Buying a rental property is a big step in anyone’s financial profile, there’s no doubt about it. However, while it may be a daunting risk, the acquisition of a rental property is not as difficult as it may seem. The Empire Group is a real estate team well-versed in all things rental properties from personal and professional experience.
Advantages to owning rental properties:
Regular monthly income. Monthly cash flow is curated by tenant’s rent, minus your expenses.
Mortgage payments being paid down by renters, not you!
Tax deductions. At tax time landlords are eligible to write-off certain expenses from your gross income. Such expenses may include: mortgage interest, property taxes, utility bills, maintenance and repairs.
Market appreciation. Although the rise in the real estate market is not necessarily a guarantee, historically property values increase overtime.
Tips for purchasing rental properties
Educate yourself! Research and understand the rights and rules surrounding tenants and landlords, most of this information can be found in the Residential Tenancy Act.
Speak to your bank or a mortgage broker before beginning your property search to ensure you have your finances lined up.
Research average rents and the various neighbourhoods of Kamloops (and surrounding areas).
Have a strong set of reliable and trusting professionals to allow the process to go as smoothly as possible such as: Realtor (The Empire Group, of course), Lawyer, Mortgage Specialist, Insurance Broker, Home Inspector, and whomever else you may deem as important).
Take the next step in your financial future and call us today to find out just how easy being a Landlord can be!
“Don’t wait to buy real estate, buy real estate & wait.”