Education · 1 of 5

The path

No licence is needed to buy property for yourself. The hard part is saving the cash and qualifying for a loan.

1. 1

   Build steady income and credit

   2 to 5 years

   Lenders want two years of steady income and a decent credit score. A day job is what gets you the loan.

2. 2

   Save a down payment and reserves

   2 to 5 years

   Enough for the down payment, closing costs and several months of expenses in the bank.

3. 3

   Learn your local market

   6 to 12 months

   Rents, taxes, insurance and landlord law where you plan to buy. Run the numbers on 50 listings before buying one.

4. 4

   Buy a first property

   1 to 3 months

   Often a small multi-unit building you live in, which qualifies for owner-occupied loans.

5. 5

   Manage, then repeat slowly

   5 to 20 years

   Most people add a property every few years as savings and equity allow.