Who wants to be a millionaire? Everybody! REC understands that one of the most accessible and viable means to million-dollar ends is smart, successful real estate investment. They also know
Why you should consider real estate investing as an entrepreneur.
Dated: June 1 2021
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Even in a market as uncertain as today’s, real estate has consistently produced highly profitable ROIs. While many are interested in property investment, few know where to start. Here are a few tips and tricks to help you get your foot in the door, so to say, of the housing market.
While you may be dreaming big, often, it’s best to start small. Don’t get intimidated by investors with massive property portfolios; beginning to invest in duplexes, four-plexes, or single-family rentals will still generate substantial returns. Single-family homes, specifically, typically require a relatively small deposit, meaning that the returns will be much more significant later on. By choosing to start small, even if you have the budget to go bigger, leaves you with more opportunities to develop the property and establish a budget for emergencies and future investments.
Once your investment starts turning a profit, one of the best things you can do is not spend it. If you’re looking to create an impressive portfolio of your own, take the money from your first venture and use it to invest in multi-family units. This way, if one of your tenants moves out, you’re still generating income from the other units in the complex to cover expenses, as well as creating profits to put toward your future endeavours. Let the revenue from your smaller projects lay the groundwork for your more significant undertakings.
Initially, try to be as hands-on as you can with the management and maintenance of your properties. Not only will it benefit you financially, but self-managing your investments will leave you with invaluable information and experience that will only benefit you as you continue to climb up the real estate ladder. It may take some time, but once your properties are up and running, you’ll be able to outsource those management and maintenance roles, giving you more time to plan your next project or finally enjoy those profits.
Simeon Papailias
Simeon is a 15 year Commercial and Investment Broker, with a strong and established presence in the GTA. He is the Co-Founder of REC Canada, an award winning Real Estate Firm whose fabric is made of o....
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