Looking to Invest? Don’t Know Where to Start?
Buying an investment property can certainly be a great opportunity to make some extra money. Whether planning for the long run or doing a quick flip, it is important to understand that either one can become a full time job, or part time depending on which route you choose. Thus doing your homework prior to jumping the gun is crucial. Just like any job, there are pros and there are cons.

Consult a Professional
Buying a property to rent out can secure one with a regular monthly income, but it can also end up as a great expense if you don’t choose your property wisely. It is a good idea to discuss your plans with someone in the Real Estate industry, and get some expert advice on what exactly to watch for when searching for a good property to invest in.
If this is your first investment property, it is a good idea to meet with a financial advisor prior to beginning your search. He/she can help you figure out whether or not investing your money in Real Estate is the right option for you, and/or figure out your overall budget for investment.

Learn your rights
Get familiar with the Residential and Tenancy Act to avoid surprises and possibly even law suits. You want to be ahead of the game and know your rights as a landlord.

Be prepared
Like with any business, being a landlord has its good and its bad days; it’s a good idea to be prepared for the bad ones in advance. Have your connections in order. Whether it’s a local plumber, a general contractor, or a full service property management company, you have to have your “go to guys” established before something happens.

It is recommended that you keep an extra budget for this project. Perhaps open a special account for this property and put aside a percentage of the rent paid each month for repairs and maintenance. Furthermore, when it comes time to sell the property, you will most likely need to put in some extra work to get it back to its selling state.