Anyone looking at buying real estate in the next 12 months will want to be at an upcoming event that could help them have a better understanding of what they're getting into.
The one-day seminar — called Rental Properties: It’s Not Just Investing, It’s Running A Business — takes place on Sept. 25 at the Barrie & District Association of Realtors (BDAR) office, located at 676 Veterans Dr., in the city’s south end.
Rob Hilton, owner of A. G. Secure property management Inc., a company that manages residential rentals in Simcoe County for local and out-of-town landlords, is helping organize the event.
“As a property management company, we find so many investors and want-to-be investors are not well educated on what they are about to jump into,” Hilton told BarrieToday. “The reality is that once you buy a rental property, you have just started running a small business.”
Hilton says some people read or listen to the first couple lines of how easy real estate investing can be, but don’t necessarily understand all the potential bumps in the road along the way.
“Many people rely on information from sources outside of Ontario, or from what someone’s uncle told them,” Hilton said.
“Very few even realize that marketing a rental falls under the Ontario Human Rights Code. That smoke and carbon monoxide fall under fire code. City property standards kick in for how a property is maintained. Zoning laws have rules on how property is used," he added. "The Residential Tenancies Act on how tenants are marked. Even the tax man has set new rules for vacant unit taxes and for flipping properties. This is not something most people think of."
During a time when housing and renting is a hot topic, the event later this month will have several guest speakers to help attendees understand more about the market.
A mortgage broker, an accountant, a home inspector, a real estate lawyer, a real estate agent, a paralegal, and a secondary-suite designer, as well as Hilton as a property manager, will be on hand to inform and educate about the current renting market.
The event runs from 7-9 p.m. on Monday, Sept. 25. Anyone interested can check out the Facebook page here or email Hilton at [email protected].
