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The demand for real estate will grow. In Canada, supply cannot catch up with demand, which will create everlasting pressure on real estate. Everyone needs to have a place they can call home. You can build a great portfolio and set your family’s future for success with investing.
Purchasing real estate is an excellent idea if you are in it for a long haul, not a quick return. Market, economic conditions and mortgage rates are changing, and these must be considered.
There are no guarantees with your purchase, and if someone promises you future income on assignment or short-term investment, be cautious and exercise your own due diligence. Approach real estate with the intention to hold it for as long as possible.
Also, managing properties comes with its challenges. There are times when, for instance, a disgruntled tenant can take you to a court or vice versa. Managing properties comes with challenges, and a good solution is to hire a property management company, but it can cost you 8-10% of your profit.
Many businesses have collapsed in the last couple of years. People lose their jobs in a blink of an eye. Sometimes hot markets cool unexpectedly. Some tenants won’t care about your property as you had hoped. Repairs are costly and time-demanding. Sometimes hot markets cool unexpectedly.
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Real estate is a rewarding long-term opportunity where rental payments apply towards your mortgage balance and create cash flow.
Equity growth and cash flow are other excellent benefits of holding your investments over the years.
Exercising your due diligence, ensuring respectful relationships with your tenants, and your patience will set you for incredible results. Good luck with your plans!