NewB Needs Advice on How to Get Started

[pdoucette]

I am not sure if this is the best form to post this thread on but here it is.


I am a new comer to the Form and I would like to get involved in Real-estate Investment. I have money to invest but I am not sure if I want to be the owner of the Property or the silent investor behind the Money.



I live in London Ontario which typically is a Student Rental Town. I presently joint own one property with my son which he lives in. He runs a small business out of the property which has a one bedroom apartment to help with the mortgage.


I presently work but I am at the age where I would consider doing Real-estate investing full time if I could find the right group of properties.


With nobody to work with, and nobody to mentor me, I am kind of Flying by the seat of my pants and not sure what to do.


After reading some info I did not see where London was listed as a preferred place to invest in Ontario. Hamilton, Kitchener, Cambridge, Waterloo all made the list. These areas are close enough to me to be accessible and I would consider any one of them as a potential area to invest.


I welcome any and all responses to this post for possible business partners in a JV.


I am considering joining the REIN network as it seems to be a very knowledgeable group but I am looking for people from the London area to talk to in advance.


Thanks for taking your time to read this and look forward to hearing from you.


Peter Doucette

 

[MatPiche]

Hey Peter,



I am a realtor specializing in single family investment properties in KW/Cambridge. Feel free to email or call me and we can discuss your business and hopefully I can help you!

 

[Kim780]

Hey Peter.



I am an active investor in Edmonton and surrounding areas. I specialize in rent-to-own single family properties. I currently have 6 rent-to-own houses, along with 1 buy/hold property. I work with a few JV partners, and am always looking to expand my venture contacts! My JV partners have enjoyed 17-21% ROI/year with the investments I have put together with them.



I have been a REIN member for 2 years, and have found that the information they provide regarding the economic fundamentals that drive real estate is extremely valuable. It gives me the knowledge I need to confidently purchase properties in, not just the right cities, but the right areas of the right cities! I absolutely encourage you to become a member.



Let me know what type of investment you are looking for (long term, to build a retirement income or short term to create capital more quickly) and I would be happy to show you what I have been able to do for my other JV partners.



Looking forward to hearing from you.



Kim LaChappelle

[email protected]

780-979-9939

 

[invst4profit]

http://ontariolandlords.org/forum/



Join this Ontario landlord forum and educate yourself on the business before moving forward in Ontario.

 

[housingrental]

How much cash do you have?

 

[pdoucette]

I have approx. $500,000 inside RRSP that I could use as an Arms Length Mortgage. This is in my name and additional funds in my wife's name that I am not considering at this time.



I have approx $100,000 in Cash that I would be willing to invest if the terms were right.



My prime residence is paid for and is worth $375,000 as well. If the investment was right I would be willing to mortgage against this to invest in another property as well.



I also have access to additional third party funds in the range of $250,000 cash if the investment is right.



So as you can see access money is not my issue. Getting started and convincing my spouse and family that this type of investment is safe but many other normal people like us are doing it every day.



As you can well imagine the money that I have described is a life time of hard work for my wife and I and it is something that we do not want to throw away without understanding what we are getting into.



What I have learned over my life is that "A Fool and his money are easily parted"



Peter D

 

[pdoucette]

I have Joind the Ontario landlord Org already. That was $99 I think I should have spent on REIN. It is a lot of info to digest and in the end you are still on your own.



If I was one of those people that just needed to read the book and I would have all the answers then I would not be posting on this form for help, I would already be fully invested already.



You must be one of thous individuals that can read the book and "Just Do It" I am not. Everyone is different and everyone learns in a different way.



Peter D.

 

[housingrental]

Hi Peter



With those $ I can help you if interested in either (or both) Waterloo student housing investments or mortgages on them (often less than 50-65% LTV) if you are willing to be patient for the right deal / valuation.



Give me an email through my website in link below if this might be of interest.

 

[Sherilynn]

You may want to consider attending an ACRE event. Edmonton's is on the weekend of October 20 - 21; I don't know when Toronto's is and I am having difficulty accessing the calendar.



ACRE will give you a lot of excellent info to get you started as well as the chance to network with investors. If you are looking for local support, then the Toronto event would obviously be better. But you may want to consider attending the Edmonton event, since Alberta is such a fantastic place to invest.



If you are considering joint ventures to jumpstart your portfolio, then you can invest anywhere. If you are planning to go solo, then most people find it better to invest somewhere closer to home (at least in your own province).

 

[hassan88]

Hi Peter,



I didn't have access to funds like you do when I got started 2 years ago. I am like you, reading a book just doesn't do it for me. I need to meet people who have done it and network with other investors. I had read investments books prior to joining REIN but no action. Since joining REIN, I have been able to raise money for my investment deals, build my team, and my network has grown.



I am an investment advisor by profession and have seen clients loose their life savings by making poor investment choices or getting sucked into ponzi schemes. Bottom line, if you want to understand what you are getting into then join REIN. You can have JV partners do the leg work since you have the money but I feel that its important that you have a basic understanding and REIN will provide you with that. My JVs are setup the same way. I do the leg work but my money partner understand whats going on.



You will meet some great people and potential JV partners within REIN. Its the HOUSE OF ACTION!



All the best,



Hassan Khan

 

[invst4profit]

Peter my advice to have you look at the Ontario Landlord site was to insure you fully understood the implications of being a landlord in Ontario as opposed to simply being a investor. Landlords must chase tenants for rent payments, file eviction notices and attend eviction hearings to get rid of tenants destroying there properties, deal with ongoing complaints and generally be prepared for the worst in regards to both tenant behaviour and property upkeep.

All of this must be done in a extremely negative landlord environment. By reading through that forum you will quickly discover that landlords must have skin as tough as leather and be prepared to operate a business without suffering from the frailties of emotions.



Being a landlord can be the most stressful, thankless job there is and frankly for many the money doesn't come close to compensating for the headaches of dealing with tenants that neither appreciate or have any respect for landlords in this province



I was simply offering a reality check before you decided between landlord and money partner.

 

[MikeMcC874]

Hi Peter,



I am also in London and have a couple properties here and in Woodstock.



There is a group of real estate investors that meets monthly here around a few beers. We usually have a speaker and then just talk around the table.



We are currently meeting on the 4th Wednesday of the month at the Marionbad downtown at 7PM. We are back in the atrium room.



Email me at [email protected] if you would like to get added to the email list for the group.



Mike

 

[JordanJ]

Hi Peter,

Happy Thanksgiving. I would recommend going to REINs ACRE weekend as well. Not sure if they are doing a GTA ACRE this year but there is one in Edmonton Oct 20-21 and Vancouver Nov 3-4. I was right where you are before i joined REIN(without the capital). I read books and did all the research i could but after finally going to an ACRE event the only thing that made sense was to join this fantastic group of individuals and professionals. After going to the meetings and field trips they provide through out the year you truly do become a sophisticated investor. Looking in depth on what the market and economy is doing and realizing how that directly affects your real estate business.

You will gain the confidence you need without a doubt if you decide to join REIN which will in turn help to get your family and friends on board with you. Best thing i have done to advance my real state business.

I would love to chat further with you about getting started and as a potential JV partner . I also know some great realtors and investors that live in the GTA that do lots of great real estate deals and could be great potential JV partners for you or help you get started as well.

Take care!



Jordan Jeske

[email protected]

780.720.0725

 

[JordanJ]

Also "The Canadian Real Estate Action Plan" by Peter Kinch is a must read. Will give you great understanding of how to achieve your personal financial goals through real estate.



Jordan Jeske

[email protected]

780.720.0725

 

[Thomas Beyer]

[quote user=JordanJ]I would recommend going to REINs ACRE weekend as well. Not sure if they are doing a GTA ACRE this year but there is one in Edmonton Oct 20-21 and Vancouver Nov 3-4. I was right where you are before i joined REIN(without the capital). I read books and did all the research i could but after finally going to an ACRE event the only thing that made sense was to join this fantastic group of individuals and professionals. After going to the meetings and field trips they provide through out the year you truly do become a sophisticated investor. Looking in depth on what the market and economy is doing and realizing how that directly affects your real estate business.


That is sound advise. With the money you have you could buy a small multi-family building in AB, ON or SK .. say a 12-20 suiter for $1.2M to $2.0M with 300 - 600 cash with returns in the 10%/range per year on the cash invested if you pick a sound city, a good location with upside, manage it well and finance it prudently.

 

[JoeRagona]

Hi Peter,



It looks like you've received a lot of great advice and like you, when I looked into real estate investing, I too had access to cash after selling off my business and paying off my residence. In the last 5 years, I've learned a lot and have structured my Real Estate business around my life, not the other way around.



My two cents is for you to get REALLY clear on what you want and how that will fit into your life. It sounds to me that you are just looking to basically get your money to WORK for you ... and you not necessarily work any harder.



I'm willing to step on the phone with you to answer any questions you have about investing for yourself or choosing a JV partner to work with - I'm a professional real estate 'business' coach helping MANY REIN members structure their businesses starting with clarity.



I don't need to sell you on anything, just providing some help looking at your situation from 30 thousand feet out.



If that is of any interest to you, please email me at [email protected] so I can schedule a time to talk with you and answer all your questions - I'll promise you will come out of the discussion with WAY more clarity

 

[mflynn]

Hi Peter, I am a real estate investor and property manager in Hamilton (Canada's number one city to invest in). I run a one on one mentor program for new investors. I have helped many REIN and nonREIN members through that first scary purchase and beyond. Lots of my clients have gone on to hire me as property manager which I love, but its not mandatory.

If you're interested in hearing more, please drop me a line.

Also, the Hamilton District Apartment Association is holding a free seminar on November 7 which is specifically targeted to new investors in Hamilton. You should check it out.

hamiltonapartmentassociation.ca/events/upcoming-events/strategic-real-estate-investing-in-hamilton/

Cheers

Mary

 

[Anonymous]

If you have such type of questions and investments you should join the REIN membership.