An introduction

[SGTech]

Hello everyone.



First let me just say how nice it is to find an online destination full of so many like-minded people. I am looking forward to getting to know you and share the ins and outs of this adventure.



Now, my story. I have just started reading the book Real Estate Investing in Canada. I am not very far into it but I am hooked already and have been following all the examples and exercises. Let me just say that when I read the story of Richard in the book it was like reading my own story, right down to Richard's age.



I have suffered throughout my professional life from one of two things. Analysis paralysis and impatience. I will start on a new idea and then abandon it if the idea doesn't take off right away. I am by trade a techie. I own a computer services business which involves service, sales, training, website design etc. I enjoy my work but I am looking for more. I have always had an interest in real estate and investing but for the reasons stated above as well as a wife (now separated from) that abhors anything the least bit risky or financially....shall we say...adventurous.



A couple weeks ago at a book store I bought two books. Rich Dad, Poor Dad and Real Estate Investing in Canada. Rich Dad, Poor Dad gave me the jumpstart I needed to decide, it's time to get moving. No more letting my life pass me by. I want what I want and I am going to get it. Thus far, Real Estate Investing in Canada has done nothing but drive that point home further and give me a blueprint for how to achieve my goals in life.



I am incredibly excited to read further. In fact everywhere I go I take the book with me so that I can sneak a chapter in if I am having a coffee, on the subway or what have you. I also want my membership in this forum to be a mechanism for holding me accountable. To make sure that I follow through and do what needs to be done. Between holding myself accountable and my fellow forum members I can hardly slack off.



Anyway, sorry for the long ramble. I am happy to be here and happy to be taking my first steps towards my dreams. Thank you for taking the time to read this. If you made it all the way through.



Scott.

 

[johnsu]

Hi Scott,



My suggestion would be do the following:



1. Talk to people who have invested in real estate for at least 5 years. This will give you more information from "Life experience" rather than just books. This will help with the analysis paralysis. If after talking to at least 3 people you still can't pull the trigger. You should seriously consider just partnering with someone to do it so they can walk you through it. If you don't consider my 2nd suggestion, save your energy and find another investment vehicle because this is not for you. Sorry for the bluntness



2. When asking people about their experiences, also ask them "What's a reasonable expecation for profit based on their experience" This will give you a general range of what you might expect. Impatience combined with analysis paralysis typically equals = unrealistic expectations.

 

[REINteam]

Welcome to the community, Scott! It's fantastic to see that you have decided to head in a new direction - one with the potential to set you up financially for years to come.



John makes a good point above - talking to those who have invested successfully is a great place to start and will definitely give you insight into the how-to's of getting started.



Be sure to visit www.realestateinvestingincanada.com to register your book and receive some additional resource materials. And if you ever have questions about how REIN` can help you with your success in real estate, let us know, we're happy to help.

 

[SGTech]

Thank you both very much for your responses. I will take your advice to heart. I happen to know someone that has been in real estate investing for many years and will use him as a resource as well as following advice from the knowledgeable people here.



Thanks again,



Scott

 

[wgraham]

Seriously consider getting a coach or mentor. An objective, experienced set of eyes can help you move past your existing habits of Analysis paralysis and impatience and keep you from becoming just another person who read the book and let it collect dust.



Good luck pursuing your dreams and let us know how we (the rein tribe) can help!

 

[richardkp]

Hi Scott

Congratulations on the reading! You will find that these are the 2 books that most people start with but make sure you do finsih them and also re-read them as there will be important messages you may miss the first time! Ask me how I know that!!!!

Stay active in the forum as well as with anyone else you know who already invests in RE and buy them lunch to ask lots of questions - cheapest education you will ever get.

Lots of good suggestions from the other posters but you have to take action, analyse, offer, buy, manage for cash flow.

Good luck and well done on the first action step - reading the ACRE book.

 

[Thomas Beyer]

[quote user=SGTech] I am by trade a techie. I own a computer services business which involves service, sales, training, website design etc. I enjoy my work but I am looking for more. I have always had an interest in real estate and investing but for the reasons stated above ..


Sounds like me.



I saw the light in 1989 in Burnaby, BC. Finally took a 2-day weekend course in 1995 ($99 special with Raymond Aaron). Read the "Rich dad - poor dad books" with the concepts of (tax preferred and tax deferred) networth vs. (highly taxed) income and good vs. bad debt. Then actually DID s.th. namely bought a (rental pooled) condo in 1997. So 8 years from "light goes on" to "doing s.th.".



I bet you can do better than 8 years.



Unclear how your cash situation looks like. Assuming you're busy I'd skip single family houses altogether as the time invested is similar to multi-family. Might as well buy a small multi-plex in a promising city to start, say a 15 or 20 suiter which would be about $750,000 to $2M depending on location, so about $200,000 yo $500,000 cash.



Welcome aboard.

 

[SGTech]

Thank you Thomas. I appreciate your input and the welcome. I still enjoy the tech industry but it's not enough for me any more. Our stories do sound similar. It's nice to know there are others out there.



Scott