Buying your first rental property is a big commitment and investment.This quick quiz is meant to act as a preliminary checklist before you take the next step in the buying process.

1. Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/
IZ
U
Q
Are You Read
y to
Buy Your Firs
t
Rental Prope
r ty

2. Buying your first rental property is a big commitment and
investment. I’m sure you’re already doing the necessary research
in preparation as there are numerous articles outlining all
important details involved in purchasing a rental property. This
quick quiz is meant to act as a preliminary checklist before you
take the next step in the buying process and is not meant to
replace advice from a professional about your specific scenario.
ALL YOU NEED TO DO IS WRITE DOWN HOW MANY A'S & B'S YOU
CHOOSE AND THEN FIND OUT HOW RENTAL READY YOU ARE!
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

3. 1. Do you already own a
personal residence?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

4. 2. Have you decided WHY you want to buy a
rental property? Will it be a long-term
investment, a short term renovation and flip, a
future property for a child, etc?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

5. 3. Have you talked with investors who
already own one or more rental properties?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

6. 4. Have you talked to your mortgage professional
about potential financing options and what kinds of
mortgage rates and payments you could likely see when
you it comes to financing your rental property
purchase?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

7. 5. Have you thought about what kind of
tenant you want to occupy the property and how
you are going to find and qualify them? i.e.
young professionals, students, the elderly,
families with pets etc.
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

8. 6. Have you decided what kind of
property you want to own? i.e. apartment
unit, townhome, duplex, house etc.
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

9. 7. Have you decided if you are going to
self-manage the property or hire a
property management company at a cost?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

10. 8. Have you completed a cash-flow
analysis spreadsheet to determine how
much rent you have to charge in order to
earn revenue from your rental?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

11. 9. Have you decided if you’re buying a
rental property on your own or under a
joint venture with another person or group
of people?
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

12. 10. Do you have liquid assets available that
you have allocated to costs relating to your new
rental property? i.e. if something breaks down
do you have the cash to fix it right away.
A. YES
B. NO
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

13. MOSTLY A’S: RENTAL READY
Looks like you’re ready to take the next step in buying your first
rental property. You’ve decided why you want to own a rental
property, you know what kind of property you’re looking for and
the kind of tenants you want to occupy it. Awesome! Since
financing is now more difficult to obtain when it comes to rental
properties you’re prepared for the potentially higher rates and
larger downpayment requirements you may run into when getting
a mortgage. Good thing you have your cash-flow analysis handy
and you can play with the numbers a bit before finding your
perfect revenue property strategy.
FOR MORE INFORMATION ABOUT RENTALS, CHECK OUT OUR BLOG OR
CONTACT US AT THE INFO BELOW.
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

14. MOSTLY B’S: RESEARCH READY
Do be aware the mortgage qualifying process for buying a rental property is a
bit different than when you are buying a home to owner occupy. It is not only
harder to qualify for a rental property mortgage, but you now have to change
your mindset to a landlord’s perspective as it’s no longer about you living in
that home. Your goal is to attract a tenant to live in the property who is
willing to pay a rental amount sufficient to generate a positive cash-flow at
the end of each month. Research and preparedness is what could mean the
difference between a successful rental property or a property headache and
before you start the purchasing process do talk to some people who are both
knowledgeable and trustworthy.
FOR MORE INFORMATION ABOUT RENTALS, CHECK OUT OUR BLOG OR
CONTACT US AT THE INFO BELOW.
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

15. A’S & B’S: IN-BETWEEN INVESTOR
You’re on your way to “eventually” purchasing your first rental but
just not quite ready to begin. There may still be a couple of things
that you’re undecided on; maybe you’re still experimenting with the
numbers to see what suits you best or talking to some other
investors about some helpful tips & tricks or trying to find the
perfect joint venture partner. That’s okay as long as you’re not on a
deadline. If you’re feeling pressured because the perfect property
has come up but you don’t yet feel you are fully educated, perhaps
it’s not the perfect property.
FOR MORE INFORMATION ABOUT RENTALS, CHECK OUT OUR BLOG OR
CONTACT US AT THE INFO BELOW.
Jackie Woodward / Mortgage Broker, TMG
/
780.433.8412 / info@mortgagegirl.ca
/

16. NS?
STIO AT!
QUE C H
ET’S
L
JACKIE WOOD
WARD
Mor tgage Br
oker, TMG
Edmonton, A
lber ta
CALL: 780.43
3.8412
EMAIL: info@
mor tgagegir
l.ca
VISIT: www.m
or tgagegirl.c
a
TWITTER
FACEBOOK