I know the benefits income properties bring to an investor. It is one of the few investments where you invest 20-30% (your deposit) and reap the benefits of investing 100% of the building cost, while having the rents assist you with paying off that 70-80% (your mortgage). I have been successfully purchasing income properties for 20 years and can help you find an investment property suitable for you.
Rental income can help you pay off extra monthly bills and save. It can be as simple as renting out a spare bedroom or purchasing a home, with an extra apartment, or two. There are regulations and controls, which govern rentals. These are local – zoning and building codes, as well as, provincial – Residential Tenancies Act http://www.ontario.ca/laws/statute/06r17 .
Flipping income can also be a really good way of generating quick income, but comes with more risk. Flipping properties requires more money, up front, for repairing and restoring. When renovating, it is essential to obtain the proper permits and complete all work, to the requirements of the building code. When you go to re-sell, taking this extra step, pays dividends, with the new Buyer feeling the confidence your City’s building inspector brings to the home. If you have the knowledge and skills, as a home owner, you can obtain the appropriate permits and complete most of the work yourself. An awareness of the market, location and trends of the neighbourhood, is very valuable for the person looking to “flip” a home. If successful, you often see great gains financially. If unsuccessful, it is a frustrating, time consuming, financial drain. I have learned what works, and what doesn’t, and am happy to share that knowledge with you.