All of these shows show a wide variety of properties throughout the world and North American. They allow us to image what we can do in our own backyard.
However, word to the wise is that knowing what you can afford and invest into. Is the first step in any real estate transaction.
When purchasing a 2nd property for investment purposes. There are few aspects that you have to know prior to purchasing. The rules for your 2nd property differ, than when you bought your primary residence.
Here are some topics to consider with investment properties:
1) Investor needs more downpayment for the home min 20 per cent
2) Take a long term view like five to seven years as a general outlook (ROI).
* Generate income above your mortgage costs
* Remember to include your:
: taxes
: insurance
: mortgage payment
: condo fees (if applicable)
: any other expenditures
3) Choosing the right property
* Research the local neighbourhoods
* Possible avenues to research include:
: job growth
: possible transportation routes
: population influx
: shopping areas
: schools districts
* Due diligence is of the utmost importance
These topics are just a start of all of the due diligence in which you as the possible investor & landlord. Needs to consider prior to jumping into the investment game.
Have fun in the endless game of real estate.
Please provide us with your comments. We greatly appreciate any further insight that you can provide us.
All the best,
MyDaddyHomes
No comments:
Post a Comment