If you’re reading this blog you’re likely in your 20’s and the thought of being a young real estateWatch Full Movie Online And Download Patriots Day (2016). Read more ... » investorThe Hard Hitting Truth About Kitchener Waterloo Real Estate Investor's (VIDEO BLOG). Read more ... » interests you. Even though most millennials only think as far as this coming Friday or when their next paper is due.
But there’s something different about you, isn’t there?
Something inside of you knows that you want more out of life.
Paying off tens of thousands in student loans for the next 10-15 years doesn’t sound cool, and neither does working a job you hate until you’re 65.
If the thought of working a 9-5 until you’re old and grey terrifies you, you’re in the right place!
How To EASILY Become A Young Real Estate Investor
The easiest way to become a young real estate investor and set your life up for financial freedom is by owning ASSETS that provide you with cash flowWatch Full Movie Online And Download Patriots Day (2016). Read more ... » on a regular basis.
Now there are many investments that can provide this but in this specific blog, we’ll be talking about real estate. Which is my favorite investment vehicle!
The main reasons why I love investingWatch Full Movie Online And Download Patriots Day (2016). Read more ... » in real estate is because it’s never going away. People will always need a place to live. So if you can provide a good quality home, you will likely always have tenants3 Ways To Buy Your Kitchener-Waterloo Tenants Love! (VIDEO BLOG). Read more ... » wanting to pay you top dollar.
The second reason I invest in real estate and became a young real estate investor myself, is because you can control this asset class fairly easily.
For example, if you own stocks, you’re at the mercy of other peoples decisions and emotions.
If the financial industry takes a hit, or the oil industry takes a hit or if the specific company you’re investing in makes dumb decisions, this will greatly impact YOUR investment.
It really doesn’t make sense to me, but I’m not a stock expert. The same goes for Mutual Funds and bonds.
With real estate on the other hand, I can improve the house and raise it’s value – or, I don’t have to.
If the market is low, I don’t HAVE to sell. If the market is booming, I CAN sell whenever I want.
I can also refinance and find different lenders to improve my mortgage7-Step Guide To Investing in Condo Townhomes. Read more ... » rates depending on market conditions. I pretty well have full control of my properties!
And while investing in real estateTired Of Hearing NO? How To Get Your Real Estate Offers Noticed and Accepted!. Read more ... » does have it’s draw backs, compared to other investment avenues, you’re MUCH more in the driver seat!
The Bad News!
So all you have to do in order to become a young real estate investor is to buy a property! Simple, right?
“Funny, but I don’t have the moneyWatch Full Movie Online And Download Patriots Day (2016). Read more ... » to buy a rental property! I still live at home! And don’t rental properties cost A LOT of money?”
It’s true. When you buy a rental property in Canada, you need to put 20% down.
For example, a Semi-Detached property here in KitchenerInvesting in The RIGHT Real Estate Niche in Under 3 Minutes! (VIDEO BLOG). Read more ... »-WaterlooInvesting in The RIGHT Real Estate Niche in Under 3 Minutes! (VIDEO BLOG). Read more ... » costs roughly $275,000. So in order to buy this property, you need a down payment of $55,000 + closing costs and renovationsTop 5 Renovation Tips For Your Single-Family Investment Property. Read more ... ». So figure around $70,000 at the very least.
Now if you’re in your 20’s and you didn’t come from a ‘privileged’ family – I’m guessing you don’t have that kind of money sitting in your bank account.
Here’s The Good News!
The good news is you don’t need that much money to become a young real estate investor!
When you buy a primary residence in Canada, you only need to put 5% down. And when you’re a first time buyer in Ontario, your land transfer tax is FREE as well. So you save even MORE money!
“I thought I was buying a rental property … not a primary residence?”
You’re right, but the EASIEST and CHEAPEST way to become a young real estate investor is to TURN your primary residence into a rental property after 1 year (at the very least).
There’s no rule that says you CAN’T rent out your house after 1 year of living in it – even though you bought it as a primary residence.
<DISCLAIMER> Buying a property as your primary residence and then renting3 Questions To Ask A Realtor Before Investing!. Read more ... » it right after closing without officially moving into it is bank fraud! I do not promote this strategy! You definitely want to wait at least 1 year at the very least before moving back to mom and dad’s or buying another property before renting it out.
“So how much money will you need?”
Well being able to qualify for a Semi-Detached home priced at $275,000 may be hard on your own, even with a good full time job!
So I suggest buying a Townhome if you don’t have a spouse to help you qualify for a higher mortgage.
You can find condo and freehold Townhomes7-Step Guide To Investing in Condo Townhomes. Read more ... » in KWC with a garage for roughly $190,000.
Your 5% down payment will only be $9,500 plus closing costs ($1200). Remember, if this is your first home so you’re exempt from paying land transfer tax (which is awesome!)
Coming up with $15,000 for all costs including renovations (as you’ll likely be painting yourself!) is peanuts in the long run!
If you’re working full time, you can EASILY save this up within a few months while living at mom and dad’s! Then, in a year, or two, or three, or whenever you out grow this home, you can then buy you’re next (probably nicer) primary residence.
Again, this will only cost you 5% down (AND land transfer tax this time!).
Now I understand that if you’re a student in College or University, buying a property without a job (or money) will be next to impossible. But maybe your parents can co-sign if you have a decent part time job.
This strategy is definitely geared towards 20 year old’s who are working full time (maybe even after they finished school), but it’s still possible to be a home owner and student!
The lesson of this blog is that it’s EASY and very CHEAP to be an investor.
It may take 1-3 years before you can buy your next house and officially have a rental property, but it will definitely be worth it!
Having two properties adds credibility to your name, which you can use to attract partners who will invest with you (without using YOUR money ever again! That’s the key!)
If you truly want financial freedom, this is definitely the BEST advice I can give to a 20-something.
This is the exact strategy I used at age 22 and now at age 28, I own 8 properties – and I’m not even CLOSE to slowing down!
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