If you’re thinking about dipping your toe into the real estate investment waters, you’re probably thinking a lot about how much time you’ll have to spend working on this business.
Over and over, we see people making the same mistakes when investing in real estate. To be honest, It’s frustrating! With just a bit more knowledge, or with the help of an experienced team, they could avoid the hassles and financial problems that happen as a result of the mistakes they made.
Buying a rental property can feel overwhelming, especially if it’s your first time in the real estate investment pool. There are so many different things to think about before you jump in.
When you break it down into simple steps the task seems more manageable. We’ve outlined the basic steps that you need to go through as you buy a rental property.
So you were able to purchase your own home with five percent down (although the minimum down payment required changes depending on the purchase price of your property). As a real estate investor, how much you will need as a down payment for your investment property is dependent on whether the property will be owner-occupied or not.
Although qualifying for a mortgage as an investor involves many of the same basic considerations as if you were purchasing the home for yourself, you may find that there is limited information online specific to purchasing a rental or investment property.
The key to successful real estate investing is building your empire in the right place at the right time. Big cities like Toronto and Vancouver have a lot of appeal, but it may be tough to find opportunities that can produce cash flow because of the high price tags.
Investing in real estate is a great way to set up replacement income and create long term wealth, but what if the hot real estate market isn’t necessarily your home market?
Rather than moving to where the money is, many investors are staying at home and investing long-distance. This allows them to take advantage of a better housing market without having to uproot their lives. In general, long-distance real estate investment is completely safe, but that doesn’t mean there aren’t there are some things to think about before making the leap.
Real estate investors should get ready to make their purchases while TriUrban is hosting its special new construction pre-sale program for investors! We understand the rental market, and we’re using this knowledge to help you maximize the profits you get from your property.