New REI in Nova Scotia looking for guidance
Hello all,
I'm new to REI and looking to build a portfolio. I live in the Windsor, NS and would be looking to start in this area however hopeful to expand later. I would love to talk with an investor from the area that also cover this area. I'm very keen on this endeavour and open to any knowledge or guidance that you would be willing to provide.
Thanks!
Evan
Most Popular Reply
Good for you Evan!
We don't know anything about your situation, so can't really give any advice. REI is a great big world lots of options.
What's your skill-set? How much time do you have to devote to your investing? How much REI education do you have? Do you have a team? Realtor? Broker? Contractor? PM? Lawyer? Accountant? Handyman?
Do you have capital to invest yourself or do you need to use private lending or joint venture capital?
Do you want to be an active or passive investor? Do you have RRSP money to invest into passive mortgages?
If you're a first-time home buyer, there's nothing that will get you started faster than buying a triplex or 4plex with 5% down and fixing up the worst unit while you live in it, then rent it out and move into the next worst unit and fix it up, and so on. By the time you're done with the sweat equity you put in you'll be able to refinance and buy another one with the money you pull out. Just make sure you get a variable mortgage or you'll be waiting until the end of your term to do the refi... breaking a fixed-term mortgage is rarely worth it with the steep penalties.
This assumes you have the time and skills to do a renovation like this (and don't have kids). Lots of other advice to be given, but we don't know enough about your situation and your goals.
Cheers,
Trevor :)