ILNRE: Lisa Punch Gets You Investing in Multi-Family Properties in the Niagara Region
July 4, 2016 | Posted by: The Mortgage Guy Niagara
Steve Dainard speaks with Lisa Punch about multi-family investment properties. Lisa specializes in multi-family real estate in the Niagara region.
Lisa started her real estate career in June 2010 Royal LePage Niagara. She focuses on both residential and multi-family properties and has insight into general contracting. She gives back to her community - she's a proud supporter of Bethlehem Housing and raised $2200 for Education Foundation of Niagara. Providing DSBN students all over Niagara with funds and resources where government funding is not available.
Starting out as a realtor?
- have a financial cushion; you don't know when the next commission is coming
- advice from her mentor: if you can go to bed at night knowing that you protected your client, you'll do well as a realtor
Investing in multi-family
- any investment is good
- single-family residential vs. multi-family: it's about the numbers, and not emotion
- get into the realtor circles to get the inside scoop
- multi-family properties usually don't hit MLS, unless it's been passed over in the realtor circles for one reason or another
- St. Catharines north end
- Niagara Falls - central north area
- Fort Erie - not a lot of apartment buildings
- Toronto investors aren't currently into the multi-family market because they're focused on single-family properties
Are you thinking of investing in a multi-family property?
- start small - a duplex or triplex
- consider how much a property management service costs - usually new investors manage the property themselves
- investing isn't for everyone: headaches, tenants, bad location, repairs eating up your equity
- environmental clauses and building inspections
Armchair Quarterback: how to get into in multi-family investments?
- consider location
- do a drive-by of the property: check the state of the neighbourhood, check the shopping cart to car ratio