By Douglas Gray, Peter Mitham
The final word source for Canadian residential landlords.Anyone can turn into a landlord, yet no longer each person may be a ecocnomic landlord. Distilling over 35 years of his first-hand event, Doug grey, considered one of Canada’s most valuable actual property authors and specialists, courses readers on tips to turn into a profitable landlord. Following the potent and confirmed formulation of his past bestsellers, The Canadian Landlord advisor fills the void of data on Canadian landlording. a number of the lined issues include: Principles and formulation for ecocnomic landlordingUnderstanding how the true property marketplace worksThe pitfalls of actual property making an investment and the way to prevent themTypes of apartment formatsWhere to get info on potential propertiesHow to finance actual property investmentsThe criminal features of shopping for and renting propertyTenant selectionProperty maintenanceFilled with easy-to-understand and credible recommendation, The Canadian Landlord advisor is a must have source for all Canadian landlords. professional execs and aspiring novices alike will locate Doug Gray’s landlording advisor to be considered one of their key instruments of their quest for genuine property success.Doug grey, B.A., LL.B. (Vancouver, BC) has been purchasing, renovating, and renting actual property for 35 years. as well as being a winning genuine property entrepreneur, Doug has written over 28 bestselling genuine property, company, and private finance titles, together with earning money in actual property (978-0-470-83620-0) and The Canadian Snowbird consultant (978-0-470-15375-8).
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Extra resources for The Canadian Landlord's Guide: Expert Advice for the Profitable Real Estate Investor
Residential Whether it’s a granny suite in your primary residence or a downtown condo you rent to a young professional, residential real estate can be a starting point for your real estate investments. Since the cash flow comes from a tenant who may be very different from you, interpersonal skills should be your strong point. You may need to address a tenant’s concerns, intervene if a tenant has breached a lease agreement or choose from among a diverse group of potential tenants who seem of equal calibre (on the surface).
Once you establish how much of your current wealth you feel comfortable investing, you’ll have one element of the framework that will help determine what kind of properties you can consider taking on as investments. Drafting a Budget An equally important step is drafting a personal budget that reflects your current monthly income and typical monthly spending. If you are self-employed or your income varies from month to month, you may wish to draft a budget that reflects annual income and spending patterns.
If you die without a will—a condition known as being intestate, or without a testament to your intentions—the government will distribute your estate for you as set out in provincial legislation. Suffice it to say your heirs will thank you if you draw up a will. If you don’t have a will, it will not leave a legacy of fond memories due to the negative implications. It is essential that you have a will prepared by a lawyer who specializes in will and estate law. In many cases, this is done in conjunction with strategic customized feedback from your tax professional.