Joining REIN

[jseib]

First of all I apologize as I am sure you are all tired of reading these types of threads... I did try and use the search function and manually read through as much of the 2009 content as I could read the last few weeks. So I did not post this to waste your time in anyway.

First off, I am 28 so a little bit young... But I have spent the last 10 years of my life as a property manager, both for Transglobe Management and later the family business. So I know my way around tenants and the majority of calculations for determining a buildings expenses, income etc...

I have a bit of money (under $50k) and a good bit of home equity and I am looking to venture out from the family business and get something of my own rather then always being the "landlords son" and all the assumptions that go with the title.. But I am only 28 and so I am concerned lenders may not take me seriously.

I am considering joining REIN but I have had some bad experiences with memberships before, Rich Dad was an obvious scam and reclub.ca didn`t do it for me. Now REIN looks to have a lot of happy members and is very active but how good is the membership side of the program vs the public side... Do the experts really answer your questions? And is the ACRE system really something a 28 year old can work with?

Based on what I know thus far, I believe the area I live and work in, Oakville, is to expensive for a newbie investor. Right now your pretty lucky to get a 5% cap rate, and nothing cashflows. So I believe I will have to buy in small towns around Ontario and have it managed by someone else, I would be interested in hearing any feedback on how well that sort of strategy has worked for others.

Thank you for your time!!

 

[Alvaro Sanchez]

None is going to give you the silver bullet... you have to do your homework. If you have a decent credit score and the numbers make sense, they will give you the money. I was 22 when I signed for a mortgage on a condo. I still hold to the condo and since it being paid by tenants.

Regards,
ps:I am not a member but debating about it. I might buy the home kit for the acre system.

QUOTE (jseib @ Sep 6 2009, 03:38 PM) First of all I apologize as I am sure you are all tired of reading these types of threads... I did try and use the search function and manually read through as much of the 2009 content as I could read the last few weeks. So I did not post this to waste your time in anyway.

First off, I am 28 so a little bit young... But I have spent the last 10 years of my life as a property manager, both for Transglobe Management and later the family business. So I know my way around tenants and the majority of calculations for determining a buildings expenses, income etc...

I have a bit of money (under $50k) and a good bit of home equity and I am looking to venture out from the family business and get something of my own rather then always being the "landlords son" and all the assumptions that go with the title.. But I am only 28 and so I am concerned lenders may not take me seriously.

I am considering joining REIN but I have had some bad experiences with memberships before, Rich Dad was an obvious scam and reclub.ca didn`t do it for me. Now REIN looks to have a lot of happy members and is very active but how good is the membership side of the program vs the public side... Do the experts really answer your questions? And is the ACRE system really something a 28 year old can work with?

Based on what I know thus far, I believe the area I live and work in, Oakville, is to expensive for a newbie investor. Right now your pretty lucky to get a 5% cap rate, and nothing cashflows. So I believe I will have to buy in small towns around Ontario and have it managed by someone else, I would be interested in hearing any feedback on how well that sort of strategy has worked for others.

Thank you for your time!!

 

[tonypeters]

I would recommend REIN to anyone that is serious about investing in real estate. When I joined REIN I had never purchased a single piece of property, except for my own home. I have since transacted on hundreds of properties! One of the big things REIN has to offer is the ongoing support, both from the team at REIN and its members.



As you are already aware, there are a lot of real estate courses out there, but they do not provide much in the way of ongoing support. I come across people all of the time that have spent tens of thousands of dollars on courses, but they are still unable to take any action. REIN will provide you with all of the fundamental information (education) and tools that you will need to make "educated" purchases! I guarantee you that if you join REIN, you will NEVER look back! I hope this will assist you with your decision?



QUOTE (jseib @ Sep 6 2009, 04:38 PM) First of all I apologize as I am sure you are all tired of reading these types of threads... I did try and use the search function and manually read through as much of the 2009 content as I could read the last few weeks. So I did not post this to waste your time in anyway.

First off, I am 28 so a little bit young... But I have spent the last 10 years of my life as a property manager, both for Transglobe Management and later the family business. So I know my way around tenants and the majority of calculations for determining a buildings expenses, income etc...

I have a bit of money (under $50k) and a good bit of home equity and I am looking to venture out from the family business and get something of my own rather then always being the "landlords son" and all the assumptions that go with the title.. But I am only 28 and so I am concerned lenders may not take me seriously.

I am considering joining REIN but I have had some bad experiences with memberships before, Rich Dad was an obvious scam and reclub.ca didn`t do it for me. Now REIN looks to have a lot of happy members and is very active but how good is the membership side of the program vs the public side... Do the experts really answer your questions? And is the ACRE system really something a 28 year old can work with?

Based on what I know thus far, I believe the area I live and work in, Oakville, is to expensive for a newbie investor. Right now your pretty lucky to get a 5% cap rate, and nothing cashflows. So I believe I will have to buy in small towns around Ontario and have it managed by someone else, I would be interested in hearing any feedback on how well that sort of strategy has worked for others.

Thank you for your time!!

 

[markl]

I have been a REIN member since I was 25 or 26 there are a lot of young members in REIN. 28 is not young the lenders look at your credit score and your verifiable income and then the property you are going to purchase and the income from it.

You will have to take a leap and trust the members here that this is not like Rich Dad or REclub this is real education you will not be sold the next greatest course which you need to start investing.

Alife weekend is coming up in Ontario it could be a good place to see what REIN has to offer.

 

[kboughen]

QUOTE (jseib @ Sep 6 2009, 06:38 PM) I am only 28 and so I am concerned lenders may not take me seriously.
As a Mortgage Broker I can assure you that Lenders will take you seriously when you have a minimum 2 years of established credit and 2 years of stable fulltime income. It will be more difficult to qualify once you become self employed. I have a 28 year old client that is currently purchasing his fourth investment property, so you definitely should not let your age hold you back.


I highly recommend you read Real Estate Investing in Canada by Don Campbell, this book will teach you how to move forward and start building a Team whose experience you can leverage.