All Forum Posts by: Account Closed

Hello,
My name is Max. I am a 21 year old living in Canada, more specifically Fredericton, NB and I am looking to get into my first property and thus the world of real estate. I am currently in a position where I do not have mountains of capital to spend on buying a house, so, I am hoping to use the BRRRR method to stretch what money I do have as much as possible. When listening to the bigger pockets podcast, I notice FHA loans being mentioned quite frequently because they give the customer the ability to purchase a house with a very small down payment (aka. very little of their own money). I believe that something like an FHA loan would be a great option for someone in my situation, however, sadly, in Canada FHA loans are not offered which brings me to my question. Can you use the BRRRR method in Canada without being able to utilize FHA loans? If so, what loans would be best/most similar to FHA loans (potentially a CMHC insured mortgage would be a good option)? And finally, outside of what I've already mentioned (CMHC loan), do you have any other/better recommendations to help someone, in the financial situation that I am in, get into their first property? And I do want to make it clear that, in keeping with the BRRRR method, my goal after buying and rehabbing my first property is to refinance in order to buy a second property as quickly as possible.

Thank-you for your time and I look forward to reading your responses.

Hi Cody. Thank-you very much for the response. I do understand that there is no such thing as “best market” but I was just using some general/blanket terms for such a general question. As for partners in NB, I have reached out on the bigger pockets forum, but haven’t had any replies for agents/investors in my area unfortunately. 

Thank you very much, both Anthony and Stevo. I am currently located in Fredericton, NB. I would look to begin buying here, but prices have been so high in the maritimes recently that I’m unsure if it’s the best place to start. Also, my partner is not a huge fan of our current location so we were interested in moving, which is why I wanted to ask about the ideal markets because we would be willing to move anywhere in Canada if it meant being able to start our portfolio in the best market possible. That being said, if Fredericton or somewhere else in the maritimes is a worth while market, we would be willing to put our desire to move aside and begin investing out here.

Hi everyone, my name is Max. I’m new to bigger pockets and I am an aspiring real estate investor. Now, I was wondering… given how tough the real estate market in Canada is these days, does anyone have any recommendations for specific markets/areas to look at when trying to start my portfolio? I know this is a bit of a general question, but any information/recommendations on some of the “best” areas/markets (where you can still get in quite cheap and the place has good growth potential) in Canada to start my investing journey would be much appreciated. And whether you have recommendations because of personal experience/success in those areas, or if it’s your own personal opinion, I’m all ears.

Lastly, I want to apologize in advance of this question bothers anyone. Yes, I know it’s general, might be hard to answer, and ultimately is a very beginner type of question, however I am a complete beginner in the real estate world, and everyone needs to start somewhere. So, any info on where to start looking for properties would be great… oh and also, would you recommend trying to buy a single or multi family home as my first property? Keeping in mind that I am hoping to hold it for the long term and have it be the first property in my portfolio!