Expert: Derek Hamilton - 8/17/2011

Question
Hi, I am a young single guy from Montreal who is considering investing in a duplex, triplex or condo. My situation is somewhat unique in that I work out of town and the company I work for pays all of my expenses. (room, gas, cellphone, trips home) When I go home I stay with my girlfriend or parents so I have no need right now for a place of my own.

I am in a situation where I could pay off a mortgage relatively quickly and when I think about renting out, all I can see are dollar signs! On the other hand I am a pretty cautious person and won't jump into anything without being 100% comfortable first.

This property would be something that I would eventually like to move into once I become tired of my current vagabond lifestyle...

I was wondering what concerns I should have with buying a place and renting it out?


I was also wondering, what types of properties are popular right now for the renter... a single family house, a condo/apartment, a duplex?


I realize that since I am away all the time I would make a poor landlord so is there a reasonably priced way to have someone manage and maintain the property for me?

Answer
Hi Nick,
I recommend buying Real Estate ! Being a Land lord has many challenges. It all depends on the type, quality and price range of the real estate you purchase. Work with an experienced Real Estate Agent and find something that will work for you. Go for it!! You can hire people to do the work that needs to be done and make sure you check the references of your new tenants!
Enjoy,
Derek