New investor with many questions
Hello BP investors
I recently discovered this site and hopefully I can get some guidance on my first property.
I am 55 and my goal is to find some cash flowing properties to supplement my future and possible early retirement. I have just renewed my mortgage and because it is almost paid off I arranged for access to a line of credit. I am in east Gta and was looking in the Kingston area for an investment property but it seems the purchase price is steeply rising and therefore cashflowing a property is going to be difficult. I am now looking on the east coast but I would need make some contacts and or recommendations for investor focused agents and potential property managers before heading out there for a week to look at properties. I have been reading the posts here and noticed that people seem to be focused on Newfoundland and Nova scotia. I have been looking at the prices in St Johns NB and Moncton and curious why they havent been mentioned here, am I missing something?
Thanks for your input and have a great day
Most Popular Reply
Great for you to get into RE at 55. Many investors are going east as the price point is a lot more affordable then GTA. A few words of caution: Have you reviewed where you will be if your RE investments don't work out the way you want? Meaning the LOC still has to be paid back and could potentially mean you have to work longer. Prices are high due to COVID, and many people are buying with the "I have to get in now" without considering the time horizon.
Talk with your accountant to make sure you set up the Smith Maneuver properly. Learn how to analysis.
Good luck.