Expert advice, market reports, and tips from the Niagara Region real estate professionals.
In the standard OREA Agreement of Purchase and Sale clause, 8 and 9 are related and they are important to note. Clause 8 states that the Buyer (actually his lawyer) shall have until a certain date and time to examine title to the property to see if, among other things, it’s present use may lawfully be continued, and Clause 9 goes on to point out that there is no representation or warranty that the property can lawfully be used for anything other than it’s the current use.
If you have ever attended one of my Money Machine seminars, watched our investment videos or read any of our investment articles such as those in this newsletter, you’ll understand the power of real estate investment as a vehicle for generation of passive income while at the same time allowing you to build up immense personal wealth. And, believe me, acquisition and ownership of rental real estate will allow you to accomplish both of those objectives.
The main objective of creating a portfolio of investment properties is to generate income. Passive income from the collection of rents. And of course, as with the case of any income, taxes are an inevitable consequence. But taxes are not payable on the total rent collected. Expenses may first be deducted. And this is one of the reasons record-keeping is so very important.
