As the Canadian dollar stays strong and the US real estate economy is in such depleted state, an attractive real estate investment strategy is to look at buying property south of the border. Some have found an opportunity to obtain investment (rental) income as well as have a vacation property as well.
Other options folks are considering these days is going the route of new condo sales. This is a great way of buying a low maintenance high rental income option. Most entry level 1 bedroom condos in the GTA will cost you somewhere in the low $200's. Depending on location, most of these units are renting for $1500/mth. So after property taxes, condo fees and insurance you may net around $900/mth. You'll quickly see that these properties are providing investors an opportunity for quick and easy income.
Townhomes and detached homes are always a nice addition into your investment portfolio, however the amount of money required up front is significantly greater. But hey, you know what they say... you need money to make money.
Whatever the route you take, consider this:
- Never put too much money into upgrades (if buying new)
- Thouroughly screen rental applications