Tips and Tricks for Success in Real Estate Investing

Real estate investing can seem like an easy way to make some money, after all, plenty of people have found it to be very financially rewarding. The thing is, people who find success with it typically do their homework to minimise risks. Find out how you can do the same below!

Find a Good Real Estate Agent

If you’re investing in rental property, the best real estate agent you can find is someone who is also an area investor. Better if your agent can show you some of their properties together with what they are charging for rent. You can also ask your agent for details such as names of other investors they helped. A good real estate agent will either have a team of real estate professionals such as insurance advisers, home inspectors, lawyers, accountants, property manager, and mortgage brokers; or have refutable contacts that can be shared with you.

Think Long and Hard about Location

Real estate is all about location. An area in decline will be a loss in the future no matter how cheap the property is. If big chains such as Home Depot and Tim Hortons are moving in, then that area is either on the way up or is a prime location because big chains use a lot of research before setting up business in any location.

Draw a Partnership Agreement if Investing with Others

Good relations now can turn sour in the future when money is involved. If a real estate partner passes away, loses a job, or ceases to be a friend, problems can ensue later on. With a partnership agreement, what to do in situations like these are decided early on and will help you avoid an expensive mistake later on.

Invest for the Long Term

When you buy and hold real estate for the long term, you can manage expenses and income easier plus plan to pay the mortgage with the income coming in.

Be Careful Who You Rent Out To

Depending on where your property is, renting out homes to students or certain rooms to other people may need to be done with a permit and certain legal parameters in place such as complying with fire code or procuring a license.

Find a Dependable Property Manager

This would be best if you’ll be renting out quite a few properties (more than 3) because when you have a property manager, you can be a bit more relaxed. Property managers handle repairs and minor problems for your rental properties. They also help find tenants for you. Just note that property managers often get 10% of the monthly rent.

Don’t Rush into Leasing Your Property

Evicting a problem tenant can last months so making sure your potential tenants present no issues is paramount. You may have to ask for references and draft a lease agreement several times before both you and your potential tenant reach an agreement.

Being a landlord isn’t guaranteed easy money. You’ll have to ensure that you’ll still have something left after all bills are paid off and the monthly mortgage has been taken care of. When done properly, investing in rental real estate can be very rewarding and will be free from investing mistakes.

Interested in taking your real estate investing to the next level and are looking for a loan? If you own your home, you’re approved in just 24 hours! Apply today!

Why Buying Real Estate Beside a Cemetery Might Be Your Best Purchase Yet!

Real estate properties near or beside cemeteries are often overlooked by potential buyers, but do you know that purchasing a lot near a cemetery might be one of the smartest purchases you can make, especially around Toronto?

It isn’t a secret that the Toronto real estate market is one of the hottest in the world right now. The chances of purchasing a home you truly like is not that big if you’ll factor in budgetary constraints this side of Canada. If you’re not easily spooked, does not care much for superstitions, or have an adventurous streak, then looking for available homes or lots near cemeteries might be for you! Bonus points if you love Halloween!

Homes Near Cemeteries

Toronto resident Ms Flowers shares her childhood experience living in a home next to a cemetery in Bracebridge. She recalled playing ‘Ghost Ghost’, a form of hide and seek with her friends and how much fun she had until one night when a grave she was standing in caved in! She freaked out and ran away screaming. There’s no poltergeist or ghost involved by the way. It was merely a rotting coffin underneath that was the culprit for her scare.

Ms Flowers is far from scared when it comes to cemeteries and consecrated areas these days even though a lot of people still do not find the idea of living near dead bodies appealing. The sight of headstones still makes some people feel creepy the same way some people still do not want to live near churches and funeral homes.

A New View

Real estate agent Andrea Feldman recalls her Asian clientele not wanting to purchase homes near the Elgin Mills Cemetery in Richmond Hill during the 90s and saying it is bad feng shui. These days, this has become less of a problem as land as become too valuable in Toronto. Ms Feldman shares that land is so valuable these days that she sold houses around graveyards without having to give discounts. In fact, the houses and homes close to Mount Pleasant Cemetery are catching a good selling price. It should also be noted that the location is close to Chaplin Estates, Moore Park, Forest Hill and chi-chi Rosedale.

Sam Dubeau, an entrepreneur, bought a condo on Mertin Street beside Mount Pleasant Cemetery. The reason she bought her unit was because of the beauty of the place and the abundance of walking areas for her pug, Roxy. A 9-kilometre former rail line borders the cemetery. The same area draws joggers and cyclists alike. She says that she appreciates how quiet the area is, especially that she mostly works from home.

Carl Kingston, also appreciates his home which sits beside Prospect Cemetery. He describes the property as an oasis for him and his wife, with all the green space around it compared to the rest of Toronto. He shares that the cemetery is home to a lot of birds and he enjoys that. He even jokingly said, “honestly, I prefer my neighbours dead.”