I've always had an interest in real estate and in the future, I will be a big part of my assets.
My wife and I and both talked about how we are going to achieve this and it will go as follows:
Buy a property in a convenient location and live there for a few year (this has already been done).
Next, we'll save up for another down payment for another house while renting out our first property.
We'll continue with this a few times and eventually we'll get into multi-unit buildings.
Essentially we will have renters help pay the mortgage and after a certain amount of time, all mortgages will be paid off (without us having to use too much of our own capital) and from there, there should be a good income flow coming from these rental properties.
We may even hire a full-time superintendent for all properties once the income flow reaches a certain level.
OK - obviously I haven't got all the specifics down pat yet, but I know we are well on our way with our plan.
We currently reside in a 2-bedroom, 2-storey townhouse with a patio and there are several schools around the area and two shopping malls just walking distance away (one smaller mall and one big one).
Our current place of residence is in a very convenient location - 5 minute walk to the subway, bus stop literally at the front steps, and most amenities around the area are open 24 hours. It is also convenient for commuters, as it is located just off Toronto's main highway.
The area is very convenient for literally anyone who works in the city and/or going to school in the city - and with 24-hour bus service just steps away, it should be easily rentable once we are ready to move on to our second property.
Step one of our grand plan has been accomplished....we are currently working on the next step....
