Sure, the houses may look pretty in the suburbs, and the prospect of having upper middle class tenants’ sounds inviting, but it’s not how to invest for profit. By purchasing in nicer areas, you are paying more for the property and dealing with a smaller base of tenants. By targeting working class neighbourhoods with basement suites or duplexes, triplexes, or four-plexes in similar areas you are catering to a rental market and you are creating multiple streams of income from the same property.
In the big picture, this may even involve purchasing in other cities or areas from where you live. I personally know many investors who buy property a thousand miles or more from their homes in order to take advantage of better rental markets with significantly better upside long term.
This four-plex is far more profitable than this
although I would rather live in the second place!
Tip # 2 is available here, Landlord Tip #2 – Spend Extra Time Screening Tenants, So You Don;t Spend Time Evicting Them Later
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It also adds more options to a person who can’t afford local housing prices.
very interesting Bill – but on the other hand…. in affordable rentals…. we also invite some folk who don’t intend taking care of the place they want ……… been there done that!!!!
Luckily all renters are not losers……. and you always have valuable info to offer to us… many thanks once again
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