Hey everyone, I am 25 and totally new to real estate investing. I am looking to purchase my first property in Ontario to set me on the right track moving forward in real estate. I have been doing a lot of reading, research, listening to podcasts and YouTube to gather as much as I can to ensure I know what I am doing before getting my feet wet.
I feel like I have an idea of what I need to do, which is:
1. Speak to the Bank and find out how much I can get pre-approved for
2. Speak with a real estate agent in the are I am looking to purchase in. (Which is Windsor primarily or Sudbury as a second location)
3. Establish some team, of a real estate agent, a contractor, a lawyer, a accountant, property manager (or Company).
4. Then finalize the deal and proceed to doing a renovation if needed, then finding someone to rent it and setting up a lease with them.
I believe these are the steps I should be following in that order more or less.
Any feedback to would be truly appreciated acknowledging I am on the right path or anything that I missed and would help me moving forward.
Seems like a good plan to me. The one thing you really have to be focused on is your strategy and the location. Once you have those I believe you’ll get results.
For example, I'm looking for something Turn key, aka something that's tenanted or tenant ready. Or a flip or a BRRRR
I didn't set much of a team at first. Called a mortgage agent, got pre-approved, went through a couple of agents before finding a good one. After that, I asked the agent and mortgage agent to refer me to the inspector, lawyer and whatever else I needed
You pretty much got it. The team comes with time. You may not like the first agent or broker you use.
first step is definitly to get your financing in order and find out what mortgage you can carry. This will determine your house price. Which will determine where you can afford a house. Always buy in the best neighbourhood you can afford. Nice homes in nice neighborhoods, Is what I live by.
As you gain experience your team will develope.
I'm a big fan of Peterborough, Kingston, brantford and london. All great investment towns. If you haven't already, check them out. Not a big fan of Windsor.
Single biggest thing: be saving massively for downpayments.
I would also recommend speaking with a mortgage broker rather than a bank