Before buying a rental property:
DO; meet with a mortgage broker, because lenders’ rules for a rental property are different than for a home.
DO; make a budget that includes all expenses.
DON’T; forget to account for possible rent losses.
DO; a rental analysis and compare the asking rent of similar properties.
Once you’ve bought your property:
DO; choose finishes and colours to appeal to your prospective tenants; you may like your yellow living- room and red carpet but chances are your potential tenants won’t.
If you decide to manage your property yourself:
DO; familiarise yourself with the Residential Tenancy Act, the rules are really strict and little mistakes can be very costly.
DON’T; ever never ever never ever ever …. EVER not verify your prospective tenants’ references. EVER!!
And if you decide to hire a professional to manage your property:
DO; hire me 🙂
Nicolas Belisle
Property Manager JONESco Real Estate Inc
778-433-9908
Nicolas@JONEScoPM.com
www.JONEScoPM.com
#201-648 Herald Street
Victoria Bc V8W 1S7
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