Do some research first.
Many people consider investing in real estate as a way to build some capital and have tenants help you pay the mortgage. There are pros and cons to taking that path, but if you do so, here are 8 things to know.
1. Ask for our referral mortgage broker list to determine how much money you can afford to borrow responsibly for your investment.
2. Ask one of our Team for properties that generate a positive cash flow. What this means is that the rent that you receive from tenants should be enough to pay your mortgage payment, property taxes, utilities and insurance bills. Minimum additional ten percent on your overall payments should add in too.
3. Don't shop for yourself.
4. Have any property inspected by a professional home inspector. Ask us for our referral list.
5. Consult with your accountant and lawyer as to how you will take ownership of the property or ask us for referrals. Your accountant will help you examine the opportunity for capital gains for the long term investor vs business income tax for the flipper.
6. If you are buying with a partner, make sure you have a proper partnership or joint venture agreement to protect both of you.
7. Hire an experienced property manager to assist you if you know you won't have time to manage it all.
8. Don’t be afraid to talk to us about what you really want to achieve.
For your first consultation as a Real Estate investor please call our Team now or email us at Patrice@PatriceGale.com
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