Just 21

[Linva]

Hi, my name is Van, and I’m 21. all i can think about is making money. im in to buying and selling cars, but that’s not good enough. everyone is talking about real-estate, investments’ this and that.
i want to buy property but i have no idea how or where to start. im reading all these books, rich dad poor dad, Donald trump books, and few others.
im not scared to invest, or to jump in to something.
Since you guys are more established and have more experience i was hopping you guys can give me some tips or some idea where to start. I would greatly appreciated it.

Thank you

Van

 

[ChrisDavies]

Stick around, listen, learn. Read a lot. However, real estate isn`t a get-rich-quick game, and usually requires you to have some sort of income besides real estate for at least the first three years.

That said, there`s no better place to learn about Canadian real estate investing than REIN.

Welcome!

 

[invst4profit]

Definitely get yourself a copy of Don Campbells book REAL ESTATE INVESTING IN CANADA.
You can order it through this site.
Second if you do not already have a steady full time job get one. It will be essential to have a steady income to support your start up and assist in getting financing.
Three start saving as much money as you can as seed to start investing.
When you can afford it consider joining REIN.

There are other options but this is a straight forward and simple plan.

 

[jarrettvaughan]

Hi,
I am 26 and started investing when i was 25.

It can be very hard to purchase a property when you are young but it can be done. READ READ READ, all you can about Canadian Economics, Money Management, Canadian Real Estate, Capiltal Investment, Accounting and Sales.

Join REIN, you will be amazed at how it will help. I started studying Real Estate when I was 24, for one year i battled to buy a property, had no success. I joined REIN, 10 months later I have 5.

You need to get a good, steady full time job. Buy a nice suit, shoes, shirt and tie. Meet with a mortgage broker to see if you qualify for a mortgage and what steps you should take in order to set your self up for success. Put together a Sophisticated Investor Binder for the banks.

Convince your parents, relatives and friends to cosign for a mortgage (only if you need it (unfortunately i did not have this option which my my battle much harder)).

Set goals and write them down and read them everyday.

Ask a lot of questions and read every new posting on this site.

Get a mentor.

Don`t waste your money on nice cars, stereo`s, beer, night clubs, ipods, cool cell phones, and other crap people spend money on.

 

[invst4profit]

Don`t waste your money on nice cars, stereo`s, beer, night clubs, ipods, cool cell phones, and other crap people spend money on.


Excellent advice. Get your priorities straight.
Also consider changing social circles to like minded individuals. People with money will rub off on you.

 

[ShannonMurree]

You are NEVER too early to start. My children are 12 and under and my husband and I show them the principles about assets, investments, liabilities, etc. The point is that you`re here and willing to start now so good for you!

Buy Don`s books:
http://www.amazon.ca/exec/obidos/ASIN/0470835885

http://www.amazon.ca/Tips-Canadian-Real-Es...d_bxgy_b_text_b

What I love about Don`s books is that they`re geared to Canadians and speak English and don`t talk over your head....easy to understand and very motivational.

Stop buying things that depreciate. Open an ING savings account and set your goal. It`s cool to watch your money grow (ingdirect.ca) Put money away so you can`t touch it and make automatic payments. Use that as downpayments.

Do a credit check on yourself and see where you are financially.

Of course, network, watch and learn.
Good luck!

 

[kanabel]

QUOTE (ChrisDavies @ Oct 3 2008, 12:49 PM) Stick around, listen, learn. Read a lot. However, real estate isn`t a get-rich-quick game, and usually requires you to have some sort of income besides real estate for at least the first three years.

That said, there`s no better place to learn about Canadian real estate investing than REIN.

Welcome!

Very true!!!
This is my first year, and believe me since I jumped in without education and more with speculation, if I didn`t have my job with steady income, I would go much more down. I am trying to correct my mistakes by educating myself more and learning through these mistakes. Even though I am not REIN member yet I can tell you are on the right spot. Books are good, but don`t miss Quickstart. You get from A to Z how to start investing, but I would advise you to continue learning about dangers and traps in this business even after that. There are lot of unknowns, and you must question everything. I am sure, here, you will get helpful advises and support along the way.

Dejan