- Joined
- Oct 22, 2007
- Messages
- 1,191
Let me introduce myself. I signed up to REIN at this weekend`s QuickStart in Edmonton.
My name is Godfried Wasser and I live in Calgary. I own real estate mostly as part of rental pools in Condominiums because they require the least amount of work. I did own once single town house and used a rental manager. This was a dissappointing experience because the rental manager did not perform and let the place go to pot. I fired the manager, cleaned up the place during evenings and weekends over a 2 month period and sold it. Sometimes you have to cut your losses - in fact, I broke even.
Currently, I own several condo units in an senior assisted living complex of close to 147 units that has great revenue and cashflow. To keep an eye on things, I sit on its board. I own also 2 units in a small 16 unit apartment near McEwan College in Edmonton. A great investment. Furthermore I own some bare land in NE BC and a hotel unit in Canmore. The latter gives me a lot of headaches, and, guess what, I got on the rental pool board, which I now chair and try to clean up the mess.
I just down loaded REMA software and tested it on a new property I intend to buy in the senior assisted living complex in Calgary. The problem with this complex is that it is a new rental pool with no long cashflow history. The great cashflow was only achieved over the last two years now that the place is fully occupied. As a result many potential buyers had/have trouble to get a mortgage. Most do not know of, or do not want a PLC on their own residence to finance the place and walked. The result is that the place has only appreciated modestly and easily meets the REIN createria. Since it is located in Calgary near a recently upgraded major road it meets the REIN criteria even better. Hence, my plan to buy an additional unit in the complex; as an added benefit, now I can also use this opportunity to practice/learn the REMA and REIN methods.
Unfortunately I can not make it to tonight`s workshop at the Red & White Club in Calgary. So I am introducing myself on this general forum. It is great to meet you all on this forum and I hope to learn and work a lot with you all in the near future.
Regards Godfried Wasser
My name is Godfried Wasser and I live in Calgary. I own real estate mostly as part of rental pools in Condominiums because they require the least amount of work. I did own once single town house and used a rental manager. This was a dissappointing experience because the rental manager did not perform and let the place go to pot. I fired the manager, cleaned up the place during evenings and weekends over a 2 month period and sold it. Sometimes you have to cut your losses - in fact, I broke even.
Currently, I own several condo units in an senior assisted living complex of close to 147 units that has great revenue and cashflow. To keep an eye on things, I sit on its board. I own also 2 units in a small 16 unit apartment near McEwan College in Edmonton. A great investment. Furthermore I own some bare land in NE BC and a hotel unit in Canmore. The latter gives me a lot of headaches, and, guess what, I got on the rental pool board, which I now chair and try to clean up the mess.
I just down loaded REMA software and tested it on a new property I intend to buy in the senior assisted living complex in Calgary. The problem with this complex is that it is a new rental pool with no long cashflow history. The great cashflow was only achieved over the last two years now that the place is fully occupied. As a result many potential buyers had/have trouble to get a mortgage. Most do not know of, or do not want a PLC on their own residence to finance the place and walked. The result is that the place has only appreciated modestly and easily meets the REIN createria. Since it is located in Calgary near a recently upgraded major road it meets the REIN criteria even better. Hence, my plan to buy an additional unit in the complex; as an added benefit, now I can also use this opportunity to practice/learn the REMA and REIN methods.
Unfortunately I can not make it to tonight`s workshop at the Red & White Club in Calgary. So I am introducing myself on this general forum. It is great to meet you all on this forum and I hope to learn and work a lot with you all in the near future.
Regards Godfried Wasser
