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Kingston Investors

The City of Kingston currently has one of the lowest vacancy rates in the country, sitting at approximately 0.6%. These market conditions favour the real estate investor by driving rental rates upward. Here’s how to get started:

Finding the right property:

When starting your search, it’s best to invest in a property in a familiar neighbourhood; it’s important to be comfortable with your location. Knowing what the nearby amenities are really helps sell your property to potential tenants. Most potential tenants want to be within walking distance of public transportation and local services.

Due diligence:

When selecting a property to invest in, it’s helpful to do your research online first and then drive by them. The Marco and Rob Real Estate Team can do the homework for you. We will perform cash flow calculations analyze market data to determine if the property is a good investment or if we should keep looking. For all properties, especially if investing in multiple units, you’ll want to visit it in person and view the unit(s) carefully.

Upon viewing the property, if you like what you see we will draft an offer conditional on a building inspection, obtaining financing and mortgage appraisal, reviewing the leases, income statements, expenses, fire retrofit certificate (if applicable) and any other items we may recommend.

Is it a good investment?

Your real net income (deducting the gross rental income from the expenses, inclusive of mortgage costs) is what determines a good investment or not. If you’re investing in a multi-unit building, we will determine the capitalization rate (cap rate). Essentially, the higher the cap rate the better the investment for you.

Understand the Residential Tenancies Act of Ontario (RTA)

When buying a second property, you become a landlord. You’ll have extra responsibilities and you must become acquainted with the Residential Tenancies Act of Ontario (RTA). While you can hire a property manager to deal with the day-to-day workings of the property, you’ll still need to understand and respect the RTA and updated legislation including the use of a Standardized lease which was implemented in April 2018.

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