While many individuals consider real estate as an easy and effective investment, there are many things people do not know and should consider prior to diving into the world of real estate.
Start by visiting a bank or a mortgage broker to calculate an affordable mortgage for your investment and look for locations in the city that will provide you with a positive cash flow. You’ll need enough to cover the monthly mortgage payment, property expenses, and set some cash aside for unforeseen circumstances. While it’s often difficult to find properties like these in Toronto’s current market, try focusing your attention on small communities that meet the above criteria.
Once you’ve acquired a new property, make sure not to sell it to quickly. Buying or selling a property to quickly is not always beneficial. The price could have increase further over time providing a greater return. Additionally, a quick sale could be viewed as business income in the eyes of the Canada Revenue Agency – this means you will have to pay tax on the profits.
Interested in making an investment in local real estate? Contact Tembo Financial and get an advance on your equity today! You could receive your money in as little as 48 hours with no credit check and no appraisal* to use for things like real estate investments. Don’t wait – get started today!
*Subject to qualification