Be timewise and look at the listings that abound. This is the best time since the early 80's that an investment in income producing real estate will net excellent passive income for years to come.
The ABC's of Property Management by Ken McElroy tells the complete story. When looking for property, don't just take in the esthetics because this is not being purchased for your home. And be wary of any property that's listed as "live in one unit and let the renters pay your mortgage. You will find out early on that you DO NOT want to live with the people who are paying you monthly rent. Be diligent in looking at the rent roll (this is the unit list with the monthly gross).
Another mistake that can be easily made is by overlooking property that may not cover ALL your monthly expenses. Although it is a bonus to have a positive cash flow, it may not necessarily show the equity building ability of the property say in 5 years or 10 years. Remember new investors are usually looking for that retirement nest egg because their RRSP just won't (or have dropped dramatically) cover your retirement years.
For more insight on this topic, please send me your questions, comments. I would love to hear from you!
