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There are so many amazing investors to learn from but one that I admire the most agreed to share her tips on why knowing your tenant profile, should be one of the most important things you keep in mind before buying that investment property.

 

For instance, when she goes property shopping into a specific market, she always has her tenant profile in mind before looking at investment properties.  Specifically, she likes having young families with children so she will look for properties near great schools and with 3 bedrooms and 1 ½ or 2 bathrooms; or she might like to attract a single mom and her children and thus will look for a home that either has two units (upper and lower unit) or a house that can be converted easily and legally to two units (upper and lower) or two side by side semi’s. Again, in this instance she would look for a property near the best schools and nearby shopping areas, as it will be highly attractive to families with children and for ease and convenience in their busy lives.

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US investing_small

We have all been keeping an eye on what has been happening with our neighbours to the south and wondering how the so called Trump effect will affect us in Canada.

Many of my Canadian clients who have been investing in many US markets continue to pursue investing in the US as they don’t feel that the Trump effect is something to worried about.

Furthermore, with low property prices, low vacancy rates, high cash flow and most importantly no bidding wars, there are many opportunities to get into the market without breaking the bank – even with the exchange rates as they are!

Many of my clients, myself included still plan to invest in the US but are wondering what options exist for financing, so I thought this would be a great primer on how to finance your properties as a Canadian investing in the US.

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WHY-Small

When I started investing in real estate, I remember my coach saying to me “always start and end with your WHY. I didn’t know what my Why was when I started or why it even mattered, but as I gained more experience and started making passive income, I stopped to reflect on what my Why was and why it actually mattered.

Everyone has a different reason for getting into Real estate investing; for some they hate their job and want to pursue real estate investing to be able to quit their job; for others they love their job but just need a bit more month before the money runs out; and others just love real estate as a passion. However, no matter what the reason, they all start and end with their WHY!

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AlternativeInvest_2

Many real estate investors start out with a dream of owning many properties but ultimately, many things can sway the dream or the well-thought out plans, such as low inventory, high prices, low cash flow and the inability to qualify.

So you have money but can’t get the returns you want, or you cannot find a property within your budget, so how can you make that money work for you?  There are many different options available.

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Wholesaling has always intrigued me but here in Canada the deals don’t exist here as they do in the US, so the same money that you can make in the US doesn’t always exist here. Furthermore, you can buy 2-3 properties in the US vs. 1 property in Canada.

This article speaks about investing as a Canadian but the same rules apply for any foreign investor!

Not knowing much about wholesaling, I dove into researching different companies in the US and also spoke to various wholesalers, who I am very grateful to for sharing their knowledge and experiences.

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I got a call today from an investor client, who is tired of losing out on bidding wars for existing homes and is considering putting an offer on a pre-construction stacked townhouse. Last year she had purchased a pre-construction condo as an investment but this year she was purchasing a stacked townhome as a second home for her son, who had just graduated school and did not have a job yet, which meant he could not qualify for a mortgage on his own. She had a pre-approval in place for 5% down on a purchase.

She was concerned that even with the 5% down she planned to put down. the builder was insisting on a 20% down payment and all of it was due in 90 days, with no firm closing date. She asked if there was a work-around. I suggested she show the pre-approval to the builder and see if she could reduce it.

She was taken by surprise by the demand for a 20% downpayment and so I thought this would be a timely article as many people are unaware of all the costs and demands that come with pre-construction. Here are some things to consider.

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As a real estate investor, I took the time to get educated in various aspects of real estate before proceeding with my first investment property purchase. However, at some point I knew that getting educated was only part of the process – at some point I would have to pull the trigger, so to speak and actually purchase the property to meet my investing goals.

Everybody has reasons for starting their real estate investing career – mine started because I thought it would be a great way to supplement my income. I never expected to evolve and learn what I have learned to date. I keep expanding my goals and hopefully this post will inspire to keep expanding yours as well. I am now involved in residential, commercial and private lending for other investors and with so many different ways to invest the overall goal is to not only grow my own passive income but to also enjoy the journey.

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As a real estate investor I dreamed of having a horde of rental properties but with prices where they are, down payment requirements, land-lording issues in some cases and finding good deals, I turned instead to private lending.

I liquidated my last property after completing two Rent-to-Own deals but have kept my Four-Plex as it is a JV deal that is too good to get rid of plus it keeps me in the game so to speak.

At this point in my life, I am looking to put more focus on my retirement goals and initially I thought I could do that by having rentals, however I realized that I like the low-key approach to investing rather than looking for great deals, trying to find partners with money and chasing down tenants for rent.

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Last week, I was contacted by a new client who lives and works in Richmond Hill. His renewal is up in November but he wanted to put some plans into place because he had just come into some money ($125,000 from an inheritance).

The balance on his mortgage is approximately $100,000 and he has approximately $500,000 of equity in his property.

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Rule of 72

The ‘Rule of 72′ is a simplified way to calculate how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return, investors can get a rough estimate of how many years it will take for the initial investment to double.

Let’s look at some examples of how long it would take to double our money in each of the following instances: Continue reading