Busted! Don’t Believe These Real Estate Myths!
With housing prices skyrocketing in recent years, it’s left large amounts of home seekers in a position where they have to rent for longer. Therefore, if you have an investment property, you can cash in and get an attractive rental income.
However, there are many misconceptions that mislead clients into believing that owning a rental property doesn’t come with its fair share of challenges. So, to help you steer clear of these misconceptions, Apartment Pros has debunked some of the most widely believed myths about real estate.
Myth 1: Being a landlord is easy
Everybody believes property management is the easiest pathway to making money. Well, guess what? It’s not, as there are many obstacles, including unexpected surprises that can pop up at any time. For example, it could be an irate tenant that cannot park in the allotted parking spot due to being blocked by somebody else. It could also be the snow plow company not coming on time, and getting threatening calls from the tenant that’s getting late for work.
How much control do you have? Not a whole lot. You have to put your trust in other people and hope it gets resolved. In the meantime, you should take really deep breaths.
Myth 2: It’s simple to forecast your rental cash flow
Creating a spreadsheet for your income and expenses is a great tool to support your reasoning for executing the acquisition of an investment property. With that said, you will quickly realize hidden costs, and unforeseen maintenance or repairs. These could significantly impact the costs versus income that seemed favorable at the initial analysis of your spreadsheet. Investment properties are a fantastic vehicle for passive income. At the same time, we want to educate you so that you can make more informed decisions.
Myth 3: Getting an AAA tenant makes renting safer
Getting a AAA tenant requires more than just completing a rental application and deposit. The tenant will be keen to complete the paperwork and get you the bank statements to show that they are in good financial standing, but at the same time, this could be the start of headaches. You must contact previous landlords and do the necessary reference checks before giving them the green light. Remember, you want them to treat the property like it’s their own and NOT a rental unit. We pride ourselves on supporting and assisting landlords in these circumstances and attempt to uncover the possible red flags that may go unseen by a landlord.
If you want to steer clear of these myths, reach out to Apartment Pros. As the best multi-residential real estate agents in Midtown Toronto, we offer a wide range of services.
Our services include assistance with leases, tenants/ landlords guidance, property management, legal/ financial advice, mortgage broker support, and construction/ renovation management. We also facilitate buying and selling of investment properties.
We serve clients across Lakeshore, Midtown Toronto, Leaside, Mimico, The Annex, High Park, Toronto, and The Greater Toronto Area.
For a complete list of our services, please click here. If you have any questions about Apartment Pros, we’d love to hear from you, please get in touch with us here.