How to BUY Your First Property (Rental or House) - Real Estate Investing

[@GriffinMilks]

I hope everyone is having a great Sunday! Make sure to get some popcorn before today's video, because it's a long one FILLED with value. 🍿💸 I get asked questions all the time relating to buying a first property, so here is an all-in-one package that should get you on the right track. This took hours to write out and put together, so I'd highly appreciate a thumbs up if it helped you out! Thanks for watching and have a great rest of your weekend. Enjoy! 😀 ► My FULL Real Estate Investing Course (LIMITED TIME SALE!): www.udemy.com/course/creating-wealth-with-real-estate-investing/?couponCode=GETWEALTHY ► FREE Property Analysis Spreadsheet 🔍: mailchi.mp/bd6c1f6dcd03/ultimate-property-spreadsheet -Griffin

[@hashswap]

I'm really interested on Addy! Don't suppose you could make a video on it?

[@mechanchi]

I generally don't comment on videos but you've put in real effort in this one for all of us. Keep up the good work bro!

[@GriffinMilks]

Took a crazy long time to put together so thank you for acknowledging it!

[@Lukas-yf7hw]

There’s so much value in all your videos! I cant wait till your channel blows up because you definitely deserve it. 👍🏻

[@GriffinMilks]

Thanks Lukas! I appreciate that. Although I try to provide as much value as possible in every piece of content, it's been tough gaining traction!! Thanks for commenting

[@RyanThomasWoods]

I would love a whole video on step 11. What kind of background checks / references do you ask for? What do you dig for when looking for good tenants? I’d find that super interesting on how to find good tenants for your rental property

[@TommyDangs]

Coming back in 1 year because this is the video that will get me to talk to a mortgage broker for the first time. Thank you for everything griff

[@GriffinMilks]

No worries Tommy!! Thanks a lot for watching and best of luck with buying a place

[@bullishcorreia9232]

Wow couldn't post it at a better time! Your content is a gold mine 💰

[@GriffinMilks]

I appreciate that Alex! Let me know when you buy your first place bro

[@joshstewart5491]

There’s so much value in this video Griffin! Thanks for sharing man. Awesome resource

[@GriffinMilks]

Glad you enjoyed it!

[@tannisjohnson6456]

The scanner hack for phone is such a great gem. Thanks for the info!

[@GriffinMilks]

Yea! Thanks for watching :)

[@addyinvest]

Thanks for including us, Griffin! We love what you're up to.

[@yhmti3082]

Is this company legit ? I like what they have to offer !

[@addyinvest]

@@yhmti3082 Sure are! Let us know if you have any questions.

[@deserieoware7055]

This video was very informative. Thank you very much🙏🏽

[@GriffinMilks]

Glad it was helpful!

[@davidlawrenceloo4892]

Hi Griffin! Really enjoy your real estate content!! As a noob I find this very helpful. Looking to house hack my first ever property by the end of this year or very early 2022! Right now my next step is to get pre-approved!

[@GriffinMilks]

That’s fantastic! Keep up the vision, you got this

[@youmbss]

amazing david, where are you tryna buy if I may ask ?

[@davidlawrenceloo4892]

@@youmbss Gatineau region, which is how I found out about Griffin :)

[@ayman-arab]

@@davidlawrenceloo4892 Any update?

[@Aaron-zv2sx]

I have been looking into buying a rental unit for 2 years now, but haven't been able to settle down in one city for long enough to make my first purchase yet. Just moved to Montreal for the next 3 years, but I am unsure if buying a rental property for such a short term is a good idea. I am currently increasing my investments/savings so I can buy two units when the right time comes. Keep it up!

[@jessehamlin3420]

great video griffin! have a legal basement suite in our primary residence rented out for 4 yrs now and just bought our first single family investment property (using equity from our primary) w basement suite in calgary: about to rent the upstairs and basment out to two great tenants hopefully!

[@GriffinMilks]

That's sweet!! I love to hear it bro

[@SophieAnnaston]

SO much value!

[@GriffinMilks]

This was definitely one of the longest to put together. Thanks for watching!

[@sangavisivapalan2062]

SO helpful. Thank you, Griffin!

[@GriffinMilks]

Glad it was helpful! Good luck with your investing

[@JustTez]

Hey Griffin another amazing video. I'm located in Brampton, ON and was wondering what your opinion is on investing abroad (Alberta, BC, Manitoba or Ottawa). I am just starting out and looking to find my first rental property which I will use OPM. Thanks again

[@GriffinMilks]

Can be a great opportunity if you have someone in that area that can help you out. You'll almost inevitably need a property management teach and even maybe a partner in that city to deal with anything that comes up.

[@rylanholder423]

This information is going to come in handy in the next year when I buy my first property at 22! Thank you for all your useful content you lay out on a daily basis providing a service to us Griffin we appreciate you !

[@GriffinMilks]

Glad it was helpful Rylan! My pleasure, makes me happy to read comments like this. Best of luck with your investing.

[@nastyya19858]

Griffin how did you learn how to do cosmetic upgrades on rental properties?

[@GriffinMilks]

KZbin and being resourceful! Just jumping in and doing it

[@Slickpete83]

*the right question to ask ,is it possible to buy a property with 20% down payment that cashflows at the end of the month specially here in GTA Ontario*

[@GriffinMilks]

In the GTA area I'm not sure. In other markets, 100% it's possible

[@ayman-arab]

For the rinse and repeat process: Can I buy a triplex for 10%, live in it for one year and then move out and then get another 10% down on a second property and claim it as my primary residence? Thanks, I’m in Quebec.

[@GriffinMilks]

Hey thanks for watching! Technically speaking, no that wouldn't really apply unless you have probable cause. I'd recommend speaking with a certified mortgage broker for more info!

[@danielj1407]

Hey Griffin! Any chance you could offer advice for us looking to upsize homes in the future? I'd like to not have to incur a ton more debt which eats into my monthly cashflow. I was thinking of maybe trying to get into a new build and letting my current home appreciate in the mean time but maybe there is some other things I'm missing. Anyways great work on the channel! Love the content.

[@GriffinMilks]

If you’re looking to maintain monthly payment amounts, it pretty much comes down to balancing your interest rate and your down payment more importantly on the new build. That’s it really.

[@larryveikle2544]

Awesome video. How do you get a rental property like a townhouse or single family home in Canada for less than 20% down? Or have you only bought duplexes which require less because you have been living in them?

[@GriffinMilks]

I've only bought duplexes and above with the goal of living in them when 5% down. That said, it you buy a single family home, you can buy it at 5% down, live in it and then rent it out afterwords! no issues there

[@kevinkang4427]

Thank you for this video, bookmarked it

[@GriffinMilks]

You’re welcome! I really hope it will help in your real estate endeavours

[@coilemard1333]

Hey Griffin, Great video! I truly appreciate your time. Quick question, aside from the minimum payment of let’s say 5% and all the other closing cost, how much cash should one have as a buffer when purchasing their first home?

[@GriffinMilks]

Depends on the price of the home, but I would say comfortably at least 3 months of expenses in an emergency account, minimum. That's my personal opinion though

[@mattheersink]

Awesome video, Griffin! What can be done if you buy a place that has all its tenants in it and you want to live in it yourself, or raise rents? Are you able to kick out all or some of the tenants by buying a place to be owner occupied?

[@GriffinMilks]

Yes you can. I’m not sure about the rules in other provinces, so definitely do some research, but in Qc if you’re the owner and have the intention of taking back a unit to live in if it’s occupied, you can do so by giving the tenant 6 months formal warning before the end of their lease. That’s what I did

[@mattheersink]

@@GriffinMilks Okay dope. Will have to look into that here in Ontario. I'm sure Matt Mckeever's covered it in one of his many videos lol

[@matthewturgeon767]

Great video thanks Griffin!

[@GriffinMilks]

You’re welcome!

[@CanadianDividendInvesting]

Very very important info here!

[@GriffinMilks]

It is! Thanks for watching

[@alexzabiuk1361]

Just bought a house hack and I'll be renting out my first property! (I'll have 2 doors rented and 1 I reside in)

[@GriffinMilks]

That’s awesome Alex!

[@geffqc]

Very informative. Thanks

[@GriffinMilks]

Glad it was helpful!

[@gregmoorhouse9610]

Hey @Griffin Milks, thanks for the content. Can you go into refinancing in another video? In my case my 5 year mortgage is about to go to term in November and right now the rent for our new tenant doesn't quite cover all expenses. Would like it to turn cash flow positive and would think this could be a good tool to do so Cheers.

[@pierredsouza46]

have you used Addy?

[@ss_websurfer]

So good! Thanks for this! Any recommendation on a site or place to look for a good mortgage broker?

[@GriffinMilks]

Not really, I just used a word of mouth referral for mine... but google some in your area, call around and interview them! :)

[@ss_websurfer]

@@GriffinMilks thank you! I've done that I just wanted to check if there was any site or company to trust. Thanks griffin

[@mayank646]

Once I zero down a property how can I be sure that I am not overpaying for it ? I am in Montreal but I am not sure if there is any service which can tell me about the previous deals that happened in that area ?

[@MrLogan2600]

If you are going into it for an investment property the actual price isn’t too big of a deal as long as your rental return makes sense

[@GriffinMilks]

These are all questions a real estate agent will be able to answer for you.

[@zelonelywolf6240]

In quebec and some place in ontario you can get a none comercial loan as up to a 8 doors with Desjardins.

[@GriffinMilks]

That's great to know! thanks for the info

[@GriffinMilks]

That's really interesting! Thanks for sharing

[@worldspottingexhibit]

Thanks for this Griffin!

[@GriffinMilks]

My pleasure. I really hope it helps out quite a few people!

[@ZacHartley]

Awesome Video Griffin!

[@GriffinMilks]

Thanks Zac!

[@FizzPop9669]

Insane value

[@GriffinMilks]

Awesome! Glad you think so

[@blessonbiju59]

one doubt: Do we have to pay mortgage brokers from our pocket?

[@GriffinMilks]

Nope, this is paid for by the loan issuer

[@rohanfacey11]

Free Game 🙏🏿

[@GriffinMilks]

Thanks for tuning in Rohan!

[@user-tx4yn6fv9t]

Wait a second! You are in Québec ?!! I'm from Laval and live in Quebec City. The way you said centris made me think that you speak french. I'm i right ? Do you do live meetings or conferences ? That would be great to talk face to face !

[@GriffinMilks]

Yea I speak french fluently. Grew up in Gatineau. I don't do conferences but maybe we'll meet one day!

[@666specter]

Buying a property in Canada? Is that even possible anymore?

[@GriffinMilks]

With enough patience and the right strategy, it sure is!

[@Slickpete83]

*the right question to ask ,is it possible to buy a property with 20% down payment that cashflows at the end of the month*

[@ferrrariscuderia111]

I thought you needed to put down 20% on rental properties?

[@GriffinMilks]

Not if you purchase an owner occupant building

[@kevincarapanta3071]

"At times it can make sense to overbid a little bit more than what you're comfortable with, say 5-6 thousand dollars" *People overbidding 150k are screaming right now*

[@Slickpete83]

*House Hack tip #1 buy a house in Brampton or Markham and fill the basement with 15 immigrants and charge $500/mth ,and don't forget to ignore local fire codes... hahahaha just joking , soon this will be the only way to own a house lol....*

[@sukhpurewal2770]

What about Mississauga ? or anywhere in Ontario

[@Slickpete83]

@@sukhpurewal2770 *nothing, only in the USA do they have those great deals on foreclosures, here even old run down homes get many offers and sell for crazy prices*

[@chengu832]

First!

[@GriffinMilks]

Awesome!! Really hope the video helped you out Chen!

[@ruggedpassport]

Awesome info, thanks brother!

[@GriffinMilks]

My pleasure!