Are You Ready To Increase Your Wealth Through a Revenue Property In 2020?

With the start of a new decade, perhaps you have been considering a few different resolutions to help you be a better you in 2020. You may want to lose a few pounds, upgrade your skills or increase your wealth. For the purposes of this article we are going to look at how a revenue property in Vancouver (lower mainland) can help you increase your wealth.

Anyone who has owned property in Vancouver over the past 30+ years has seen significant increases in their property values. Even with the recent slowing of the market, anyone who purchased their property more than 10 years ago will have increased equity and/or cash available to them now.

How does that help me you might ask. Well that equity that you have built up could be leveraged to purchase a revenue property, which in turn will eventually increase your wealth and increased wealth means you can get that personal trainer or upgrade those skills more easily.

Now many people shy away from the prospect of revenue properties: the thought of dealing with a plugged toilet in the middle of the night or delinquent tenants is just too much hassle. But a closer look will reveal it doesn’t have to be that hard at all. In fact, with the right plan you can find your self with positive cash flow in no time at all… maybe even right away.

There are 4 financial categories to consider when contemplating buying a revenue property.

1. Initial Costs – things like down-payment, real estate fees, renos if needed
2. Income potential – How much rent can you expect to receive annually
3. Expenses – maintenance, management fees, cost of borrowing (interest) and taxes
4. Cash flow – The difference between the expenses and the income is the cash flow

Working with a professional property manager will make navigating the process painless.

At Alwynds, we are committed to help you realize the potential available to you now. Feel free to give us a call anytime.