0 experience and wants to get into Real Estate in Canada

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0 experience and wants to get into Real Estate in Canada

Ernesto Miguel Credito
Saskatchewan, Canada · Member since 2021 · 20 posts · 2 votes

Hello everyone, I am a 32-year-old normal guy who works at a full-time job as a graphic designer and I want to get into real

estate. The main reason for this is I want to be financially independent. To be specific, I want to learn how to invest in rental properties as I

think it is the only type of real estate that will work for me given my financial situation.  I am an immigrant here in Canada and support my

parents back home but I am frugal and try to save crazy to be able to invest. I am totally no idea about the real estate market here.

I read some books like Rich Dad Poor Dad, Richest Man in Babylon, and I'm currently reading Brandon Turner's The Book on Rental Property

investing. Right now I am trying to find and reach out to real estate agents and investors so I can learn from them. One guy replied and I said I can work for him or if I can be of value to him, and told him I want to learn what he does. He said that we'll stay connected.

I will gladly accept any advice I can get from people here as I know a lot here have a lot of success in this field and getting bigger. Thank you in advance!

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Marco Vigueras
Developer · Toronto, ON · Member since 2016 · 5 posts · 4 votes
5y

I started out a lot like you.  Basically, from the point you are right now, I would listen to as many bigger pocket podcasts as possible.  From each pod cast, I'd make a note of anything I wanted to follow up on, then continue my research until I felt like I could explain it to someone else.  There are so many nuggets of gold on the podcast and it will give you the confidence to talk the talk.  From there, start getting used to tools like the rental property calculator.  It might be hard to find a property that cashflows straight from the mls listing (or however you look up properties for sale) so you'll have to use your graphic design creative mind to see how you can add value to a property to bring up the rental price.  At this point, you might like to start walking properties with a realtor who preferably is an investor themselves, keep a keen eye open to opportunities to increase the value of the house like adding a bathroom or updating the house to more appealing finishes etc.  Practice your inputs that you used in the rental property calculator and don't overpay.  

After listening to a few podcasts, you may find out other strategies that work better for you as well like the BRRRR method or something else. So, educate yourself as much as possible. Feel confident you can talk with realtors and know what questions to ask. And don't get discouraged, it's hard to find a property that works, but keep at it, and keep running the calculator and when you find a place that does work, you'll have the confidence to pull the trigger.

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  • Account Closed
    Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
    5y

    @Ernesto Miguel Credito welcome to BP!  Lots of books and podcasts will tell you that if you want help, add value to the person that you are asking for help from. Having just read "Who Not How", which was featured in 2 back-to-back BP podcasts recently, I am completely open to connecting with any new investors to see how we can add value to each other.  Send me a DM and I would be happy to learn more about your goals and strategies and  see where that takes us.  Looking forward to the chat!

    2Reply
  • Marco Vigueras
    Developer · Toronto, ON · Member since 2016 · 5 posts · 4 votes
    5y

    I started out a lot like you.  Basically, from the point you are right now, I would listen to as many bigger pocket podcasts as possible.  From each pod cast, I'd make a note of anything I wanted to follow up on, then continue my research until I felt like I could explain it to someone else.  There are so many nuggets of gold on the podcast and it will give you the confidence to talk the talk.  From there, start getting used to tools like the rental property calculator.  It might be hard to find a property that cashflows straight from the mls listing (or however you look up properties for sale) so you'll have to use your graphic design creative mind to see how you can add value to a property to bring up the rental price.  At this point, you might like to start walking properties with a realtor who preferably is an investor themselves, keep a keen eye open to opportunities to increase the value of the house like adding a bathroom or updating the house to more appealing finishes etc.  Practice your inputs that you used in the rental property calculator and don't overpay.  

    After listening to a few podcasts, you may find out other strategies that work better for you as well like the BRRRR method or something else. So, educate yourself as much as possible. Feel confident you can talk with realtors and know what questions to ask. And don't get discouraged, it's hard to find a property that works, but keep at it, and keep running the calculator and when you find a place that does work, you'll have the confidence to pull the trigger.

    2Reply
  • Ernesto Miguel Credito
    OP
    Saskatchewan, Canada · Member since 2021 · 20 posts · 2 votes
    5y

    @Chris Baxter, thank you! Yes that's what I'm doing right now. Trying to gather as much information as I can. The thing is, I am not sure if all that I am reading and watching applies to the real estate market here in Saskatchewan, Canada where I am right now.. I honestly find it challenging to connect to real estate agents and investors because I live in a small town and Saskatoon is 2 hr drive from here and due to COVID, connecting and making friends with people in the field is hard. I know I have a lot of excuses but really it's challenging for someone like me who have no friends who is in real estate..

    I guess my main question is, how do I get started in rental properties if I have a really small amount of money? I want to learn the process and how you do it? I am still reading "The Book on Rental Property" and haven't finished it yet. But I would really appreciate advice from people who already did it..

    Sorry for the spaces on my first post, I was typing in the Notepad and just pasted it here!

    0Reply
  • Account Closed
    Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
    5y

    @Ernesto Miguel Credito  you are off to a good start by reading these forums, specifically the Canadian ones, where there are lots of passionate investors with Canada-specific experience. I am a big believer in identifying where you want to be in 5-10 years and then working backwards to where you are now to identify the people and resources that can help you on your journey.  What does "financially independent" mean to you? When do you wan to achieve this? Why do you want to achieve this?  Without clarity on the answers to these questions, you may never get started or reach your full potential. 

    1Reply
  • Hai Loc
    Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    5y
    Originally posted by @Marco Vigueras:

    I started out a lot like you.  Basically, from the point you are right now, I would listen to as many bigger pocket podcasts as possible.  From each pod cast, I'd make a note of anything I wanted to follow up on, then continue my research until I felt like I could explain it to someone else.  There are so many nuggets of gold on the podcast and it will give you the confidence to talk the talk.  From there, start getting used to tools like the rental property calculator.  It might be hard to find a property that cashflows straight from the mls listing (or however you look up properties for sale) so you'll have to use your graphic design creative mind to see how you can add value to a property to bring up the rental price.  At this point, you might like to start walking properties with a realtor who preferably is an investor themselves, keep a keen eye open to opportunities to increase the value of the house like adding a bathroom or updating the house to more appealing finishes etc.  Practice your inputs that you used in the rental property calculator and don't overpay.  

    After listening to a few podcasts, you may find out other strategies that work better for you as well like the BRRRR method or something else. So, educate yourself as much as possible. Feel confident you can talk with realtors and know what questions to ask. And don't get discouraged, it's hard to find a property that works, but keep at it, and keep running the calculator and when you find a place that does work, you'll have the confidence to pull the trigger.

    What are you developing in Toronto?

    0Reply
  • Zorya Belanger
    Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
    5y

    Hi @Ernesto Miguel Credito Just know that there are many many successful investors in or from Saskatchewan, who also started with little to no money, so you CAN do it too! ex. Russell Westcott, Edna Keep

    Great advice from Chris above. Ditto for me - if you want to connect and see if we can add value, let's do that.

    I'd recommend reading Real Estate Investing in Canada, and joining the "reigs real estate investors group saskatchewan" on facebook.

    1Reply
  • Zorya Belanger
    Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
    5y

    @Ernesto Miguel Credito use COVID to your advantage! Now its easier than ever to attend real estate investor meetings because they are all online!

    1Reply
  • Ernesto Miguel Credito
    OP
    Saskatchewan, Canada · Member since 2021 · 20 posts · 2 votes
    5y

    @Zorya Belanger I am trying to save like crazy to have a downpayment for a property. I have some that I invested in the stock market too. I guess my question is, how can I do this with little money? While I know that getting a loan, raising capital from friends, is one way, is there anything else? Can I connect with the people from Saskatchewan you mentioned?

    Is the book "Real Estate Investing in Canada" a good read if I want to get into real property? Sorry for too many questions. I appreciate all your advice! 

    0Reply
  • Ernesto Miguel Credito
    OP
    Saskatchewan, Canada · Member since 2021 · 20 posts · 2 votes
    5y

    @Marco Vigueras thanks a lot for the advice! I will surely check out the calculator. 

    0Reply
  • Elizabeth KamPro Member
    Toronto, Ontario · Member since 2017 · 7 posts · 4 votes
    5y

    Hi Ernesto,

    I think you are off to a good start.  Continue to listen the podcasts and webinars and all.  I would suggest you reach out to a mortgage broker and find out how much you can afford.  Do you own your own home?  How much does it cost in your area, for a small home or maybe a larger house you could house hack.  If you live in the property you only need as little 5% for the down payment. Find out what are the rent prices in your area. If you buy a property in your area, will you be cash flow positive after all expenses (you can use the BP calculators).  

    Good luck! Liz

    1Reply
  • Brian Murphy
    New to Real Estate · Edmonton, Alberta · Member since 2020 · 10 posts · 5 votes
    5y

    Hi Ernesto

    I started out like you. I am an immigrant to Canada too. I purchased an older house that needed some cosmetic renos upstairs but it had a legal 2 bedroom basement suite downstairs. I put 5% down and the basement suite helped me save more for my next property. House hacking is a great idea starting out because you have a mortgage helper and gaining experience of a landlord. Im only a newbie though but I would listen to all the people on here who have the experience and knowledge and have done it. Most of all though is get some knowledge by reading the books first, reaching out to the investors who are happy to help and work hard and be committed. 

    Brian

    1Reply
  • Ernesto Miguel Credito
    OP
    Saskatchewan, Canada · Member since 2021 · 20 posts · 2 votes
    5y

    Hello everyone. Right now I don’t have my own home and just renting a room. I live in a small town because this is where I am currently employed. I want to invest in a bigger city which is 2-hour drive away from my place. I am wondering if it’s a good idea for me to buy a house in the city that has more potential renters while paying rent where I currently live right now. It is a dilemma actually. I am not sure if it’s a good idea or will give me a headache.

    If I ask a mortgage broker, will my credit score be affected?

    Thank you for your suggestions. Where in Canada do you live?

    0Reply
  • Zorya Belanger
    Rental Property Investor · Edmonton, Alberta · Member since 2015 · 307 posts · 200 votes
    5y
    Originally posted by @Ernesto Miguel Credito:

    @Zorya Belanger I am trying to save like crazy to have a downpayment for a property. I have some that I invested in the stock market too. I guess my question is, how can I do this with little money? While I know that getting a loan, raising capital from friends, is one way, is there anything else? Can I connect with the people from Saskatchewan you mentioned?

    Is the book "Real Estate Investing in Canada" a good read if I want to get into real property? Sorry for too many questions. I appreciate all your advice! 

     Yes, that's a good book to start with! Raising capital or partnering with someone is one way, but you have to bring something to the table too, so you need to learn everything you can and be the expert and put in all the time.

    1Reply
  • Account Closed
    Member since 2019 · 1k+ posts · 1k+ votes
    5y

    @Ernesto Miguel Credito

    Read Don Campbell. Then join local real estate investment organizations, often these are free or just about free. After a while of that you’ll have the skills needed to invest wisely enough.

    1Reply
  • Tomislav Glamuzina
    Member since 2020 · 35 posts · 5 votes
    5y

    Hey @Account Closed, I like your advice on planning out your 5-10 year goals and working backward. I have been doing this with my current business and is amazing when tangible goals are hit. Writing them down definitely helps keep the focus alive. I am currently in the midst of looking to purchase my first property in The Greater Vancouver Area and hoping to learn a lot through other investors in the forums!

    0Reply
  • Account Closed
    Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
    5y

    @Tomislav Glamuzina I think many new investors focus on getting a property without having a clear vision for the future. If you don't know where you want to be, how can you determine if an investment is good for you? Writing your goals down is one way to kickstart the process, but the intermediate steps are also key, especially if there is a big gap between where you are now and where you want to be. 

    Our market here in MetroVan is a challenging one, what's your strategy / ideal property? 

    0Reply
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