QUOTE (rehlein @ Nov 26 2007, 03:07 PM) I am ready to get started in real estate investing.I live in Maple Ridge BC, but am willing to be guided by other comments as to the best place for me to start (BC or AB).My major challenge is the choice of investing: single family or multi family properties.My experience is limited to my own home and one previous duplex in which one of the tenants acted as manager and I never had to deal with any problems. So I consider myself a true novice. I plan to use a management service. I would appreciate comments pros and con of each property.Thank you.
I personally believe that there is no right or wrong answer to this question. Being new to investing in RE do you feel safer having it close to you or are you okay with it being in another province? Even though you will be getting management, you may still wish to be close by. Whatever lets you sleep at night. For me, this would not be an issue but it is for some. I believe, if you have a great team in place then you can be anywhere because you know that everything is looked after. Don and Russel are wonderful examples of this. Do you have your team in place for any particular area? If you have not chosen a place, then start to research areas. Look at areas on the top 10 lists.
Have you done your personal Belize?? If so, then you have to ask yourself if what you are doing is getting you closer to achieving it. There are many great areas to invest in, it is a matter of you doing your goldmine scorecards and due diligence. And if you haven`t done your personal Belize then I recommend that you start there. Go the extra 10% that others won`t. It is hard to determine where to begin when you are not sure of where you going. By getting that out of the way, and having it done properly and in detail, you will have many of your questions answered. This will help answer your question of single or multi-family.....what gets you closer to your goal. Again, there is no right or wrong answer. It is your personal choice but does it get you closer to your goal!
But if you want my short answer, "Alberta is where it is at!" But I am sure that there are many others that will say they have achieved great success in other provinces. But I am sure that all of them that achieved that success, knew in advance where they were heading for.
