Time to invest in a rental property?
Is it time to invest in a rental property? A single family home to rent out? A half or full duplex or perhaps a fourplex? Maybe a multi-family apartment building? Here’s what you do:
Step 1: Due Diligence
Step 2: Repeat Step 1
There’s an economic buzz in Grande Prairie. Several times daily my email and cell phone alert me to people that want or need a rental, urgently. Does that mean run out and invest in a rental? Well, thanks to the cycle of life, for every person wanting to enter the real estate investment arena, there is someone that would like to exit. It’s just that right now the vacancy rate for rentals in Grande Prairie, Alberta is plummeting.
So its natural to want to jump on a revenue property bandwagon. Sounds good to me but please first seek out someone with experience that owns a property – or several. Form your team (for example: You, Lawyer, REALTOR®, Mortgage Broker, Accountant).
Consider joining or speaking to members of R.E.I.N. http://www.reincanada.com/
Learn how to analyze properties. Three samples:
- Renters already in place MLS® L06858: http://tinyurl.com/6lu6n5p
- Vacant plus the new, popular Multiplex is easy walking distance MLS® L068732: http://tinyurl.com/7qt99t7
- Roommate style house MLS® L068627: http://tinyurl.com/73dckzb
Everybody will have an opinion on the local market so again, seek out the voices of those that have invested in property already. They are not speculators or guessers. They are investors. They have broken trail for you and often are pleased to share their experiences and analysis techniques. They have completed “the thirty foot rule”, a benchmark line of advice originated by Buddy Hacket of all people – a comedian who knew how to teach “the walk” not just “the talk”.
MLS® L068588 Renters already in place, fenced yard.