What to do first and can I get started?

[Kennyk171]

I' ve read the book a couple of times and I'm eager to get started. I am starting from ground zero, no agent or realtor basically no team except for a bank manager whose is a personal friend of mine. I am finding it difficult to find an agent who is willing to work with me because my DP will be so low. Basically, I have a full time job and only have 10k to start with and some agents tell me that this is not enough. I am a father of 3 under 5 and finding it difficult to keep searching for team members that won't work with someone who has such a low amount of capital. Am I able to get started given my current status? Any hints, tips or referrals would be greatly appreciated Located in Toronto and looking to invest in surrounding areas.

Thx

Ken

 

[Thomas Beyer]

1) First define your goal of a first property, which includes an area and a property type.

2) Then look on www.mls.ca for suitable properties to get an idea.

3) Then get pre-qualified for a mortgage, with a capable mortgage broker.

Then look at a few of the houses for sale.

Then do more home work regarding area upside.

Then write an offer.



10K buys you a $200,000 home, assuming you live in it. Indeed that does not buy you much in the GTA. The realtor is likely right, unless your income is very high. Thus step 3 - pre-qualfication for a mortgage is crucial.



More money is likely required .. and more time .. and the dream may have to be post-poned for a few years, unless extended family (grandma, rich uncle, bank of mom) can chip in a few.

 

[briany]

Hi Kennyk171,



10K is really not enough to buy any property in Toronto. Most properties require 20-25% down in order to purchase and cashflow. You may want to consider buying your first property with friends or family (as Thomas said) so that you have enough of a down payment. Are you able to use a HELOC to help with the purchase? What area(s) are you considering? Properties in Hamilton and Orillia are more affordable than anything in Toronto. Feel free to email me if you have any other questions and I will do my best to answer them.



All the best,



Brian

[email protected]