Over 1 Million In One Year

[fdrover]

Congratulations Nik,

Both my wife and I are full time teachers here in Labrador City but we use real estate investing as our hedge to the future. Like yourself, we continue to use appreciation in properties to provide the initial downpayment for properties, thus no pressure with finding cashflow properties. As you have stated, building an investing team consisting of a Realtor who "gets it", a lawyer who looks out for your best interests (well compensated) and local management teams (we prefer husband/wife combos) is a must.

I challenge you to continue to work as hard as you have done in year one and make it 2 million in year two.



Fraser Drover

droverproperties.ca

 

[2ndstory]

[quote user=fdrover]Congratulations Nik,

Both my wife and I are full time teachers here in Labrador City but we use real estate investing as our hedge to the future. Like yourself, we continue to use appreciation in properties to provide the initial downpayment for properties, thus no pressure with finding cashflow properties. As you have stated, building an investing team consisting of a Realtor who "gets it", a lawyer who looks out for your best interests (well compensated) and local management teams (we prefer husband/wife combos) is a must.

I challenge you to continue to work as hard as you have done in year one and make it 2 million in year two.



Fraser Drover

droverproperties.ca




Thanks Fraser! Good to see some other teachers branching out. I think that the majority of teachers out their like to play it safe when it comes to investing. Most of my colleagues are comforted by the fact that there is a pay scale that is followed and they will know exactly how much they will be getting paid for the rest of their career or their retirement. Although comforting on some levels, I find it somewhat of a trap. The challenges of teaching are high and getting higher everyday and the burnout level and stress leaves seem to be increasing, but the very fact that teachers are required to plan and make thousands of decisions per day, seems like a great training ground for going beyond the classroom and establishing businesses. I commend you for doing so! Good luck on your journey.



BTW, we seem to have more in common than just teaching. My parents were both teachers in Morton's Harbour, Newfoundland before coming out west. Newfoundland has a special place in our hearts and I think a great future!



Nik

 

[housingrental]

It was not intended as an attack - my apologies if it came off as that - Please view my previous post as an invitation for more you to provide more information....perhaps other readers (myself included...) will be able to derive benefit from this and be able to emulate some of what you've done to apply it to our own lives.... So to ask - What have you accomplished?

 

[housingrental]

No. That was not my intention. Purchasing something - even a million dollars of it - is not an accomplishment.... perhaps just a difference in frame of reference between us?



[quote user=scott2500]Does it make you feel better about yourself when you minimize someone else's accomplishments? Sounds a bit like junior high. Congratulations Nik

 

[2ndstory]

[quote user=housingrental] It was not intended as an attack - my apologies if it came off as that - Please view my previous post as an invitation for more you to provide more information....perhaps other readers (myself included...) will be able to derive benefit from this and be able to emulate some of what you've done to apply it to our own lives.... So to ask - What have you accomplished?





Honestly, nobody understands what you are talking about!



Nik

 

[KNRProperties]

Nik. Thanks for the detailed description of how you went about this. It is generous and helpful and puts such accomplishments in a manageable framework. I'm a high school teacher too, and you're the only other one I know of doing this. I'm a real estate investor partially because teaching is so demanding that I want it to be something I want to do, rather than have to do. For me, the number of papers I have to mark is falling as my real estate investment business grows. Having some success, or a lot as you have, in real estate investment allows us to "buy" choices we might not otherwise have had. Thanks again for your outline of how applying what REIN tells us works has augmented your freedoms.



Robert

 

[mcilroy]

Congrats! Your success is a result of taking action and I needed a good reminder of that today - so thank you for taking the time to share. As an ex-winnipeger its is also nice to hear that things are good in the Peg!

 

[shordal]

Congratulations on the success guys. I am a teacher and my wife is a former teacher who founded and directs a non-profit group for kids with special needs(www.adaptabilities.ca). We see Real Estate as a way to enjoy some of the finer things in life and to privide a secure future for us and our children.



Keep up the great work.

 

[johnsu]

Hi Nik,



Congrats! Please also remember to appreciate yourself and do a "resource update" in your mind to acknowledge your accomplishment. Many people sometimes forget to slow down and tell themselves, "I did a really great job and proud of myself" I do this often, no matter how small the accomplishment. This builds mental "kahoonas" aka BALLS.

 

[Trizzy]

That truely is a great accomplishment. You gave me some great insight that I will likely use in my own endeavours. Cheers and congrats on your success!

 

[2ndstory]

Thanks for all the great comments, everyone. It has been an exciting year. Planning on more great things to come.



Nik

 

[nickek]

Inspirational



This goes to everyone else too; these success stories really helps us little guys push forward!



Congrats!

 

[hero]

Hi Nik congratulation for one million dollars portfolio.



My name is Hero I just join REIN last week May 10 2011. I went to BC Fieldtrip on the weekend. Could you share your success with me how did you started invest in Realestate ? What did you learn ? What was your challenge ? Do you have JV Partners? What area are you investing ?



Thank you kindly

Hero

[email protected]

 

[abasmaci]

Really inspirational stuff there!! Keep it up. I am just finishing up uni and trying to start early on my real estate investments. I remember several times I would look at properties rather than study for exams. I really liked the idea of taking your team out to to meet! That's very important and something I look forward to doing soon. Regarding the team making process what sort of things did you look for when interviewing your banker and lawyer?

Good luck in the future.... Hope to hear from you soon



Cheers



Ali Basmaci

 

[2ndstory]

Thanks for the great comments, guys! Things are going well. Incredibly busy, but busy is good. I hear a lot of people saying that you don't want to add another job to your life and real estate investment is a way of creating a passive stream of income. Although this is true in part, building a real estate portfolio is like building a business. The first 3 to 5 years of building a business are going to be tough some days, and I have to remind myself of that daily. Long term wealth is the goal. Cash flow is positive, but expenses are high at this point.



I've managed to attract some partners along the way. So far it has been word of mouth. Friends and family have seen what I am doing and are interested and some of them have decided they would like to be more actively involved. I have a number of people in mind that I'm considering approaching for larger projects requiring more capital. That's a touchy one though. I don't want to approach people for money until I have proved myself, first to myself, and then to them. Nobody should expect people to invest with them until they have proven themself worthy. Peter Kinch explains that pretty well in his book and in some recent interviews.



One of my earlier posts in this thread on page 1 details some of my strategies. Here's a tip I got from my mortgage broker too, that I hadn't thought of. My vehicle needs replacing and I was going to use some capital to buy one or possibly finance one. His suggestion is to lease. There are a lot of private auto brokers who least pre owned vehicles. For $400 a month I can drive a 2008 Pacifica or similar on a lease. The advantage is that I don't use my capital that could be used to finance a purchase. Also, if I financed the vehicle through a car loan, it affects my TDSR. A lease will not. The lease also can be deducted as a business expense if the vehicle is used primarily for business purposes. Something to think about before you go buy a new car and hurt your chances of building up you real estate portfolio.



Anyway, thanks again for the positive comments. I will update on challenges and successes as time goes on. Good luck with your ventures!



Nik