is 7000 enough to start investing in real estate?

I live in canada, manitoba, so the market is not my concern, everythings always normal here, doesn't go up or down. Lets say i buy a duplex that needs fixing for 40,000 dollars, and the roof is okay and the foundation is ok also, just that the inside is all smashed up, so i'd have to gut the inside dry wall and put in new everything. I was thinking, 2000 dollars for a mortgage payment, then 5000 into making the duplex liveable, i mean i'll be doing all the work myself, since i grew up helping my dad fix his house. The tools a friend of mine will let me borrow. i mean 5000 just might be all i need right? materials i'll get used and nice, or just new, all work willl be mostly done by me, and even if the mortgage is 350 a month ( 25 year mortgage ) its still cheaper then renting an apartment so i can easily save 500 to 700 every two weeks. You think i should start at 7000? or 12000? i want to get into real estate asap, so it should take me 5 months to get the 7 grand.

1 month ago - 2 answers