You work hard for your money. Now it’s time your money starts working for you. Here are 10 tips for first time real estate investors.
1.Visit with a mortgage broker or your bank to determine how much money you can afford to borrow responsibly for your investment.
2.Look for properties that generate a positive cash flow. Budget an additional ten percent on your overall payments to pay for minor repairs that will invariably arise
3.Use an experienced local real estate agent who also invests in real estate themselves.
4.Have any property inspected by a professional home inspector.
5.Consult with your accountant and lawyer as to how you will take ownership of the property. There are some benefits in taking title in the name of a limited company, in order to protect yourself against personal liability.
6.Keep proper records of income and expenses for your investment property.
7.If you are buying with a partner, make sure you have a proper partnership or joint venture agreement to protect both of you.
8.Hire an experienced property manager to assist you in finding suitable tenants and dealing with any ongoing maintenance, repairs or other complaints by tenants.
9.Be careful not to buy and sell properties quickly. The Canada Revenue Agency may view this activity as business income.
10.Don’t be afraid to walk away if the deal does not work for you, no matter how much time you may have invested in the property.
At the Royal Rideau Property Group we are a team of seasoned investors in Ottawa and its surrounding areas that would be happy to help you find a lucrative investment. Call today to find out the first steps to becoming a real estate millionaire!
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