How to Buy Your First Rental Property in Calgary

Buying your first rental property in Calgary, like in any real estate market, requires careful planning, research, and a solid understanding of the local market conditions. Here's a step-by-step guide to help you get started:

1.     Evaluate Your Finances and Create a budget:

Assess your current financial situation to determine how much you can afford to invest. Consider factors such as your credit score, available savings for a down payment, and your ability to secure financing. Meet with a mortgage broker who specializes in real estate investment. Calgary Real Estate Wealth works with the best in the business.  Danielle Di Marco with Mortgage Architects not only helps you get a mortgage but develops a mortgage investment plan to set you up for future purchases. Establish a budget for your rental property purchase. This should include not only the purchase price but also other costs like closing costs, property taxes, insurance, maintenance, and property management fees.

2.     Research the Calgary Real Estate Market:

Study the local real estate market in Calgary to understand trends, property values, and the demand for rental properties in different neighborhoods. Look for areas with potential for growth and stable rental demand. Calgary Real Estate Wealth analyzes the Calgary market every day and knows the best neighborhoods to invest in.

3.     Set Property Criteria:

Define the type of rental property you're looking for, such as single-family homes, condos, or multi-unit buildings. Consider factors like property condition, age, and potential for renovations or improvements.

4.     Work with an investment focused Real Estate Agent:

Hire a local real estate agent with expertise in the Calgary market. Azad Chandler and Tim Desautels have been buying and selling investment properties in the Calgary area for over 20 years. They can help you find suitable properties, negotiate deals, and provide valuable insights.

5.     Make an Offer and do your Due Diligence:

Once you find a property that meets your criteria, make an offer to purchase it. Work with your real estate agent to negotiate the terms and price. During the conditional period of your purchase agreement, conduct due diligence, including reviewing all property documents, verifying rental income potential, and understanding local regulations regarding rental properties. Conduct a thorough property inspection to assess its condition and identify any potential issues that might require repairs or renovations.

6.     Property Management and Marketing Your Rental Property:

Decide whether you'll manage the property yourself or hire a property management company. A good property manager can handle tenant screening, rent collection, and maintenance, allowing you to be a more passive investor. Every Calgary Real Estate Wealth client gets FREE Landlord Training so they can keep their properties rented 100% of the time. Once you take ownership, market your property to potential tenants through advertising, online listings, and local channels.

7.     Manage Your Investment:

Keep a close eye on your investment, monitor expenses, maintain the property, and provide excellent tenant service to maximize your returns and ensure long-term success.

Remember that real estate investing involves risks, so it's essential to do your due diligence and seek professional advice when needed. Additionally, stay updated on local regulations and market conditions as they can change over time. Calgary Real Estate Wealth Guides you every step of the way to ensure success.


Real estate investing in Calgary - How to get started

Investing in real estate in Calgary, or any market for that matter, requires careful planning and consideration. Calgary Real Estate Wealth is a one stop shop investors go to for expert advice and guidance. Here are six steps to help you get started with real estate investing in Calgary with a focus on building wealth:

1. Educate Yourself: Start by learning about the Calgary real estate market. Understand the local economy, job growth, population trends, and any upcoming developments or infrastructure projects. Consider taking real estate investment courses or reading books on the subject to build a strong foundation of knowledge. Calgary Real Estate Wealth has a FREE seminar every 2 weeks where we discuss different real estate investment strategies.

2. Set Clear Investment Goals: Determine your investment objectives. Are you looking for rental income, long-term capital appreciation, or a combination of both? Define your risk tolerance and the amount of capital you can allocate to real estate. Having clear goals will help you make informed decisions. 

3. Build a Strong Financial Foundation: Assess your current financial situation and ensure you have a solid financial foundation. This includes having an emergency fund, managing your debt, and establishing good credit. Real estate investments often require a significant upfront investment, so financial stability is crucial. Our real estate and mortgage team sets out a Real Estate Investment Plan for you so you know where you are financially, and where you want to be.

4. Location Research: Calgary is a diverse city with various neighborhoods and property types. Research different neighborhoods to understand their rental potential, property values, and growth prospects. Consider factors like proximity to amenities, schools, and transportation options. Calgary Real Estate Wealth researches the Calgary and area market every day. We know where and where not to buy.

5. Network and Partner: Connect with Azad Chandler and Tim Desautels, local real estate investment  professionals, we have relationships with real estate lawyers, accountants, mortgage brokers, property managers, and contractors. Networking can help you gain valuable insights into the market and potentially lead to investment opportunities. Partnering with experienced professionals can also make the investment process smoother. Calgary Real Estate Wealth has a network of over 5700 investors and we're growing.

6. Due Diligence and Property Selection: Conduct thorough due diligence before purchasing any property. Evaluate potential investments based on factors such as rental income potential, property condition, and market trends. We help you select the RIGHT property for your portfolio. We specialize in investment properties so you never make the wrong choice.

Real estate markets can fluctuate, so be prepared to adapt your strategy based on market conditions and economic factors. Building wealth through real estate in Calgary or any other market requires patience, resilience, and continuous learning. Calgary Real Estate is with you for every step of the process and our clients are achievng great success.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.