need advice from experienced realtor

[Pda]

We want to buy a investment property and rent it. But the problem is if we go with detached house rents are too high in the range of $2000 - $2200 and hard to find rentals. Sometimes we can rent basement separate and main and first floor separate meaning 2 tenants but very challenging as they may have differences in living habits. Other option is buy a town house.. cheaper one comes with condo fees and free hold are expensive. In most case a rental property is only making equity with time and not giving monthly income as all money goes back in mortgage / house tax/house insurance/utilities/condo fees etc... sometimes buying an investment property is a liability as you have to pay extra from pocket over rental income to pay all debt.

we want to go a different approach we want to make monthly income as well as built equity. Only way to do this is to give property to some companies to manage , who get rentals from companies who get foreign employer on deputation or get rentals from insurance companies renting houses for their insurance claim customers.. in this case I have seen rental value are good.. I have seen companies and insurance paying for such rental property $4000 - $5000 per month. Even after paying admin charges to those managing companies the house owner can still make a good lump sum monthly income.. Is there a website or place where such companies welcome private home owners to approach them and give their property to manage rental income

 

[Tri-Cities]

...maybe you should get in touch with a realtor office then...?

 

[Pda]

thanks for your advice Tri, how much you have been involved personally into this and have you any suggestions from your own experience. I will also talk to realtor as you suggested.

Has anyone got his own experience. Mostly this is common in Canada to invest in property. Has anyone thought of going through agencies for rental property management and do these agencies pay more rent as I mentioned through tie-up with big companies.

Regards,

...maybe you should get in touch with a realtor office then...?

 

[Tri-Cities]

...well, I thought about buying a place and then rent it out. But my experience lead to a different decision. I would never buy a place, paying big bucks and the rent it out. These days too many people do not care about their own stuff and more certainly don't care about someone elses property.

This issue also exists in many companies, from what I saw within the past ten years. Being a company owner I got sick of employees who wouldn't give a s..t about (my) tools they used to do the job and make money from. Paying more than the average wage didn't help either. Same thing going on in the company my husband is working for...it's endless, too many cases.

So, thanks but no thanks. As long as people seem to not care I'll only invest in me, myself & I.

Good luck anyways!!

 

[foodie69]

So, thanks but no thanks. As long as people seem to not care I'll only invest in me, myself & I.

Good luck anyways!!

You got a very valid point here.. I came to the same conclusion some time ago.