Five Pearls of Wisdom for Canadian Real Estate Investing
Anyone that invests in Real Estate wants to do it successfully. Many books have been written on the subject. There are 5 simple concepts of investing in real estate that can guide you to success.
Begin real estate investing early
Always keep a fund for emergencies then move onto investing long term. This means starting with your principal residence. You can start building equity early by investing in your principal residence. Renting does not build equity.
Let us look at three real estate investors in the same age group in hypothetical situations. Each was paying $1,000 dollars a month towards accommodation until their retirement at the age of 65. Patrina starts at the age of 25 and bought her first house for $100,000.00 in 1985 which was financed 100%. After 25 years, her house is paid off in full for the rest of her life and she does not have to pay any rent or mortgage. This is very common among a lot of Canadians.