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Old 2008-06-30, 09:16 AM
TheTimars TheTimars is offline
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Default Purchasing an "investment" property?

Anybody purchased a second property for "investment" purposes...either to rent out, or to resell/flip?

I am trying to find some good online resources (with Canadian content) that explain the pros, cons, tax implications etc.

If anybody has any links, please share!

Thanks!
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Old 2008-06-30, 09:30 AM
joejack joejack is offline
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Try this forum:

http://forums.canadianbusiness.com/f...spa?forumID=16
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Old 2008-06-30, 11:08 AM
TheTimars TheTimars is offline
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Quote:
Originally Posted by joejack View Post
Thanks...looks like there's a lot of good info there!
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Old 2008-06-30, 11:27 AM
Mark & Lynda Mark & Lynda is offline
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Quote:
Originally Posted by TheTimars View Post
Anybody purchased a second property for "investment" purposes...either to rent out, or to resell/flip?

I am trying to find some good online resources (with Canadian content) that explain the pros, cons, tax implications etc.

If anybody has any links, please share!

Thanks!
Have family that has been doing it for years. I'm currently searching for a investment property in Stouffville.

I can't think of any cons. Buying a rental and using other peoples money to pay the mortgage to increase your equity is one of the smartest things you can do.

Don't look to the rental income to make you any money. If it covers the monthly mortgage you're already ahead. Use the expenses (interest on mortgage, property taxes, advertising, office expenses, car expenses, etc) to create a write off against your primary income and bring you down to a lower tax bracket.
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Old 2008-06-30, 02:41 PM
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canabiz canabiz is offline
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Not really a con but be prepared to get phone calls at 02:00 in the morning for a toilet problem. Also don't get emotional, treat it purely as a business...sometimes you have no choice but to evict tenants, i know it's not a pleasant experience to go through but you have to do what's best for you.

If you are in the Ottawa area, there is a Ottawa Real Estate Investment Group on YahooGroups. Members frequently exchange legal, financial and other tips and tibdits. I highly recommend it.
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