James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of RE/MAX Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including Re/Max 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.
I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, your real estate goals, and to be 100% accountable to you. In my latest blog post, I share advice for folks considering investing in revenue properties in Regina, with a view to becoming a landlord.
Things you need to know before you become a landlord.
If you’re looking to become a landlord, investing in Regina real estate is a solid way to generate passive income! However, before you invest in Regina revenue property, it’s wise to know if you’re getting a good deal.
Here are some tips to consider when buying an investment property in Regina.
1. Buy the right Regina property that is sure to rent easily
- Select Your Target Regina Neighbourhoods Carefully - remember this is not where YOU are going to live
Consider the following before you invest:
- Is it a safe neighbourhood? ( Check out Regina Police Crime Map )
- What amenities are found locally
- What is the rental vacancy rate in that neighbourhood?
- How close are you to local shops, parks or recreational facilities?
- How far away are you from the bus stop or transportation hub?
- If you are considering buying property suitable for a family are you close to schools?
You may want to consider duplexes for the peace of mind they bring. With duplexes, you have two units, so if you go for a while without a tenant, it’s usually just one apartment, not both, so you still have some revenue coming in. As an experienced Regina realtor, I can provide a lot of support in your search!
2. Treat your rental like a business
You can make good money being a landlord, through both monthly cash flow and appreciation on your property. But it’s not like buying a mutual fund. You need to be ready to handle the types of struggles you’d face with any business. You must have a budget for emergency fixes for example!
Know your rights as a landlord in Regina!
3. Be sure to properly screen potential tenants
We’ve all read stories of nightmare tenants who generate endless noise complaints, damage property and even stop paying rent. To protect yourself, I recommend credit checks (available through agencies like Equifax and TransUnion) and asking for references from employers and past landlords. I also recommend matching landlord references to the credit check, which shows past addresses, to ensure the applicant is being truthful. Once you’ve found great tenants, you’ll want to hold on to them for as long as possible.
4. Check your insurance coverage
If you’re renting an apartment within your home, your existing home insurance policy could be enough coverage. But if you’re renting a building that you don’t live in, you’ll need to look into additional insurance While it’s not legal to require your tenants to purchase insurance, it’s important they know that they’re not covered by your policy. It’s a good practice to recommend they take out their own tenant insurance policy so their personal property is covered.
5. If you aren't handy or good at DIY - find folks you can trust who are!
You can save even more time by making sure you’re set up for success from day one. Build a network of professionals — electricians, plumbers, handypeople. This way you can handle most routine problems, like a leaky faucet, with a simple phone call.
Have questions about buying revenue properties?
Contact me today, I am here to help!
If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side.
Sell Your Home For The Best Possible Price, With The Least Amount Of Time and Stress!