Diversifying your income is the mantra of a lot of wealthy people today. With the potential profitability of the real estate market and the abundant training resources available, many people consider this profession to be the ideal side hustle.
The internet and digital learning have made the field very approachable. Hundreds of training programs offer meetups, coaching, seminars and podcasts that can help potential real estate professionals find their niche and become profitable. However, before settling on real estate as a potential income-earning investment, there are a handful of considerations that you should keep in mind. Fifteen experts fromForbes Real Estate Council discuss what those considerations are.
Real Estate Council members offer advice for those looking to join to real estate.
Photos courtesy of the individual members.
1. Educate Yourself
Just start educating yourself. Search and go to local meetups in your community. Attend your local real estate investment club or REI group. Talk with others, learn what path they took and find out what is working or not working for them. Learn from a distance and learn from others. – Aaron Marshall,Keyrenter Property Management
2. Utilize Free Resources
There are endless free resources out there that you can really extrapolate great value from a simple Google search. YouTube is an unbelievable resource to watch experts talk about different topics. There is also the option of taking free courses on Youtube from schools like MIT to learn real estate and finance from the greatest minds in the world. –Ari Rastegar,Rastegar Property Company
3. Plan Your Work
Your real estate career will only be as great as your plan. Jumping into real estate without a plan is akin to jumping into the deep end without knowing how to swim. You’ll do anything to stay afloat without thinking it through. It is essential to plan, prepare and execute. Lack of any of these actions may result in missed opportunities and missed goals. –Cheryl Abrams,Re/Max United Real Estate
4. Stick To The Fundamentals
Making the jump to real estate investing requires the same focus that you would bring to investing in any asset class. Understand and focus on the fundamentals. How do I minimize risk? Is the real estate project delivering a competitive current return? Is that return sustainable? In answering these questions, you will develop a sense as to whether you should make the investment. – Mark Tiefel,Capital Equity Group, Inc.
5. Find A Mentor
Find a mentor or join a team. This will give you exposure to the industry and expedite your learning curve. In addition, be committed to making this a career. Too many people get into real estate part time, but it takes a true commitment to build a career. Attend every class and conference you can in the early parts of your career. Listen for those nuggets that will move you forward. – Kofi Nartey,The Kofi Nartey Group – Compass
6. Research Options
The first step to investing in real estate is to decide if you want to be a passive or active investor. If you want to keep your day job and invest your money, look into real estate investment trusts or crowdfunding. On the other hand, if you want a career change, consider flipping properties or becoming a landlord. Decide how much time and money you want to invest and then research your options. – Joe Houghton,RE/MAX Results/The Minnesota Property Group Team
7. Determine What Fits Your Lifestyle
Diversifying your income with real estate investments is a great way to generate additional revenue. One of the most important considerations is determining whether it’s a right fit for you. Do your research to learn about the different investment types, whether they are long or short-term investments and then determine which one best fits your lifestyle. –Michelle Risi,Royal LePage Connect Realty
8. Provide Unique Value
One consideration to make when entering the market is assessing your ability to understand what the industry is lacking and filling this void to bring unique value to your clients. This is essential when you’re new to the business. It’s also important to leverage your network and work with your peers who operate in the same market and possess a deep understanding of its specific nuances. –Cody Vichinsky,Bespoke Real Estate
9. Understand Your Local Market First
First of all, making a jump into real estate is a broad jump. Whatever discipline you choose (investor, realtor, developer, etc.) the key is market knowledge. Real estate is a hyper, local market-driven industry. What’s happening in Waco, Texas is not the same an hour south in Austin. Understanding your local market is the first step prior to being able to direct efforts toward one area. –Giuseppe Piccinini,JP And Associates REALTORS
10. Take It One Step At A Time
Anyone wanting to jump into real estate investing needs to focus on dedicating time to learn a facet of it first. New investors tend to get so overwhelmed with all the different strategies and types of real estate investing that they get sidetracked when trying to find their niche to start off with. Commit and focus on one strategy, master it and move to the next level of investing. –Nancy Wallace- Laabs,KBN Homes, LLC
11. Focus On Expenses, Not Income
There are two ways to build wealth: make more money or keep more of what you make. The single most important piece of advice I can give is to plan your taxation and expenses before you make money and not try to fix a problem after. Meet with an experienced CPA that understands taxation and expenses prior to starting and plan for your best case scenario. Hard work gets it, planning keeps it. –Blake Plumley,BluWater Capital LLC
12. Find A Niche You Know
Peter Lynch, who ran Fidelity’s Magellan, the largest mutual fund at the time, said, “Invest in what you know.” That’s great advice for real estate. Many of the most successful people who either invest or sell real estate have a niche where they are the experts. Where is your deep expertise? Connect that knowledge to real estate and you’ll increase your chance for success. –Kevin Hawkins,WAV Group, Inc.
13. Set A Clear Goal
Millions can be made and lost in real estate, and your success comes down to three things: understanding your goals, doing your due diligence and learning from someone more experienced than you. When you’re looking to learn, pay close attention. Not everything is what it appears to be in real estate, and that relates to both people and properties. Most importantly, never stop learning! – Dani Lynn Robison,Freedom Real Estate Group
14. Befriend An Attorney
Learn the ins and outs of real estate law to benefit from its extensive value proposition. A lot of money can be made when deals are structured correctly, and having knowledgeable attorneys in your network can be a huge benefit. – Saurabh Shah,InstaLend
15. Attend A City Meeting
Go to a city meeting about a proposed development, feel the pulse of the room, get a sense of citizen attitudes toward real estate, learn the zoning and introduce yourself as someone who can answer their questions. It’s amazing how few real estate agents do this. It’s so simple, makes an impression and puts you in front of potential clients. – Ari Afshar,Compass
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
