Keep a Tenant Forever
As a full-time Canadian real estate investor, we are continuously developing systems to improve our business. Throughout your career you will be involved in deals that are both conventional as well as non-conventional. The latter is what really makes what we do a real business. That said, cash flow is an important part of our regular passive income. To receive this we often have to become a landlord.
The pitfalls of landlording
The problem with being a landlord is the time involved. You can waste a lot of time in dealing with tenants. The worst of these is perhaps going through the steps in filling a vacant unit. The average landlord must advertise, field the incoming calls, do the interviews etc., not to mention, go through the expense and time of the maintenance needed in getting the unit ready for the next tenant.
Wouldn’t it be nice not or ever have to do this? Of course you would agree. Why not create a situation where you have tenants that rarely or never leave?
Fulfilling the need
I have always said, you must understand what the need is, then seek to fulfill that need. There is always a great need for rental properties for disabled people. If you are able to create units that have wheelchair access as well as wider hallways, bathrooms with proper hand rails etc., you can get great and loyal tenants.
The fact is, there are so few units designed specifically for the disabled that once a disabled person finds an acceptable unit that suits their needs, they stay for a long time and in most cases are great tenants.
If this were not a good enough incentive for you, here’s another one. The Canadian Mortgage and Housing Corporation has a program which grants you up to $24,000 per unit to renovate your property into a disabled friendly property. This is called the RRAP program. I suggest you go to www.cmhc.ca and check it out.
Canadian Wealth Builders offers many unique, practical, "out of the box" real estate investor trainings which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.canadianwealthbuilders.com
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