In the process of buying and selling property Aqlim learns a lot of ‘hot tips’, largely by trial and error. These valuable tips she passes on to you.
– How Aqlim bought her first condo (the Visa card and a family loan…)
– What to read in order to understand your local real estate market.
– How to evaluate the community you are thinking of investing in. How to avoid the trendy-overpriced and find upwardly mobile/growth communities.
– How to focus. Construct your own investment strategy: clarify goals and limitations, find (through interviews) a first-rate realtor; be proactive in the search, (use computer want-ads, cruising, open houses); secure the down payment and prequalify for a mortgage. Use a mortgage broker.
– Eight ways to raise money to buy property: reverse mortgages; CMHC assistance; borrow on your equity; vendor take-backs; rent with an option to buy; agreement for sale and ‘wrap-arounds’; partnerships and the vital “shotgun clause” to use if one partner wants to bail out.
– How to recognize a good deal: the seven classic scenarios.
– Blowouts: a lesson in avoiding hype.
– The sad truth about property disclosure statements.
– Making an astute offer: Evaluate the seller’s position and motivation. Create your own bargain by making a low offer. Tips on negotiating.
– Tips on mortgages: use your rental property to qualify; for leverage, arrange long amortizations; make frequent payments. Save money by remortgaging.
– How to furnish and decorate economically a rentable condo.
– Tenant-Landlord: how to recognize an undesirable tenant; how to make up your own rental agreement and “check in-check out” forms. Get a professional’s discount from tradespeople.
– Overall strategy: sell when things are booming. Use the listing-to-sold ratio. How to employ leverage! Incorporate and save on taxes.
– Checklist to use when house hunting: short and long forms.
– List of experts consulted.