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10 Mistakes to Avoid When Buying an Investment Property

Investment Property

10 Mistakes to Avoid When Buying an Investment Property

Using your hard-earned money should mean that you do your research when buying an Investment Property. So be sure to do your researchThe goal is to start your portfolio off successfully. I recommend looking outside your area and trust in your Realtor®. They will guide you in the right direction. Almost every prospect requires that you start out low and work your way up. Real estate investments are no different. It’s important to begin with a solid property before finding a challenge. Start out with smaller, cheaper properties that you can afford and look into rents in that area.

If you look in Maple Ridge for example, you can buy a $199,900 property that can bring in $1200 a month in rent. With 20% down you’ll be bringing in a positive cash flow, after mortgage and strata fees are paid. Be it a small return but it’s a return none the less. That’s exactly what you want to be doing, which is making money. So think outside the box and start small. Once you’ve got the hang of it then you can add to your portfolio. In no time you’ll have 5-10 properties and be on the way to financial freedom.

The prices in Greater Vancouver are inflated, so learn other areas in BC. Reason being is that the prices in the surrounding areas are better. Making it easier to get into the market at an affordable price. So instead of buying a $600,000 downtown property, maybe think of investing elsewhere. This is so that you can grow that positive cash flow.

Plenty of challenges accompany the current real estate market. So those who invest in real estate without proper preparation might suffer the negative consequences. If you’re interested in beginning a rental property business…

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Pros and Cons of Buying a Pre-Sale Condo.  

Pros and Cons of Buying a Pre-Sale Condo.  

Let’s get down to the brass tax of a new build and Pre-sales. As I’m sure you are seeing all of their beautiful marketing. That place looks so nice and enticing. But make sure to take a step back to understand the advantages and disadvantages of buying a pre-sale condo. Especially in a market like Vancouver and its surrounding areas like Port Moody, North Vancouver, Burnaby and New Westminster.

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1.) Beautiful New Condo Building

Can you imagine yourself as the first owner of that new place? Everything is shiny and clean, has a great design and top technology. Many new buildings in Vancouver are LEED certified and are built to be greener and more environmentally sustainable in design, construction and operation than older buildings. Typically they too have state of the art fibre optic cabling too. Great for options when it comes to your digital needs like phone and internet.

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6 Tips For Choosing A Neighbourhood To Live In

6 Tips For Choosing A Neighbourhood To Live In

What is important to you when choosing a neighbourhood to live in?

It’s easy to say but is it really that easy to achieve. When trying to choose a new place to call home, one of the many factors that you have to keep in mind is neighbourhood. I may be biased, but I have lived in Kerrisdale, South Granville, Commercial Drive, Downtown (Yaletown and Westend), North Vancouver and now Port Moody.

I have to say when it comes to my lifestyle and personality, the North Shore of the Tri-Cities, Port Moody has everything I need. Being so close to the trails and mountains for hiking, trail running, swimming, paddle boarding, breweries, boating and so much more is what I love. The market is still reasonable too, I mean it’s crazy if you are to compare it to other cities across Canada but when it comes to Greater Vancouver Port Moody has amazing upside in its pricing. But is it within the confines of what’s important to you?

That’s what really matters. What is important to you when choosing a neighbourhood to live in?

Here are 6 tips to consider:

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