Quote:
Originally Posted by westopher
What you want to do is buy something that makes you money, then after you make money, you sell it for more. All you need is a few million to start. It’s fucking simple. Hold on while I write a book about it.
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This is actually not true. My first commercial property was merely 750k. And if one doesn’t have the discipline to save up for down payment for 750k, yes, RE is not for you. But let’s be honest, what does 750k get you in Van today? A slightly smaller 2br apartment?
The key is venturing out. It doesn’t have to be in Vancouver. The same concept that I’m saying here applies anything from YVR to the middle of nowhere town. As long as numbers work, why not?
We are often trying to find excuses to not do something. But use that same energy and try to do something. You’d see that the world is full of opportunities. As a matter of fact, usually the return on investment is better in rural areas comparing to large cities.
But this doesn’t mean that you should go and invest in any small town. You need to see what is it there that supports the economy? In the US, we have found a lot of success in college towns where the single largest employer is the darn school.
A client of mine has a lot of success in a small mining town where he literally owns about 1/3 of the entire commercial corridor. Is not because he’s got billions to invest in. It’s just the town is so small and the commercial corridor is like a block.
What I want to say is, sure. If you only want to do it in Van, save up because this place is one of the most expensive RE markets in the world. But it doesn’t have to be here. My last suggestion of knowing clearly the price of an area can be anywhere. You might know a town that I have never heard of and find success there. As long as you do your homework, pick a place that fit your budget, it’s not impossible to start small. We all start somewhere. And many of people in the field that I’ve met didn’t all come from rich families.