to clarify - In the past year I earned 90 K (I started working August 2008 - I just finished school) I earned about 38K in 2008 calandar year (aug- dec).
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I have a word of advice about the rental property.
First learn the law and business of it. It doesn't matter if you rent a basement apartment or high end condo the law is the same. I compare renting in Ontario to leasing a car. Once you lease the car you can't tell people what to do in the car. This includes smoking, pets, dents
and not making payments.
Second in real estate you make money when you buy. If you buy well then the sky is the limit.
Third don't believe your real estate agent !!!! They get paid only if you buy so if it is a bad investment and they say it is a good one they get paid anyways and you get stuck holding the bag. Check and double check everything before you buy.
My criteria for rental properties
1- Must have positive cash flow
2- Hopefully is in a gentrifying area
3- At least three units so if two are rented it covers the mortgage and expenses
4- Property must be clean and well maintained to attract good tenants
The idea of buying and paying money every month to own rental property is crazy. You are not a registered charity.
First learn the law and business of it. It doesn't matter if you rent a basement apartment or high end condo the law is the same. I compare renting in Ontario to leasing a car. Once you lease the car you can't tell people what to do in the car. This includes smoking, pets, dents
and not making payments. Second in real estate you make money when you buy. If you buy well then the sky is the limit.
Third don't believe your real estate agent !!!! They get paid only if you buy so if it is a bad investment and they say it is a good one they get paid anyways and you get stuck holding the bag. Check and double check everything before you buy.
My criteria for rental properties
1- Must have positive cash flow
2- Hopefully is in a gentrifying area
3- At least three units so if two are rented it covers the mortgage and expenses
4- Property must be clean and well maintained to attract good tenants
The idea of buying and paying money every month to own rental property is crazy. You are not a registered charity.
1 - 8 of 8 Posts
