Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
4y
Getting started in real estate is easy. The key is to make real estate activities a part of your daily life, the more immersed you become the faster you'll succeed.
Read books, listen to podcasts, go to local meetups, look and analyze properties, make investor friends online, consume real estate content, go to physical and virtual conferences, to name a few.
real estate is sort of a long game, you'll always be learning so once you make good habits the wins will follow
Residential Real Estate Broker · Kitchener, Ontario · Member since 2014 · 687 posts · 370 votes
4y
That depends upon your goals. You need to first determine why you want to do real estate investing and then set some goals to match that. Then you can discuss what options would work best to meet your goals.
toronto, ontario · Member since 2022 · 25 posts · 0 votes
4y
I was thinking of having financial freedom. for example, if I have enough real estate investing I don't have to have a second 'job". is there anything like that where i can begin with?
New to Real Estate · Guelph, ON · Member since 2021 · 5 posts · 2 votes
4y
My number 1 goal is to be financially free by the age of 40. I am currently 32 and soon to be 33 years old.
I am sick and tired of trading my time for a paycheck only to rinse and repeat just hoping that someday I can retire and also hoping that I still have life left to live. I refuse to accept this as being MY life.
Multifamily real estate is where I would like to see myself eventually. Perhaps a JV or partnership to secure my first deal, and then scale my business from there.
Real Estate investing has struck me like nothing else has before! Let's get it!
Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
4y
Getting started in real estate is easy. The key is to make real estate activities a part of your daily life, the more immersed you become the faster you'll succeed.
Read books, listen to podcasts, go to local meetups, look and analyze properties, make investor friends online, consume real estate content, go to physical and virtual conferences, to name a few.
real estate is sort of a long game, you'll always be learning so once you make good habits the wins will follow
Buffalo, NY · Member since 2018 · 790 posts · 530 votes
4y
@Leo Turkes no one is going to be able to give you an exact step by step playbook because everyone starts from somewhere different and has plans to end somewhere different. Asking for the next step our guidelines is kind of like calling up a complete stranger on the phone and asking them to give you step by step directions to get to your grandmother’s house…without telling them where you are or what your grandmother’s address is.
It sounds like you want to replace the income from your second job - that’s a great place to start. That means you are most likely going to be looking for cash flowing properties or flipping (which in itself can become a second job). What you want to do then is analyze how many cash flowing properties you need to own to make up that income from the second job or how much profit you would need from a flip.
While you are figuring that out spend as much time as you can listening to podcasts, reading books and going to meetups to absorb as much practical knowledge as you can. Also start analyzing properties that are for sale to figure out how much you could make from them.
As you learn come back to the forums to search for questions or topics you don’t fully understand and/or post specific questions about a deal or terminology.
You’ve already taken a good step forward by finding BP, now just keep going and try to learn as much as possible.
toronto, ontario · Member since 2022 · 25 posts · 0 votes
4y
Thank you. It would be nice to to work with a mentor or to at least a little bit I guidance. But that’s fine I’ll read and listen to podcasts and hope that I will go in the right direction not thinking I’m Doing something wrong for the next few years. Im Sure even you had some guidance…
Rental Property Investor · Toronto · Member since 2018 · 126 posts · 106 votes
4y
This is a very interesting topic, very broad and over reaching. I'll chim in with a few points. It's kinda like saying, hey I want to be rich, how do I do that? But then not having a quantitative goal to actually define what rich is. Like others have said, do you want to quit your job? Well that is easy... replace your current monthly income with rental cash flow or with profits from a big flip. If you earn 100k in your day job, that's a bit more difficult than replacing a 40k a year job. Do you want financial freedom? Well that's different for everyone, you may want a 13000sqft house with an infinity pool, and a garage full of Lamborghinis. I feel like I have financial freedom, and I dont have any of that stuff. But I can go snowboarding with my friends on a Wednesday, or spend a month in Barbados if I wanted to. So is freedom having 2 million in the bank. Or 10 million. You may be looking for generational wealth building, so you can leave your kids something. Or pay for their schooling, or a house for them.
So there are so many opportunities in real estate investing, and different ways to get there. Everyone's situation and experience is different. It's hard work, and a little bit of luck, I'd say. You just have to find what works for you. Good luck.
Oh, I also grew up in Mississauga, but I now live in Scarborough
Rental Property Investor · Toronto · Member since 2018 · 126 posts · 106 votes
4y
Oh I have 1 more thing to add, american and canadian , mortgages, laws, taxes, purchase prices and alot of other things are different. So just be aware of that. Also when you hear gurus say buy real estate and quit your day job. Well I can tell you from experience, once you quit that day job that you worked at for 20 years with a steady paycheck, it is very hard to qualify for a mortgage. And it gets even harder when you havent had a job in 5 years, and have over 10 properties and banks dont like that you have so much mortgage debt. So you still need that day job to keep buying, or to actually refinance your existing properties. Just saying