Tips For Buying Your First Rental Property
Tags: real estate, real estate agent, knowledge broker, homes in toronto, rental properties, buying your first rental, first time landlord, landlord laws
You have probably heard many times that real estate is a secure and prosperous opportunity to make an income. This is true but only when you understand every element of investing in real estate. Especially understanding the risks that can come with it. So, before diving in, here are 5 things to consider before buying your first rental property.
- Find An Agent Who Speaks Your Language
- Consider If You Are Landlord Material
- Get Your Finances In Order
- Pick The Right Location
- Know The Pros and Cons
- You can still maintain your current job while earning money on your investment property.
- You will earn money from your real estate investment as well as rent
- In a crisis, real estate is more stable than the stock market
- If you put more into your investment you will get more out
- Tenants can be painful and unpredictable at times
- The upfront cost of purchasing a second property might be more than you anticipated
- Monthly rent might not cover your mortgage payments for your second property
- If the market-place turns you can’t sell you property quickly
- Until you find a tenant you have to pay for all the monthly expenses
At the end of the day, it is important that you align yourself with partners who want to help you succeed. Connect with us here to see how Knowledge Broker can help put you on the right path for your dream investment.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8