Looking for a mentor

[hassan88]

Hello,

My name is Hassan and I am 21 yrs old and I live in Surrey BC. I just started reading real estate investing in Canada. I am new to the forum and just wanted to know if there are any investors network that I can join. I am really interseted in learning about real estate investing and how to take that first step. I have read some posts and find them very interesting and would love to be part of a network.If anyone has any suggestions for me please let me know. I aslo would like to hear some feedback from people who are my age and are REIN members. If you could tell me how being a member has benefited you? Has anyone bought a property just by the reading the book? I encourage everyone that reads this post to at least tell me thing that I should know before investing into real estate. Thanks

 

[BenSanderson]

QUOTE (hassan88 @ Jun 16 2009, 12:02 AM) Hello,

My name is Hassan and I am 21 yrs old and I live in Surrey BC. I just started reading real estate investing in Canada. I am new to the forum and just wanted to know if there are any investors network that I can join. I am really interseted in learning about real estate investing and how to take that first step. I have read some posts and find them very interesting and would love to be part of a network.If anyone has any suggestions for me please let me know. I aslo would like to hear some feedback from people who are my age and are REIN members. If you could tell me how being a member has benefited you? Has anyone bought a property just by the reading the book? I encourage everyone that reads this post to at least tell me thing that I should know before investing into real estate. Thanks

Hi Hassan - welcome to the REIN forums!

There was a question similar to yours asked a short while ago under the title "Join REIN or wait?", and the resulting thread was quite informative. (I`d post a link, but that feature isn`t working right now for some reason...)

In a nutshell, becoming a REIN member will give you all the confidence, education and support you need to take action in real estate investing, but you have to be willing to take action. If you are content to become a `professional student` and not buy real estate for a while, then a membership might not be worth the money. True, there are people here who have done well just by reading Don`s books and using the free forums, but a REIN membership will really benefit you if you are unsure of how to proceed or are nervous about the various aspects of this type of business. I am a person like this (real estate is a whole new world for me and somewhat intimidating), so I found the membership well worth it, as the people I have met have alleviated many of my concerns about the business and have helped me feel much more comfortable with the idea of investing. Just being surrounded by so many like-minded people is very motivating, and that alone could make the difference between being an investor who knows how to invest and one who actually goes out there and buys properties.

Good luck in your decision!

Ben

 

[invst4profit]

Aside from real estate what are your general life plans.
Are you presently a student or employed. If employed is it a career or a job. Is it steady and potentially paying enough to afford to invest.
Married, single, etc.
All of these issues impact on real estate investing in one way or another and to some degree on determining timing.
Making a general long term realistic plan is step one.

 

[Thomas Beyer]

QUOTE (invst4profit @ Jun 16 2009, 09:01 AM)
..

Making a general long term realistic plan is step one.


I think at age 21 "long term" is 1-2 years .. maybe 3 to finish a degree .. TOPS !!



way way too many variables/options: potential spouses, friends, parents, life styles, locations, inheritance, $s, jobs, career choices, schooling choices, economy, choice of abode, people met .. one person met or one remark overheard could change your life !



do NOT make grand plans if you are 21 !! seek more .. look more .. try life options more .. learn two foreign languages at least ... too early to plan "When I am 60 I will own 43 pieces of real estate and have been divorced 3 times after bankrupting 12 companies .. or "@ 42 I will have been married 12 years with 3 kids with a monthly income exceeding $12,000 .."



So, regarding real estate and money: read these 2 posts here .. then plan to buy ONE property in the next year or so with cash at hand in a growing location that allows cash-flow with 75-80% leverage ! That's a great plan to start !





5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html



How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html



read more books, take courses, talk to people, blog, ask, .. but do not plan too much !!



Man plans .. and God laughs !

 

[invst4profit]

Making a plan at age 21 is necessary although is not the same as a plan at age 31, 41, or 51 but still necessary.
I was thinking more along the lines of whether his plans involved marriage, getting a career established, buying his own home, seeing the world etc rather than "this is where I see myself when I retire".

Sometimes at age 21 getting tied down with the finances of real estate investments may not be appropriate. It can restrict freedom.
Many say don`t wait, start now but that is not always a good idea if one has other priorities associated with facing a broad new world at his age.

Money isn`t everything.

 

[MikeMcCrae]

Read Thomas` words carefully and always heed what he says. If you follow his teachings you would have a real hard time getting into trouble.

 

[hassan88]

Hi Thomas,

Thanks for your post its very hlepful. I was wondering if there are any seminars or courses available that I could take that would help in my research and becoming a more knowledgeable investor. I am actually a Financial Services Rep at a Credit Union and have started investing in mutual funds and stocks but I would like learn more about real estate investing as I am thinking about buying my first property by next summer. My goal is to learn as much as possible before I take my first step and purchase a property. You are a very knowledeable person and I would definitely like to keep in touch and learn from you.

 

[hassan88]

Does Anyone Know if there are any REIN workshops in Vancouver that I can go to. I would just like to meet members find out more about REIN.

 

[Dan_Eisenhauer]

We have a monthly REIN workshop in Coquitlam. The next one will be held on July 9th at the Red Robinson Theatre.

The unfortunate part for you is that one has to be a member to attend those meetings. There has been, and you can check with the REIN staff if it is still available, an opportunity for non-members to attend one meeting to decide if it an organization that you would like to belong to. I think that it is a one time fee of $99 which can become part of your membership fee should you join within a given number of days following the meeting.

To the best of my knowledge, there are no REIN members here (Vancouver) who meet regularly outside of the organized meetings.

 

[hassan88]

Would I be able to purchase a property if I can save up about $10,000? I work for a bank with a decent pay so I should be able to get a small MTG.I will be looking to buy in BC.Please advise.Thanks

 

[DineenJJ]

QUOTE (thomasbeyer2000 @ Jun 16 2009, 11:09 AM)
way way too many variables/options: potential spouses, friends, parents, life styles, locations, inheritance, $s, jobs, career choices, schooling choices, economy, choice of abode, people met .. one person met or one remark overheard could change your life !




Excellent advice Thomas.



When your young you need to continue discovering yourself too so it's hard to make plans 10 years down the road, because a lot of the time you can be a totally different person and grow so much in a year or 2 from now.



Hassan, you will find and attract a mentor, just keep learning and seeking. There are so many great REIN members who are mentors, and this forum is a fantastic resource to find information and answers.

 

[Dan_Eisenhauer]

The rules for obtaining financing on rental properties are changing almost as fast as you can change your mind. You really need to speak to an investment mortgage specialist. In and around Vancouver, Rob MacDonald and Peter Kinch are both REIN members who would be able to give you the latest on the seemingly ever changing rules. You can find both of them here by doing a search.

 

[housingrental]

If you could tell me how being a member has benefited you? I`m more familiar with a part of Etobicoke, perspective on what investors look for and different niches of real estate investing, and a more systematized way to look at other areas.

Has anyone bought a property just by the reading the book? No. Bought without reading a book. Then read a book. Reading books aren`t as enjoyable or as profitable.


I encourage everyone that reads this post to at least tell me thing that I should know before investing into real estate.
Learn. Don`t bother to invest any time soon. Increase your income, buy a house for yourself, have bundles of cash and ability to finance whatever you want in the future from this. You`ll then have the knowledge and ability to pull the trigger on deals as they come available.

Thanks



QUOTE (hassan88 @ Jun 16 2009, 12:02 AM) Hello,

My name is Hassan and I am 21 yrs old and I live in Surrey BC. I just started reading real estate investing in Canada. I am new to the forum and just wanted to know if there are any investors network that I can join. I am really interseted in learning about real estate investing and how to take that first step. I have read some posts and find them very interesting and would love to be part of a network.If anyone has any suggestions for me please let me know. I aslo would like to hear some feedback from people who are my age and are REIN members. If you could tell me how being a member has benefited you? Has anyone bought a property just by the reading the book? I encourage everyone that reads this post to at least tell me thing that I should know before investing into real estate. Thanks

 

[vandriani]

QUOTE encourage everyone that reads this post to at least tell me thing that I should know before investing into real estate.
Learn. Don`t bother to invest any time soon. Increase your income, buy a house for yourself, have bundles of cash and ability to finance whatever you want in the future from this. You`ll then have the knowledge and ability to pull the trigger on deals as they come available.

Great advise. Maybe save your money, buy a house and rent the basement. You will learn alot by doing this. Then look at real estate more

 

[hassan88]

Great Advise. This is why I am looking for people who have the knowledge and learn from them. I am currently living with my parents and would like to purchase an apartment in the near future and either rent it out or live in it my self. In the mean time I would like to learn from people like yourself so that by the time I am stable and ready to jump in the real estate business I have enough knowledge to take my first step. Does any one have any advise on things to consider before I purchase my first property? I am also thinking about going to a workshop in Vancouver on Sep22 as a guest and learning more about real estate. Are there REIN members in Vanocuver that meet on a regular basis?I would like to come to one of your meetings and learn from you guys. Thanks to everyone who has replied so far. Its really helpful!!

 

[Thomas Beyer]

QUOTE (hassan88 @ Jun 17 2009, 01:06 PM) ... Does any one have any advise on things to consider before I purchase my first property? ..
yes .. have cash
have access to cash (i.e. a mortgage) i..e be pre-approved
know where you wish to buy
know what is a reasonable price, a super-deal or too expensive .. and this you can knwo only once you have done extensive research .. say several MONTHS at least
know what type of property suits you (condo, townhouse, 3BR + legal basement suite, 2BR + illegal suite, large yard or small, double garage or only car port, new or 45+ years old with loads of deferred maintenance...)
be aware of the many costs involved to buy (property transfer taxes, legal fees, appraisals, ...) and to hold (property taxes, insurance, condo fees or maintenance/upkeep, mortgage payments, property management if rented ..)

 

[hassan88]

Thanks for the advice Thomas. You have given me great insight so far and I think I can learn a lot from you.

 

[vandriani]

If you feel that you must get into the real estate market next year, your best bet is to work with someone that is doing it now, in your target area, in your property type. There are alot of things to consider if you would like to minimize potential issues. Become a REIN member will help you get that information easier than learning it yourself. I don`t want to get into the REIN/NO REIN debate, but I would strongly consider going to a ACRE weekend before you purchase. The monthly meetings are good but there go deeper than the fundamentals outlined in the book and shown in the ACRE weekend

 

[hassan88]

Do you know when is the next ACRE weekend in Vancouver?

 

[REINteam]

QUOTE (hassan88 @ Jun 17 2009, 03:38 PM) Do you know when is the next ACRE weekend in Vancouver?

There won`t be an ACRE Live Weekend held in Vancouver until the spring of 2010 now; our Vancouver weekend was just held it in March. The next ACRE Live will be in Calgary in November. We do offer the ACRE Program in a Home Study version. For more information on that program, visit our website: ACRE Home Study If you join and become a REIN™ member you receive the ACRE Home Study program as a FREE signing bonus.

The next Live event is our Economic Summit & Advanced Landlording & Investing Fundamentals Expo June 26-28, 2009 in Edmonton, Alberta. More information on this event is also available on our website: Economic Summit & A LIFE Weekend

If you have any questions on those events, you can also contact our office at 1-888-824-7346 or send an email to [email protected].

Look forward to seeing you out at an upcoming meeting

PS... the next BC REIN™ workshop is July 9th, you can check out the calendar of events (click here) for the details