Doing something for the first time is always scary because you don't know what to expect, and buying or converting your first property into an investment property is no different. You can spend months searching the internet for all fo the best tips on "how to buy my first investment property" or "what do I need to do to turn my home into a rental" or you can read on to find out more info!

Helen Harder has been a real estate investor for almost 20 years! During that time she has owned rental properties, and renovated homes for a profit so she has extensive experience when it comes to your first Grande Prairie rental property. 

If you are ready to become a landlord here are her top tips:

1. Switch your insurance.

There are different insurance options for rental properties which can cost more upfront but save you thousands down the road. This insurance has additional covereage like "loss of rental income" which can help a lot if an emergency occurs. 

2. Vet Tenants thoroughly

Every landlord has different criteria of what they are looking for in an ideal tenant. Although gut instict can play a part in that decision, I would not rely solely on it! Call their references, get detailed income confirmation, and perform a credit check. If you are wanting to make money, or set yourself up for retirement you need to ensure that your investment (the property) is protected, and you do that by being thorough. 

3. Have a Good Rental Contract

If you decide to be a landlord you WILL have tenants damage your property and/or break the rental contract. It's not if it will happen, but when. If you have a good rental contract you can recover some losses and protect yourself and your investment

4. Know your Rights

The "residential tenancy act" and "landlord and tenants dispute resolution service" are helpful resources to take advantage of. Before your first tenants sign a contract or move in, know what rights you have as a landlord, and the rights your tenants have. 

5. Do Regular Check-Ups

Whether you are hiring a property management company or overseeing everything yourself, it's important to check up on your property. Do occasional drive-by's to ensure the lawn is getting mowed or the snow is cleared. On tenant move-outs be there to check the condition of the property. Nobody will care about your investment as much as you do so it's your responsibility to make sure it stays in good condition. 

Are you ready to buy your first rental property? Helen Harder Real Estate in Grande Prairie is ready to guide you through the process as your real estate investing expert! Reach out for more info today!