investing?  thinking ahead!

(September 09, 2014 , posted in Tips)


...Done right, investors stand to reap big rewards over the long haul, industry experts say. But property investment can also come at a heavy price to those who aren’t prepared to learn the market and do the less-than glamorous work of a landlord.

If talk about housing bubbles gives you ulcers, or you aren’t willing to answer the phone at 2 a.m. when the tenants call to tell you the pipes have burst, then investing in real estate might not be right for you.

“It’s like any business that you want to enter. It’s all about time, money and expertise. If you don’t have the time, you at least have to have the expertise and you have to have the money to make it fly,” says Phil McDowell, a mortgage broker in Calgary.

For those who are considering investing in a rental property, there are a few basic rules to keep in mind in order to mitigate the risk of the deal turning sour, says Melanie Reuter, director of research for the Canadian branch of the Real Estate Investment Network (REIN), an investor advisory organization based in British Columbia.

The key is to look for a community or region that shows clear signs of growth and economic sustainability. Avoid one-horse towns whose existence are tied to a single company, no matter how tempting the sale price.

The key is to look for a community or region that shows clear signs of growth and economic sustainability. Avoid one-horse towns whose existence are tied to a single company, no matter how tempting the sale price....

Click here to read the full article: You need time, money or expertise to own rental property
Text: Darah Hansen -The Globe & Mail

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