Beginners Luck

[Sam53473]

Hi everyone,

I am a mommy and wife with a busy career and what appears to be a growing passion for real estate investment. In hindsight, I had no idea what I was doing at the time I made certain decisions over the past couple of years but as sure dumb luck would have it, I think I'm onto something........

Without realizing it initially, I started my real estate journey 2 years ago after purchasing my "dream" home in a suburb outside of Vancouver with my husband. Knowing we didn't need the basement, my husband and I suited the space and found a wonderful tenant.

Within months of buying our home, we invested in our backyard (primarily for R&R and to enjoy a nice glass of wine). We (I mean my handy hubs and talented master craftsman neighbour) built an outdoor fireplace and gorgeous outdoor seating area (my happy place)... Knowing we increased the value of our home; I had the house appraised and much to my surprise the house was already worth $125,000 more then what we had paid 18 months earlier.

The next logical step was to refinance our home, pull some of that new found equity out, and have since purchased an investment condo is lovely Tsawwassen.

So now I'm naturally an addict....
I have recently found myself completely absorbed in Learning the ACRE program and subsequently downloaded the REIN app several weeks ago after picking up a copy of Don Campbell's book. Since then, I've been "lurking" the site reading comments, articles, success stories and helpful tips.

I plan to attend the REIN event here in Vancouver on Sept 24th and hope to take the plunge and join REIN.

I have to say, I am really looking forward to expanding my knowledge base over the next couple of years and building my portfolio. I feel fortunate to have found yet another exciting endeavour and adventure.

Hope to meet some of you later this month

 

[Thomas Beyer]

Congratulations !

Repeat what works, tune it and then systemize it, and eliminate what does not work or works poorly.

REIN is a great education and incubation environment .. You'll do well there for a year or three !

As such, sell the condo immediately as condos generally make poor investments and do not play well into your skill set.

Buy another ( ugly , renovation required , cheaper ) house instead, fix it up, rent it and/or sell it.

 

[Sam53473]

Thomas, thank you and great advice. I would love to continue to purchase "fixer uppers" but here's the wrench; both my husband and I have busy, more then full time careers. Don't get me wrong, I have no problem putting in the time and effort it takes to succeed however between work and kids, there really isn't much left over!

The renos we did on our place were only manageable because of our neighbour who was a very talented, newly retired contractor and has since moved. I am confident we just would not have the time or skills to do it again without him.

Having said all that, we certainly have the ambition to keep going. I intend to invest a considerable amount of time learning in hopes to find a path that will suit our current lifestyle.

In understanding our limitations given our career demands and children, I am hoping to learn an Investment strategy that does not require such a heavy time commitment (ie renos)

One last thing! And my fault for not explaining myself fully... The condo is a pre-build and won't be complete until 2017 at which time (depending on the market) we can sell or keep. We are not able to sell the assignment so will have to honour our commitment until close. I have some time between now and then for education so I hope to make some more valuable and educated decisions in 2017!

 

[Thomas Beyer]

I am confident we just would not have the time or skills to do it again without him.

Having said all that, we certainly have the ambition to keep going. I intend to invest a considerable amount of time learning in hopes to find a path that will suit our current lifestyle.
..
The condo is a pre-build and won't be complete until 2017 at which time (depending on the market) we can sell or keep.

As stated, condos do not make great investment choices usually as their upside is more muted and their costs while holding higher and less controllable. As such, try to find townhouses, duplexes of SF houses that cash-flow instead.

 

[DonCampbell]

Hi everyone,

I am a mommy and wife with a busy career and what appears to be a growing passion for real estate investment. In hindsight, I had no idea what I was doing at the time I made certain decisions over the past couple of years but as sure dumb luck would have it, I think I'm onto something........
Hope to meet some of you later this month

I'll see you there on the 24th and hopefully at the BC ACRE Weekend Event in November

 

[Sam53473]

I'll be sure to seek you out Don and say hello