7 Steps to Successful Property Investing
You need to realize where your heart is, in terms of property investment. What, where, and how to buy an investment property are the questions that need to be answered before you sign on mortgage papers.
#2 Selecting and purchasing and investment property
I am a licensed Realtor so I have access to the database to help you find the right investment property.
#3 Mortgage advice and mortgage broker selection
There are thousands of mortgage brokers and most will say “I can get the best rates and terms in the shortest amount time.” Not so fast there….First off, mortgage brokers have to present your case to the lenders. Some mortgage brokers don’t have the slightest clue on how to deal with the banks. I know, you are reading this and thinking “Why did they become mortgage brokers?” It is a 6 weeks course. I have dealt with enough of them to steer you in the right direction.
#4 Contractor selection if any repairs are needed
Most of the time when somebody buys an investment property, there are deficiencies that need to get done before a tenant moves in. Sink is leaking, heat is not working, the kitchen sink is clogged and these are some examples of what happens in rental units. Having a right contractor (who does not ask you for 50% up front) on hand and ready to work is crucial.
Where and how you advertise your property really does matter. Basically, the question is, where are you going to find a qualified tenant. It is easy to find a tenant but to find a good one who will actually pay on time is sometimes a challenge. But don’t worry; I can help you with that.
#6 Choosing a tenant
Choosing a right tenant is crucial in your overall property investment strategy. You have to know the landlords and tenants rights when it comes down to tenancy. You have all heard stories about somebody not paying rent for 3 month and nobody could do anything about it. Well, I can tell you, there are things in place where a tenant, who does not pay, is evicted in less than 3 weeks.
#7 Property management
Trust me; there will be issues with your rental properties. Roof if leaking, faucet has broken off, dryer does not work, light fixture has come loose, heat is not working. You have to have a team in place so you can call somebody immediately.