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5 Investment Mistakes To Avoid
“I wish that I knew what I know now when I was younger” Rod Stewart Oh La La
- Mistiming Leases. Every local market is different and in some there is a better time of the year to rent out so as to minimize any void period. In the student area of Barrie the majority of students are looking for accommodation in the late spring for the college start in September ( there are however students looking for accommodation all through the year and the right property should always rent out.) In Collingwood renters are looking for ski season rentals in September and October before the snow falls.
- Purchasing income generating real estate for capital appreciation and not focusing on cash flow. Continual capital appreciation can not be relied on although historically over the medium to long term property has always increased in value. But mortgage, insurance and property tax payments are due every month. Positive cash flow will build up a reserve for void periods and unforeseen expenses. Otherwise investors will have to use their cash or sell the property.
- Choosing the wrong property manager. If you are not preparing to manage your own investment properties the always thoroughly check the references of property management companies, find out if they have the number of staff required to do what they say they are going to and have a get out clause of 30 to 60 days if they don’t perform as expected.
- Not getting a home inspection carried out. Don’t penny pinch and save $400 or so, it could end up costs thousands of dollars in repair cots for problems a home inspector would have picked up on.
- Not having a proper tenancy agreement in place. Ensure any tenants sign and fully understand the tenancy agreement, what both parties responsibilities are and what actions will occur if these responsibilities are not fulfilled..
