The Truth About Real Estate Investing... For Canadians

Every investors greatest fear is buying a lemon of a property. A money pit if you will. I made that mistakes way back when I started, we were offered what every investor wants, an off market deal!  We made an offer well below what the seller’s Realtor thought they could get and boom. We got ourselves a money pit.  The house had a log foundation, the driveway was sloped to direct water into the basement window and onto the dirt floor of the cellar. The water that came out of the taps was brown time to time… I learned a lot from that house. Mistake #1 - we didn’t get an inspection.  The brown tap water is a symptom of galvanized steel plumbing. An old type of plumbing known to leak hence today’s insurance companies I use won’t insure it, hence you find it, you better have a plan to replace.  No insurance equals no mortgage. So if you were going to renovate a house with galvanized steel would you get permits and update the plumbing to today’s standards when renovating the bathrooms and kitchen or would you leave