First Rental Property

Hi Friend,

I hope you are doing well.

If you are interested in buying your first rental property, and have not done so already, you will benefit by reading this post.

There may be many factors that are holding you back from buying your first rental property.

When I first started out as a real estate investor, it took me about one year of doing research and asking questions before I took the leap and bought my first rental property in Oakville, Ontario, Canada.

I have since gone to purchase Oakville real estate, Hamilton real estate and Toronto real estate.

In an effort to help shed some light on why you have not bought your first rental property yet, here are 5 reasons that are holding you back:

1) A Lack of Education

You may know a little about real estate investing, however you don’t know enough.  You read some blogs here and there, but that is where your education ends.  For most new real estate investors this is not enough.  You need to start to talk to people who own rental properties and learn about their experiences.  This action will push you over the edge, so that you feel comfortable enough to buy your first rental property.

2) You Are Not A Member Of Real Estate Investment Groups

Real Estate Investment Groups are the perfect place to meet people who own rental properties.  At these groups, you will find experienced real estate investors as well as real estate investors who have *just* purchased their first rental property.  It has been my observation that real estate investors attend these groups for support.  If you are to become a real estate investor, having support is essential.  You need to have people that you can go to, to ask advice on real estate matters.

If you are not a member of a real estate group, you need to join one.  If you live in the Greater Toronto Area, consider attending my monthly Real Estate Workshop called, Landlord Bootcamp For Beginners.

 3) You Do Not Know A Good Mortgage Broker or Mortgage Specialist

Financing is one of the most important topics that you need to understand when you are buying a rental property.  Everyone’s personal financial situations is different.  Depending on your situation, you may need to consult either a Mortgage Broker or a Mortgage Specialist. If you are in the Greater Toronto Area, the mortgage broker you should contact is Kevin Boughen and the Mortgage Specialist you should contact is Chester Yu.

 4) You Are Not Associating Yourself With the Right People

People are either positive or negative.  Which are you?  This is an important question to ask.  An equally important question to ask is, what about the people that you hang around with the most?  Are they positive or negative?  So, so, so many times I remember hearing advice from people who did NOT own any rental properties.  They would be giving me unsolicited advice on whether or not I should be buying a rental property.  Since you are a new real estate investor, it is important for you to associate yourself with positive people who have experience owning rental property.  Never take advice from someone who has NOT accomplished something that you are trying to achieve.

 5) You Are Not Working With An Investment Focussed Real Estate Agent

A very common questions that new real estate investors ask is, “How do I find a rental property?”  The best answer for this is, “Work with someone who knows where to find rental properties”.  Lots of new real estate investors struggle at the beginning trying to find properties that they think would be a ‘good rental property’.  The truth is that, most new real estate investors have no idea where to begin their search for rental properties.  It is always best to work with a real estate agent that understand rental properties, as well as the market that you are looking to purchase a property in.  Working with someone like this will help you in the long run as it will make the process less frustrating.  The process will be less frustrating because real estate agents with knowledge of rental properties know which types of properties are suitable investments.  Most importantly, they will know where EXACTLY you will be able to find these properties in your market that you have chosen to invest in.

In Summary

If you are a new real estate investor and you have not purchased your first rental property, these 5 factors may be holding you back.  If you put in some effort and work towards overcoming these factors, you will be able to buy your first rental property.

Stay focused and committed!  You can do it!

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: Remember, I am an experienced real estate investor and Licensed Realtor. I help new real estate investors like yourself purchase your first rental property.  If you are interested in buying Oakville real estate, Hamilton real estate, or Toronto real estate, send me an email at, NEIL@FIRSTRENTALPROPERTY.COM, and I will help you get stated!