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ntpowell

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Joined
Oct 24, 2007
Messages
1
I would like to take the opportunity to introduce myself to this great community of like minded individual. I recently decided to start to build my real estate portfolio and would like any assistance/guidance has to how I should go about doing that. I`m am currently reading 97 tips to real estate investing. It has provided me with some information but would like to get some more help has to how to get started. I live in the Ajax/Durham but anywhere within the GTA would be fine to meet or contact with any hlep that could be offered.

My goals that I`ve set for myself is to buy 2-3 properties a year that will allow me to grow my portfolio over time.

Ntiedo Powell
[email protected]
 

housingrental

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Registered
Joined
Oct 10, 2007
Messages
4,733
Hi Ntiedo,

Figure out what you can finance

Ensure you have access to thousands of dollars of extra cash if needed once the property is purchased - you never expect the furnace and all apliances to permanently stop working around the time your tenant leaves mid lease and damages unit - but be prepared for the worst so you can deal with it properly if it happens.

Target a particular location at not only that price range, but above and below it so you will be able to determine
if a property is over or under priced, or how you can add value to a property. Analyze historical sales data also. Learn the intriciacies of the market - school district cut-offs, high traffic streets, etc.. - to understand if a listed house is priced appropriately, high, or is a deal.

Learn basics of housing - so you can determine what renovations might be needed and there cost.

Create pro-forma statements - remember to factor in things like landscapping, grass cutting, snow removal, furnace servicing, eavestrough cleaning, managing expense, insurance, property tax, principal and interest, vacancy allowance, and maintenance expense.

Become an expert in that location so you know what the market rate for a proprety. Do NOT rely on current rents to analyze a property - the landlord might have gotten lucky and you might not be able to obtain similiar rates when having to rerent.

View advertisements for places to rent in local newspappers and online. Actively visit properties that are for rent. Be aware of vacancy rates of particular properties.

I`m a property manager and specialize in student housing in Waterloo and would be happy to help get you started in Waterloo. Also, if you have any more general real estate questions I`m happy to give you my opinion. Send me a message if of interest.

Thank you,
Adam



QUOTE (ntpowell @ Oct 26 2007, 04:31 PM) I would like to take the opportunity to introduce myself to this great community of like minded individual. I recently decided to start to build my real estate portfolio and would like any assistance/guidance has to how I should go about doing that. I`m am currently reading 97 tips to real estate investing. It has provided me with some information but would like to get some more help has to how to get started. I live in the Ajax/Durham but anywhere within the GTA would be fine to meet or contact with any hlep that could be offered.

My goals that I`ve set for myself is to buy 2-3 properties a year that will allow me to grow my portfolio over time.

Ntiedo Powell
[email protected]
 
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