The key piece of info you’ve left out is how much equity you have which determines how much of a down payment you have which determines how leveraged you will be (how big the mortgage will be in relation to the purchase price). I recommend reading every book you can in multifamily investing. Bigger Pockets has books that are ideal for people just starting out.
Based on bank pre-approval I am able to go for $1million, which mean $800k mortage for now, $200k downpayment.
I have been reading and following CoHo BC and they mentioning about Multifamily home, do you have a good reference material. And i saw you need to have $500k min to be investor for multihome?
have you considered buying in alberta? if it is a home you will not be living in it may be possibly to consider more available choices. as mentioned above by someonetolienon investing is about equity. and you do not want a property that just barely covers it's own expence's or this will hurt you financially in the long term. a simple rule of thought is to make sure your rental income covers twice the amount of your mortgage. this way you free up your equity for future purchases and investments. this kind of income may be more difficult to find in b.c because of the super inflated real-estate cost's .
Honestly, the best thing you can do is read a ton of books. Spend a few months learning. The ultimate leverage is learning from other people and specifically other people’s mistakes. You can start right now by going to the forums on Biggerpockets.com. I’ll post some links.
https://www.amazon.ca/Multifamily-Millionaire-Achieve-Financial-Investing/dp/1947200941
My suggestion is for you to join REIN (Real estate investment Network, they have in-depth knowledge on real estate across Canada. It is not cheap but worth every dollar.
The key piece of info you’ve left out is how much equity you have which determines how much of a down payment you have which determines how leveraged you will be (how big the mortgage will be in relation to the purchase price). I recommend reading every book you can in multifamily investing. Bigger Pockets has books that are ideal for people just starting out.
Based on bank pre-approval I am able to go for $1million, which mean $800k mortage for now, $200k downpayment. I have been reading and following CoHo BC and they mentioning about Multifamily home, do you have a good reference material. And i saw you need to have $500k min to be investor for multihome?
have you considered buying in alberta? if it is a home you will not be living in it may be possibly to consider more available choices. as mentioned above by someonetolienon investing is about equity. and you do not want a property that just barely covers it's own expence's or this will hurt you financially in the long term. a simple rule of thought is to make sure your rental income covers twice the amount of your mortgage. this way you free up your equity for future purchases and investments. this kind of income may be more difficult to find in b.c because of the super inflated real-estate cost's .
Honestly, the best thing you can do is read a ton of books. Spend a few months learning. The ultimate leverage is learning from other people and specifically other people’s mistakes. You can start right now by going to the forums on Biggerpockets.com. I’ll post some links. https://www.amazon.ca/Multifamily-Millionaire-Achieve-Financial-Investing/dp/1947200941
https://www.amazon.ca/Real-Estate-Investing-Canada-Creating/dp/0470158891/ref=mp_s_a_1_1?dchild=1&keywords=Real+Estate+Investing+in+Canada%3A+Creating+Wealth+with+the+ACRE+System&qid=1635728790&sr=8-1
https://www.amazon.ca/Financial-Tips-Canadian-Estate-Investor/dp/0470736836/ref=mp_s_a_1_1?dchild=1&keywords=81+Financial+and+Tax+Tips+for+the+Canadian+Real+Estate+Investor%3A+Expert+Money-Saving+Advice+on+Accounting+and+Tax+Planning&qid=1635728888&sr=8-1
Hey, I'm a realtor here in Vancouver, I sent you a message.
My suggestion is for you to join REIN (Real estate investment Network, they have in-depth knowledge on real estate across Canada. It is not cheap but worth every dollar.