General MacDaddy,
First of all, I appreciate your efforts to be helpful. I respect everyone's efforts. But the OP hasn't said much about what he can handle.
You can't get fixed 30 year mortgages with anything that has 5 units or more. So this rookie is going to be exposed to interest rate fluctuations. Refinancing risk. At a point when he wont have a job because he wants to do nothing. Also the bank is still going to look at his employment situation to grant a mortgage. And he lives in Canada.
It is hard enough to deal with real estate let alone a multi unit complex and I think it is unhealthy to think that real estate has little risk. Especially for someone who seems relatively clueless. While I don't totally respect the OP from wanting to quit on life, I wish him no evil and I just don't sense he is up for a big RE move.
One of the best ways to ensure success with real estate is obviously buying below fmv. Often that means buying below and rehabbing it. It then gives the option of selling or renting. But this requires experience and buy the OP has said very little about what he can do.
First of all, I appreciate your efforts to be helpful. I respect everyone's efforts. But the OP hasn't said much about what he can handle.
You can't get fixed 30 year mortgages with anything that has 5 units or more. So this rookie is going to be exposed to interest rate fluctuations. Refinancing risk. At a point when he wont have a job because he wants to do nothing. Also the bank is still going to look at his employment situation to grant a mortgage. And he lives in Canada.
It is hard enough to deal with real estate let alone a multi unit complex and I think it is unhealthy to think that real estate has little risk. Especially for someone who seems relatively clueless. While I don't totally respect the OP from wanting to quit on life, I wish him no evil and I just don't sense he is up for a big RE move.
One of the best ways to ensure success with real estate is obviously buying below fmv. Often that means buying below and rehabbing it. It then gives the option of selling or renting. But this requires experience and buy the OP has said very little about what he can do.
Fate whispers to the warrior, "You cannot withstand the storm." And the warrior whispers back, "I am the storm."
Women and children can be careless, but not men - Don Corleone
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