Hello BGP community!
I am a first-time homebuyer (27 y/o) living in Vancouver, BC. My girlfriend and I are looking for our first move and have yet to come to a decision on what move we want to make I initially thought I would purchase an apartment or condo and begin renting it out, however, the numbers just don't seem to work in the places I've looked in BC (Kamloops, Kelowna, Vancouver, Victoria). My girlfriend has an architecture diploma as well as an interior design degree so we've been thinking more about having our first property be a flip property that we would live in for a few years and fix up.
I still have so much to learn and I don't want to come here and just straight up ask for the answer. I know I still have much more research and reading to do, so what I am asking is if anyone can give me any suggestions on books to read or other resources to look at? Also, if anyone does have any suggestions for a first-time home buyer on what a good move would be with the markets right now that would end up being a bonus. We are likely looking to purchase in 1-2 years.
Thank you, everyone. I look forward to connecting with all of you!
Welcome to BG. I am from Vancouver too!
I have moved to Abbotsford during COVID19.
I am also looking to purchase a home in lower mainland. But I have changed my mind and decided to do BRRRR in Calgary where numbers do work out.
Dont overthink it, you will end up like the rest, reading forums for 5 years still asking questions.
Got a downpayment? Buy.
Next year, two years from now, you will be ready for #2, then 3, then 4.
My biggest regret, is "waiting" to buy. Every year cost me 10%.
You literally cant go wrong
Hi @Alex Gallis I tend to agree with the "don't wait too long to buy" advice. However, you don't want to buy just anything. For most people/markets the best property to buy is something with 2-4 units. You can take advantage of being able to put down less than 20% because you live in one of the units. It's best to buy something with multiple exit strategies, and by that I mean something that you could fix up and sell, but also something that you could fix up and hold. So something that would make sense to keep as a rental property, when you move on to your next place. Wealth is created in long term buy & hold. Fixing & flipping is more like a job within the real estate industry.
@James Park hi James. How do you manage your property outside BC?