The only difference between reality and fiction is that fiction needs to be credible.”
― Mark Twain
What Mark Twain was trying to say is that one has to believe that the real estate dream is possible no matter the negative connotations at every turn. We know that real estate investing has been part of wealth creation for generations that it’s traced back to Roman empire when was called insulae (that consists of apartment buildings for people who could not afford a domus).
Is it a fiction to believe that your first purchase is apartment in Yaletown? YES (possible if you have 40% down-payment for a $ 1.5 Mil purchase and a stable job)
It’s a fiction to believe that you will be able to buy a home someday in Vancouver and pay the same price like someone living in Manitoba or Nova Scotia? YES, that’s fiction
It is a fiction to believe what’s shown on HDTV House hunters’ episodes? YES (same reason people watch bachelor)
Rent in a big city and own in small town? That is NOT a fiction
Buying recreational properties, REIT investment, commercial property are other forms of real estate investments that would get you started in the real estate ladder - NOT fiction
Negotiate low interest rates, take advantage of government program with down-payment or join an investment group is NOT a fiction
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I moved to Vancouver 20 years ago after worked 2 years on cruise ship where I saved some money. On my second week I purchased a 1-bedroom condo which I renovated and sold the following year for a profit and bough 2 investment properties & and kept going from there. I had 3 jobs one time to be able to support my ‘real estate habit’ but, I was able to grow and my goal was always to be mortgage free. I am not there yet but, I am working at it every with that in mind.
Anyone these days find it difficult to reciprocate what I did because there is no formula that works for everyone. Everyone has different situation and particular constrains but, look at positives and find what you are good at: legal, accounting, renovations? Then hire a team of professionals to help you with your investment. An experienced realtor could be the glue or catalyst for becoming an investor or home owners. There are so many avenues out there not known to 80% of general population ( 80/20 rule) because they do not know where to look or do not ask for help because they want to do things on their own.
I wrote a book on investing and home ownership so you do not need to reinvent the wheel contact me for a free copy NO strings attached. Some people think that realtors have alternative motives or self -interest but, that’s the farther from the truth for I that for one I like to help and coach someone and love to see them grow as an investor and homeowner.
It is possible to own real estate in BC if you stop listen to nay Sayers and have a sliver of grit and self –confidence and that is the GAP between fiction and reality.
Likewise, Mark Twain said “fiction need to be credible”.