Top 3 Common Mistakes When Buying A Rental Property
Joel Anderson, a Partner at The Chamberlain Group and a Calgary REALTOR®, talks about the Top 3 critical mistakes people make when purchasing a rental property on this video. Watch the video and let us know what you think about this! Call us at 403-366-3130, or email us at sales@tcgroup.ca.
Transcription Text
“Hi everyone! Joel Anderson here with Royal LePage Foothills and ChamberlainGroup.ca.”
“Today I wanna discuss with you the top 3 critical mistakes that others have overlooked that you need to consider when purchasing a rental property. Defer the phrase location, location, location.”
This is partially true but here’s the real truth. Number 1, You need to look at the cashflow. You need to consider it because without it you will not survive in investing in real estate. Investing in real estate without it could be, or will turn out to be the biggest mistake you’ll ever make.”
“Looking for multiple streams of income is a must also. Knowing who you’re gonna rent to will determine the property you purchase and also its location. A typical university student isn’t going to rent a 22,000 square foot penthouse downtown. They’re gonna want to but knowing reality, they’re gonna be sharing a room with Bob. Who’s Bob? That’s an excellent question!”
“Next, we wanna look at location. This is very important but its not the only thing to consider. When looking at your location, the biggest tip you need to know is how far from major transportation changes or modes of transportation that your tenant will need. Example, If we had west the LRT is getting extended up there and buy a place up there now. When the LRT is completed you will be able to ask more for rent and attract more prospects for your property.”
“If you have any questions or comments, please give me a call at 403.366.3130 or email me at joel@tcgroup.ca. And remember, you stay classic Calgary! “
Jared & Rebecca
About The Chamberlain Group:
Jared and Rebecca Chamberlain are Calgary REALTORS® who are changing how real estate is done in Calgary by utilizing online marketing and advanced tools to sell your house in Calgary faster and for far more money. They would be honored to have the chance to work with you and earn your business. ____________________________________________________
January 17, 2012
Tags: "jared chamberlain" "joel anderson" "chamberlain group" "calgary real estate" "calgary realtor" "investing tips", common mistakes when buying a rental property
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