Dont Sell Your House--Ever!

Keeping your existing house when you buy a new one could be THE most profitable financial decision you could make. Consider the following:

1. Second stream of income: When you move to another place and keep your current house as a rental, this gives you an extra stream of income.

2. Pay less tax: Your rental property produces business income. When you have a business, you are entitled to tax write-offs. This could save you a lot of money that you would normally pay to CCRA (Revenue Canada).

3. Fast wealth: Tenants will pay off your mortgage in a rental property. Your net-worth will grow without you having to save out of your own income. When you have one or more tenants there is a team effort in building your wealth, fast!

4. Bargain priced: You will never again be able to buy the same type of property for the amount you paid for it originally. The value of all the other houses have gone up along with yours. You already own what an investor would consider a bargain in the current market.

5. High rate of return: The rent you can charge for your house is based on the current market. Rents have gone up but the cost of your house is still what you originally paid for it. You are getting a higher return on investment. In the current market you would have to spend a lot more to get the same rental income.

6. Guaranteed income: If you are willing to make some small changes to your house so it meets the standards required for disabled people, you will have a long list of potential tenants waiting for you. In many cases, some government agency will be paying their rent. You will get a good, stable, low-maintenance tenant. You will also be helping someone in need. If you need money for the renovations, you can re-finance as much as 90% to 100% of the market value of your house. Government grants may also be available.

7. Increased tax write-offs: In most cases, you can write off the interest paid on the mortgage of a rental property. If you keep the mortgage as high as possible, you maximize the tax write-offs.

8. Pay off your own home faster: Keep the mortgage on the rental property as high as possible by re-financing to the max as the value goes up. Use that equity to pay off the home you live in, faster.

9. Tax-free retirement income: After your house is paid off quickly by using the equity in the rental property, you may be able to use the refinanced cash as a tax-free retirement income. Borrowed money may or may not be taxable. Check with your accountant.

10. Gain freedom from the slavery of a J.O.B.: It takes far less time to maintain rental properties than the amount of time you would spend in a job. If you build up your portfolio of rental properties to 5 or 10 and pay them off (or keep refinancing), you will have as much or more income than your present job. You can be your own boss, work only a few hours, spend time with your family, and really enjoy your life.

These strategies will not work for everyone. Before you implement your plans, check with an accountant, lawyer, mortgage broker or other professional. You may need to work with someone. Use your children, parents, brothers, sisters, good friends as a co-signer or co-investor. Grow wealthy together, with the people you love.

To qualify for the lowest mortgage rate in Canada, go to http://www.mortgage-rate-canada.com and click on Canadian "Mortgage Calculators". Check out the "Pre-Approvals" and "Credit Problems" pages to get the banker's perspective on your credit profile.

For ideas on how to set up a reliable monthly income from rental properties when you have very little time or money go to: http://www.netman-ecommerce-guru.com/rental-strategies

Warm Regards,

Neeraj Varma

About The Author

Get the inside scoop on what it takes to qualify for the lowest mortgage rates in Canada - (http://www.mortgage-rate-canada.com). For personal service apply online.

---

Real Estate Investment 2005 - The Hottest Countries for Investment in 2005

Whether you are a real estate investor looking for a... Read More

10 Ways To Find Investment Properties

If you really want the best deals in investment properties,... Read More

Saving for a Home

So you want to buy a home? This is a... Read More

How Much is that House in the Window?

With the recent release from the UK's biggest mortgage lender,... Read More

Are You Profiting From O.P.P.?

Are you profiting from O.P.P.? If not, why not? We... Read More

Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida?

When considering investment properties, first of all, it must be... Read More

Real Estate Investing ? The Job Escape

Real estate investing is pretty unusual in lots of ways.... Read More

For Sale By Owner Listings

Selling your home on your own, without a Realtor, is... Read More

Buying Rental Property - Avoid Sellers Tricks

Be careful when buying rental property. We stayed at a... Read More

Investment Concerns for Selling Your Home

Besides the emotional upheaval of uprooting from your home, your... Read More

Tidy Up The Outside, Reap The Rewards

There isn't a realtor in existence who wouldn't tell you... Read More

Investing in the Baltic Tiger: What Has Estonia Got to Offer?

Estonia's reputation is growing within the property investment market. Rising... Read More

Selling Your Home - A FSBOs Guide to Keeping It Safe

Sellers need to keep their safety in mind when prospecting... Read More

Do I Have To Buy Real Estate Through An Agent?

Sometimes when we are very busy professionals and very rich... Read More

Condos Vs. Condo Hotels For Vacaton Home Ownership

Condo hotels, also called condotels, are a relatively new concept... Read More

Credit Help: Buying Real Estate -- Not the Same as Buying Cars

Credit for Buying Real Estate is Different than Credit for... Read More

Dont Buy Ugly Houses!

Ugly houses can be great investments, but we don't buy... Read More

Las Vegas Real Estate - Luxury Properties

Las Vegas is known for it's over the top hotels... Read More

Should You Buy a House or a Condo?

A big debate these days is whether or not to... Read More

Creative Real Estate Investing

With a job that paid $3.40 an hour, I saved... Read More

Do You Need to Download a Landlord Inventory On-Line Today?

Do you need to download a Landlord Inventory on-line now?... Read More

Make Your House Earn Its Keep

Did you realise that there is a lot you can... Read More

Top Ten Suggestions for Selecting a Real Estate Agent

In order to find a real estate broker or agent... Read More

How To Find a Real Estate Agent

You may be of the opinion that you don't need... Read More

What Can I Realistically Earn In A Lease Purchase Business?

If you're looking at Lease Purchasing as a business, you'll... Read More

Homes For Sell By Owner ? FSBOs and Buyer Brokers

You're selling your home as a FSBO (for sale by... Read More

Hey Landlord! Is Your Lease Legal?

The longer you are a landlord the more you strive... Read More

Finding the Right Buy to Let Mortgage for Your Investment Property

Finding the right buy to let mortgage is crucial to... Read More

What is a Predatory Lender?

Several months ago, the 3,000-member California Association of Mortgage Brokers... Read More

Property Investing - Am I Buying for Profit or Prestige?

All of us have emotional preconceptions and assumptions. They are... Read More

Location, Location, Location

Location, location, location - known as the 3 most important... Read More

Real Estate Investors Kick Away $1,000

Those new to real estate investing often fail to take... Read More

Closing Costs When Buying A Home

Closing costs are often the last thing a person thinks... Read More