4 powerful tips for beginners!
Many of my clients are interested in purchasing investment properties, but some think it may be too complicated - it doesn't have to be!
Use these 4 tips to make strong property investments without being overwhelmed:
1. Do the research
Find markets that consistently deliver value for investors or ones that are on the rise. Choose a convenient location if you plan on having tenants, as it will be ideal to fill. You'll want to speak with someone who lives-and-breathes the neighbourhood stats and trends, so find a REALTOR® who specializes in the area.
2. Renovate for profit
You can increase the value of a property through renovations, so a "perfect" house isn't always the best investment. Planned renovations over many years also mean that you can gradually increase rent for profit. REALTORS® will know which renovations will bring in the most value, and they will also be able to find properties that have great potential.
3. Plan for the long term
Real estate investments generally bring in the most return over the long run. Don't feel like you need to achieve all of your goals right away: it's fine to rent for a few years while saving for later renovations. Also, if you'd like to invest in multiple properties, you can wait to build equity on one to use to purchase the next. A REALTOR® who works with investors can help you plan an investment timeline that will maximize value (make sure to see references from their past investor clients).
4. Don’t buy a job.
When buying a rental property, budget for property management, whether or not you plan on using it. If you can’t make money while still paying a manager, you aren’t buying an investment – you are buying a job. If you choose to manage, great! But don’t buy a job.
We enjoy connecting clients with the best property investments for their needs.
You can contact me any time with your questions, I'm happy to help.
Thanks for reading...