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First property bought using ACRE system

GordM

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Joined
Aug 31, 2007
Messages
39
My name is Gord Mackie and I have been investing in Hamilton,ON for about 4 years now, but I just joined REIN in April. First of all, I think that this site is amazing ... I am on it almost every day, and I am learning tons from all the experienced investors out there.

My success story is that I am closing on my first purchase using the ACRE system. From what I have learned from the REIN system and other members, I have taken a new direction from what I have invested in previously (namely Condo townhouse). It was very scary to make this change and to use a new system. I think during my pre-REIN purchases, I didn`t know enough to be nervous. The system worked very well, and kept me on course. I have much more confidence in this property than I had with my other purchases. We are currently working with a property manager to rent the unit ... this is also my first experience with professional property managers. Anyways, lots of firsts for me, but I am already considering the next one.

A special thanks goes out to Donna Collins and Mark Garrett for their input and assistance, and of course to Don Campbell and Russell Westcott for their amazing teachings.

Thanks again.

Gord
 

rgill

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Sep 26, 2007
Messages
9
Hi Gord: What area of Hamilton do you invest in? I am interested in purchasing investment properties in Hamilton but do not know the local rental scene. Do you rent to any students around McMaster and do you recommend this area? I note that the homes are all older there and make me, as a novice investor, a bit nervous.
thanks,
Raj.


QUOTE (GordM @ Sep 10 2007, 03:06 PM) My name is Gord Mackie and I have been investing in Hamilton,ON for about 4 years now, but I just joined REIN in April. First of all, I think that this site is amazing ... I am on it almost every day, and I am learning tons from all the experienced investors out there.

My success story is that I am closing on my first purchase using the ACRE system. From what I have learned from the REIN system and other members, I have taken a new direction from what I have invested in previously (namely Condo townhouse). It was very scary to make this change and to use a new system. I think during my pre-REIN purchases, I didn`t know enough to be nervous. The system worked very well, and kept me on course. I have much more confidence in this property than I had with my other purchases. We are currently working with a property manager to rent the unit ... this is also my first experience with professional property managers. Anyways, lots of firsts for me, but I am already considering the next one.

A special thanks goes out to Donna Collins and Mark Garrett for their input and assistance, and of course to Don Campbell and Russell Westcott for their amazing teachings.

Thanks again.

Gord
 

GordM

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Registered
Joined
Aug 31, 2007
Messages
39
QUOTE (rgill @ Sep 26 2007, 11:43 PM) Hi Gord: What area of Hamilton do you invest in? I am interested in purchasing investment properties in Hamilton but do not know the local rental scene. Do you rent to any students around McMaster and do you recommend this area? I note that the homes are all older there and make me, as a novice investor, a bit nervous.
thanks,
Raj.

Hi Raj,

I do not do student rentals, but I did look into it about four years ago. What I learned was that it is expensive in the MAC area due to intense investor presence, but the demand is high, so the income can be quite good. Due to the demand, you can get 12 month leases even when the students will only be there for 8 months, and usually the parents pay, so collecting is usually easy. I did not invest there because I didn`t want to pay the high prices at the time, but it certainly is worth looking into. My information is a few years old, so things could have changed, but hopefully this will give you a place to start with your research. Also look into the McMaster Innovation Park, as it will be built in the same area ... could be a future source for renters as well. The City of Hamilton website is quite good ... I have found lots of interesting information searching it.

Good luck!

Gord
 
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