Looking for Advice!
- Thread starter mikeplee
- Start date
- Joined
- Sep 5, 2007
- Messages
- 196
Cashflow is one consideration, 2nd should be appreciation.
You gotta do some on your own research. The easy answer is Alberta but that doesn't mean everything in alberta is good.
Expecations for annual profit?
Holding capacity? how many years?
personal risk tolerance
ect
need to ask yourself more questions even before considering an investment
You gotta do some on your own research. The easy answer is Alberta but that doesn't mean everything in alberta is good.
Expecations for annual profit?
Holding capacity? how many years?
personal risk tolerance
ect
need to ask yourself more questions even before considering an investment
- Joined
- Aug 29, 2007
- Messages
- 2,042
In light of the fact that your wife is American there may be major advantages to investing in the US. Not in any way something I know anything about but with some research you may find it will far surpass any opportunities you will find in Canada. With the present down economy in the American housing market and your intent to hold long term combined with your potential tax advantage I would be doing some research south of the boarder.
- Joined
- Oct 24, 2007
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- 2,289
Invest close to you in something small that you can manage yourself.
Buying your first investment property isn't just about the property... it is about learning how the buisness works and all the factors that must be co-ordinated to make it happen.
Your first property is as much an investment in your education as it is about money in your bank.
Become a REIN member.
Build your team - get a good local realtor, do some research on local rents and demographics, get a good mortgage broker and see at least 10 properties and do the math on at least 10 deals before you buy anything.
Buying your first investment property isn't just about the property... it is about learning how the buisness works and all the factors that must be co-ordinated to make it happen.
Your first property is as much an investment in your education as it is about money in your bank.
Become a REIN member.
Build your team - get a good local realtor, do some research on local rents and demographics, get a good mortgage broker and see at least 10 properties and do the math on at least 10 deals before you buy anything.
- Joined
- Aug 29, 2007
- Messages
- 2,042
I concur with Brett 100% except the last statement. Make it 100 properties and 100 deals, with that you may have at lease a grade school level of understanding of investing.
In addition it doesn't hurt if you have some way of learning/honing negotiating skills. Negotiating in my opinion is 90% of being successful in real estate investing (along with knowledge). This allows you to purchasing at the right price and under the right conditions. Never leave negotiating solely in the hands of any real estate agent. Remember your agent has a vested interest in closing the deal not getting you the best deal. Keeping in mind the better the job they do for you the lower their commission will be.
Time of purchase is the time to build in your greatest profit the rest is gravy.
In addition it doesn't hurt if you have some way of learning/honing negotiating skills. Negotiating in my opinion is 90% of being successful in real estate investing (along with knowledge). This allows you to purchasing at the right price and under the right conditions. Never leave negotiating solely in the hands of any real estate agent. Remember your agent has a vested interest in closing the deal not getting you the best deal. Keeping in mind the better the job they do for you the lower their commission will be.
Time of purchase is the time to build in your greatest profit the rest is gravy.
