Real estate investing is achieved by knowledge, investigation and understading what drives real estate activity to make your goals work.
Doing your research prior is key!
1. Do you have the funds required for a downpayment on an investment property? ( Requirment of a minimum 20% and extra funds for repairs,specialists, permits, trades and closing expenses)
2. What are the current interest rates? What percentage is our unemployment rate? What Winnipegs vacancy rate and is immigartaion expected to increase yet another year? What areas of the city are being revitalized or more stable?
3. Properties differ in areas of the city and your cost of purchasing and rent collection will reflect.
4. What type of property do you want to purchase? (Are you looking to purchase a commercial propery and rent space for a small business? Are you looking to buy a single family home to rent in order to collect the rent and only pay off your expenses? Are you wanting to buy an apartment block?)
5. Are you able to do some work yourself or do you need to hire tradesmen to do the work. ( Obviously this answer will help you narrow down what condition a property can be in. The more extensive the work the less in demand this purchase will be. Less money spect on purchase, but more money spent on fixes)
Do you know your goal to retain your return on investment?(ROI) or what the capitalization rate is for this type of property? ( Deciding if your goals are to purchase, fix and sell or if you are a purchase an hold, there will be ways and a time frame as to when you hope to expect your return.)
All things that need to be considered prior to making the plunge. Pin pointing the amount of funds, support and your current/future expectations are key.
I would be happy to sit down with you and discuss your plans and future goals to help start your journey of real estate investing!