im not sure about Canadian laws or anything but in the US all you need to do is purchase the property like you would a house. You need to visit with a Loan Officer so find out how much you are pre-approved for. Right now with a 20k/year job its not gonna be much, no student loans help. But once you get figures you should find a real estate agent and start searching. once you find what you want its all about getting a mortgage loan from the bank and signing your life away. You should research area rental properties as far what to charge people for rent so you dont outprice yourselfLike i said right now making 20k a year isnt much, for example first time i was pre-approved i made about 26k and i was only approved for a 120k mortgage which isnt bad but with what you are looking for isnt good either. Single Families in my area run about 60-200k depending on the size and area, 2-family's run around 100-300k.Bottomline is whatever the bank approves you for is what you got to work with, so my answer is sure you can do it at your age definitely. Real-Estate is alot of work and can be very rewarding!
I looked into rental property and it really doesn't pay that well unless you have a lot of renters. On top of that, the more renters you have, the more headaches you have. It never struck me as a great investment. For instance, let's say you need to replace a roof. That can cost, on a house, around $10,000, easily. If you charge $500 a month rent, that's almost 2 years worth of rent, during which time you still pay property taxes and other upkeep. The whole time you're hoping your renters aren't trashing the place and skipping out on the bill or that they don't have pets peeing all over, warping the floor boards (it can happen under carpet) and permanently infusing the floor with that smell. On top of that, each and every day every board in the place is getting older, closer to breaking and needing repairs. Doesn't seem worth it to me. It apparently does to some.
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Unless you have been at your job for a few years, it is doubtful you could qualify for a standard mortgage, let alone a commercial one.What you are proposing is a business loan, and though Canada is not in the same mess the US is in, I've noticed you guys are struggling too. Odds are good the bank would want you to be close to fully capitalized to get the loan. That means that you would have to already have the money/assets before you borrowed money for the apartment.Great job on your student loans! Good luck in finding a job in your field
I live in Manitoba...but my Sister lives in Ottawa...Appartments (Condos, really), seem to start in the $100k+ bracket. My sister has a 2 bedroom condo less than 45 minutes from work in downtown. She's selling it shortly for about $200,000. She's looking for something slightly smaller downtown, and is expecting to pay over $250,000...well over.If you want to start a Real Estate Empire of your very own...talk to the folks and see if they are interested in helping bankroll you...That being said, the two easiest ways to do this are a) buy a duplex and rent-out half of it, and b) buy housing near a University/College campus and rent-out the other bedrooms to students for a couple hundred a month (plus a % of utilities).What it requires is a Grade-A credit rating (A+ or higher), lots of liquid capital, and a willingness to risk bankruptcy and work like a proverbial dog for the next 10 years to cover all the bills. You probably won't see a real profit for the better part of a decade, and that will be rather a slim one, until the mortgage is paid off...assuming you don't have any major repairs or applicance replacements to do...or assholes for tenants. Any of these can cause you to loose your shirt.If you're talking about a small multi-unit building...the 11 suite building I live in would set yout back about $450,000-$600,000 MINIMUM here...and the rents in the building average about 590-600 a month. Property taxes on the building are about $30,000 a year...so, 600x11=6600 per month. That works out to over $70,000 a year before property taxes. That leaves just over $40k a year to pay the mortgage down and any needed repairs/upgrades from...that's not much, when you consider a furnace replacement can run you about $10k alone! Considering the same building in Ottawa would likely run you about 2 millon...Good Luck!
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