What happened in the Woodstock market in February 2019?
Strong Sellers Market conditions continued! That's what!
A Landlord can retain a maximum deposit of one month’s normal rent.
A Landlord is obligated to pay the tenant interest on the rent deposit every year. The applicable interest rate is always the same as the Rent Increase Guideline as discussed above.
Subject to a few exceptions, a tenant’s rent can only be increased 12 months after the date of the last rent increase or the date a tenant first moves in. A tenant must be given written notice of a rent increase at least 90 days before it takes effect.
Choosing a Tenant
3 Common mistakes people make when buying investment property
1. Bidding too high or getting into bidding war. If you over pay on a property, it already seems like a bad investment.
2. Buying a fixture upper that’s a great price but ends up costing more than it’s worth with renovations
3. Not getting a pre-approval. Just because you have 20% downpayment saved doesn’t mean you’ll be approved for the mortgage amount you’ll still need.
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5 things to remember when buying an investment property.
Average Sale price, down 1.4% to $375,183
Median Sale Price, down 4% to $369,900.
Number of Homes for sale, Up 34.2% to 98 Homes for Sale
# of Homes Sold, equal to last year, at 43 Homes sold.
There are different schools of thought when it comes to evaluating investment real estate. Some people just want to know if it is "cash flow positive." Some people are looking at the CAP rate, and some more-savvy investors might want to know something called the CAP-X rate.
Do you have a company pension? I don't.
That's why, several years ago, I started buying investment real estate. My goal is to own $2,000,000 worth of investment real estate by the time I retire.
The logic is simple. If you can buy early, and often enough, you should be able to own, free and clear, $2m worth of real estate by retirement age.
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