Tip 1: agree to get help and delegate
Buying, renting, managing renovations, property management… you will go through many steps to complete your rental investment. And each of them will have its share of surprises, good or bad… It is always wise for a first purchase to be accompanied, whether by an experienced relative or by a real estate professional (we have plenty at Beanstock and you can schedule a phone appointment in just a few clicks!)
Tip 2: Decide on your strategy and stick to it!
You are buying because you love a neighborhood? Because you want an apartment to accommodate your (future) children? Or simply to supplement your income? All reasons are valid and will determine multiple decisions you will make in the future. For example, an investor looking for profitability will focus on properties with high rental potential in areas where the price per square meter is not yet too high, while an investor only looking to acquire a studio for their children will be more likely to seek an apartment in a neighborhood they know well!
Tip 3: Take this opportunity to learn as much as you can and become independent!
Your first investment will be a wonderful opportunity to learn a little more about real estate every day. The steps of a purchase (making an offer, signing a preliminary agreement, finding a loan, signing the final deed), renovations, and renting out will provide lessons that will hold no secrets for you. Take the opportunity to refine your understanding of more subtle issues such as the search for profitability, and to build a good network (bank, plumber, electrician…). You will see, it’s addictive! It’s no coincidence that it is said that the hardest part of rental real estate is the first signature...
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