The best time to buy was 20 years ago ... The second best time is now!
"The first step is continuously the most problematic."
I will always remember my landlord when I rented. The gentleman was 76 years old, and he was still busy with his beak and nail blocks. At least he collected rents; he destroyed the nest of wasps and anthills that littered his buildings. One day during small work done in our bathroom I told him that I too wanted to buy income properties. His eyes have changed, I felt all the passion of this man come back at once! He told me:
"Buy, buy ... buy my man, that's the best thing you can do. I'll let you know a deal ... you know, I did not even finish high school and look at me today, my buildings are worth millions. I'm taking care of it is a passion, but I could have sold them all and spent the rest of my life on an island in the South.
We were far from the owner who wants to keep his good tenants. My owner was right: the best time to buy was now. A year later, I bought my first quadruplex.
Delaying the purchase is never a good idea
Do you think that house prices will go down? Or Increase? Whether interest rates will decrease or increase? Regardless of your beliefs, the reality is that real estate remains at all times a safe and profitable investment.
Just wait in case ...
It is also possible that the market remains stable for the next 5 to 10 years. Staying on the hobbies and waiting to see if you were right or wrong makes no sense. Inaction does not create wealth, people who trust and rush get rich. In the rental real estate, your tenants pay the interest in the bank, the capital, the taxes and the taxes of the building. For a savvy investor, his block pays for itself. If you live in your building, then your tenants will spend a good portion of your mortgage.
The more time passes, and the more your equity on your property will increase. You can use this equity to refinance your building and buy another building
A real estate broker is essential for the purchase of a first plex.
The rental real estate is more complicated than buying a single-family home. Whether you are looking for a Duplex, Triplex Quadruplex, Fiveplex or more than six units, in multi-unit there are many more variables to evaluate:
1. What is the rental clientele of the sector?
2. Are current tenants good tenants?
3. What is the state of the rental units?
4. Can rental income be increased?
5. Can I take rent to live there?
6. How does housing management work?
7. What are my obligations as an owner?
8. What are the tenants' obligations?
This list of questions is long, and that is precisely why a real estate broker becomes an essential partner in your success.
A real estate broker specialized in rental property and specialist in your sector is one of the keys to your success. As you have several rental units to visit, two pairs of eyes are better than one to find all the defects and potential problems of the building. So, you usually should not have a significant surprise when inspecting your building.
In Quebec, the rental market is getting older
Buying in Quebec City, Montreal or Trois-Rivières requires a good understanding of local market realities, sociological trends, demographics, the composition of building structures, and so on. For example, the buildings constructed in Hochelaga do not have the same structure as those made more recently with concrete foundations in Rosemont.
An excellent real estate broker knows the structural reality of the buildings in your area and advises you before even bringing in your inspector
Conclusion
Buying a rental property is an active investment. It takes about 40 hours of work a year and brings you a lot more than a week in the long run, regardless of your salary. Remember that the line is thin between successful people and those who trample. The significant thing is to take action now. So, you too in 35 years will have a fire in your eyes as my former owner. Who knows? You may be a millionaire on an island in the sun!
Thanks for reading me,
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