HOW TO BUY YOUR FIRST RENTAL PROPERTY - Real Estate Investing for Beginners in Canada
Channel: Darren Voros
Date: 2020-03-31

A step-by-step guide on how to buy your first rental property. In this video I'll walk you through the process on how to buy rental property in Canada. In this real estate investing for beginners in Canada series,  I'll walk you through how to buy rental property with no money down as well as your other options. 

DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.

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Step 1 - You'll need to figure out where your money is coming from and how much you're going to invest? This money could come from a variety of sources such as cash, Investments, parents, or perhaps a joint venture partner. There are no money down options or you can fully finance a property as well.

Step 2 - Where do you want to invest? Where should I buy my first rental property? Picking a location for your first investment property can be difficult. Start with an area you are familiar with and branch out from there. It's important that you know the area you're investing in on a street by street basis as this will help you understand the local real estate market and what's going on in that neighbourhood.

Step 3 - What kind of property do you want to buy? There are all kinds of options when it comes to what kind of investment property you can buy. Single family dwellings, duplexes, triplexes, multi-unit or a condo. The kind of rental property you choose will depend on how much money you have to invest, how much time you have to invest, what type of tenant do you want to have in your property and whether or not you want to do renovations on the property. 

Step 4 - When buying your first rental property, you'll need to build your real estate investing team. Depending on the transaction you may need some or all of these people.
-Realtor
-Mortgage Broker
-Lawyer
-Accountant
-Property Manager
-Home Inspector
-Contractor
-Insurance Broker
Try to find service providers that specifically focus their business on working with investors. This will help you move your real estate investing business forward faster and allow you to scale your real estate investing business if you choose the right team.

Step 5 - Analyze your numbers! Real estate investing is all about the numbers so if the numbers don't work on a specific property, walk away and move on to the next one. There will always be another property. You'll need to know how to calculate cash flow. How to calculate how much of the mortgage you pay down every year and how buying a rental property compares and differs from buying your first house.