Some of the wealthiest men and women around us began their journey with investing in Real Estate. You may be thinking - “Yah, but they had the upper hand of support of others to get where they are”. Well, that’s true... they did! However, a vast majority of them never had any special attributes that you don’t have to get them started. It takes planning, and that’s where we come in...
One of Canadian Mortgage Experts - Canada First’s greatest passions in this industry, is assisting in others wealth creation through Real Estate investing. Revenue properties / Rental properties have proven, time and time again, to be a major component in helping you create wealth through time.
To begin, you need to know a few things about becoming an owner of a revenue property. Let’s see how you do with our TRUE/FALSE statements below...
TRUE OR FALSE: You always need 20% down to purchase a rental property.
A: False! The government of Canada changed their policy to purchasing a revenue property and mandated that a real estate investor must come in with 20% down through traditional banking methods. That part is true; however there are a couple of options to get in with less than 20% down...and even as little as 5% down payment if you are moving to a new owner occupied home and turning your existing home into a rental property; allowing you with the best interest rates on the market!We can walk you through exactly how to do this.
TRUE OR FALSE: Owning a revenue property means headaches / land-lording / and chasing tenants.
A: False! However it may be true on some occasions...it depends really. Are you going to look after the property yourself, or will you have a property management company who looks after everything and makes your life much easier? Did you know that the average cost for a property management company to look after your property is 10% of the rent each month? Considering they look after interviewing, qualifying, and keeping on top of the maintenance of your property...that’s a deal. We can guide you to an easy, convenient, and cost effective management company that will look after your needs in owing your revenue property(s).
TRUE OR FALSE: Owing a revenue property will automatically make me rich.
A: False! There is no guarantee that simply by owning a revenue property, that you will become wealthy. However, historically speaking - choosing the right property, real estate representative, accountant, financial advisor, management company, and mortgage broker - your chances of creating wealth in time through real estate investing is dramatically increased!
TRUE OR FALSE: Owing another property takes planning.
A: TRUE! All good investments take planning and research. If we could punch a guarantee on the return of your real estate ventures, we wouldn’t be able to call them investments. That said, we can search through history and find that real estate is likely one of the most sound investments that you can get yourself into! The planning and research is what we specialize in. As your mortgage broker, we have access to all the professionals you will ever need to make your real estate investments as SOUND as possible.
Ask us about Real Estate Investing to learn more about the various ways to increase your bottom line, and pad your retirement years down the road.