Buy with zero cashdown!!
Club Immobilier Quebec is good for contacts. It's been a while I didn't go, but there is monthly events its like 20$ you get the feels of it and lots of people with same mindset/projects/networking. You can just show up, no subscription. I believe they are good source... PS - it's in French, but I think you do speak French.
Location is the most important one :
- near metro/bus
- near groceries/malls/park
- near school/hospitals
- area you think the city will develop in the future (centre sportif, malls, trains, metro, park, etc.)
- area with less crimes (MTL north and Hochelagua are cheap for a good reason) Realtor.ca check commercial section for Multi Family.
https://www.realtor.ca/Commercial/index.aspx I like to search on the map.
Tenant :
- always be nice to tenants (they pay you big money over the years)
- it's sad but true, some nationality are more difficult than others
- always credit check
- criminal record check
- regie du logement check and more..
All at one spot one shot for about 40$ at
http://www.oligny-thibodeau.com/en/pre_rental_inquiry.php (answer same day if sent in the morning)
Buildings :
- go the biggest possible (the more units)
- always do inspection before buying
- negotiate and try to look for an owner that really need to sell or too old to maintain or any sign that help you out for a better deal
- shop for your insurance
- do your own repair as much as possible, hire a pro when needed.
Banks :
- find one that can finance you 100% (not easy but possible!)
- do you calculation, make sure it pays for everything (mortgage, city tax, school tax, insurance, grass maintenance, snow removal, hydro, etc.)
- when you sign, make sure it's at the END of the month or ask them to start withdraw mortgage at the END of the month. This will buy you time if tenants start giving you hard time.
- have a good accountant (many legal ways to save on income tax)
- Ask tenants to pay you over Interac (or anything similar like email transfer) so you don't have to see their face each month
Other :
- read books/google/youtube about it (not everyone can be a landlord) *youtube is mostly in USA not same rules and regulations, but the ideas are the same
- not easy at the beginning but it pays in the end
- it suppose to be passive income, you're not suppose to work on it everyday
- keep learning, learn from your mistake and especially other's people mistake lol
- fun fact : my passion for investment started because of MR, now I give back!
That's about it in a nutshell...sorry I may miss a few things I just woke up...
Impossible? read it like this : I'm possible
As for the rest read my sig.