Where to begin?

by Lut Ganief
(British Colombia, Canada)

Hey there,

Love the site, so so helpful!

I am looking to begin my career as an investor and I was wondering if I am able to with my current situation.

I had just turned 27, single, no kids, currently renting, I do have debt, and close to nothing saved for a down payment.

I was wondering what my first step would be? I have been doing a lot of researching and reading and this is finally the path in my life I want to take. Thank you for sharing your knowledge, experience is the best teacher .

Comments for Where to begin?

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Apr 01, 2013
RE: Where to begin...
by: Tom Karadza

Hello, hello and thanks for the question!

We've been exactly where you are. The first step is saving enough for your first down payment.

You make money in real estate by spending a lot of time owning it (this allows the mortgage to be paid down).

You'll have success with many different property types so find one that you like and contact a mortgage broker or banker to figure out how much of a down payment you'll need. Add to that closing costs and legal fees and some emergency money and go get your first property. Then "set it and forget it"... let it be for a few years and sooner or later you'll have created a great investment.

Now, I've obviously simplifying things but that's the general idea. If possible we would highly recommend working with an experienced investor who will protect your interests along this journey.

Thanks for the feedback on the site!

Tom.

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