Mortgage for Real Estate Investors
Investing in real estate is probably one of the best ways to beat inflation, secure your finances, help your kids in the future and have a passive income for your retirement.
The vacancy rate is generally very low in the Lower Mainland, so with current prices for rent, it should be easy to find a qualified tenant who will cover your mortgage payments, condo fees and taxes. The tenant will also help you build the equity of your investment property for the future.
Many people in Canada choose to invest in real estate using equity from their primary residences, like a secured credit line, in case they don’t have enough of their own savings.
Please note, to purchase investment property:
1. Your minimum down payment should be 20%
2. You can write off all the expenses (condo fees, taxes, interest for the mortgage, maintenance etc.).
3. You can borrow funds against your current property to purchase an investment property.
Being a landlord is not for everyone, however, investing in real estate is a great option that helps you build equity and get a passive income that increases over the years.
As an investor myself, I only regret that I did not start earlier. But its’ better later then never!