Here are 8 steps to help you purchase your next real estate investment in Ontario.
1) Get Pre-Approved
Speak with a mortgage agent to discuss your financing options. Contact me today and let me help you get approved.
2) Connect with a Real Estate Agent
A great agent can help you find the perfect property within your budget. Look for an agent that has experience working with real estate investors. Seek out Toronto real estate investors and ask for a referral to the best Toronto agent.
3) Define What You Are Looking For
Do your homework and define exactly the kind of property you want to pursue and discuss your options with your agent. Determine the property type, maximum purchase price, desired return on investment and other details.
4) Start Looking
Get out there and start looking at properties. To save time, use your criteria from #3 above to only physically walk through properties that meet your guidelines
5) Do The Math
Understand exactly how much cash flow you'll get from your investment. Be conservative in your estimates and include expense allotment for vacancies, repairs, utilities, reserves, taxes, insurance and property management.
6) Make an Offer
When you find a good potential property, use your real estate agent to make an offer. Include your pre-approval letter from step #1 to strengthen your position. Negotiate with the seller - but whatever you do - don't overpay.
7) Do your Due Diligence
Make sure the property is all that it should be, both physically and financially.
8) Close on the Property
Sign the paperwork that has prepared by the title company, bring a certified cheque to closing and get the keys to your new property!
Hi, I'm Ian. I am a Toronto-based mortgage agent who helps people get approved for the mortgage they need, with maximum options and at the best rate possible.
Call me today at (416)254-8131 to get answers to your questions about mortgages and current rates.