to start.

My goal is to eventually live solely off of rental income.

I excited to start this adventure and hope I can learn a lot from all of you here!

Thanks for the welcome! And I guess you would be right haha. It is also my primary residence however.

Hopefully I can have a second home well under way by this time next year.  

The BRRR Strategy seems quite interesting. I think I will be starting with learning about that.

Originally posted by @Brad Zalischuk :

Hey there!

My name is Brad, I purchased my first home at 22 years old and have been living in it with two of the rooms rented out to cover 100% of my mortgage.

I've been saving and I'm itching to purchase my first income property. I came to this site to learn as much as I can in order to make a calculated decision on where to start.

My goal is to eventually live solely off of rental income.

I excited to start this adventure and hope I can learn a lot from all of you here!

 Hey Brad welcome!

You will have to fill me in on Brantford sometime, I noticed that there are good opportunities for cash flow and being 30 minutes down the road from my market Iam sure growth is on the way.

Thanks Samuel!

Brantford is interesting in the real estate market right now.

I bought a 2 bedroom 2 bathroom townhouse condo on the east end right near the 403. Added a bathroom in the basement and moved my room down there.

I haven't done a lot of research in Brantford yet, but just from checking MLS every few days for the past year now, I've noticed places identical to mine selling for 25-35k more than what I purchased it for. Housing seems to be going up as Brantford gets better. There are rumors of a GO Train station and a Costco being built in the future. It might be a good area for a buy and hold strategy.

I'm not sure if I would want to purchase my first investment property here however. Anything under 200k will be near the downtown core, which does not usually attract the best tenants. Not sure how well a BRRR in the downtown area will do.

You can purchase a newer townhouse in the southwest end for low 200k and rent to a single family, but then you probably are only going to be just covering your mortgage with the rent. However with the newer home and hopefully respectable tenants you shouldn't run into any problems.

I haven't seen many multi-family units up for sale either.

The place that interests me the most right now is London. There are a few 3 bedroom places near fanshawe college going for 109-120k. I saw a MFU that was 2 bedroom upper, 1 bedroom middle unit, and 2 bedroom lower unit going for 325k.

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