by Dave Williams
One of my favorite investment strategy is to stick with what you know.
Condo developments come in all flavors and sizes, some buildings are all inclusive with water, hydro, heat and a/c, insurance and maintenance staff leaving only extras to be passed on to your tenants. Other developments may be bare bones with little to no condo fees leaving you the flexibility to structure your costs for maximum profit.
Each condo complex has different rules, set by the owner’s on what is and isn’t allowed; pet, renovations, tenants, ect.
By focusing on one condo corporation that you are (or will become) familiar with, you can reduce the number of hoops you have to jump through. It’s easier to become familiar with the intricacies of one condo project than several. Simpler to deal with management and staff from one company than several as you build relationships with fewer people. Over all much simpler to project costs and returns on your investment from a project you’ve worked with before.
The clincher is as you purchase more units in the complex you gain a greater share of the corporation, and bigger voice in condo votes and more security in your investments.
This can be a key strategy in your 20 year 20 property retirement strategy.
Ask us any of your real estate questions directly at 613-788-2113 or below and we may wright you a blog of your very own…