HOW TO BUY YOUR FIRST RENTAL PROPERTY - Real Estate Investing for Beginners in Canada

Рет қаралды 24,337

Күн бұрын

A step-by-step guide on how to buy your first rental property. In this video I'll walk you through the process on how to buy rental property in Canada. In this real estate investing for beginners in Canada series, I'll walk you through how to buy rental property with no money down as well as your other options.
DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.
Website
www.darrenvoros.com
Facebook
/ vorosd
Instagram
/ darren.voros
Step 1 - You'll need to figure out where your money is coming from and how much you're going to invest? This money could come from a variety of sources such as cash, Investments, parents, or perhaps a joint venture partner. There are no money down options or you can fully finance a property as well.
Step 2 - Where do you want to invest? Where should I buy my first rental property? Picking a location for your first investment property can be difficult. Start with an area you are familiar with and branch out from there. It's important that you know the area you're investing in on a street by street basis as this will help you understand the local real estate market and what's going on in that neighbourhood.
Step 3 - What kind of property do you want to buy? There are all kinds of options when it comes to what kind of investment property you can buy. Single family dwellings, duplexes, triplexes, multi-unit or a condo. The kind of rental property you choose will depend on how much money you have to invest, how much time you have to invest, what type of tenant do you want to have in your property and whether or not you want to do renovations on the property.
Step 4 - When buying your first rental property, you'll need to build your real estate investing team. Depending on the transaction you may need some or all of these people.
-Realtor
-Mortgage Broker
-Lawyer
-Accountant
-Property Manager
-Home Inspector
-Contractor
-Insurance Broker
Try to find service providers that specifically focus their business on working with investors. This will help you move your real estate investing business forward faster and allow you to scale your real estate investing business if you choose the right team.
Step 5 - Analyze your numbers! Real estate investing is all about the numbers so if the numbers don't work on a specific property, walk away and move on to the next one. There will always be another property. You'll need to know how to calculate cash flow. How to calculate how much of the mortgage you pay down every year and how buying a rental property compares and differs from buying your first house.

Пікірлер: 60

@shoelover1797 3 жыл бұрын

Hi Darren im from Edmonton and I love to know more about this platform because I wanted to leave my 9-5 grind. I just dont know how to start but your videos is very interesting.

@giselelabbee8867 4 жыл бұрын

Awesome compilation Darren. Edited well. You packed a thorough review of basic understanding and requirements to start your RE investing. Great backdrop too :)

@DarrenVoros 4 жыл бұрын

Thanks Gisele. I loved that backdrop and miss it. Hopefully we'll be able to travel again soon enough.

@alvinmaalat1578 3 жыл бұрын

That is really great. Thanks for sharing.

@DarrenVoros 3 жыл бұрын

Thanks for watching Alvin!

@louiebuckets 2 жыл бұрын

Thank you for sharing these videos Darren. We need more of these type of content here in Canada

@DarrenVoros 2 жыл бұрын

You got it!

@dylanpudlowski8335 4 жыл бұрын

Thank you Mr. Voros for the advice.

@DarrenVoros 4 жыл бұрын

You're welcome. Happy to help in any way I can

@myrosamaria9517 2 жыл бұрын

Great video. Thank you!

@eliphas_catdaddy7982 2 жыл бұрын

Very inspiring, thank you. Its always the hidden costs and maintenance that make me worry.

@DarrenVoros 2 жыл бұрын

So true!

@businesswithsam 4 жыл бұрын

Excellent tips! Thanks for sharing

@DarrenVoros 4 жыл бұрын

Thanks so much!

@christopherpapin6574 2 жыл бұрын

Very good educational video Darren I live in BC and and looking to become an investor for long term! Can’t wait to learn and make that cash flow

@MogulMastermind Жыл бұрын

Thank you for this Great Video, Darren!

@DarrenVoros Жыл бұрын

My pleasure!

@BassBwoy3 3 жыл бұрын

From Langley, BC. I bought my first piece of real estate this year; 2 BD / 2 BTH condo in Langley for $380K. I wish I ran the numbers better, but at the very least, I'm renting the other bedroom out and it covers 42% of my living expenses. Finding cash flow properties in Lower Mainland, BC seems hard, but it has got me thinking about other locales in BC and other provinces too.

@DarrenVoros 3 жыл бұрын

Thanks for sharing Alex. Condos are tough to cash flow because of the maintenance fees but if it's working for you, keep going.

@BassBwoy3 3 жыл бұрын

@@DarrenVoros - For sure. I just bought to get in the market at a lower cost, low interest rate and take advantage of low downpayment when it's a primary residence. The average 2BD single family home in Greater Vancouver is easily $650K+, which puts it out of reach for most people. Vancouver Island looks to be a different story. In future, I wouldn't buy a condo in Canada as a true investment property after seeing how maintenance fees in Canada have been doubling this year.

@bronsondiamond2025 3 жыл бұрын

From Edmonton, Alberta here. I'm glad I'm getting into property investment as the growth and expansion rate in Alberta is ridiculous.

@DarrenVoros 3 жыл бұрын

I've been an Alberta investor for some time. Glad you enjoyed the video.

@wynnsimpson 2 жыл бұрын

Nice video. You are likable.

@FlipWithRick 4 жыл бұрын

cool content you deserve more subscribers

@DarrenVoros 4 жыл бұрын

Working on it!

@murkT 3 жыл бұрын

Hey Darren! You mentioned in the video that when you started investing, you purchased a single family dwelling for your first property. You then went on to say that, had you had the knowledge you have now, you would have chosen differently. I just wanted to know what the ideal type of property would be for a beginner (what you would have gone for). Great vid btw and thanks for all the tips.

@sphinxfn2218 2 жыл бұрын

Any property is great if the cash flow is positive

@antongurov877 2 жыл бұрын

Oh man, here i am trying get into this, also from red deer

@AmrinderSingh-lc7dy Жыл бұрын

Hello Darren, any suggestions on which will better market in terms of long term investment GTA or Alberta ( Edmonton or Calgary)? Please suggest. Thanks

@BG-hh3pd 3 жыл бұрын

Hey I have a question ..how did u build your team ??

@paulg.5075 2 жыл бұрын

If you bought in Red Deer in '02, you likely saw the value go up about 30-40% in 5 years.

@jessiejay947 2 жыл бұрын

I use to live in Red Deer too 😆

@BG-hh3pd 3 жыл бұрын

I want to start my own real estate business ..my age is 19 n I rly have no investment.

@bpricey6592 3 жыл бұрын

+respect

@trailsloth6956 Жыл бұрын

When did you buy properties under llc?

@DarrenVoros Жыл бұрын

I don't buy properties under an LLC in Canada. We set up corporations. I did that after owning a few.

@sandrinebedard9548 3 жыл бұрын

How can you realistically have a positive cash-flow property in today's market? Everything is so crazy expensive and rents haven't caught up...

@DarrenVoros 3 жыл бұрын

Then you're looking at the wrong properties. If it doesn't cash flow, move on to the next one because they are out there. You may have to get creative but there is always opportunity no matter what cycle the market is in. I hope that helps.

@davidkrstevski4114 3 жыл бұрын

Hello Darren. From Ontario here. In some videos you mentioned 10% down payment. How do you obtain this option? Everywhere I look and have done has always required 20% down. Is this relative to province? Thanks

@DarrenVoros 3 жыл бұрын

Hi David. 10% down is not province specific. It's more related to owner-occupied units. The bank will usually give you 10% down if you plan to live in it yourself. If it's a rental you can expect to put 20% in most scenarios. If you are putting less than 20% down you will be paying a CMHC premium though so you'll need to factor that in as well.

@davidkrstevski4114 3 жыл бұрын

@@DarrenVoros thanks! Yes I’ve been doing 20%. I thought maybe I’m missing out on something haha. #beginner. Thanks!

@BG-hh3pd 3 жыл бұрын

The thing is college or school teaches u but they don’t give u jobs. For me ,as a 16 yo, I would like to skip college well ik my parents would be mad at me but instead of college I would like to invest some money do a job n then start real estate m trading. A millionaire isn’t a millionaire due to only 1 kind of work. He does multiple work .

@RecapByRod 4 жыл бұрын

If I manage my own rental property, can I charge to cost as expense? If so, how exactly?

@DarrenVoros 4 жыл бұрын

Hey. I have a video coming out on thursday all about property management. There are ways you can write-off managing your own properties. Take a look at the video on thursday and if you still have questions, let me know

@josephlee1204 2 жыл бұрын

Hi Darren I would like to start investing can you show me how? Thanks

@DarrenVoros 2 жыл бұрын

Sure thing!

@josephlee2581 2 жыл бұрын

@@DarrenVoros where do I start?

@brad346326 2 жыл бұрын

130,000 shit that’s a dream for a bi level Today

@DarrenVoros 2 жыл бұрын

Ya anything bought in 2002 is probably a pretty good deal today. That's the power of long term real estate strategies.

@kylechallis 2 жыл бұрын

There is something about generational advantages when it comes to profiting from real estate. I’m a 4th year university student and going to graduate come August at the age of 22 with no debt and $40k in the bank. I’d say I am well ahead of most people my age and am still about $60k short of the 20% down payment I want/need to put down for even the smallest home in the GTA at about $500,000. This isn’t my sad story of how hard people my age have it, I’m just saying how much easier people aged 40+ have had it to double or triple their net worths by working low wage jobs with no education.

@astromaxx7771 2 жыл бұрын

Same like Darren, I worked in an environment where you can save money for the downpayment- cruise ships! Zero living expenses! Worked my a$$ off 14 hrs/ day, 7 days a week , but you can save big...and see the world for free ( when you not on duty, LOL!!!)

@BigAndy229 3 жыл бұрын

Anybody here from Vancouver island? I’m new to this and would like to get a team together, that I can learn from and invest with

@DarrenVoros 3 жыл бұрын

Join The Reinvestors community. They are vancouver island guys and host meet ups and education. They are all round great guys too.

@BigAndy229 3 жыл бұрын

@@DarrenVoros thank you! I'll give them a call

@kunalraj1753 2 жыл бұрын

@@DarrenVoros any leads for Regina, Saskatchewan?

@rebinreji3639 2 жыл бұрын

millionare explaining how he became a millionare-12k views. some youtuber giving million dollar lamborghini to somone else-80 M.

@DarrenVoros 2 жыл бұрын

Seems about right.

@GrassKings 2 жыл бұрын

Lower Fair view is still the ghetto, just to let ya know lol

@Bavubuka 3 жыл бұрын

What a nightmare process. I'll stick to foreign real estate.

@DarrenVoros 3 жыл бұрын

You should check out more of my recent videos to see the great potential there is with investing in Canada. I also have videos on cross-border investing if you are interested in that as well!