When you first get into any new investment there are two things you can count on. First, that you are going to be looking for advice and ideas everywhere you go. Second, that every Tom, Dick, and Harry is going to be ready with their unsolicited, often uneducated, advice on just what you should do. It’s sometimes hard to know who you should listen to and who you should outright ignore.
When it comes to buying income property in Canada it’s important that you seek out a number of reputable experts. You will want to consult with real estate agents, successful investors, and property managers to get a full picture of how the business works and just what is possible for you. That said, it’s always a good idea to start your research by reading everything you can to give yourself a base of understanding. It’s also a good way to help sort out which professionals you want to be talking to.
So, with that in mind, we have put together a list of great books to get you started. Whether you’re just beginning to soak it all in, or already have a property (or ten) under your belt, if you make your way through these books you’re going to find yourself that much further ahead.
Douglas Gray and Peter Mitham
As far as landlord’s hand books go this one is thorough. It’s not going to win any prizes for literature, but it will give you a very nuts and bolts look at buying real estate in Canada to hold as an investment. Gray and Mitham walk you through how to understand and assess the market, how to create an investment strategy, and what pitfalls to look out for. They also spend a good chunk of time on the ever important legal considerations as well as how to manage – property and tenants. As I mentioned, it’s a bit of a dry read, but the material deserves a place on every landlord’s shelf. It’s also worth mentioning that the back of the book is chock full of useful checklists and tables; such as a Real Estate Assessment Checklist, a Business Deductions Checklist, a Mortgage Selection Criteria Checklist, and much more.
For the would be property investor who has no background in real estate this ebook will give you the confidence and the details you need to jump right in. Written by an Alberta nurse turned real estate investor, How to Buy and Manage Your First Rental Property
takes you through Pineau’s journey and lets you in on the struggles she went through trying to make sure she was doing it all properly. From chapter one she starts laying out her case for why you want to consider investing in real estate and then leads you through the process of negotiating with the bank, setting the rent, finding great tenants, and dealing with the challenges of NSF cheques, tenants who don’t pay, and evictions. Overall a great book for anyone looking to get started. More seasoned investors will likely have learned many of the topics she covers already, but it may still be worth flipping through to compare her solutions to yours.
Often referred to as the best guide for managing multiple single-family-homes as investment properties, Landlording on Auto-Pilot, is full of easy to implement tactics. As a full-time police officer, Butler was managing a portfolio of 75 income properties before finally bringing on some part-time help. In this book he breaks down his system for screening potential tenants, managing your cashflow, and training your tenants to do landlord work for you. As part of the breakdown, he includes many of the forms he created while managing his own properties, all of which are fully customizable depending on the size and scope of your operation. However, it is important to remember that when it comes to the legal and tax strategies suggested the author is an American and any of his advice should be checked with a relevant Canadian expert.
Now a retired police officer, Butler continues to bring in more than $1million annually from his many properties, which is not a bad way to finance your retirement plans.
Don R. Campbell
It doesn’t matter if you’re new to investment properties or a seasoned professional, Real Estate Investing in Canada will have something for you. Specifically looking at the Canadian residential market it provides you with practical strategies for sorting out hype from the real deal. Campbell systematically goes through strategies for how to fully understand the property investments you’re looking at and how to see when a deal is not worth getting into. He calls it the Authentic Canadian Real Estate system and uses a collection of anecdotes punctuated by action items throughout the book to help the reader come away with a fuller understanding of investing in Canadian real estate.
Of course, because the markets across the country are in a constant state of change, making it a challenge for investors to keep up on the latest information, every registered reader of Real Estate Investing in Canada will be able to access critical forms and ongoing market research through the books website: www.realestateinvestingincanada.com
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money – That The Poor And Middle Class Do Not!
Robert T. Kiyosaki
While not exclusively a real estate book, the number of income property investors that cite this book as the one that got them to start investing is so high that it warrants a place on the list. Kiyosaki tells the story of his “two dads”. One, his actual father, a well-educated man who spent his entire life as an employee struggling to manage his finances. The other, a friend’s father with little traditional education, who took him under his wing and demonstrated the power of passive income and the importance of financial literacy.
Throughout the book, Kiyosaki uses autobiographical parables to show his readers how he learned about using your money to acquire investments that could be amassed for long-term earnings. The ultimate secret being that the rich don’t work for their money but learn ways of building assets that will provide for them and their family. Given this book’s easy to follow nature and exploration of managing investments and finances it’s a great first book for anyone considering an investment property. It’s also a great book for young people just starting to understand the world of finances.[inf_infusionsoft_inline optin_id=optin_11]