If you’ve got some money that you want to invest, real estate may be a great option for you. Someone else pays your mortgage and once the mortgage is paid off, you have extra income.
Get help with this early on. What type of property is the best investment? Where should you buy? Who will screen tenants for you? How much should you put down? You need a real estate Broker with rental property experience and knowledge. Pat and I own some rental property. We also manage several properties and we help our clients buy and then rent their investment properties. You need a mortgage professional who understands investment property. You’ll need an accountant when it’s time to sell to help you understand any Capital Gains or HST implications. And you need a real estate lawyer.
I’ve found that a 35% down payment will result in positive cash flow in most cases and lots of lenders prefer a 35% down payment when it’s not your principal residence.
If you’d like to chat with us about this possibility, give me a call or text message at 905-466-7992 and we’ll show you how you can become a Landlord!
Heather Belsito, Broker, Stonemill Realty Inc., Brokerage