Quote:
Originally Posted by Stormspirit
Seems to me the only way to make money in real estate or even to break even is buy a house, make as many rooms out of it as possible and rent em all out. Either you break even until your mortgage is done getting paid for by tenants or you have to chip in a little every month for the mortgage, ofc backed up by the tenants.
Even then I think its too late to do this Canada.
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i'll try to keep this quick, as we've been over this before
canada, overall, is overpriced, especially vancouver & toronto - you don't buy now, you wait. it will get better, you know in 2000, you could buy almost anything, rent it out and cash flow fine - that was only 13 years ago - these prices are a short term blip. yes, west van, kits, downtown, will be a slight premium as they are demand areas, but overall prices have a long way to come down
if you want to invest in real estate (when the time is right), pick the right properties in the right neighbourhoods in the right cities, simple as that - you need to know what you're doing, it's not just buy, rent, and profit, it may seem like that when you watch HGTV, but as a real estate investor, it takes a LOT of research, analysis, etc.
the payoff can be great, but you need to manage your risk and get your timing better than not.