WHY IS NOW THE BEST TIME TO BUY REVENUE PROPERTIES
Contrary to popular opinion, a recession is actually the BEST time to invest in revenue properties. Why? Regardless of market conditions people always need a place to live, and with today’s lower prices, you’ve got the perfect money-making opportunity!
The first thing to keep in mind is that real estate in a recession is a long-term investment, as opposed to the short-term “flipping” of boom times.
Plan on keeping the property for 2-5 years and watching its value grow steadily. Be sure it’s in an area where people want to live and is accessible to amenities like schools, shops, and transit. Don’t buy the most expensive building on a modest street; instead buy a modest building on an expensive street. This will make your property more desirable to a greater number of tenants, thus, they’ll be willing to pay higher rents and you’re more likely to have positive cash flow after expense.
The key to a successful revenue property investment is making sure the numbers work. As your mortgage advisors, we can provide no-charge advice and assistance. We may be able to access the equity in your current home and/or arrange affordable financing through our stable of specialized lenders. By keeping your interest costs and payments low, we can help ensure that your rents will cover the mortgage. Then as your property appreciates, we can extract further equity so you can make a second investment.
Considering an investment or revenue property? Contact our team of licensed Mortgage Brokers in Ottawa today and let us show you how easy it is to secure the best investment property mortgage for your current situation. 613-686-6001