Im new to these forums this is my very first post so i dont know if this is in the right section, just looking for some help and guidance.
Okay, well i bet you guys were excited to make your first real estate investment.
So im 18 years old, Coming out of Southern Ontario Canada. I have saved all but $8000 of all my hard earned cash. i work part time, and sell clothing for extra cash(my little business haha) i expect to reach about 10000-12000 by the time spring rolls around.
So get this, i would like to start young. i dont know my parents told me to wait til i gather some more cash, but i want to know if it is even necessary. but all that time of me saving for more cash will just take away time where i can be paying off the mortgage.
im looking for a tri-plex home, definatly needs seperate hydro meters(i heard thats the smartest way) and those homes around here vary from 140 000 - 250 000 (depending on area and size) im looking to spend about 160 000 to get an OK area, and maybe find some good tenants paying rent every month to get in there.
does my measily $8000 mean anything? can i own and manage a property? i have some what experience doing this with my parents as they own a home i make reciepts and help handle avictions yada yada yada, so i kinda know the deal. I dont want to take much advice from my parents tho as they get all there advice from the re agent, and they are kinda foriegn lol.
Any Help guys! Thanks
Oh! and let me mention that i live at home, no expences other then cell phone bill.
so i rack in about 300-400 a month pure profit just with my job, shirts can vary 100-1000 a month.