Real Estate Investors group in Halifax, NS

[richardkp]

I have searched myREINspace for other REIN members and non-REIN members to get together and share RE investment experiences and knowledge.
My idea is for other investors in Halifax to get together once a month just to network and share knowledge and contacts so that we can all help each other to achieve our belieze`s (if you have read Don`s book you know what I mean!).

If this is something that would interest you then please let me know through my email or by replying to this thread. Once we get some interest that seems to make it worth it I will take it further and float locations / times.

Halifax is, in my opinion, an area poised for growth in Real Estate and those people interested should all get together and position ourselves to take full advantage of this. I hope that this creates the interest it deserves!!!

"Don`t wait to invest in Real Estate, Invest in Real Estate and wait" Don Campbell

 

[genesisfan]

Richard and I have been discussing this idea via email for the past few days. I share Richard`s assessment of Halifax (and surrounding areas) as potential real estate goldmines and hope that others express an interest in pooling our knowledge and resources for the benefit of all Nova Scotia-based investors.

Oh, and if there was any doubt as to the status of Halifax as an `it` town, we just booked Paul McCartney for his one and only Canadian concert date of 2009. And if that wasn`t enough, Kiss is playing the following weekend!

 

[richardkp]

Also want to add that is not going to be a group that you have to pay to be a member of - just want to be clear that we are just all meeting to network, share ideas, goldmine information etc. for the benefit of all who come along.

 

[kir]

Hi:

Besides rock concerts, what are the fundamentals that make Halifax and surrounding areas so good? I`m interested, despite not living there,

Please expand your assessment.

Thanks:

Kir.

 

[richardkp]

QUOTE (kir @ May 21 2009, 05:59 PM) Hi:

Besides rock concerts, what are the fundamentals that make Halifax and surrounding areas so good? I`m interested, despite not living there,

Please expand your assessment.

Thanks:

Kir.

Hi Kir,
I have completed the goldmine scorecard on Halifax (downtown not Bedford, Dartmouth, Sackville, Fall River) and these are my findings:
1. Areas population is growing faster than provincial average +1%. Due to immigration and also in-migration back from AB and also surrounding municiplities
2. Area has more than 1 major employer - Military, Universities (x3), Hospitals (x2) + healthcare, Financial Sector (Marsh, Bank of Butterfield, Cysco), Government, Utility companies, RIM, Aliant
3. Condo, Townhouse, Bungalows are all within the affordability hot zone (25-39% souce CMHC)
4. Political leadership growth atmosphere - "HRM by design" downtown planning/layout and design , NS Business Inc searching out new business attracting to NS (Marsh, Bank of Butterfield, RIM)
5. EDO very helpful in giving this information out
6. Infrastructure - largest container port in Eastern North America, local transit receiving extra funding,
7. Transportation improvement - airport expansion planned over next 2 years to handle more airplanes, new car park built to handle future parking needs as expansion of service starts (source CMHC outlook Fall 2008)
8. Baby boomers - looking more into condo`s and downtown living and moving out of single family homes and upkeep required
9. Mortgage rates are lower than 10 yr average
10. Increased labour and materials cost over the last 5 years due to the increased demand for new builds (source CMHC outlook Fall 2008)

Other non-goldmine specific items are:
Retail development park Dartmouth Crossing creating high demand for labour along with Russell Lake West
New aerospace contracts and defense contracts for updating navy ships
Average price of houses sold continues to grow
Average rents are on the increase
Annual Employment level increasing

Hope this gives an answer that shows we are way more than just some rock concerts! Besides,we keep loosing out to Moncton on the majority of groups!!!

Please feel free to add or discuss some of the above items or new items to this list.
I am awaiting REIN feedback on the above as I am hoping they have more information than I do and can verifiy my work.

regards
Rich

 

[kir]

HI Richard,
Thanks for the info.
-I find the taxes rather high in the Halifax region (Tax rate is Almost double than in places like Edmonton). Example, the tax for a 200,000 property would be 4000 dollars compare to 2000 in Alberta (roughly speaking). Generally taxation is higher in the east.
-Refinancing in smaller towns might be a challenge (at least 65 LTV, if banks are willing to let you refinance).
-Since I`m in Edmonton, the property management area remains a challenge.

It`s good to know the migration, rents, and appraisals are increasing (at least not falling).

Those are my thought.

Kir.

 

[richardkp]

Hi Kir,
The taxes here are not as high as you think! I own a $480,000 triplex and the taxes are $4,081 so not too sure where you got your numbers from.
Refinancing doesn`t seem to be an issue although I have not personally done it yet but the major banks don`t seem to have issues with it. On my personal residence I have a HELOC for 80% of the value of the property which includes the mortgage. This is also the case on my rental at the same percent.
Property management is also not an issue as there is a REIN member who runs a property management company called Checkpoint Properties and he can be found in this link checkpoint properties in resource directory. I think he also charges 6% gross rent for other REIN members but I don`t know the coverage of service for that. His name is Ken Boutilier.

Just want to make sure you have all the facts.

regards
Rich