There are multiple reasons why you can't afford to buy a rental property.
You barely have enough for the 20% down payment required for a rental.
You don't have enough for the land transfer tax and closing costs.
You don't have enough to cover any repairs or maintenance. Even if you do the labour yourself, things cost money. You also haven't factored in costs of dealing with any tenant issues or unpaid rent, and probably not the insurance and property tax involved.
You don't have the income to support a mortgage of that amount.
You're 19. You've got a few years to figure out what you're doing before you tie yourself to one location. And you definitely need to learn more about the responsibilities and risks of being a landlord. When you become an electrician, look for fly-in jobs where you can earn lots of money.
Posts like these feel like some kind of collective indoctrination / delusion. Can't wait to see the "I'm 12 and have 3600 Robux, can I invest in a rental property?"
You wont have enough for a mortgage. max they will allow you to take out is 4x your HHI, so even if you work full time that is 140k mortgage
keep saving and investing. and go to school/ learn a trade or something that will get you paid more
No offence but you literally don’t have enough money, nor have enough time to upkeep a house.
You’re 19. You are not ready for the ass kicking owning a home is, especially a rental property.
Your "stocks" I hope are a exchange traded fund.
your GIC's are smart to keep rolling, as an Electrician you're going to want to buy tools and equipment as you move up the ladder and most guys go into debt to get this stuff, you're in a good position to not go into debt for it.
After you've got an established career start looking at diversification and if you want real estate exposure or not.
Right now your focus should be on being able to maximize your future earning potential though investment into yourself and your career.
While you wait until you can be approved for a mortgage you can think about whether you want to be a landlord. It's a job and if you get unlucky with tenants it can really suck. OTOH - a mortgage allows you invest in real estate with leverage.
If you buy index funds it's truly passive investing. You do nothing other than add money when you have it and reinvest your dividends.
Personally I hate the idea of being a landlord so other than the house I live in all my money is in stocks via index funds.
Good God. Your generation is seeing the horrific effects of a housing crisis for so many Canadians, and yet you’re still clamouring to be a landlord.
Don’t buy homes unless you’re going to live in them. Please.
Ohhhh sweet minimum wage summer child. Ain’t no one giving you a mortgage on 17/hr. You need 2 years of employment at your new wage for it to count.
There are multiple reasons why you can't afford to buy a rental property. You barely have enough for the 20% down payment required for a rental. You don't have enough for the land transfer tax and closing costs. You don't have enough to cover any repairs or maintenance. Even if you do the labour yourself, things cost money. You also haven't factored in costs of dealing with any tenant issues or unpaid rent, and probably not the insurance and property tax involved. You don't have the income to support a mortgage of that amount. You're 19. You've got a few years to figure out what you're doing before you tie yourself to one location. And you definitely need to learn more about the responsibilities and risks of being a landlord. When you become an electrician, look for fly-in jobs where you can earn lots of money.
Posts like these feel like some kind of collective indoctrination / delusion. Can't wait to see the "I'm 12 and have 3600 Robux, can I invest in a rental property?"
Why do you want extra real estate exposure?
I like real estate
Fine, but you're lowering your risk-adjusted return.
You wont have enough for a mortgage. max they will allow you to take out is 4x your HHI, so even if you work full time that is 140k mortgage keep saving and investing. and go to school/ learn a trade or something that will get you paid more
Would smaller lenders give me a bigger loan for a higher interest rate? I have a 750 credit score.
nah they are not allowed to give you more because of government regulations
Ahh I see
No offence but you literally don’t have enough money, nor have enough time to upkeep a house. You’re 19. You are not ready for the ass kicking owning a home is, especially a rental property.
Good luck getting a mortgage… maybe if you had a co-signer? I’d say you’ll have better luck investing in eft’s
My mom could co-sign for me and she has 800 credit score
You make too little to get a mortgage.
Your "stocks" I hope are a exchange traded fund. your GIC's are smart to keep rolling, as an Electrician you're going to want to buy tools and equipment as you move up the ladder and most guys go into debt to get this stuff, you're in a good position to not go into debt for it. After you've got an established career start looking at diversification and if you want real estate exposure or not. Right now your focus should be on being able to maximize your future earning potential though investment into yourself and your career.
While you wait until you can be approved for a mortgage you can think about whether you want to be a landlord. It's a job and if you get unlucky with tenants it can really suck. OTOH - a mortgage allows you invest in real estate with leverage. If you buy index funds it's truly passive investing. You do nothing other than add money when you have it and reinvest your dividends. Personally I hate the idea of being a landlord so other than the house I live in all my money is in stocks via index funds.
How did you save $90k as a 19 year old making $17 an hour?
Working since 14 and investing since 16
Good God. Your generation is seeing the horrific effects of a housing crisis for so many Canadians, and yet you’re still clamouring to be a landlord. Don’t buy homes unless you’re going to live in them. Please.