Greetings from a new REIN member!

Yenesch

New Forum Member
Registered
Sep 19, 2007
8
0
0
Markham, Ontario
#1
Hello everyone,

My name is Jessica, married with 2 young daughters from Markham Ontario. I jsut joined REIN a few days ago as my first step of showing/proving my committment and determination in succeding in Investment Real Estate.

I`m relatively new to this whole concept of investing in R.E. (although I`ve read Don`s 2 books and bought the Quickstart Home Program a few months ago), but I have the right mind-set and attitude, so I would love and appreciate to hear from you who have been there, done it and are now willing to share some thoughts with me and perhaps provide some guidence.


I do have a question that I`d like to ask everyone`s opinion: It looks like that at the moment we can only be an equity partner (our credit rating is excellent), so we have to joint venture with a mortgage partner. If the property is out of town (i.e. Edmonton), is it absolutely imperitive that I should take a look at this property in person even if the ROI is guaranteed?

I also welcome any JV investment opportunity requiring around $20,000 - $40,000 cash.

Thanks and I`m looking forward to hearing from you.

Jessica
 

jeremyfleming

New Forum Member
Registered
Aug 30, 2007
108
0
0
#2
Hi Jessica,
I am not sure that you actually need to "walkthrough" every property you are joint venturing in (especially across the country) - although it sure doesn`t hurt you for peace of mind.

REIN members invest out of their own geographic locale all the time, and I am certain that members are ensuring ALL of the due dilligence is fully completed AND that they have consulted with a legal professional to discuss JV agreements and potential pitfalls - without visiting the property. ****NOTE - nothing is guaranteed in reference to real estate investing. A real estate market is a lot bigger than anything any one person can control.

Your home study Quickstart will walk you through all of the Due Dilligence you are going to need your JV partner to provide you with before you make any decisions, whether you visit the property personally or not.

If you can, head out to Edmonton this month and attend the Quickstart live. I attended my first live Quickstart last year, for the first time after 6 years as a member and had to go thank Don Campbell in person because it was such a great hands on event! After that weekend, I accomplished more in 12 months than I did in the previous 5 years combined.

Oh, Westjet has some super sales from Toronto to Edmonton.


I am sure some of the more experienced "cross-country" Joint Venture-ers will have some more tips for you in this regard...... Welcome to the group and have fun working towards your goals!

Cheers,
Jeremy
 

GregGillespie

New Forum Member
Registered
Sep 6, 2007
70
0
0
Victoria, BC
#3
QUOTE (Yenesch @ Sep 29 2007, 12:16 PM) ...If the property is out of town (i.e. Edmonton), is it absolutely imperitive that I should take a look at this property in person...

Jessica


Hi Jessica,

Welcome to REIN!! As an out of province investor (we live in Victoria and invest in select Alberta markets), we have at least 1 or 2 sets of eyes walk through the property if we are not going to do the walkthrough ourselves. This may include our property manager, realtor or other investment partner/business associate. Of course, we ALWAYS complete our own due diligence too...Goldmine Scorecard, financial analysis, legal/accounting advice, etc....

Great question and congratulations on taking action!!

Greg
 

mcgregok

New Forum Member
Registered
Sep 18, 2007
127
0
0
Calgary
#4
Jessica,

Just a personal thought on what I do. I look at all properties and make sure they fit in the my investing plan. If I won`t rent it I don`t expect anybody else to rent it. I won`t buy junk just to get a good ROI.

kEN
 

grhutchings

New Forum Member
Registered
Sep 19, 2007
53
0
0
#5
Jessica,

Welcome. I am also fairly new to REIN. Just wanted to drop you a line and say hello as I am just north of you. Located in the Barrie area. I am always hoping to JV with the right people and if you are looking to use your credit or cash I may have some tremendous opportunities that we can look at together.

Please feel free to email me anytime at ghutchings.homebuyer@gmail.com or give me a call. I would be willing to do a lot of the work and have you enjoy a wonderful ROI.

Just a thought, and again welcome to REIN.


George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments
 

wwds

Inspired Forum Member
REIN Member
Sep 20, 2007
42
0
6
#6
QUOTE (Yenesch @ Sep 29 2007, 03:16 PM) Hello everyone,

My name is Jessica, married with 2 young daughters from Markham Ontario. I jsut joined REIN a few days ago as my first step of showing/proving my committment and determination in succeding in Investment Real Estate.

I`m relatively new to this whole concept of investing in R.E. (although I`ve read Don`s 2 books and bought the Quickstart Home Program a few months ago), but I have the right mind-set and attitude, so I would love and appreciate to hear from you who have been there, done it and are now willing to share some thoughts with me and perhaps provide some guidence.
I do have a question that I`d like to ask everyone`s opinion: It looks like that at the moment we can only be an equity partner (our credit rating is excellent), so we have to joint venture with a mortgage partner. If the property is out of town (i.e. Edmonton), is it absolutely imperitive that I should take a look at this property in person even if the ROI is guaranteed?

I also welcome any JV investment opportunity requiring around $20,000 - $40,000 cash.

Thanks and I`m looking forward to hearing from you.

Jessica

Hi Jessica,

Welcome to the group. First of all your instincts are correct about wanting to see where your hard earned money is to be invested. I have never purchased a property without first viewing personally with a digital camera at the ready.

Personally, when I first started to invest in real estate I found its many facets daunting to say the least. I had not discovered REIN at that time (that would take another 3 years) so I just kept going to the public library and began reading everything I could lay my hands on having to do with real estate investing and landlording. Some of the materials were good, some bad, some ridiculous.

Fortunately, you have found an ethical, quality driven organization. All the resources you`ll need to start the growth curve to learn about this thing called real estate investing can be found in your Quick Start materials and in the critical forms section on this site. I hope the following ideas from my own experiences will be helpful to you.

In the beginning I started to look at town homes (good value and low maintenance) in my area ideally in or near one of the top ten towns. I went on mls.ca and began to look for properties that fit my system, ie, 3 bedroom 1 bath townhomes.

When I found a candidate I began my due dilligence. In your case begin plugging the numbers into the REIN tools such as, the score card, cash flow property analyzer, Peter Kinch`s DCR 1.1 speadsheet etc...

That will tell you if the property has a positive cashflow among other things. This due diligence which I briefly touched on will help uncover problems or benefits of the property. Then I made an appointment and went out to see it. This gave me some idea what renovations if any I would need to do or hire out after purchase.

In my opinion, this is the best way to begin for you start to learn from the ground up how to start to find a nice cash flowing property and the right "client" to rent from you to help build your future equity. You can go the route of JV for your first property but I think if you will learn far more going through the process.

Hope this was of value

Steven
 

Yenesch

New Forum Member
Registered
Sep 19, 2007
8
0
0
Markham, Ontario
#7
Hi Steven,

Thanks so much for taking your time to write me, your advice and comments are greatly appreciated!!

I`m indeed very lucky to find REIN at such early stage of my R.E. investing, I truly enjoy the support and knowledge of the group.

Cheers,
Jessica