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Key Partners for Investment Properties

The following are all of the people you should have on your investment team. 

Mortgage Agent 

As your financial expert, It’s my responsibility to pay close attention to lending criteria and stay up to date on the key economic developments that can affect interest rates. You can rest assured that I’m ready to help you reach your overall goals and optimize the financial leverage for your investments.

Real Estate Agent 

A real estate agent understands the underlying economics of the Greater Toronto Real Estate Market, market fundamentals, and the real estate cycle in target neighbourhoods. This helps aid in the ability to find valuable properties to add to your portfolio.

Real Estate Lawyer

Real estate lawyers typically review all the legal documents and issues related to a transaction. This includes looking at a legal review of the Agreement of Purchase or Agreement of Sale. They ensure property taxes are up-to-date, and that there are no claims or liens registered or on file against the property. They also confirm if there’s a valid property title and calculate what land transfer tax is due upon closing and any other tax implications. In some situations, there’s a need for litigation involving the purchase or sale. A lawyer experienced in real estate law can point you in the right direction in these cases.

Insurance Broker

Not only will mortgage lenders require you to hold property insurance on the investment you’re purchasing, but you’ll also want to be covered from any potential damages. This can include physical and liability, which may occur. An insurance broker that’s acquainted with your entire portfolio can ensure that you maintain adequate coverage without paying for additional redundancies. 

Home Inspection

As when purchasing a home, one of the first priorities is to have the property’s condition confirmed by a home inspector. A licensed home inspector will not only inform you on the condition of the property but also provide a cost of repair/remaining life estimates for important features in a home. From a property investment perspective, this allows you to set your repair budget accordingly to mitigate unexpected repair bills.

Contractors

As with many members of your team, you’ll want to seek referrals from other real estate investors. A good contractor may cost more than a lower quality contractor, however, the money and time savings make having quality contractors a valuable addition to your team. Before purchasing a real estate investment, obtain 3 separate quotes and scopes of work for your project from trusted sources. A good rule of thumb with contractors: Good work is not cheap, cheap work is not good.

Property Management

An experienced property manager can save you money, trouble and most importantly, time. A property manager sources and manages prime tenants. They also oversee any maintenance or issues pertaining to your investments. Good property managers can minimize your vacancy rate, ensure quality tenants that turn over with enough regularity to allow your rents to stay at or close to the market rate.

Accountant

Accountants can ensure that your investment portfolio is optimized to be tax efficient. They advise you on the disposal of your real estate assets to ensure you take full advantage of the tax-shelter potential of this investment class.

Reach out to me today for any questions you might have.