Greetings from a complete novice (Ontario Canada)

Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes

Greetings, I am a second generation Filipino Canadian born and raised in Ontario Canada. I just turned 25 and have been working in commercial building operations for about 3 years My two goals are to become a home owner in today's ridiculous Canadian housing market, and also learn how to create a passive income through real estate investing and leave the corporate world. I have absolutely no experience in real estate investing, but I am young and very eager to learn!

Thank you

0 Reply

81 views

Most Popular Reply

Trexie E.Pro Member

BiggerPockets Support · Davao, Davao del Sur · Member since 2015 · 937 posts · 163 votes

10y

Hi @Lester Carbonell

Welcome to BP! We're so excited you're here and making connections. I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing". We wrote it with the beginner in mind. It’s an excellent place to start, and can answer many of your questions. You are in the right place to learn all about real estate investing! Best of luck! :)

1 Reply

See this reply in the discussion

27 Replies

Jump to latestLatest

Sort by

Trexie E.Pro Member
BiggerPockets Support · Davao, Davao del Sur · Member since 2015 · 937 posts · 163 votes
10y
Hi @Lester Carbonell
Welcome to BP! We're so excited you're here and making connections. I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing". We wrote it with the beginner in mind. It’s an excellent place to start, and can answer many of your questions. You are in the right place to learn all about real estate investing! Best of luck! :)
1 Reply
Lester Carbonell
OP
Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
10y
Thank you Trexie I'm going over the beginner guide now!
Cheers!
0 Reply
Matt Geerts
Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
10y
Hey Lester, the "ridiculous housing market" isnt Canada, it is GTA and Van. If you want a reasonable housing market, drive an hour.
1 Reply
Quang Nguyen
Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
10y
The GTA is way too expensive. Like Matt said you gotta go away from the GTA to find deals. I'm still new here and planning to start my education in REI. Just learning and attending webinars but I want to buy my first property by the end of this year. I'm thinking investing in Cambridge, Kitchener, Waterloo. What I really want to do is invest in the US. Just need to focus in an area first to get some experience first.
1 Reply
Samuel Sedore
Real Estate Agent · Kitchener-Waterloo-Cambridge, Ontario · Member since 2013 · 408 posts · 90 votes
10y
@Lester Carbonell Try reading some of Don Campbels books they are good for beginners with lots of real substance, some people also Like Kyosaki but I find his books lack real strategy or substance.
@Quang NguyenIf you want some info on the KWC market I would be happy to provide you with some! There are some Canadian on here that can give you some advice on US investing, I personally stay away from it.
Also @Matt Geerts, the housing market is actually pretty crazy this year province wide even an hour from GTA, I know here in KWC, Burlington and Hamilton even though we are a fair distance, we have broken near every record this year in terms of volume, price, DOM etc. Also up a little over 10% appreciation.
If this keeps up I bet you will start feeling out in London/ ST Thomas, I know Woodstock and Brantford and heating up because of it
1 Reply
Matt Geerts
Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
10y
@Samuel Sedore I think we're just drawing a different line between "crazy" and "strong". KWC probably doesn't have any 80 year old dilapidated bungalows for 1.2M still. But yes, I believe that London and St. Thomas both broke sales records this spring. I can still buy a cash-flowing house any day of the week.
1 Reply
Lester Carbonell
OP
Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
10y
Thanks @Matt Geerts @Quang Nguyen & @Samuel Sedore for the advice. I've started listening to some podcasts getting myself into the mindset of REI and I'm going to attend one of Mr. Kyosaki's free seminars in Toronto next Thursday. I'm going to keep digging through these forums and podcasts educating myself more before I start looking for my first investment. I'll check out some of Don Campbell's material tonight.
0 Reply
Matt Geerts
Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
10y
Good plan. Starting banking capital at a painful rate while you learn.
0 Reply
Lester Carbonell
OP
Mississauga, Ontario · Member since 2016 · 4 posts · 0 votes
10y
@Matt Geerts What do you mean by "banking capital at a painful rate"?
0 Reply
Matt Geerts
Investor · St. Thomas, Ontario · Member since 2015 · 692 posts · 312 votes
10y
Save money. Hard.
0 Reply
Luc Boiron
Specialist · Toronto, Ontario · Member since 2016 · 564 posts · 425 votes
10y
Originally posted by @Lester Carbonell:

Thanks @Matt Geerts @Quang Nguyen & @Samuel Sedore for the advice. I've started listening to some podcasts getting myself into the mindset of REI and I'm going to attend one of Mr. Kyosaki's free seminars in Toronto next Thursday. I'm going to keep digging through these forums and podcasts educating myself more before I start looking for my first investment. I'll check out some of Don Campbell's material tonight.
Please know what to expect at Mr. Kyosaki's free seminars. He obviously won't be there, they just pay him to use his name. I recommend you leave your money at home. Their main purpose is to try to sell you on a three day weekend seminar ($199-$499). At the seminar, they try to sell you on their additional training ($5,000-$50,000). Expect everything at the seminar to be high level, so you won't learn any details of how anything works (and you won't learn at the 3 day seminar either). Just go and use the free seminar to get you excited about real estate, then save the money you would waste with them and keep it for real estate investing.
1 Reply
Linda LabbePro Member
Investor · North Bay, Ontario · Member since 2015 · 709 posts · 262 votes
10y
hi weclome from a fellow Canadian live in ontario and would be willing to help you get going feel fee to call me
1 Reply
Claude Boiron
Real Estate Educator, Mentor, Investor · Toronto, Ontario · Member since 2015 · 206 posts · 86 votes
10y
@Lester Carbonell ditto to what my brother @Luc Boiron said. I suggest searching for Real Estate investing courses online, or for books which are specific to investing in Real Estate in Canada. You can always drop me a note or a line if you have questions. Some people say I know what I'm doing.
1 Reply
Ming Lim
Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
10y
Hi Lester,
You mentioned commercial building operations, would that include commercial property management? Have you considered going into an area which you already have some expertise in? Just a thought.
Kyosaki is great for general investing strategy, but as other mentioned, lacks specifics. Don Campbell is better, but also lacks the details I was looking for. The materials here on BP are pretty good, and there isn't huge differences between US and Canadian investing - the differences are the ones you except (taxes, laws, raising capital, etc.). Fundamentals are the same.
The best thing you can do as a starting point is to meet other investors and start building your real estate team. Come out to some local real estate meetups. If you're looking for some events, let me know.
Good luck!
0 Reply
Quang Nguyen
Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
10y
I was on Amazon and saw a promo for 15% off books with code PROMO15
I was about to buy Don R Campbell's book but decided to get More than Cash Flow instead.
I would of thought Don R Campbell's books would have specifics to the Canadian market. Any books you guys recommend for Canadians?
0 Reply
Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
10y
My advice would be obviously look outside Toronto, live frugally, get rid of expensive tech toys with monthly bills, save every penny and do not buy a personal home until your investments are well established.
A personal home is a life style choice not an investment and will cost you far more to own than renting will ever cost. A personal home will hamper you ability to grow your investments.
Diligently study the RTA on line until you have it memorised and research how the LTB treats tenants and landlords. You are entering a potential landlord tenant war zone in Ontario so arm yourself in advance. There is nothing more vulnerable than a ill prepared uneducated landlord.
0 Reply
Ming Lim
Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
10y
@Quang Nguyen, I recently read Secrets of the Canadian Real Estate cycle, but it isn't that Canadian specific. I think you might be too focused on Canadian specific content. While it's good, the basics are all the same regardless of where you're investing. BP podcasts were a great place for me to learn and they're free. Overall, I found I learn the most from other real estate investors!
1 Reply
Quang Nguyen
Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
10y
@Ming Lim, BP Podcasts are great. I listen to a couple a day while I'm at the gym, eating lunch dinner, and commuting to work. I've also found a few other podcasts I listen to but most of the are from BP
0 Reply
Ming Lim
Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
10y
@Quang Nguyen REIN also has a podcast, but it's not updated as often. It's Canada specific. REIN is a very large (very expensive) RE investing network. Also, you can look for Barry McGuire's podcast. He's the "Investor Lawyer" and very successful Alberta based investor.
1 Reply
Roy N.Pro Member
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
10y
Originally posted by @Ming Lim:

@Quang Nguyen REIN also has a podcast, but it's not updated as often. It's Canada specific. REIN is a very large (very expensive) RE investing network. Also, you can look for Barry McGuire's podcast. He's the "Investor Lawyer" and very successful Alberta based investor.
REIN is perhaps more appropriately called RIEN ... as in it will leave rien in your wallet!
0 Reply
Ming Lim
Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
10y
@Roy N. LOL - took me a second and then I re-read a la francaise!
0 Reply
Quang Nguyen
Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
10y
Really?! Good to know. I was thinking about joining REIN but didn't know how expensive they were. If they are a good network group I don't mind paying a membership fee. Do you guys experience with REIN or know anyone that has?
0 Reply
Eric Delcol
Investor · Tampa, FL · Member since 2016 · 334 posts · 215 votes
10y
Originally posted by @Quang Nguyen:

What I really want to do is invest in the US. Just need to focus in an area first to get some experience first.
Quang, this is what we specialize in. PM me if you have any specific questions.
0 Reply
Nathan Turner
Investor · Saint Bruno De Montarville, Québec · Member since 2016 · 49 posts · 35 votes
10y
@Lester Carbonell @Quang Nguyen If you guys are interested in something a bit different (easier in my opinion) I can tell you all about investing in notes in the US. I buy non performing mortgages and control the property without ever owning it if I can help it. PM me if you want to learn more.
0 Reply
Quang Nguyen
Real Estate Agent · Mississauga, Ontario · Member since 2016 · 42 posts · 6 votes
10y
@Eric Delcol @Nathan Turner I'll definitely PM you guys both when I really start looking into US properties. My plan is to utilize my RRSP and my savings to purchase my first property as a house hack to get some experience probably in the the Cambridge, Kitchener, or Waterloo area and build some equity and refinance after two years and use that equity to acquire more properties. I just need a vehicle to take out my 25k RRSP without paying the tax on it and thats by using the HBP right now unless there's another way I can do that without paying the tax.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.