Hello Everyone
I have been looking at REI for a while but have never had the capital to get started. My wife and I have just bought our first home which I look at as a start into the world of REI. We would like to get a couple investment properties but at this time have no money of our own for the down payment`s and because we used 5% down for our own house we don`t have very much equity. Ideally we would like to use our experience in our area which is Saskatoon. We have lived here for over 10 years and know areas that have potential (there are new houses going up in older developed neighborhoods) and also areas to avoid because of crime, violence, gangs, etc. I am wondering though if attracting OPM can be used if you are real estate beginners like us. I have read that it is very difficult to use OPM if you dont have a developed portfolio of properties already but the problem is that we would not be able to get a rental property for 1 to 2 years. I know that the property we bought just went up in value by 10-15 K and we have not moved in yet because it is a new house being built. Any information to help us get started would be appreciated.
I have been looking at REI for a while but have never had the capital to get started. My wife and I have just bought our first home which I look at as a start into the world of REI. We would like to get a couple investment properties but at this time have no money of our own for the down payment`s and because we used 5% down for our own house we don`t have very much equity. Ideally we would like to use our experience in our area which is Saskatoon. We have lived here for over 10 years and know areas that have potential (there are new houses going up in older developed neighborhoods) and also areas to avoid because of crime, violence, gangs, etc. I am wondering though if attracting OPM can be used if you are real estate beginners like us. I have read that it is very difficult to use OPM if you dont have a developed portfolio of properties already but the problem is that we would not be able to get a rental property for 1 to 2 years. I know that the property we bought just went up in value by 10-15 K and we have not moved in yet because it is a new house being built. Any information to help us get started would be appreciated.