I was wondering how it is done? I have read stories of new investors that have bought 4 or more investment properties in one year. I'm in the proses of reading real estate investing in canada and thinking of joining REIN but I only have $20-30,000 to invest. I live in alberta so that is where I would want to invest. Most properties are out of my price range, when from what I understand you need 20% down. I could do a JV and that would not be a bad thing, but after that all my money is tied up in one property. So how do you get past the the first property with all your money tied up in it?? Maybe the book will tell me as I finish reading it, or maybe I should wait a bit to join REIN and real estate investing until I have more money to invest. What do you think??
How do you do it??Move on to your 2nd property??
- Thread starter myrious
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To buy more properties you need more cash. The cash comes from your own jeans, or from someone you know well (parents, grannie, rich uncle George), a JV partner, a hard money lender, the seller or from selling or refinancing a property you own. Many avenues exist. If you are handy you can buy ugly assets at a steep discount, fix them up ( while you live there perhaps) and then sell for a big gain.
- Joined
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You need more money
Do not buy any investment property soon
Save more money first
You do this by increasing your employment income and reducing your expenses
During this process, continue to learn more about investment real estate
$20,000 is not even a healthy reserve fund for a portfolio
Do not buy any investment property soon
Save more money first
You do this by increasing your employment income and reducing your expenses
During this process, continue to learn more about investment real estate
$20,000 is not even a healthy reserve fund for a portfolio
- Joined
- Oct 22, 2007
- Messages
- 2,798
I agree with Thomas. And one needs a lot of education before being able to travel down most of those available avenues.
You can find a money partner to put up the entire down payment for a property, but only if you have the expertise to structure and execute a deal worth someone's investment.
You can also buy, fix, and flip or refinance, but again you must have expertise to make it work.
Whether through REIN or through some other means, one must educate oneself before effectively tackling these strategies. But any education is an investment in money and time, and such an investment should only be made when one is serious about taking action.
It is a great time to consider investing in Alberta, and there will be other great times to come if you are unable to do it now. But don't let the lack of a down payment stop you. If you truly want to make it happen, then you can do it with the right support system in place.
You can find a money partner to put up the entire down payment for a property, but only if you have the expertise to structure and execute a deal worth someone's investment.
You can also buy, fix, and flip or refinance, but again you must have expertise to make it work.
Whether through REIN or through some other means, one must educate oneself before effectively tackling these strategies. But any education is an investment in money and time, and such an investment should only be made when one is serious about taking action.
It is a great time to consider investing in Alberta, and there will be other great times to come if you are unable to do it now. But don't let the lack of a down payment stop you. If you truly want to make it happen, then you can do it with the right support system in place.