Seeking partner for investing in Edmonton properties. I am seeking a JV partner to supply the down payment; I will do the legwork on research, buying, managing, and selling.Here is what I buy, how I manage, and why:
- Location, location, location. I confine myself to a few upcoming neighbourhoods near where I live – central Edmonton. I know the area (it`s good) and I know the prices.[*]Larger lots. In upcoming neighbourhoods, it`s best to acquire the larger lots, which have good value growth.[*]The cheap house on the decent block. Let the neighbours raise and sustain our property value.
- Not too fancy.
- Don`t pay extra for a pristine property. Let the tenants do cosmetic upgrades, and actually increase our value rather than decreasing it.Fundamentally sound.
- I have a good home inspector and I use him every time – no exceptions.Get the Right Tenant.
- I zero in on responsible applicants and do credit checks. I also get tenants who want to do cosmetic upgrades, and have the trades skills; you don`t have to settle for just getting the rent cheques on time!Keeping an eye on it.
- I live in the area and visit my properties regularly, for obvious reasons.