Your First Real Estate Purchase: Should it Be a Home or an Investment Property?

Today I sit down with a woman who assists people with getting closer to their life-long goals and dreams. In particular, with Jessica Facini, who is a Sr. Mortgage Broker with Verico based here in Vancouver, Canada. Jessica brings over 12 years of experience to the table when helping her clients secure the best mortgage rates during their real estate purchases, either residential or commercial.  She is someone who can save you money by sourcing the best mortgage products at the best rates - not only on your first mortgage but through every subsequent renewal.<br/><br/>In our conversation, Jessica describes what mortgage brokers do and what role they play in real estate buying process. She holds nothing back when sharing her personal story of buying her first real estate property and the challenges she ran into, as well as gives us unbiased advice on whether you should hold off buying real estate in the high interest rate environment we're in right now. We dive deep into the factors that can help you determine whether your first real estate property should be a home or an investment, and how one can maximize their chances for best interest rates during either of these purchases.<br/><br/>Follow In Her Wallet Podcast on Instagram!<br/><br/>Key takeaways:00:00 Intro01:28 Guest introduction02:02 Jessica about her role and career03:15 Where mortgage brokers come-in in your real estate buying process04:39 When it's time to contact a mortgage broker05:50 Jessica's comment on high interest rates and real estate market08:00 Should you buy an investment property and continue renting home to create an additional source of income for yourself?09:44 How Jessica's mortgage payment changed with higher interest rates10:35 Variable vs fixed mortgages13:05 How to choose an investment property14:43 Can you make passive income with terrible-looking properties?16:27 Top things to consider when taking on an investment property17:24 Jessica sharing experience on her tenant running illegal AirBnb19:14 Top things to keep in mind when getting mortgage for a home purchase21:05 How to save for a downpayment22:29 Where the real power lies in making money with with real estate22:48 Tips to get the best mortgage rates24:55 Is now a good time to buy real estate at all?27:45 Jessica's advice to women looking to buy real estate29:29 What does financial freedom mean to you?30:35 One thing every woman should do to achieve financial freedom31:21 If you wish to contact Jessica FaciniTo get in touch with Jessica, visit her website , send her an email at jessica@jessicafacini.ca or call at 778 386 9086.<br/><br/>Like this episode? Leave us a review here - we produce these episodes for You, so your feedback goes a long way! Share the podcast with friends and tag us on Instagram (@SofiiaSalimova, @iadaptyou and @inherwalletpodcast), so we can thank you personally!Have a personal finance question or a situation you're unsure how to deal with? Leave me a voicemail here - I will make sure to offer you answers in the episodes to come!