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REAL ESTATE New Investor Getting Into It (A Small Tale & 2 Questions)

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Devampre

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Hi everyone,

So I'm buying my first property which I believe is a good deal for a 2 bed 1 bath home in a small village. My plan is simple. Move in, put a little into fixing it up/making it look nice, and then renting it out either to long term tenants or a bnb for hunters, snowmobilers, tourists, etc.

I feel like this is a comfortable stepping stone for me getting into real estate investing and building equity

But, part of me is also looking at the cities as the lack of socializing and dating has been weighing on me... Though part of that is also because of covid, but I digress...

At first I was all over mobile homes, until I saw the lot fees and heard some anecdotes of people that had issues with mobile homes in this particular city. Then I started looking at condos. Some looked okay and the association fees were significantly better than the mobile home lot fees, but I felt like paying over $100,000 for a condo didn't feel right. Even when considering renting it out and doing my best to "work the numbers." The returns never seemed to be great and I didn't really want to share space with my tenants.

Lately, I've been thinking about multifamily units (mostly duplexes.) And part of me is considering inquiring about foreclosures. I see this strategy as the ideal approach as I could temporary live in one unit and then rent out the other unit until I buy another property and rent out both units.

Am I on the right path of thinking or am I missing some vital information?

I know some people might suggest to just go rent in the city and rent out the rural property ASAP. But, there's part of me that is still looks at paying rent as burning money. Perhaps, I have some frugal disposition or perhaps this is a common debate amongst real estate investors.

What do you think? (Regarding the proposed debate above.)

Thanks! :)
 

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Envision

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What are you trying to do? What’s your goal?
 

DCDeuce

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^^^ What he said.

From what I just read I don't see a defined goal, real estate investing seems straight forward but to buy correctly is fairly complex.

What is your goal and waht do you want to do.
 
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Devampre

Devampre

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I'm trying to amass a portfolio of properties of which I rent out for profit, increase my overall networth and build equity.

I am at property number one, so my immediate goal is simply getting it ready to rent out and finding the next deal.

Now ideally this next deal would be in a city and will allow me decent living/working quarters while renting out a portion of the property. This is largely what attracts me to multifamily properties. Which may not be the best approach, but currently seems the most attractive to me.

Eventually, once I find a third deal, I will fully rent out that entire second property. And rinse and repeat until I feel better about buying and renting out properties without the need or desire to want to live in them.

So in time I'd like to own a good amount of properties and possibly some more land. (My family rents some farm land, but a lot has been overvalued recently so I'm not really looking to buy more farm land here right now.)

My longterm goal would be a few million worth of real estate throughout the province with my sights on buying more properties here and perhaps elsewhere.

I hope that I have been more clear, but apologize for any further confusion.
 

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