Jason Kays, AMP
With over 17 years experience in the Financial Services Industry, and having achieved the Accredited Mortgage Broker (AMP) designation, I have the experience and product knowledge to find you the mortgage with the lowest rate, and with the best terms for your personal financial situation.
As an independant Mortgage Consultant working with Mortgage Brokers City, I have access to over 40 lenders to find the best deal for you. I get paid by the lender we place the mortgage with, and you, the client do not pay me anything.
The mortgage industry has changed ...
Home Ownership Strategies - You need time, money or expertise to own a rental property
Date Posted: September 9, 2014
For those who are considering investing in a rental property, there are a few basic rules to keep in mind in order to mitigate the risk of the deal turning sour: The key is to look for a community or region that shows clear signs of growth and economic sustainability.
Alberta continues t be one of the best bets for income investors in Canada. It is also important for investors to have a clear idea of the true monthly costs, including mortgage, interest and property tax payments. As well as potential extras such as garbage pick-up, water usage or strata fees.
Setting aside an emergency fund to cover repairs and maintenance is highly recommended. Many investors are also choosing to save money by doing the management work themselves, but that comes with its own costs. Landlords should expect to put effort into finding good tenants.
Securing a mortgage for an income property can also be complicated. Mortgage rules require investors to have a minimum down payment of 20 per cent and to have proof through tax returns of their income and assets.
Homeowners who are interested in an income-generating property, but don't have the 20 per cent to put down, may want to consider a basement or suite within their own home. A primary residence with a rental suite requires less down payment.