KarlR
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- May 11, 2013
- 20
- 4
Hi all,
Been lurking on the forum for a while and following some threads,but this is my first time posting one.i am really liking this forum and finding it a goldmine of information,so thank you all for that!
Anyways,let me start off by explaining where I'm at right now and what this thread is about.
I have wanted to buy some real estate for years and hopefully one day have a decent portfolio of rentals built up.my dream is to one day be able to live off the income produced by rentals I own..Hey,it might never happen and I could end up getting myself Into a huge mess and regret it,but I have to try!
So,here's my situation.
I know where I will hopefully buy my first property,which is in a town In BC,Canada where I will be returning to live in with my girlfriend this December (we have lived there before,so I know the areas..plus I have a few friends in the town who could be helpful as they are contractors etc.)
I have regularly been checking out properties for sale there and have seen a few I like,one apartment in particular that is very cheap and I know I could get good return on (provided there's no hidden problems when I check it out in person).
I've emailed a couple of accountants in the town enquiring about the costs of setting up a company with which to purchase properties through and the costs of keeping the books etc and found a guy I think ill use.
I have been saving for the past few years and have enough money for a down payment.that one apartment I've mentioned,I could pay for in cash if I wanted (although I'd rather get a mortgage as I don't want to put all off my money into it and would like to build a good rep with the bank etc,plus I'd like to keep some money free for any other projects/deals if they come up.
So why havnt I got off my a$$ and done anything yet?...
Well I'll explain my situation further and what's holding me back.
I moved to Canada from Ireland back in 2009 when I was 20.I moved there on a one year work permit untill it expired and have been back and forth since,working there again in 2011 on another one year work visa untill that expired.since I was only on temporary visas,I was unable to purchase property(without 50% down!) or set up a company.
But that will all hopefully change soon!my girlfriend(canadian) is sponsoring me to become a permanent resident and we will be flying back to canada to live there for good in December...just praying my Permanent residency is approved by then!(if not,I will just have to enter canada as a tourist and will have to put my plans on hold untill it is approved......fingers crossed!)
We've been tracking the progress of the visa office,and it looks like hopefully I might have it soon...
So aaaaaaanyways,to finally get to the point of the thread!
I was just wondering what is the best way for me to prepare and spend my time from now until we get back to Canada in December?
In particular,are there any real estate books you guys would recommend I should read?ive found tones on amazon that I want to get,but it's hard to know which ones are any good.
Other than reading and keeping an eye on property for sale online and what properties are renting for,is there anything else I could be doing to prepare for this project?what would you guys do if you were in my position?
Also...for all you guys who are involved in RE,if you could go back,what advice would you give yourself when you started out?
Thanks so much in advance for all of your help guys!i just want to use this time wisely,I want to feel I am making the most of this time to prepare,instead of just itching to get started.
Thanks again,it's really appreciated.
-Karl
Been lurking on the forum for a while and following some threads,but this is my first time posting one.i am really liking this forum and finding it a goldmine of information,so thank you all for that!
Anyways,let me start off by explaining where I'm at right now and what this thread is about.
I have wanted to buy some real estate for years and hopefully one day have a decent portfolio of rentals built up.my dream is to one day be able to live off the income produced by rentals I own..Hey,it might never happen and I could end up getting myself Into a huge mess and regret it,but I have to try!
So,here's my situation.
I know where I will hopefully buy my first property,which is in a town In BC,Canada where I will be returning to live in with my girlfriend this December (we have lived there before,so I know the areas..plus I have a few friends in the town who could be helpful as they are contractors etc.)
I have regularly been checking out properties for sale there and have seen a few I like,one apartment in particular that is very cheap and I know I could get good return on (provided there's no hidden problems when I check it out in person).
I've emailed a couple of accountants in the town enquiring about the costs of setting up a company with which to purchase properties through and the costs of keeping the books etc and found a guy I think ill use.
I have been saving for the past few years and have enough money for a down payment.that one apartment I've mentioned,I could pay for in cash if I wanted (although I'd rather get a mortgage as I don't want to put all off my money into it and would like to build a good rep with the bank etc,plus I'd like to keep some money free for any other projects/deals if they come up.
So why havnt I got off my a$$ and done anything yet?...
Well I'll explain my situation further and what's holding me back.
I moved to Canada from Ireland back in 2009 when I was 20.I moved there on a one year work permit untill it expired and have been back and forth since,working there again in 2011 on another one year work visa untill that expired.since I was only on temporary visas,I was unable to purchase property(without 50% down!) or set up a company.
But that will all hopefully change soon!my girlfriend(canadian) is sponsoring me to become a permanent resident and we will be flying back to canada to live there for good in December...just praying my Permanent residency is approved by then!(if not,I will just have to enter canada as a tourist and will have to put my plans on hold untill it is approved......fingers crossed!)
We've been tracking the progress of the visa office,and it looks like hopefully I might have it soon...
So aaaaaaanyways,to finally get to the point of the thread!
I was just wondering what is the best way for me to prepare and spend my time from now until we get back to Canada in December?
In particular,are there any real estate books you guys would recommend I should read?ive found tones on amazon that I want to get,but it's hard to know which ones are any good.
Other than reading and keeping an eye on property for sale online and what properties are renting for,is there anything else I could be doing to prepare for this project?what would you guys do if you were in my position?
Also...for all you guys who are involved in RE,if you could go back,what advice would you give yourself when you started out?
Thanks so much in advance for all of your help guys!i just want to use this time wisely,I want to feel I am making the most of this time to prepare,instead of just itching to get started.
Thanks again,it's really appreciated.
-Karl
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