All Forum Posts by: DIANE LEE

Diane, might I suggest that you read all that you can about "house hacking"? For example, use to your advantage the very low down payments available to owner-occupiers. If you have 20k, you can put a 5% down payment on a 400k 4-plex and you are instantly in a strong investment position. No need for heavy sales like wholesaling.

You said you must learn before you take action, but this wrong. Take action TODAY by immediately sorting out your budget so you maximize your savings for down payment. 

Take action tomorrow by insisting on greater hours or pay at one of your jobs, or by seeking a single higher-paying one. Perhaps a property management company or contractor would take you on.

Best of luck!

Hi @Diane Lee

I have to agree with @Matt Geerts. Focus on buying your own place first.  Your down payment will be less although you'll need the income, credit rating, etc to qualify for the mortgage.  Although it was recommended that you talk to a lawyer first, I'm going to assume that you're in Canada legally so I'm not sure why you'd start that way. My advice would be to attend a local real estate investment club meeting and find a mortgage broker who deals with investors. Make an appointment to apply for a mortgage. Just do it even if you knew there's no way you could get a mortgage right now.  A mortgage broker will tell you what you need, how you need to organize it, and give you a bit of an idea of where you stand.  A broker who specializes in investment properties will be able to give you specific advice on how to set up your finances for future growth and help you set goals to work towards.

Rent is a large chunk of a paycheck that is better saved by adding equity to your own home instead of handed over to someone else.  If you can get someone to pay you rent for living in your place at the same time as Matt suggested, 'house hacking', then so much the better but you'll probably need to start with a smaller space but maybe plan that as your next step.

The only thing you should keep in mind is that you need to buy your own place wisely, just like an investment. Start looking at areas that you'll be able to afford and get to know what's a good deal and what isn't.  Get a couple of Realtors to send you information on properties that come up in the areas you like. They'll just put you on an automated list so don't feel guilty about taking their time. Tell them you might not be in a position to buy right now but, if they're going to be showing a property to somebody else in the area you like, ask if you can see it while they are there.  Anything you can think of to get to know an area to choose. 

Those are the kinds of actions you can take before you're able to start taking action.

Best of luck to you. (And there's an article out this month in either the magazine called 'Money' or 'Money Sense' that you'd be interested to read I think)

Welcome @DIANE LEE and best of luck.  You've found a great place to learn.  Don't be afraid to ask questions.  And as Sarah suggested, be patient.  The great thing about real estate investing is there is always a deal to be found in any market at any time.  

@DIANE LEE

Hi Diane, it's great to see another aspiring real-estate investor in Winnipeg!  

I want you to know something VERY important Diane, not everyone has made the decision that you just made one week ago.  A great portion of the population don't even dip their toes in the water because they're afraid, close-minded, etc, there are a million reasons.  You should be proud of yourself.  Go on, give yourself a pat on the back, you earned it!

There are so many things I want to talk to you about, but to avoid writing an essay, I'll just answer your questions.  :D

1)  Yes, you and me are able to invest in real-estate in all of Canada.  Ontario, Manitoba, Vancouver Island, everywhere is pretty much fair game.  I think one person here said that Canadian properties are expensive compared to the US.  It depends, if you go to British Columbia, you got homes worth at least over $800,000, yet in the US, you can find property at $30,000.  To us Canadians, US properties are dirt cheap, but to Americans, we're expensive.  It all comes down to perspective.  All I can say is that Winnipeg has the lowest average sales value in Canada, which doesn't mean much, but it gives you an idea of where we're at.  Other countries would probably have their own laws and ways of doing things, so if you want to invest in other countries, you probably have to call an attorney or something for more information.  I would suggest though, to first master the market you live in first, then move on to other countries.  

2)  You don't need to use your own money for real-estate investing, despite what some people might think.  Heck, I used to believe it for a while now, but now that I'm getting into this business, I see it been done all the time.  It's not a "rare occurrence" or "unrealistic", it's VERY much real.  If you want insight on this subject, I'd be happy to help!

3)  I am not familiar with the immigrant laws and just to make sure you don't get in trouble, hire an real-estate attorney.  Yes, it might cost a few hundred dollars, but you will save A LOT of time, effort and 1000s of dollars if trouble does happen.

If you want to be more involved with the community in Winnipeg, there's a local real-estate investing group called "Truly Invested" who's hosting a meeting in May.  You'll be able to gain new information, and network with local new and expert investors.  I highly suggest attending, the first meeting is free.

Also, I am no expert with this business, but I currently have enough knowledge to take action.  I've been where you have been, so I have a good idea about what you need.  Learn as much as you can, network as much as you can, and just keep learning till you're ready.  Trust me, you'll know when you're ready!