As for starting to become a Real Estate Investor, it is very easy. Most people make getting started harder than it is. I know a guy who has spent 50,000 on courses and has not “started” yet. You don’t need to know everything, you just have people around you who do.
First, find a reputable mortgage broker that you like. That means looking at different banks and seeing how they operate, their policies, etc. How much pull does your broker have within the bank? There are brokers who work with a bank and brokers who have between 16 and 17 banks under their umbrella. Royal, Desjardins, BMO are the ones with internal / independent brokers. The reason this is so important is that the relationship you develop will help you when you have a lot of questions, and email them a list for feedback when needed.
Second, find out how much you can borrow from them and also from B lenders, joint ventures, other’s RRSP loans, etc. to know exactly where you are and what your financing options are. This is very important because great deals go very fast, as fast as in a day.
When you are done with the above, and have a very clear idea of the type of building and location, go shopping with your real estate agent. It’s as easy as that. This is where most newbies get stuck. They feel that contacting a real estate agent to help them is bothering them. That is the furthest thing from the truth.
Finding a great experienced real estate broker is key to your success. The good guys will always call you back as soon as possible, keep up with the pulse of the market, know the resources to help you, are excellent problem solvers, and will get the information you need to move forward without delay.
All the next steps in the process that the real estate agent should guide you. Courses and reading on the subject will help. I have been in the business as a real estate agent for 8 years and each deal is different and the complexity that I have faced is incredible. Leave the new agents to the people who buy and sell their homes.
The gateway to your success is staying focused and motivated. Don’t go too far in too many directions and don’t take no for an answer. Developing relationships is a must and will raise the level of your success rate.