The Canadian Landlord's Guide: Expert Advice for the Profitable Real Estate Investor

by Douglas Gray; Peter Mitham

• ISBN13: 9780470738764
• ISBN10: 0470738766
• Format: eBook
• Copyright: 2010-03-01
• Publisher: Wiley

Summary

The ultimate resource for Canadian residential landlords.Anyone can become a landlord, but not everyone will be a profitable landlord. Distilling over 35 years of his first-hand experience, Doug Gray, one of Canada's most respected real estate authors and experts, guides readers on how to become a successful landlord.Following the effective and proven formula of his previous bestsellers, The Canadian Landlord Guide fills the void of information on Canadian landlording. Some of the covered topics include: Principles and formulas for profitable landlording Understanding how the real estate market works The pitfalls of real estate investing and how to avoid them Types of rental formats Where to get information on prospective properties How to finance real estate investments The legal aspects of buying and renting property Tenant selection Property maintenanceFilled with easy-to-understand and credible advice, The Canadian Landlord Guide is a must-have resource for all Canadian landlords. Seasoned professionals and aspiring beginners alike will find Doug Gray's landlording guide to be one of their key tools in their quest for real estate success.Doug Gray, B.A., LL.B. (Vancouver, BC) has been buying, renovating, and renting real estate for 35 years. In addition to being a successful real estate entrepreneur, Doug has written over 28 bestselling real estate, business, and personal finance titles, including Making Money in Real Estate (978-0-470-83620-0) and The Canadian Snowbird Guide (978-0-470-15375-8).

Table of Contents

Preface

Investing in Rental Real Estate

Investing in Property

Buying Properties to Rent

Learning the Basics

Getting a Grasp on Management

Capitalizing on Gains

Getting Started

Understanding the Rental Property Market

Understanding Market Cycles

Understanding the Real Estate Market Cycle

Understanding the Mortgage Market Cycle

Understanding the Rental Market Cycle

Establishing an Investment Strategy

Assessing Yourself

Determining Your Goals

Determining Your Likes and Dislikes

Buying with Others or "Buy" Yourself?

Determining Your Financial Status

Determining Your Future Needs

Knowing the Limits of Financing

Developing and Investment Strategy

Avoiding the Pitfalls of Property Investing

Avoiding Partnership Troubles

Planning for Survival

Getting It in Writing

Avoiding Fraud

Selecting Advisors

Choosing a Property Type

Scouting Rental Properties

Knowing the Formats

Choosing a Residential Property

Principal Residence with Rental Suite

Second Home for Seasonal, Periodic, or Full-time Rental

Residential Property Ready for Rental

Renovating and Renting

Building a Rental Unit

Commercial Tenants

Sourcing Information on Rental Properties

Sources of General Information

Drilling Down to Specifics

Buying a Property

Do the Numbers Work?

Drafting a Business Plan

Building a Buffer for the Unexpected

Doing a "SWOT" Analysis

Crunching Numbers

Getting Advice

Financing Real Estate Investments

Determining You Budget Requirements

Knowing What Lenders Want

Identifying Financing Options

Sizing Up Mortgages

Second Mortgages and Others

Negotiating Financing

Renegotiating a Mortgage

Understanding the Purchase Process

Selecting the Right Realtor

Determining a Property's Value

Preparing the Offer

Presenting the Offer

Giving a Deposit

Making a Deal

General Insurance

Title Insurance

Closing the Deal

Understanding the Legal Aspects of Buying Property

Understanding the Purchase and Sale Agreement

Preparing the Office

Services Provided by the Purchaser's Lawyer

Services Provided by the Vendor's Lawyer

Buying Rental Property in the United States

Buying Rental Property in Counties Outside Canada and the U.S

Understanding the Legal Aspects of Renting Property

Local Government Regulations

Provincial Government Legislation

Tenancy Application

Lease Agreement

Checklist of Property Condition

Understanding the Tax Aspects of Rental Properties

Taxing the Transaction

Operating with Taxes

Taxing Property Income

Keeping Records

Managing and Reducing Taxes

Special Cases

Getting Advice

Operating Properties

Marketing Rental Properties

Drafting a Marketing Plan

Getting the Word Out

Getting Creative

Working with Tenants

Defining the Tenant You Want

Attracting Tenants

Screening Tenants

Keeping Tenants

Dealing with Difficult Tenants

Getting Rid of Tenants

Managing Rental Properties

Self-management

Resident Management

Professional Management

Maintaining Rental Properties

Drafting a Maintenance Plan

Recognizing Room for Improvement

Securing Tenant Support

Maintenance Between Tenancies

Besting Pests

Supporting Rent Increases

Improving the Bottom Line

Increasing Rents

Decreasing Expenses

Maximizing Write-offs

Maximizing Tax-efficiencies

Seeking Professional Advice

Commercial Properties: A Primer

Understanding Commercial Properties

Investing in Commercial Properties

Renting Commercial Properties

Avoiding Pitfalls

Managing Risks

Assessing Risks

Reducing Risks

Seeking Insurance

Preparing to Sell

Knowing When to Sell

Understanding the Sale Process

Preparing to Sell

Closing the Sale

Moving On

Appendix

Checklists

Charts

Samples

Worksheets

Helpful Websites

About the Authors

Further Education and Information

Glossary

Index

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