Quote:
Originally Posted by G
Can someone school me on purchasing an apartment and renting it out? I am currently in Alberta and in a smaller town. The apartments here are around 200-300k for either 0-5 years old. I was thinking of purchasing a two bedroom and renting it out which would yield around $1500-$1700 depending on the quality and age of the building. I have talked to some people and they said that it would most likely cover all or more than the mortgage payments. I am definitely new to this, but how would stuff work if I am not (in the future) in the province? Would I need to hire a property management company to help me look after the property? How do fees work etc etc?
It seems like a good way to hold my money and invest but slightly new to this stuff.
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No.
Read the thread.
And, come on dude....do the math. Use an online mortgage calculator. Add everything up (mortgage, property tax, utilities, strata, insurance) and then imagine not being able to rent it to someone because you are in a "small town" in Alberta. That is what you will be paying for an empty apt every month.