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3 Important Tips for First-Time Investors

The real estate market is tempting many people to consider whether it’s time to invest in real estate while interest rates remain low. If you are diving into the real estate market, here are three things to keep in mind. 

1. Settle on your strategy. Decide early whether you want to be a rehabber, a buy-and-hold investor, or another business model such as a flipper or wholesaler. Once you know what you want, you can act accordingly. In general, the longer you hold a home, the more value you will extract from it.

2. Don’t get overextended. People run into trouble when they invest too much in the beginning, thinking they can recoup quickly. Start small and don’t invest money that cannibalizes from your current savings plans. Real estate investing should be a supplement to your existing plans, not a replacement. Later, if you have great success, you can always reevaluate.

3. Select your targets with care. Choose properties that are low maintenance and have a wide appeal. Finding an investment property isn’t about your personal taste. Avoid properties with odd room layouts or with high-maintenance features such as a swimming pool or a large garden.
 
Source: Realtor.com
Original Author: Deidre Woollard
Edited By: Melissa Winter