Age is just a number. Whether you’re 25, 35 or 45, its never really too late to become an Edmonton real estate investor.
This Tuesday, we rounded up a few good tricks that can help kick start your Edmonton real estate investor career.
- SEARCH FOR EXCEPTIONAL PROPERTIES
These are the type of real estate that raises your cash flow through a reasonable rate of return.
Don’t fall for those get-rich-quick schemes. There are still Edmontonians who fall for people selling distressed or abandoned properties, telling them that they’ll make a quick profit after they fix and flip the property.
Sadly, it’s not as easy as it sounds. Unless you already have construction experience, this kind of venture might drain your resources.
The awful reality is, after they fall for get-rich-quick schemes, they are left holding a property with a degrading value.
- PURCHASE REAL ESTATE THAT YOU’RE COMFORTABLE WITH
Since you’ll treat a property as an investment, it’s best to purchase one that is convenient for you to go back and forth with and one that you’ll enjoy taking care of.
An investment property that makes you feel good every time you see it or walk in to it is a property worth keeping.
- SET ASIDE AMPLE EMERGENCY FUND
Damages are bound to happen when you rent out your property. It’s part of the business. There are times where unexpected repairs will really cost you, so to prepare for this possibility; you have to put enough money in the bank to be used exclusively for the repair of the property.
- TARGET HIGH FOOT TRAFFIC AREAS
The key to having positive cash flow in your real estate investment is to have a low vacancy rate. To secure yourself from this risk, it is recommended that you purchase properties in high foot traffic areas, such as schools, cafes and offices.
- 1-BEDROOMS WILL DO
If you’re just starting in this business, a 1-bedroom apartment/condo will suffice as your first investment. No need to rush yourself in owning a 5-bedroom house.
The great thing about a 1-bedroom apartment that’s located in high foot traffic area is that there would always be a tenant willing to rent it out; students, single people, widows, startup founders.
Investing in Edmonton real estate is pretty exciting! Though, please don’t forget, it will not always be smooth sailing, there could be bumps every now and then. The important thing is you have to prepare yourself mentally, physically and financially once you sign on that dotted line with your Realtor.
For a quick search of the finest Edmonton real estate investments, head over to Team Leading Edge MLS listings.
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Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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