First Rental Property

Hi Friend,

I hope you are doing well.  As a new real estate investor, I know that you have many questions as to how to get started with investing in real estate.

One question that you may have on your mind is, ‘Where is the best place to buy a rental property?’

If you have that question on your mind, you are not alone.  In my experience, that is one of the most common questions asked by new real estate  investors.

When I first started as a real estate investor, I did not know where exactly I should be purchasing my first rental property.  I ended up purchasing Oakville real estate, and have since gone on to add to my portfolio by owning Hamilton real estate and Toronto real estate.

Another very important questions that is asked by new real estate investors is:

Is The Cheapest Property Always The Best Deal?

My answer to this questions is:

It depends…

It depends on a couple of important variables, and these variables are…

1) The tenant profile 

and

2) The condition of the property

The Tenant Profile

Some new real estate investors are attracted to buying the ‘cheapest’ property in a given city of town because they have a limited down payment.  More often than not, when you are started out as a real estate investors, you do not have lots of money to put down towards a down payment.  Some people begin to think that in order to ‘get into the game’, they have to buy the ‘cheapest’ property because they are limited by how much money they have to put down.

This is the wrong mode of thinking. Just because a property is ‘less expensive’ than others, does not make it the best option for you to purchase.  In many real estate markets, the ‘cheapest’ properties have the most challenging tenants.  Cheap properties bring with them cheap rents.  When you have ‘cheap’ rents, you can very possibly have high maintenance, and difficult tenants to deal with.

If you are limited by how much money you have as  a down payment, never make the error in purchasing a ‘cheap’ property simply because that is your only ‘option’.

The condition of the property

All things being equal, cheap properties are cheap for a reason.  The fact that they are less expensive can stem from the fact that they are in poor condition.   You should avoid buying  a rental property, and especially your first rental property if it requires massive repairs and maintenance.  Cheap properties require work to be done to them.  Unless you have lots of experience with repairs and maintenance on properties, avoid buying one that is in poor condition.

In summary

The lesson to learn here is as follows:

If you are a new real estate investor and you have a limited down payment for the purchase of your first rental property, don’t rush the process.

Do not feel that ‘in order to get into the game’ you have to purchase the cheapest rental property out there, because that is all you can afford.

Take special note that with ‘cheaper’ properties you purchase, other issues arise.

Cheapest is not always the best.

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: Remember, I am an experienced real estate investor and Licensed Realtor.  I help new real estate investors like you purchase their first rental property.  If you would like to buy Hamilton real estate, Oakville real estate or Toronto real estate, send me a message at NEIL@FIRSTRENTALPROPERTY.COM and I will help you get started.

Hi Friend,

I hope you are doing well.  One of the most common questions I get asked by new real estate investors is,

‘Where should I buy a rental property?’

When I was first starting out as a real estate investor, all I knew was that I wanted to buy Oakville real estate, and that was about it.  I did not know any other details other than that.  Since then, I have expanded my real estate portfolio and I own Hamilton real estate and Toronto real estate as well.

If you are a new real estate investor and are wondering where YOU should buy your first rental property, you need to read this blog post.

The simple answer to this question is:

“It depends”

In my mind, it depends on 2 major factors…

These factors are:

1) Where you live 

and

2) How much capital you have to invest

Where you live

My answer to all new real estate investors is the same.  My answer is, “Buy a rental property close enough to where you live so that you can self manage the property’.  This does not mean that you have to buy your first rental property in the same city or town you live in.  The property you purchase can be in a neighbouring city or town.  The most important thing to consider here is that the property needs to be close to you so that you can manage it YOURSELF.

How much capital you have to invest

This is a tricky point because a lot of new real estate investors don’t understand this concept right off the bat.  Depending upon how much capital you have to invest will definitely influence where specifically you invest.  Here is a clear example to help illustrate this point:

CASE STUDY

You have $100,000 to invest in a rental property and are trying to determine between 2 towns, which is the better town to invest in.  The towns are, Town A and Town B.

Town A

Town A has rental properties that cost on average $500,000.  The appreciation of properties in Town A year over year have averaged 7%. The tenant profile in Town A is low maintenance and the type of tenants that rent are professionals earning above average incomes.

Town B

Town B has rental properties that cost on average $150,000.  The appreciation of properties in Town B year over year have averaged 3%.  The tenant profile in Town B is high maintenance.  The type of tenants that rent are individuals with sub par credit history.

If you are a new real estate investor, take note.  You invest your money in Town A.

You invest your money in Town A because…

• You will have ‘easier’ tenants to manage, and,
• You will experience greater property appreciation.

Hi Friend,

Hi Friend,

On Thursday November 1st at 7pm, I will be leading a workshop for new and aspiring real estate investors.  The topic will be on ‘How To Manage Rental Property’.  I will be hosting the workshop through a great website and resource called Meet Up. You can check out the Meet Up Blog.  In addtion, during this workshop, I will be teaching ‘The Secret To Managing Rental Properties‘.

There are 2 major things that scare people from buying rental property.  One of these things is, ‘property management’.

Let me share with you some of the best practices I have used over the past 7 years as a real estate investor and landlord when it comes to managing rental property.

If you are in the Greater Toronto Area and looking to buy a rental property, you will not want to miss this event.

Follow this link and RSVP today.

The Secret To Managing Rental Property That All Veteran Real Estate Investors Know

Best Regards,
Neil Uttamsingh

Hello Friend,

I hope you are doing well.

There is a lot that we can learn from YOUNG real estate investors.  These young investors never get caught up on how to buy a rental property.

I have dealt with many real estate investors over the years.  The investors that I have interacted with have been of different ages and cultures. They have lived in many different countries including Canada, America, Africa, Asia and Europe.

The one commonality that I have noticed among all of these investors was that the Young Investors were the most motivated of the whole bunch.

Taking it a step further, the young real estate investors were the most motivated to buy a rental property.

There is a lot that older real estate investors can learn from the young ones.

When young real estate investors want to take action and buy, older ones want to stop and analyze.

When young real estate investors have intelligent questions, older real estate investors have skepticism.

In my opinion, real estate investors in their 20s are the most motivated to take action.

Real estate investors not in their 20s can learn a lot from this age group.

What Motivates Young Real Estate Investors?

In my opinion, what motivates Young real estate investors is that they do not have ‘bad’ experiences to draw upon.

Young real estate investors are full of energy and enthusiasm.  They want to take action and invest.  They enjoy the idea of creating cash flow and they love the idea of appreciation.

All aspects regarding a rental property investment will go right for young real estate investors.  That is because they believe that things will go right!

What I wish for…

I wish that older real estate investors thought the same way that young real estate investors did.  The ‘fearless’ approach that young real estate investors have is the right approach and the right attitude to have when buying your first rental property.

As the great Steve Jobs once said, “Stay young, Stay Foolish”

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: If you are interested in buying your first rental property contact me at neil@firstrentalproperty.com.  We can help you with the transaction and educate you every step of the way.  We are serious in helping you buy your next property, are you?  Contact First Rental Property today! neil@firstrentalproperty.com

Hi Friend,

I hope you are doing well.

Today is an exciting day!

I am going to be travelling to Florida…

Well not really! (Sort of)

I am going to be meeting in Toronto with some real estate agents from Florida.

They are here in Toronto this evening and are going to be speaking about investment opportunities in Florida for real estate investors.

As all of you know, First Rental Property represents buyers and sellers with the purchase and sale of real estate world wide.

As such, I have great interested in attending this meeting.

I am most interested in finding out what sort of cash flow opportunities exist in Florida.

If there are some great deals to be had, I will be letting all of you know.

I do however like to go and check things out myself, personally before I make any endorsements.

So please stay tuned and check back into the blog.  I will be reporting back on what I thought of my meeting with the Florida real estate agents.  Most importantly, if there are great cash flowing deals in Florida, I will be letting all of you know about these opportunities!

Happy Investing!

Neil Uttamsingh

ps: Remember, if you are looking to buy your first rental property, we can represent you with this purchase.  Email me at neil@firstrentalproperty today for more details!

[youtube]http://www.youtube.com/watch?v=isiOXsubqAI&list=UUAQKmDw-TSCMWJrDF-pRs3g&index=1&feature=plcp[/youtube]

Hi Friend,

I hope you are doing well.

In case you missed the HUGE ANNOUNCEMENT, I will update you in one sentence…

First Rental Property is now representing buyers and sellers with the purchase and sale of real estate world wide.

If you are looking to buy a rental property, First Rental Property can assist you with the purchase.

It does not matter where you live, we can get you in touch with local Realtors in your market place who understand real estate investing.

The best part is that these Realtors are hand selected by myself (Neil Uttamsingh – Creator of First Rental Property).  This ensures both you and I, that these Realtors are experienced in working with real estate investors and understand how to assist you in purchasing investment real estate.

First Rental Property has a great promotion on currently.

If you buy or sell a house with First Rental Property before December 31st 2012, you will get a FREE iPad.**

**Conditions do apply.

So if you are interested, and want to know more, send me an email now at neil@firstrentalproperty.com

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: Remember, the offer expires on December 31st 2012, so if you are interested in learning more, email me today at neil@firstrentalproperty.com

Hi Friend,

I hope you are doing well.

I have had the privilege of speaking to and helping many real estate investors from all over the world.

Most people who are looking to buy their first rental property take their time to accumulate as much information as they possibly can.  This is a smart approach as owning a rental property is a big responsibility.

There is a lot to consider when you are buying a rental property.  You definitely want to take your time so that you do not make any errors along the way.

I have also met a handful of people that want to rush into buying rental properties.  I once came across one fellow who purchased a large amount of properties in a very short period of time.  Later to realize that owning rental properties was not something that he liked, nor wanted to do.

My advice to you today is simple.

My advice is…

When buying a rental property, you must remember to take your time and make the right decisions for yourself. 

Owning a rental property can be a great investment.  It can be a great way to increase wealth or it can be a great way to generate some extra cash flow.

Although the benefits of owning income real estate are great, rushing the process and buying a rental property fast, could result in you:

• Buying a property that doesn’t cash flow
• Buying a property in the wrong area
• Buying a property with the wrong tenant profile
• Losing Money
• Wanting to sell the property after a short period of time
• Becoming discouraged
• Going to court with your tenant due to mismanagement of the property

Be wise. Take your time, and don’t rush the process.

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: If you need help buying your first rental property, email me at neil@firstrentalproperty.com.  I will answer any questions you have.

pps: Also remember that First Rental Property is a Realtor.  We are representing buyers and sellers worldwide with the purchase and sale of real estate.

[youtube]http://www.youtube.com/watch?v=IXBBTEOwdcQ&list=UUAQKmDw-TSCMWJrDF-pRs3g&index=1&feature=plcp[/youtube]

Hi Friend,

I hope you are doing well.

The biggest thing that new real estate investors need when they are first starting out is help.

Buying a rental property can be a daunting task.  You need to be able to ask questions and find the right answers to your questions.

Since the majority of the general population does not own a rental property, that means that there are select locations in which you can obtain the answers to your questions.

Some aspiring real estate investors want to take action and buy a rental property fast.  If you are someone that fits this profile, good for you!

A recent realization I have made is that new real estate investors can speed up their decision making process with regards to purchasing a rental property by attending real estate workshops.

How will Real Estate Worshops Help You?

It is very possible that if you attend real estate workshops, there will be people in attendance that have experience with real estate investing.

The people with the experience will sometimes be the organizers of the workshop, or sometimes the participants in the workshop will have experience with real estate investing.

A real estate workshop is a very good place to learn information in a small and comfortable setting.

If the organizers of the workshop have a lot of knowledge with regards to real estate investing, you will be able to learn a lot by attending.

I have seen from my own personal experience that when new real estate investors are able to ask questions in a face to face session, they are able to speed up the process and buy a rental property faster.

This is of course, given that they are able to get all of their questions answered!

So, where do you go from here?

So if you are a new real estate investor wanting to buy your first rental property, this is what you need to do…

• You need to jump start things, and start attending real estate workshops.
• By doing this, you will be able to get the answers to some of your questions.
• If you attend enough workshops, hopefully you will be able to get all of the questions answered in a face to face setting, by people with lots of experience with real estate investing.

What First Rental Property Is Up To…

First Rental Property has started to run workshops in the Toronto area for new real estate investors.  If you are in the area and are interested in coming to an upcoming workshop, send me a note at neil@firstrentalproperty.com

For all of my readers all over the world, especially in the US, if you need any help in buying your first rental property, send me a note at neil@firstrentalproperty.com and we will get you started in the right direction.

Happy Investing!

-Neil Uttamsingh

ps: First Rental Property is now a Realtor and is helping people worldwide with the purchase and sale of real estate.  If you have any questions, or need help getting started, email me today at neil@firstrentalproperty.com

pps: here is a short video of a Real Estate Workshop that First Rental Property ran this week…

[youtube]http://www.youtube.com/watch?v=9eRGfL__GNA&list=UUAQKmDw-TSCMWJrDF-pRs3g&index=1&feature=plcp[/youtube]

Hello Friend,

I hope you are doing well.

I often speak to new real estate investors who are trying to figure out how to buy their first rental property.

There are many factors that sometimes stall  new real estate investor from taking action.

One of the biggest factors that stalls new real estate investors is deciding on WHERE to buy their first rental property.

New investors often experience information overload, because there are so many options as to where you should buy your first rental property.

Unfortunately I see it far too often.  People can’t make up their mind and spend so much time debating which area they should by their property in.

My Advice to you…

If you are a new real estate investor and you are looking to purchase your first rental property, my advice to you is to buy a rental property in a proven area.

What this means is that you need to buy a rental property in an area that has experienced good appreciation, has a good tenant profile and is in an area in which there is potentially good cash flow.

The biggest problem that new real estate investors face…

The biggest problem that new real estate investors face is that they don’t listen to the advice of experienced real estate investors.  This is not meant to be harsh critisism, but unfortunately its reality.

I know this because I have given lots of advice to new real estate investors over the years.  Some new investors get caught up on which area to purchase in, and they debate this topic back and forth for weeks, months, or even maybe years.

They never end up taking action, and time passes them by.

The Answer is Simple

The answer is simple.  As a new real estate investor you need to buy a rental property in an area that other real estate investors have bought in.

The key factor is that the real estate investors that have purchased before you, have to have been successful purchasing properties in this given area.

If the real estate investors have been successful, this means that they have bought properties that have experienced appreciation, have a good tenant profile and have potentially good cash flow.

If you are a new real estate investor…

If you are a new real estate investor don’t complicate matters.  Buy a rental property in a proven area.  An area in which other real estate investors have been successful purchasing in.

Happy Investing!

-Neil Uttamsingh

ps: If you looking to buy your first rental property, let us help you with the process.  First Rental Property is now a Realtor and can help you with any real estate transaction.  If you are thinking of buying, send me a message at NEIL@FIRSTRENTALPROPERTY.COM, and let us guide you through the process.  Become an action taker and buy your first rental property today!  Contact me at NEIL@FIRSTRENTALPROPERTY.COM