There is a right and wrong way to invest and we want to make sure you don’t fall into a pit (a money pit, that is!).
Here are 5 steps for you to take to get into investing, or expand your portfolio, profitably.
STEP 1 - WHAT ARE YOUR GOALS
Do you want a return right away, or in the future? Do you have a preference for the type of home you want to invest in? How will you use the money – reinvest? Retirement? Your kids’ education? Maybe you want it FOR your kids.
If you don’t know where you’re going, you’ll never get there. So goal plan first!
STEP 2 - PICK A STRATEGY
There are 6 options available to you and you have to figure out which is the best for you and what you’re trying to do.
STEP 3 - HOW MUCH AND WHERE FROM
Knowing what you can afford, both now and in the future, is key to any real estate transaction. Just because you have good credit or equity in your home doesn’t mean you can qualify for a real estate investment property, so work closely with your financial partner to get the details figured out before you embark on investing!
STEP 4 - RUN THE NUMBERS
Always compare one strategy against the other to see which one delivers the best return. Not all investments are created equal, and we’re adept at running these numbers for you, creating scenarios, and building out the future for you so that you achieve your goals.
STEP 5 - JUST DO IT
Nike said it best, so why try to come up with something better?
Just do it. The market in Toronto is always hot, and always will be. Condos in particular will always be in demand, or any property that’s well located and rentable. Even in economic downturns, people need places to live, and if they can’t buy, they rent.
So you’re good!