004: Stephen George Explains How Investing in Rental Properties Could Be Your Stable Secondary Income

Kyle Miller talks to Stephen George, a real estate agent with Century 21 Action Power Team in Ottawa, ON. They discuss investing in real estate properties and how rentals can provide a stable secondary source of income.

Introduction

Stephen George is a real estate agent with Century 21 Action Power Team in Ottawa, ON. Originally from Cape Breton, Stephen and his wife moved to Ontario in 1999. His experience in real estate began when he and his wife bought a home in 2001, flipping it two years later. With a focus on Marketing in university and experience in sales since graduating high school, Stephen continued his pursuits of investing in homes, eventually leading him to his current position as a real estate agent.

Stephen George shares his experience in rental property investments, gives advice for those looking to join the field, and explains how rentals can provide a stable secondary source of income.

Key Points

  • [5:12] If you put the focus into the business, your hard work will pay off.
  • [5:37] What was the initial transition into the real estate business like for you and your wife?
  • [7:10] The current market of Ottawa is amazing and continues to grow.
  • [7:46] When you first began investing in 2001, did you work with a real estate agent?
  • [8:20] What advice would you give to those looking to invest in rental properties?
  • [10:30] There are more factors than simply location; know and understand the market in the area.
  • [11:35] Typically you’ll want to look for tenants who work locally.
  • [12:24] Keep your tenants happy for longevity.
  • [12:38] Are there particular types of properties which will provide better return?
  • [14:15] Investing is typically a long-term venture.
  • [15:16] Is turning a home into a rental property a worthwhile investment opportunity?
  • [18:03] Rentals are more of a long-term investment than flips.
  • [19:31] The real estate market in Ottawa is in a good state.
  • [19:55] Are there any current gaps in the market?
  • [22:25] Investing in rental properties can provide a stable secondary source of income.
  • [24:05] Are there any notable townhouse properties available?
  • [25:31] Depending on rates and initial down payment, the potential profits on a townhouse or a condo are similar.
  • [28:20] What is the best business advice you’ve ever received?
  • [28:55] Look at making friends for life, not clients.
  • [30:11] What three things should people know when looking to invest in rental properties?

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