Given the current national credit-crunched lending environment and the slowing real estate market – which has shifted to a buyers’ market – coupled with lower interest rates, now is an ideal time to invest in the purchase of revenue property.
After all, although the real estate market slowdown has seen prices drop and interest rates dip, rental income has not wavered – making now an optimal time to start building your revenue property portfolio or continue adding to your existing list of properties.
In order to take advantage of this opportunity, the key is to work with a mortgage professional who is an expert in this niche and can provide you with a wealth of knowledge and ongoing information that will help you make informed investment decisions and feel at ease throughout each purchase.
Mortgage professionals offer an invaluable service to real estate investors because, if the mortgages on your investment properties are not set up properly from the on-set of each venture, you will not be able to get future financing – a necessity for continuing to build your portfolio of revenue properties.
Mortgage professionals who are experts in dealing with real estate investors know that a portfolio approach must be taken to ensure future financing for those looking to purchase revenue properties. An experienced mortgage professional will ask you in detail about your specific property investment goals and develop a game plan for the next five or 10 years based on these goals.
Your mortgage professional can work with you in order to determine where you currently stand in terms of your real estate goals, where you need to be to meet those goals and the steps involved to get you there.
Keep in mind, however, that your plan should be revisited with your mortgage professional at least annually to ensure you’re still on track.
A team of experts
A mortgage professional who specializes in helping clients acquire revenue property is also likely to partner with other investment property experts, including real estate agents, lawyers, accountants, insurance agents and contractors, to name a few, which enables your mortgage professional to provide valuable information to you through this knowledge network they have created.
By forming ties with other trusted experts, your mortgage professional is able to provide you with a one-stop shop for meeting all of your real estate investment needs.
Your mortgage professional can also help direct you to other organizations that will offer you further insight into your real estate investment needs. If you join groups such as the Real Estate Investment Network (REIN) or even a local Rental Owners and Managers Society (ROMS), for instance, you can receive a wealth of added knowledge catered to your revenue property needs.
While REIN can provide market insight and investing tips through years of experience, ROMS helps with credit checks for potential tenants, keeps you abreast of changes to the Residential Tenancy Act and other topics/concerns often faced by landlords.
So before you begin building your revenue property portfolio, ask a Dominion Lending Centres mortgage professional what they can do to cater to all your real estate investment needs.