Getting Started with Investment Property in Canada

So I have have read many books and initially got drawn to real estate after reading "why we wan't you to be rich" by Donald Trump and Robert Kiyosaki.

I then somehow came across your website and just finished reading your "income for life" book. (which I loved)


Everything I read always says to get started, don't wait, etc... but in reality it doesn't quite explain how to get moving and what to do first.

Now I don't need to be hand held by any means, and can get anything I want on my own - but I would like some more information on what to do next as this is a big step.

I am interested in Buying to hold and rent-to-own for myself.


Should I

- Choose a business name, register the business and then Write business plan. Is it different then writing a normal business plan and registering a business?


- Do I need a mortgage broker, special bank account, real estate agent (buyers), lawyer, accountant?


- What if I do not have 10% 5% or anything to put down?




Dan

Comments for Getting Started with Investment Property in Canada

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Sep 16, 2010
 You Need To Work a Little
by: BcLife

Hi Dan,

We read all those books too, and although they give you a lot of ideas, like any good product they need to convince you that the solution is cheap and easy. Its not. You need to put time and effort in, and sometimes it is downright hard and inconvenient.
First of all, you need to SAVE to get a downpayment. That's right, forego dinners out and fancy cars and put money in the bank. Next, find something that is way cheaper than you can afford and put a reasonable downpayment on it. Your best bet at the start is to rent out a room in your own condo/house, or find a small duplex, or build a suite in your house. Once you get familiar with dealing with tenants and legal forms you can think about starting your empire!

Good Luck!
Sep 02, 2010
 How to Get Started
by: Scott

Hi Dan,

My advice would be to consult your accountant or hire one before you get started. They can help direct you as to whether it is best for you to put the property in your own name or under a business name.

I have several rental properties under my own name, but I also have friends who prefer to put them under their company names.

Next step is to figure out where the money is coming from. There are many suggestions here, but using a line of credit or taking out a 2nd mortgage on your home (if you own one) is the easiest method.

Once you have the money, work with a Mortgage Specialist to find you the best rates at the lowest down payment possible.

Then write up a simple plan to guide you through the thought process. If you are planning on doing a Rent to Own concept, I'd suggest you with with the Rockstar Realtors for their help.

If you just plan on buying, holding and renting out the property find a local realtor who is experienced with rentals and work with them.

My best advice would be to ask a lot of questions and then get started. The hardest part will be the first 2 years and then it gets surprisingly easy.

I've been doing this for over 20 years and still enjoy being a landlord.

Remember, quality houses attract quality tenants!

Good Luck,

Scott.
Jul 09, 2010
 great.
by: peter veau

informative article. Thanks for posting. If you have the chance feel free to visit me back on my site.

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