Investments and real estate go hand in hand. The Linklater Team has worked with many buyers on investment properties and have done a lot of personal investments as well. There are lots of different routes to take; single family home, in which we would recommend such as a townhouse or small 1200-1400 sq foot home maximum OR a multiplex (like a duplex). Both can be great for different reasons; one provides a better appreciation and the other will provide a better cash flow.
The first step would be to speak with your mortgage adviser about your affordability with two properties, what kind of down payment you would need and the fine details of carry an investment property. Secondly, you would need to contact your accountant about the capital gains and additional income per year and how that might affect your taxes.
The Linklater Team has fantastic resources in both of those fields that will give you legal but creative solutions in carrying an investment property.
Once you have a property in mind, it is also important to get a good property management company behind you so this investment will work for you, not you working for the investment. We deal with a fantastic property management company, GMP Properties, that has helped some of our clients and generated nothing short of positive reviews. With 35 years of combined property management experience, originally starting in the GTA and they are now offering their expertise here in Simcoe County.
Contact GMP Property Management
Address: 6045 Cleaview Rd Suite 139
Mississauga Ontario L5V0B1
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*