6 STEPS TO BUYING A RENTAL PROPERTY

6 Steps to Buying a Rental Property

1) Research. Decide on what area or on what community the numbers look good for, and then focus your research. First, set yourself up on an automatic property search by choosing MLS Listings from the Property Search Menu on the Home Page. Follow the instructions to make sure you are emailed the minute a New Listing that fits the criteria you entered, comes up. Use this to learn what Edmontons Market looks and feels like. Note: If you do not begin receiving emails from us within 1-2 days, please contact us so we can ensure the Notification Settings have been properly set up. Once this is done, use the links on this page to find up to date economic info for Edmonton and area. If you haven't already, get in touch with www.albertarein.com, they will single handedly give you all the information you will ever need to be a successful Real Estate Investor. One caution; don't find yourself in 'Analysis Paralysis'. So many "Newbies" get so wrapped up in anaylzing, that they either never buy or buy much later than they could have. (Please see our special note for new investors by visiting our 'Newbies" Page)

2) Know Your Options. Once you've decided you will be investing in Edmonton, or Alberta, you need to be 'Pre Positioned' or be evaluated by a mortgage broker to see what your options for mortgages on an investment property. This is very similar to being Pre Qualified for a mortgage however since we don't know which property you'll be purchasing, you can't be Pre Qualified, only Pre Positioned. When you've been told by a broker that works with investors how much financing you have available to you, we can move to step 3.

3) Property Search. Now comes the fun part. Go to 'Investment Properties in Alberta' on this site to find some great, cashflowing properties in Edmonton and area. Also, take a closer look at some of the AutoEmails you've been receiving from setting yourself up on a Property Search in Step 1. Start looking at these as opportunities to purchase, rather than as purely educational. Choose which one or ones you want to place offers on and let us know. Remember all numbers on these sheets are based on the Asking Price, not the price we will eventually settle on in negotiations.

4) Place an Offer. We will discuss the details of what you want in your offer including all conditions and get in touch with the listing agent to begin negotiating the best possible deal for you. We'll probably need to stay in pretty close contact for a couple days so should stay available to one another if possible.

5) Condition Removal. Once an offer has been accepted by the vendor, we work to remove all conditions we have placed. This may include having any inspections or appraisals done as well as finalizing the financing that you were previously Pre Positioned for. The sooner we can remove the conditions the better. As well, your lawyer will want a copy of your accepted offer so he can open a file for it. We can help facilitate all of these individuals so everything runs smoothly.

6) Wrap it up. Once conditions are removed, there may be a couple of final things you need to provide your broker for the mortgage. This and putting property management in place are your last steps. Again, we can point you in the right direction here too.

*Special Consideration for For Our Out-Of-Town Investors:

- We understand that you are busy and that the time and expense of investing in an other city is a consideration for you in your investment decisions. We have a tried and true plan that can help relieve the number of trips you make out to Edmonton. Some investors love our system for out of town investors so much that they no longer need to come when purchasing a property. This of course would be down the road once a relationship has been established however even for first time buyers, our systemized approach to purchasing and the experience we bring to the table, makes it so your time and expenses are greatly minimized. We have a whole team in place to help make it easy and stress free -mortgage brokers, appraisers, inspectors, lawyers, property managers, plumbers, heating contractors, cleaners, snow clearers, lawn mowers....why start from scratch?