If you’re planning on living in one unit and renting out the other(s) then you might do just fine managing the property yourself. However, most rental property investors would prefer to acquire the property and outsource the day-to-day operations to a reputable property management company.

This is something that lenders take very seriously. Typically, lenders require larger down payments on rental properties so speak with your mortgage broker and/or financial planner to get a better understanding of your financial situation.

You’ve heard it before and you’ll continue to hear it… Location is one of the most important factors when determining a real estate investment. The reality is nobody wants to live in a bad neighbourhood – at least not for the long-term. So while you may be able to fill your bad-neighbourhood rental property with tenants, they likely will not want to stay very long. Investing in neighbourhoods that are known to have good school catchments and a stable local economy will provide the best long-term benefits.

A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They’ll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we’d be happy to recommend.