Real Estate Investment. What’s your thoughts on investing in a rental property in Ontario with the potential drop in the housing prices and interest rates? Advice a beginner, any pros and cons will be welcomed.
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Jay @motivated_jay · 17d
If it makes sense, then do it. Most people I know invest in real estate so their kids can have a home and can create income when they are no longer here. They teach their kids to learn the real estate market as well as other things. I will say that this app has a lot of adults with poor financial habits and poor mindsets towards money. They aren't thinking clearly about the future and how much the cost of living and rent actually increases. Just do what's best for you :)
marco @marcouch · 18d
First questions to ask yourself is: Do I have a good lawyer? Do I have a good accountant? Do I have a good realtor? are you prepared to diagnose problems and issues to delegate the work required for repairs? Do you have a Rolodex of trades that you know and trust or will you be Kijjiji and marketplace for services/repairs? Older home or new? Property management company? Are you buying based on price or a strategic area? Bus routes and easy access do better, shopping near by etc. a good agent will help with this. Are you able to float 6-8 months min. Of mortgage, taxes, insurance and utilities? To not get burnt, you should have a lot of those questions answered or in place. Most often, the quality you put forward is the quality of tenants you get back. Know the tenant act, know your rights and their rights. Screening is critical. Be responsible, responsive and respectful. It should work well. Bricks and mortar in my opinion is the best investment… I’ve only know it all my life so I have a slight bias to it! The investment thing is new to me and honestly it’s so much easier in the sense that it’s my money only, no extra unseen hidden issues, costs, problems, repairs etc.! 😂 Alternatively, there are companies that pay you for your investment and they handle all of that if you just want a foot in the door. Second mortgages is another way to make money, recommend you have a very good lawyer for it and accountant… lawyer is crucial. A bit risky, your in second position to usually a bank so it can go bad but that’s an option I shouldn’t even mention; put it that way! Hope this was an informative start! Good luck on whatever you choose!
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