Being a landlord is one of the best side hustles you can find. With the demand for residential properties continuing to rise, you can’t go wrong by investing in a rental property in Ontario. In this blog post, we’ll tell you where to find the best one for you.
Investment Strategies for Ontario Rental Properties
There are different approaches you can take to rental property investment, including:
- Buy and hold. With this strategy, you buy a property to rent out. Using the rent that tenants offer, you’ll be able to pay off the mortgage. This sets you up to benefit from rent payments for the long term.
- Flip it. Some investors prefer to buy a property under market value, fix it up, and sell it for profit. While this could pay off, it is also one of the more tricky approaches to property investment.
- Hybrid. What starts as a buy and hold approach and then switches to a flip is considered the hybrid method of real estate investing.
- Joint venture. Investors that don’t have all the money needed to buy a property may team up with someone else. However, unless you get everything in writing before you jump in, this option may end up messy.
- Rent to own. Some investors prefer to buy a property and rent it out with a plan to have the tenants buy it at a future time.
The approach you take towards a rental investment property is up to you. However, if you are not clear about what strategy best suits your situation, then talk to a professional about mortgage investment services open to you.
Best Places to Buy Investment Property in Ontario
Ontario is one of the best locations in the country to buy an investment property. Because of its population size and low interest rates, you’ll be able to find a mortgage investment service that fits you.
Here are some of the best locations to find a rental property in the province:
People are moving to Hamilton to raise their families and build a community. The area is seeing strong revitalization, which is attractive to investors and renters alike. Another boon to getting property in Hamilton is the local trend to building laneway housing. Because the rental market is tight, the municipality is approving more laneway housing projects. That means you could end up with two rental properties.
Located near Niagara falls, St. Catherines has been attracting people to the area for a long time. Rental properties can be challenging to find in the city, which means you’ll be able to get a decent profit from your investment.
An attractive city, Windsor also offers investors low housing prices. Buying a home here is feasible even for those new to the market. As the housing boom is just starting to take off here, you’ll soon be able to see a good return on your investment.
If you are interested in learning more about getting the right mortgage product for your rental investment purchase or other mortgage investment services in Ontario, call Northwood Mortgage™ at 888-492-3690 or contact us here.