Investment / Rental Property Mortgage in Bonnyville, AB
Buying a rental property?
Real estate is a popular way for Canadians to build long term wealth. Having a great rental property portfolio is excellent for income generation. Lets make a plan! Let me help you and simplify the mortgage journey.
Down Payment
Minimum down payment required is 20%
Down payment can be from equity of your existing home via refinance or home equity line of credit
Amortization available up to 30 years (with traditional A lenders)
Rental Income
Rental income can be included as part of the mortgage qualification.
Some properties being sold that already have a tenant renting, and you have the option to take over the lease.
Lenders may also accept market rent.
Renting Out Current Home
Borrowers who want to upsize or downsize may choose to rent out their existing home and purchase a new owner occupied property
Multiple Rentals
Depending on the number of rentals, some lenders will accept more rental income than others.
Lenders with better calculations mean more purchase power.
Some expenses to consider when buying a rental property
Buying an investment property is more than ensuring the rental income will cover the mortgage payments
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Expenses
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carrying costs if the property is vacant for a period of time
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furniture (if renting it out as furnished)
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maintenance
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home upgrades
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repairs
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utilities
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insurance, etc
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Topics to Research
There are many things to consider when searching for a profitable investment property. Before making a decision, consider doing research
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Emergency Expenses - when owning an extra property, theres additional carrying costs, always good to ensure there is enough emergency expenses set aside
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Area of the home - good area tend to have lower vacancies. Popular areas with good job and population will ensure low vacancy rates and home can be rented out easily
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Hiring a property manager - No time to make repairs and manage property? While property managers come with a cost, it can also help with the stress as being a landlord
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Landlord-tenant laws and regulations - its important to know the rights and responsibilities as a landlord and tenant rights
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