Let Someone Else Pay your (Second) Mortgage

The concept of building your wealth through rental properties is simple because they pay for themselves. You purchase and manage the property but your tenants actually pay for the properties and  whatever extra is profit for you. It's hard to resist because it's such an easy concept. Aside from any profit gained in charging your tenants more than the property costs you, there is another advantage for you. While your tenants occupy the property, its value continues to grow and you reap the benefits of the increased property value. That's where the big payoff lies. Your expenses are in any property repairs or upkeep that may arise from time to time. Most small items can be and will be taken care of by your tenants. The biggest component of running rental properties, to give you maximum profit from the least amount of hassle, is finding the right tenants. Dealing with tenants who do not pay or cause property damage can be issues that you'll have to deal with occasionally. The less you have to spend time and money on bad tenants, the more money you'll make. Long term tenants are the best choice. They have a commitment to the property and will consider it their home, not just a house they're renting. Another factor to consider is the type of home you purchase to rent. Cheap properties are tempting to acquire immediately because they require fewer dollars from you. However, middle and upper-class properties will require less maintenance and their values will appreciate better than cheaper homes, giving you a bigger payoff when you decide to sell. For more information on how you can invest in real estate contact David Cooke - 403-836-1201 or visit http://davidcooke.ca