Back about 5 years ago, when I was still a student, I befriended my land lady, and she advised me to own real estate as soon as I was able to afford it. She also offered to share her experience and help me out with getting started.
A month after I started my full-time job, we got together for dinner and I raided her brain on what I needed to know to get into the rental market. I walked away from our conversation excited and scared stiff. At that moment, I really wasn’t ready to take the risk that came with owning a rental property and the real estate market.
But I also came away with it knowing that in order to make anything happen, I needed to save money.
My PF Journey So Far
Shortly after my meeting with my land lady, I started to think more about where I wanted to be financially. Even if I couldn’t get into the real estate market, I wanted to figure out my finances.
I paid off my student loans, and started to read PF blogs. I learned about investing and what an RRSP and TFSA were and maxed out my company match every single year. I learned to track my expenses (using this awesome tool!) and started my own PF blog to share my journey and keep me on track to financial freedom.
Why I am Thinking About a Rental Property
I’ve spoke with quite a few individuals who currently own rental property. I asked them about how they do it, what they look for, and I’ve had pretty positive feedback. These are individuals who do their research and take a calculated risk when they think it’s worth it. It seems very do-able.
As you know from my monthly budget recaps, I spend very little money on rent, every month. Especially for living near the city! I try to have a bit of fun, but also funnel extra money into my investment and savings. It took me a while to get comfortable with buying RRSP, and TFSA for my investment portfolio. I was so scared that I would lose all my money!
With a rental property, I’d approach it the same way. Similar to how I approached my investment portfolio, I want to do my research first, so I can make a decision that is within my risk tolerance and comfort level.
What are your thoughts on investing in rental property real estate? Do you have any experience owning any rental property?