What are your goals?
With a goal in mind Leonard will make clear the financing options available for commercial and residential properties, outlining all the details for borrowing, including deposit percent’s, mortgage rates and a net mortgage based on your allowance of funds. Keep in mind the additional costs involved in purchasing a property: land transfer taxes, legal fees, moving costs, renovation costs, utility bills and property insurance.
Step 1: Decide what you want
Deciding on the type of property for a first time investor is at times the hardest question, but with Leonard Fridman’s knowledge and experience he is your best option to help you choose.
Will you be living there?
How big of a property do you want?
How many tenants?
Will you be hiring a Property Manager?
Residential & Commercial
Are you a business owner who wants to live above your business?
How much square footage would it need?
Do you already have the business or need to find one for the space?
Does location matter?
Step 2: Decide on size & location
With all his years of Real Estate experience Leonard is familiar with all of the different areas of Toronto and can help you find a location that will best suit your needs. Based on your decision from Step 1, the size of the property will depend on the number of tenants you wish and your budget. Location will be secondary based on budget, size and use.
Step 3: Begin search
With step 1 & 2 in mind, you and Leonard will sit down together and begin your search with your criteria’s in mind.
Step 4: Visit the properties of interest
Leonard’s team will book showings for you to go see the properties accompanied by a Fridman Team Member. Visiting each property is key, as some on paper appear to be the one until you enter into the property. The Fridman team will be very diligent in requesting an inspection, the financials and a survey from the other side to help make the decision process more direct.
A carefully planned renovation will often pay itself forward, adding thousands to your resale value and your possible market rents if that is something you wish to pursue.
Step 5: Decision Time
Usually the turnover time is very fast from when you see the property to when an offer needs to be submitted. Leonard and his team will do their best to keep you informed of all dates well in advance to ensure an ease in the process.
When deciding which property to go for certain factors are key in the decision:
Step 6: Go for it!
After you’ve sat down with Leonard and decided that this is the one, Leonard and his team will help you get the deposit cheque ready and all the appropriate papers signed. Keep in mind that investment properties are in very high demand, especially in Toronto, so make sure you don’t get discouraged if your first try falls through. This is a learning process!