Need Property Investment Tips, Can You Give Em'?

Question

I'm in my early 20s, but I'd love to get a leg up. Ideally I'd like to have some lucrative properties under my belt, be it a house, apartment or condo units, or if I'm lucky enough an entire building, by my mid-late 30s.

I'd love to start with an apartment or condo unit. What would be the best route to take to get from there to where I want to be in 10 years. Obviously I'm not swimming in money, but if I have enough to pay for my own mortgage, and can make the difference between what the renters are paying and what the mortgage payment on the other unit.

Just looking for advice/tips? I live in British Columbia, Canada. Do you know any good place to buy in right now? etc...

Answer 1

Invest in a condotel, a property sold as a condomium and rented out as a hotel room when not in use. This type of property generates income in 2 ways, via appreciation of the property itself, and the income earned from hotel rentals.

Answer 2

Location, location, location. It doesn't matter how great a deal you get on a rental property, if no one wants to rent it. Start with a small place in a college town where students are always looking for a place to rent near campus. Keep adding from there. Once you get a small, profitable property, it will be easier to add from there since you can use it for collateral.