Getting Started : Looking into Real Estate Investment in Calgary
Hello RE Gurus,
Hats off to all the guys here who have given useful advice to newbies like me. This is my first post here and hopefully, I'll get some meaningful advice too! I recently got my Canadian permanent residence (Calgary). I'm looking to get my feet wet in REI. At the moment, I have an engineering job that pays me pretty well outside Canada. For this reason, I haven't really fully relocated to Canada. In the next 1 or 2 years however, I should be fully settled in Calgary. Here comes my question.
I have about 35k liquid cash on me for REI and I would like to invest now that prices are low (as i heard) due to the oil price drama. I'm kinda like total newbie (well, I've read the biggerpockets beginners guide to REI ebook if that counts . . lol). I was initially thinking of buying a condo to rent but then after all the analysis and remarks about the infamous condo fees. I decided to look more towards single family homes, duplexes, half duplexes etc. However, one major bottleneck that I have is that I don't have any credit history here in Canada. The little research that I've done seems to show that I'll need to drop 35% if I don't have a credit history. I wonder how recent immigrants get around REI if this is the case.
Anyway, I just want to get my first rental property that
0) Will be finance-able with the money I have and the mortgage facilities available to me :)
1) Will be less prone to vacancy (always rented).
2) Will generate at least enough money to cover all expenses (all things being equal) even if it does not yet generate significant positive cash flow.
3) Will appreciate over time.
Gurus. . . any advice will be appreciated - especially relating to the Calgary real estate market.