Douglas Gray, Peter Mitham

The Canadian Landlord's Guide (eBook, PDF)

Expert Advice for the Profitable Real Estate Investor

• Format: PDF

Produktbeschreibung

The ultimate resource for Canadian residential landlords. Anyone can become a landlord, but not everyone will be a profitable landlord. Distilling over 35 years of his first-hand experience, Doug Gray, one of Canada's most respected real estate authors and experts, guides readers on how to become a successful landlord. Following the effective and proven formula of his previous bestsellers, The Canadian Landlord Guide fills the void of information on Canadian landlording. Some of the covered topics include: * Principles and formulas for profitable landlording * Understanding how the real estate market works * The pitfalls of real estate investing and how to avoid them * Types of rental formats * Where to get information on prospective properties * How to finance real estate investments * The legal aspects of buying and renting property * Tenant selection * Property maintenance Filled with easy-to-understand and credible advice, The Canadian Landlord Guide is a must-have resource for all Canadian landlords. Seasoned professionals and aspiring beginners alike will find Doug Gray's landlording guide to be one of their key tools in their quest for real estate success. Doug Gray, B.A., LL.B. (Vancouver, BC) has been buying, renovating, and renting real estate for 35 years. In addition to being a successful real estate entrepreneur, Doug has written over 28 bestselling real estate, business, and personal finance titles, including Making Money in Real Estate (978-0-470-83620-0) and The Canadian Snowbird Guide (978-0-470-15375-8).

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Produktdetails

• Verlag: Jossey-Bass
• Seitenzahl: 376
• Erscheinungstermin: 9. Januar 2015
• Englisch
• ISBN-13: 9780470156599
• Artikelnr.: 38198087

Autorenporträt

Douglas Gray, B.A., LL.B. (Vancouver, Canada), formerly a practicing real estate and business lawyer, has extensive personal and professional experience in all aspects of real estate, and has been a landlord for over 30 years. He is the author of 26 best-selling real estate, business and personal nance books, including Making Money in Real Estate (978-0-470-83620-0) and The Canadian Snowbird Guide (978-0-470-15375-8). As well, Douglas is a consultant, columnist and speaker. His website www.homebuyer.ca offers comprehensive information on real estate, finance and related topics. Peter Mitham (Vancouver, Canada) is a prolific freelance journalist whose work has appeared in more than 70 publications worldwide, including Canadian Business, Canadian Real Estate Magazine, Country Life, The Globe and Mail and The Next American City. Since 2002 Peter has contributed a weekly column of real estate news to Business in Vancouver, and he is a regular writer for Western Investor, a monthly paper serving real estate investors across western Canada. He is also co-author with Douglas Gray of Real Estate Investing For Canadians For Dummies (978-0-470-83418-3).

Inhaltsangabe

Preface xix
Chapter 1: Investing in Rental Real Estate 1
Investing in Property 1
Tallying the Advantages 2
Buying Properties to Rent 5
Sizing Up a Home, Sizing Up an Investment 5
Sizing Up Your Goals 5
Learning the Basics 7
Courses and Seminars 7
Helpful Organizations 8
Getting a Grasp on Management 9
Assessing Your Aptitude 9
Matching Skills with Properties 10
Capitalizing on Gains 10
Planning for Success 10
Trading on Success 11
Enjoying Your Success 11
PART I: GETTING STARTED
Chapter 2: Understanding the Rental Property Market 15
Understanding Market Cycles 15
Getting to the Roots 15
Recognizing Spheres of Influence 16
Recognizing the Influences 18
Understanding the Real Estate Market Cycle 19
Seller's Market 20
Buyer's Market 20
Balanced Market 20
Understanding the Mortgage Market Cycle 21
Lender's Market 21
Borrower's Market 21
Balanced Market 22
Understanding the Rental Market Cycle 22
Landlord's Market 22
Tenant's Market 22
Balanced Market 23
Recognizing Rental Market Influences 23
Chapter 3: Establishing an Investment Strategy 26
Assessing Yourself 26
Identifying Strengths and Weaknesses 26
Identifying Skills 27
Determining Your Goals 29
Building Wealth 29
Supporting the Family 29
Funding Retirement 29
Determining Your Likes and Dislikes 30
Location 30
Asset Type 30
Buying with Others or "Buy" Yourself? 33
Determining Your Financial Status 33
Calculating Net Worth 33
Drafting a Budget 34
Gauging Resources 34
Carrying Debt 34
Determining Your Future Needs 35
Setting the Clock 35
Setting Priorities 35
Setting Limits 35
Knowing the Limits of Financing 36
Developing an Investment Strategy 37
Time Frame 37
Financing 37
Scheduling 37
Know the Market 38
Be Competent 38
Be Professional 38
Chapter 4: Avoiding the Pitfalls of Property Investing 39
Avoiding Partnership Troubles 39
Selecting Business Partners 40
Co-tenancy 40
General Partnership 41
Limited Partnership 41
Corporation 42
Joint Venture 42
Syndicates 43
Planning for Survival 44
Goals and Objectives 44
Expertise 44
Liquidity 44
Liability 45
Compatibility 45
Getting It in Writing 46
Avoiding Fraud 47
Fraud for Shelter 47
Fraud for Profit 48
Staying Clean 49
Selecting Advisors 49
The Broker 50
The Lawyer 50
The Appraiser 51
The Accountant 51
The Financial Planner 51
Other Professionals 52
Chapter 5: Choosing a Property Type 53
Scouting Rental Properties 53
Residential 53
Recreational 53
Commercial 54
Industrial 54
Raw Land 54
Knowing the Formats 55
Residential Properties 55
Recreational Properties 59
Commercial Properties 61
Industrial Properties 63
Raw Land 64
Chapter 6: Choosing a Residential Property 66
Principal Residence with Rental Suite 66
What to Watch For 67
What to Ask For 67
Insurance Considerations 67
Second Home for Seasonal, Periodic, or Full-time Rental 68
Keeping a Balance 68
Keeping Up Appearances 68
Residential Property Ready for Rental 69
Renovating and Renting 69
Buying with Intent 69
Renovating with Intent 70
Building a Rental Unit 70
Commerical Tenants 71
Keeping the Distance 71
Seeking Tenants 71
Seeking Advice 71
Chapter 7: Sourcing Information on Rental Properties 72
Sources of General Information 72
Bank Reports 72
Newspapers and Magazines 73
Courses and Seminars 74
Books 74
Online Sources 74
Conferences and Trade Shows 74
Drilling Down to Specifics 75
Statistics Canada 75
Canada Mortgage and Housing Corp. (CMHC) 75
Brokerage and Board Reports 76
Real Estate Agents 76
Municipal Planning Department 77
Municipal Tax Department 77
Economic Development Organizations 77
Police 78
Fire Department 78
Home Builders' Associations 78
Building Inspector 79
Neighbours 79
PART II: BUYING A PROPERTY
Chapter 8: Do the Numbers Work? 83
Drafting a Business Plan 83
Initial Financial Requirements 83
Ongoing Financial Requirements 84
Planning for Revenue Growth 84
Targeting Value 84
Building a Buffer for the Unexpected 85
Doing a "SWOT" Analysis 85
Strengths 86
Weaknesses 86
Opportunities 86
Threats 86
Crunching Numbers 87
Comparing Incomes 87
Comparing Returns 88
Getting Advice 89
Chapter 9: Financing Real Estate Investments 90
Determinging Your Budget Requirements 90
Gauging Expenses 90
Gauging Income 91
Knowing What Lenders Want 92
Credit Rating 92
Property Value 92
Security 94
Identifying Financing Options 95
Sizing Up Mortgages 96
Conventional Mortgage 97
High-ratio Mortgage 97
Condominium Mortgage 97
Leasehold Mortgage 98
Blanket Mortgage 98
Collateral Mortgage 99
Construction Mortgage 99
Vendor Mortgage 99
Assumed Mortgage 100
Government-assisted Mortgage 100
Second Mortgages and Others 100
Second Mortgages 100
Deferred-interest Mortgages 101
Variable-rate Mortgages 101
Obtaining a Pre-approved Mortgage 102
Using Leverage 102
Negotiating Financing 102
Amortization 103
Term of the Mortgage 103
Interest Rate 104
Interest Averaging 105
Open or Closed Mortgage 105
Payment Schedules 105
Prepayment Privilege 106
Assumability 106
Portability 107
Renegotiating a Mortgage 107
Chapter 10: Understanding the Purchase Process 108
Selecting the Right Realtor 108
What You Bring to the Table 109
What the Agent Brings to the Table 110
Determining a Property's Value 111
Just the Facts, Please 111
Considering Other Factors 112
Preparing the Offer 114
Negotiating Strategies 114
Presenting the Offer 115
Name of Purchaser 115
Deposit 115
Price 115
Closing Date 116
Financing Terms 116
Conditions 116
Giving a Deposit 120
Making a Deal 120
The Bid 121
The Counteroffer 121
The Decision 121
Using a Lawyer 121
General Insurance 122
Title Insurance 122
Closing the Deal 122
Finalizing the Price 123
Rewarding Advisors 124
Chapter 11: Understanding the Legal Aspects of Buying Property 125
Understanding the Purchase and Sale Agreement 125
Elements of the Contract 125
Backing Out of Contracts 126
Preparing the Offer 128
Amount of Deposit 129
Conditions and Warranties 129
Additional Clauses 131
Services Provided by the Purchaser's Lawyer 133
Before the Agreement Is Signed 134
After the Agreement Is Signed 134
Just Before Closing the Transaction 136
On Closing Day 137
After Closing the Transaction 138
Services Provided by the Vendor's Lawyer 138
Before the Agreement Is Signed 139
After the Agreement Is Signed 139
Just Before Closing the Transaction 140
On Closing Day 140
After Closing the Transaction 140
Insurance 141
Buying Rental Property in the United States 141
Resident vs. Non-resident Alien 142
Buying Rental Property in Countries Outside Canada and the U.S. 142
Chapter 12: Understanding the Legal Aspects of Renting Property 144
Local Government Regulations 144
Zoning 144
Other Considerations 145
Provincial Government Legislation 146
Residential Tenancy Legislation 146
Commercial Tenancy Legislation 146
Human Rights Legislation 147
Privacy Legislation 147
Employment Standards Legislation 148
Tenancy Application 148
Lease Agreement 148
Residential Tenancy Agreement 149
Commercial Tenancy Agreement 149
Checklist of Property Condition 150
Eyes Wide Open: Legal Risks to Watch For 150
Chapter 13: Understanding the Tax Aspects of Rental Properties 152
Taxing the Transaction 152
Taxes on Purchase 152
Taxes on Sale 153
Operating with Taxes 153
Sales Taxes 153
Property Taxes 153
Taxing Property Income 155
Income Tax 156
Capital Gains Tax 156
Keeping Records 156
Knowing What to Keep 157
Developing an Effective System 158
Developing a Retention Strategy 158
Managing and Reducing Taxes 159
Sales Tax 159
Property Tax 159
Income Tax 160
Capital Gains Tax 161
Special Cases 161
Employees 161
Taxation of U.S. Rental Properties 162
Taxation of Rental Properties Outside Canada and the U.S. 164
Getting Advice 164
PART III: OPERATING PROPERTIES
Chapter 14: Marketing Rental Properties 167
Drafting a Marketing Plan 167
Reviewing Personal Objectives 167
Reviewing Investment Objectives 169
Drafting a Marketing Plan 170
Getting the Word Out 172
Basic Elements 172
Print Media 173
Online Options 174
Word of Mouth/Signage 175
Assisted Marketing 176
Getting Creative 176
Discount on Rent 177
Tenant Improvements 177
Chapter 15: Working with Tenants 178
Defining the Tenant You Want 178
Knowing Yourself 179
Knowing the Tenant 179
Attracting Tenants 181
Screening Tenants 181
The Invitation 182
The Viewing 182
The Application 183
The Review 183
The Follow-up 184
Keeping Tenants 184
Be Friendly 184
Be Responsive 185
Be Attentive 185
Be Respectful 185
Be Thrifty 186
Dealing with Difficult Tenants 186
Resolving Minor Troubles 187
Resolving Major Troubles 188
Getting Rid of Tenants 190
Chapter 16: Managing Rental Properties 191
Self-management 191
Gauging Interest 191
Gauging Abilities 192
Gauging the Demands 193
Resident Management 194
Selecting a Manager 194
Defining Duties 195
Setting Pay 195
Professional Management 195
Chapter 17: Maintaining Rental Properties 197
Drafting a Maintenance Plan 197
Looking In 198
Looking Out 201
Recognizing Room for Improvement 203
Cosmetic Improvements 203
Capital Improvements 204
Securing Tenant Support 204
Damage Deposits 205
Tenant Incentives 205
Maintenance Between Tenancies 205
Besting Pests 206
Rodents 206
Birds 207
Insects 208
Supporting Rent Increases 210
Chapter 18: Improving the Bottom Line 211
Increasing Rents 211
Raising Room Rents 212
Tenant Fees 212
Amenity Fees 213
Other Options 215
Decreasing Expenses 215
Improving Performance 216
Getting Deals 216
Maximizing Write-offs 217
Maximizing Tax-efficiencies 218
GST/HST 218
Income Tax 218
Capital Gains Tax 218
Property Tax 218
Seeking Professional Advice 219
Accountants 219
Appraisers 219
Designers 219
Chapter 19: Commercial Properties: A Primer 220
Understanding Commercial Properties 220
What Makes Commercial Properties Different 221
Risks of Commercial Tenancies 224
Choosing the Right Ownership Structure 225
Investing in Commercial Properties 227
Developing an Investment Plan 228
Finding Commercial Properties 230
Arranging Financing 230
Buying Commercial Properties 230
Doing the Due Diligence 231
Renting Commercial Properties 232
Marketing Commercial Space 233
Selecting Commercial Tenants 234
Dealing with Tenants 236
Managing Commercial Properties 238
Avoiding Pitfalls 238
Knowing the Legislation 238
Getting Help 239
Chapter 20: Managing Risks 240
Assessing Risks 240
Risks to People 240
Risks to Property 242
Reducng Risks 244
Preventing Injuries 244
Preventing Crime 244
Preventing Fire 245
Recovering from Events 247
Seeking Insurance 247
Types of Insurance 248
Tenant Insurance 250
Shopping for Insurance 250
Reducing Insurance Costs 251
Chapter 21: Preparing to Sell 253
Knowing When to Sell 253
Determining Your Reasons 253
Determining Your Timing 255
Determining Your Strategy 256
Understanding the Sale Process 257
Timing and Pricing 258
Preparing Documentation 258
Priming Advisors 259
Priming the Property 259
Setting Limits 259
Calculating Costs 259
Preparing to Sell 260
Identifying Markets 260
Preparing the Property 260
Advising Tenants 262
Closing the Sale 262
Setting Conditions 262
Counting the Benefits 263
Advising Tenants 264
Moving On 264
Reinvesting Proceeds 264
Paying Taxes 264
APPENDIX
Checklists
Real Estate Assessment 266
Investment Property Analysis 275
Business Deductions 278
Real Estate Purchase Expenses 280
Landlord-Tenants Suite Inspection 282
Mortgage Selection Criteria 286
Investor and Landlord 290
Property Maintenance 300
Charts
Recovering on Renovation Costs 303
Criteria for Determining Real Estate Cycle 304
Samples
Application for Rent 305
Residential Tenancy Lease Agreement 307
Worksheets
Income Approach 314
Projected Cash Flow 316
Personal Net Worth Statement 318
Helpful Websites 323
About the Authors 326
Further Education and Information 327
Glossary 328
Index 339