- Joined
- Jan 11, 2008
- Messages
- 53
(You can see this story with pictures of the properties here: http://tinyurl.com/2jvpj9 )
First, I`ve got to say that my wife (www.CassandraWhite.com ) deserves the real credit for our success in Real Estate. It was only at her insistence that I said "yes" to Real Estate investing. This year she was given REIN`s awards for "Rookie of the Year" and "Top 10 For 2007"
People are always curious about how we got out of $100,000 of debt and became millionaires. (I got into that debt because I had to walk away from a business I`d invested in for the sake of my sanity and my family.)
We were so broke when we moved back to Calgary in 2002 that we had to borrow $3,000 from the real estate agent in order to make the deal happen.
We bought the house because it had a basement suite that we could rent out to help pay the mortgage. We had a garage, but we were so committed to getting out of debt that we parked on the street and rented out the Garage to someone else.
We proved that we were responsible and committed and when an opportunity came up, we moved into ahouse with a $10,000 loan from my dad and hung onto the first property.
Once again we had chosen a home with a separate garage which we rented out. That meant that we parked on the street again. We lived upstairs and rented out the basement suite to a single older lady who still lives there.
We began making some strategic decisions about our future and created a list of 25 features we would like in our next home. We did find one, but it was out of price range. After it sat a long time we went back with a low offer that they accepted. We still live in this house.
The next house we purchased was the first one that we didn`t live in. The entire house was rented out when we first bought it. When the renters who were living there when we bought it finally moved out my dad renovated the downstairs into a separate suite.
One thing I`ve learned about being successful is that you`ve got to ask for help when you need it and give it when it`s asked for. I did the plans and my dad did the work. When it came time to redo the plumbing my uncle came out from Manitoba to help.
Doing things on your own just keeps you in the same place. I believe that we actually create stronger personal and spiritual ties the more we do with others in Real Estate.
Next was the first property that we purchased that was outside of Calgary, (where we live). It wasn`t a big stretch though. It was in the same town as my father-in-law lives in and he`s been involved in real estate for 40 years.
There are actually three suites in this one home that we rent out all separately. The cashflow on this is the highest of any property we own which is ironic, because it cost us the least to purchase.
My wife is great at finding hot deals, but this one was by far the best. There`s even a separate garage that is rented out so there are actually 4 different sources of income from one property.
After buying a couple of houses we started getting in to some bigger investments and taking on investment partners. The first was 4-plex we purchased with a joint venture partner.
This one was in the town of Innisfail where Cassandra grew up. Her dad still lives there - he`s been investing in Real Estate for 40 years and helps out with some of the bigger technical questions when they come up.
Most recently we`ve been investing a lot in condos. This is because they have the highest return on investment. We`ve also been doing a lot of investments with other people`s RRSP`s who are thrilled to get secured 13% - 15% returns.
There`s no way we do this all alone. We have a big team of friends, family, Realtors, lawyers, mortgage brokers, trades people, investors...it`s a long list.
The most important thing to have if you`re going to go out and do this on your own is a crack team you can count on. I`m the first to admit I`m not that handy. I rely on a lot of good people to help keep the properties running.
You`ve got to love this if you`re going to be a managing partner because there can be a lot of challenges and lessons in real estate can be expensive. My best advice if you`re just starting out is to be part of a joint venture deal where you put up the money and a seasoned investor handles the headaches.
This business isn`t all about money, it`s about people. People you provide a good home to, investors you give a good rate of return to and good people you count on to help you support your tenants.
Today we own 16 properties with a total of 32 units (a 4-plex for example is one property with four units). Half we own by ourselves and half we own with partners who put up the money while we look after everything else.
We also have invested RRSPs into real estate for other people with 13 - 15% secured returns over 5 years.
There is certainly work involved if you are responsible for the properties. The easiest way to get started is to be the money partner together with someone who has a good track record.
If you own your own home you`re already a real estate investor. It`s pretty straight forward to borrow against your own home equity or to invest in real estate using RRSPs. We`ve helped people do both.
First, I`ve got to say that my wife (www.CassandraWhite.com ) deserves the real credit for our success in Real Estate. It was only at her insistence that I said "yes" to Real Estate investing. This year she was given REIN`s awards for "Rookie of the Year" and "Top 10 For 2007"
People are always curious about how we got out of $100,000 of debt and became millionaires. (I got into that debt because I had to walk away from a business I`d invested in for the sake of my sanity and my family.)
We were so broke when we moved back to Calgary in 2002 that we had to borrow $3,000 from the real estate agent in order to make the deal happen.
We bought the house because it had a basement suite that we could rent out to help pay the mortgage. We had a garage, but we were so committed to getting out of debt that we parked on the street and rented out the Garage to someone else.
We proved that we were responsible and committed and when an opportunity came up, we moved into ahouse with a $10,000 loan from my dad and hung onto the first property.
Once again we had chosen a home with a separate garage which we rented out. That meant that we parked on the street again. We lived upstairs and rented out the basement suite to a single older lady who still lives there.
We began making some strategic decisions about our future and created a list of 25 features we would like in our next home. We did find one, but it was out of price range. After it sat a long time we went back with a low offer that they accepted. We still live in this house.
The next house we purchased was the first one that we didn`t live in. The entire house was rented out when we first bought it. When the renters who were living there when we bought it finally moved out my dad renovated the downstairs into a separate suite.
One thing I`ve learned about being successful is that you`ve got to ask for help when you need it and give it when it`s asked for. I did the plans and my dad did the work. When it came time to redo the plumbing my uncle came out from Manitoba to help.
Doing things on your own just keeps you in the same place. I believe that we actually create stronger personal and spiritual ties the more we do with others in Real Estate.
Next was the first property that we purchased that was outside of Calgary, (where we live). It wasn`t a big stretch though. It was in the same town as my father-in-law lives in and he`s been involved in real estate for 40 years.
There are actually three suites in this one home that we rent out all separately. The cashflow on this is the highest of any property we own which is ironic, because it cost us the least to purchase.
My wife is great at finding hot deals, but this one was by far the best. There`s even a separate garage that is rented out so there are actually 4 different sources of income from one property.
After buying a couple of houses we started getting in to some bigger investments and taking on investment partners. The first was 4-plex we purchased with a joint venture partner.
This one was in the town of Innisfail where Cassandra grew up. Her dad still lives there - he`s been investing in Real Estate for 40 years and helps out with some of the bigger technical questions when they come up.
Most recently we`ve been investing a lot in condos. This is because they have the highest return on investment. We`ve also been doing a lot of investments with other people`s RRSP`s who are thrilled to get secured 13% - 15% returns.
There`s no way we do this all alone. We have a big team of friends, family, Realtors, lawyers, mortgage brokers, trades people, investors...it`s a long list.
The most important thing to have if you`re going to go out and do this on your own is a crack team you can count on. I`m the first to admit I`m not that handy. I rely on a lot of good people to help keep the properties running.
You`ve got to love this if you`re going to be a managing partner because there can be a lot of challenges and lessons in real estate can be expensive. My best advice if you`re just starting out is to be part of a joint venture deal where you put up the money and a seasoned investor handles the headaches.
This business isn`t all about money, it`s about people. People you provide a good home to, investors you give a good rate of return to and good people you count on to help you support your tenants.
Today we own 16 properties with a total of 32 units (a 4-plex for example is one property with four units). Half we own by ourselves and half we own with partners who put up the money while we look after everything else.
We also have invested RRSPs into real estate for other people with 13 - 15% secured returns over 5 years.
There is certainly work involved if you are responsible for the properties. The easiest way to get started is to be the money partner together with someone who has a good track record.
If you own your own home you`re already a real estate investor. It`s pretty straight forward to borrow against your own home equity or to invest in real estate using RRSPs. We`ve helped people do both.
