by Mark Vosylius, Mana Investments
These Questions will help clarify your first steps to investing.
What a time to be in real estate! Some areas up, some areas down. What is an investor supposed to do?
Yes, I know many agents will say its tough out there but I am a “cup half full kinda guy” and I see nothing but opportunity out there.
Here are 6 things you should ask yourself (and your agent) before buying an investment property in this market.
¢1– Where are we in the Real Estate Cycle? It is good to talk to an expert to find out what the market is doing. Every local market is in a cycle or trend. Find out where that cycle is and base your investment on that i.e. what the market is doing (upswing, flat or downswing).
¢2- Negotiate, Negotiate! In any real estate transaction be prepared to negotiate. Look at all factors that will affect the “future” value of your investment. Always have a “plan B” (a back up) when you negotiate.
¢3- Educate….NOT Speculate. Do the research necessary on all aspects of your investment. Look at transportation developments, shopping mall growth, employment and vacancy statistics ( among others).
¢4- Take a Breather. In real estate it is best to always have a cool off period to think things through. In home buying as in real estate investing it is good to take time to ensure that this is what you want. Buying can be a very emotional time.
¢5- Set Goals…Write a Business Plan. Investing in real estate is just like any other start up business. Write a plan that is realistic and takes you from where you are today to where you want to be 5 years from now. The best advice here is to talk to someone who has done it. Get their story and see if your plan is realistic.
¢6- Check your FICO Score. That is…check your credit rating. Investing in real estate will require that you have a healthy FICO score (the rating that banks use to see how credit worthy you are).
Mana Investments can walk you through all the complexities of investing in real estate for the first time. We have developed tried and true options to help you find, buy, and manage your investment. We focus on Barrie, Orillia, Collingwood, Innisfil and Midland because from our economic research we believe that these towns have massive growth potential over the next 10-15 years.
For more info: (705)-812-1033; Email: mark(at) manainv.com.
Mana Investments – www.manainv.com – We believe in Education not Speculation. We invest in real estate in the Barrie, Orillia, Angus, Innisfil, Collingwood, and Midland areas. We can show you how to use your RRSP’s as a 2nd mortgage for real estate investing in Ontario.
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American Apartment Owners Association offers discounts on products and services related to your commercial housing investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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