Five Tips for Selecting Your Real Estate Investing Partner
When it comes to real estate investing, Canada is one of the best countries to be in. It has very liberal laws related to owning real estate—in fact, even foreigners can invest in its property market and make a profit out of their investment. If you want to dip your toes into investing in Canadian real estate, here are a few tips to keep in mind when selecting an investing partner.
- Set your objectives straight. It’s important to work with an investing partner that has the same goals as you do. Be clear about your objectives for putting your money into an investment property before you even get started. Do you want to make a quick profit or are you willing to wait a few years? Do you intend to create a steady flow of passive rental income or so you simply want to flip properties?
- Before getting into a partnership, research about your prospect’s track record. You want to transact with a company that can provide you with expert advice on investing in Canadian real estate.
- Stay on top of your profits and expenses. Your partner should be able to crunch numbers with you and make sure that every detail is covered before you make an investment.
- Make sure you choose a partner that you feel 100% confident about. If something about the agreement or the partnership doesn’t feel right on the onset, it pays to follow your instincts and err on the side of caution.
- Communication is key. Real estate partnerships—as with any type of business partnerships—are built on regular communication. While you shouldn’t expect to receive a report every day, you still want to work with a partner that is always available for discussion if you want to raise any issues or concerns.
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