Ready for a better approach to investing?
The process of buying an investment property is very similar to buying a home, but with a few key differences…
1
Wants and Needs
Do you want higher monthly cash flow, or are you looking for appreciation? Is a higher cap rate important? How about cash-on-cash? Do you want to be hands-on, or hands-off with a property manager handling the details? How far away should the property be located? Single-family or multiplex? Joint venture, or do you want to be the sole investor? The biggest mistake we see investors make is that they try to chase all opportunities. We’ll help you craft a specific plan, and a path to get you exactly what you want. Being an investor is about having a clear vision, and knowing the right information at the right time.
Tools to Assist
- First-Time Investor Class: You can watch the online version and/or register to attend in person
- Blog Post: Why Invest in Real Estate? Here Are Ten Reasons
- Feeling overwhelmed with choice? Check out The Paradox of Choice – A TED Talk by Barry Schwartz
- Book a strategy session with a member of our team here
2
Financing
It’s important to set up your financing right from the beginning. When you start investing in real estate, certain lenders will limit your borrowing, and others will allow you to move ahead with the next property much easier. You’re also going to want a great tax advisor, because investors know that it’s not what you make, it’s what you keep that matters.
Tools to Assist
- Blog Post: Real Estate Investors – Do You Know The Tax Rules?
- Blog Post: Using RRSP’s for Canadian Investment Properties – Can It Be Done?
- Property Analysis Worksheet
- Cash Flow vs. Rent Spreadsheet
- For a list of mortgage agents we trust, check out the “Mortgage Representatives” section of our Super Service Directory
3
Viewing Properties
If you won’t be living in the property, then make sure you only think about it from your tenant’s perspective. Based on the area, what would THEY expect to see? The home may not fit your needs, but that’s okay. The important question is whether or not it’s good for THEM. You might be tempted to add really expensive tiles, when it may make more sense to limit your spending with something almost as nice but half the price. The best investors stay firm on their bottom line, and they have a repeatable formula for searching for the right opportunity. We can help you see things with the right lens to be successful.
Tools to Assist
- Guide: The Guide to Milton Neighbourhoods and Prices
- Guide: The Milton Condo Buyer Guide
- Get instant listing updates through our HomeWatch system by signing up here:
4
Making Offers
All buyers want the best deal, but as an investor, you need to be absolutely clear about your goal, and remember that money is made on the BUY, not necessarily on the selling side. Stick to your plan, and don’t allow your emotional state to take over. We’ll help lay out the facts for you, and connect the dots before you make your offer.
Tools to Assist
- Blog Post: The Eight Elements of a Real Estate Offer
Unfortunately, there are a lot of “schemes” out there to lure investors, and it’s hard to figure out which ones you can trust. Our team believes in empowering you through education, and we would never help you invest in a property that we wouldn’t consider for our own family.
