REIN made me a millionaire in 3 years!

schierau1

Inspired Forum Member
REIN Member
Apr 17, 2008
40
0
6
Vancouver
#22
Exciting story Kevin! Congratulations on your success!!! An inspiration to other young investors and to those who think it`s "too late" to start...it`s never too late! I started last yr and am working on hitting the 2million mark in holdings.

Cheers!
Ziv
 

nepoez

New Forum Member
Registered
Mar 29, 2008
203
0
0
39
Vancouver
www.avant-garde-properties.com
#23
Great story about the end result! But what`s behind the curtains?
Would you mind sharing the beginning of the story, like what you did to make the first profit from the initial $5000? I`m trying to put myself in that situation and I simple cannot figure out how I`d purchase a property with that starting point. The only thing I can think of is borrowing more money for down payment from 3rd party lenders of high interest, or finding JVs that will dish out that amount knowing that I have no track record of investing in real estate. Otherwise, I have to do what I did.. I worked my butt off at a normal job to save up money for the first down payment.

Your answer will be very enlightening! Thanks!
 

RebeccaBryan

Inspired Forum Member
Registered
Sep 17, 2007
783
4
18
55
Edmonton, Alberta
#24
While we`re waiting for the $5000 story. You might find my rags to riches story helpful as well. I did it with $18,000.

I attended Quickstart, then joined REIN. From Quickstart I was motivated to change my life.

Quickstart gave me the knowledge of where to invest and how to analyze a property, and as well, strategies to find money for downpayments through Joint Ventures.

My strengths were that I had enthusiasm, I had an excellent credit score, and I had a Dad I thought I could talk into doing a JV with me. He would provide the downpayment, and I would manage the property. In the end however, My Good Ole DAD gifted me the $18,000.

I knew I needed to find a property that fit the 10% solution, and that would only use $20,000 worth of downpayment money. I drove around the City of Edmonton`s NE area and found a duplex for $178,000. I put an offer on it hoping I could get it for 10% down and that I could qualify. My realtor found me a mortgage broker and I provided my Mortgage Broker with my Investment Binder (which was pretty pathetic at the time) which they teach you in REIN. I qualified myself for the property, self-employed and with child support payments as my income. I had a credit score of 787 and I had a load of enthusiasm which made my mortgage broker work extra hard to make the deal work. I had to go through a secondary lender that had a high interest rate 7.2% and that allowed me to put 10% down.

I spent the next 2 and a half months renovating the property so that it was fit to live in by borrowing 5 grand from my Mom which I paid back to her 1 year later when I refinanced the property for $330,000 through the Royal Bank. I paid the penalty payouts that I owed to the other lender, and paid off most of my debt I had from the small business I owned. My interest rate through the Royal is now 5.05%.

If I would have stressed and not taken the high interest rate upon innitailly purchasing the property, I would not be in the position I am today.

Soon after, my sweetheart and I (soon to be married this summer) aquired 6 more properties one of them being part of our Belize. IT`s a small cottage on the Ocean in Nova Scotia where we can relax and entertain our family and friends during the summertime.

All of the other properties have their own stories, and some of them not so smart moves, but the bottom line is: You need to START and you can`t be afraid of making mistakes or having to borrow expensive money. You have to be realisitic. If you follow the system, you are limiting your risk.

I read something a long time ago about how two people can win a million dollars and while one of them goes on to spend it wisely and become very rich, the second one will waste it and be poorer than they were previously to winning that million dollars. The same goes for any amount of money one is gifted or is lucky enough to win.

Use your imagination. It`s easy to see how $5000 can make you financially free in a couple of years.

Hope that helps.
 

nepoez

New Forum Member
Registered
Mar 29, 2008
203
0
0
39
Vancouver
www.avant-garde-properties.com
#26
Thanks for sharing Rebecca. I totally agree with how one have already lost if there`s a mental blockage.

QUOTE (RebeccaBryan @ Apr 20 2008, 05:44 PM) One more thing:

If you think it can`t be done, you`ve lost the race before you even get out of the starting blocks.
 

YLCorporation

New Forum Member
Registered
Apr 10, 2008
33
0
0
#27
QUOTE (nepoez @ Apr 20 2008, 08:01 PM) Thanks for sharing Rebecca. I totally agree with how one have already lost if there`s a mental blockage.


Thanks Rebecca for the very inspiring story!! You`re the best!
 

marty

New Forum Member
Registered
Nov 23, 2007
7
0
0
42
Saint John
#28
Hi Rebecca,
Thanks for sharing, it helps me stay focus. I have a few properties in Saint John, NB...8. I am kinda having difficulty coming up with the downpayments (15-20%) lately as I have hit a ceiling with my LOC etc...to buy more properties. I could sell some but it`s not time to sell now as there are some big project coming in town and there are not much to purchase to replace mine (that are good on cash flow...keeps me going). I missed on a 42 unit property the other week as I was a little late. Do you have any suggestions on steps to take or how to get some extra cash to purchase bigger cash flowing properties in town or outside of town? You seems to have great succes at it. Looking forward for your response.
Thank you, Marty




QUOTE (RebeccaBryan @ Apr 20 2008, 10:36 PM) While we`re waiting for the $5000 story. You might find my rags to riches story helpful as well. I did it with $18,000.

I attended Quickstart, then joined REIN. From Quickstart I was motivated to change my life.

Quickstart gave me the knowledge of where to invest and how to analyze a property, and as well, strategies to find money for downpayments through Joint Ventures.

My strengths were that I had enthusiasm, I had an excellent credit score, and I had a Dad I thought I could talk into doing a JV with me. He would provide the downpayment, and I would manage the property. In the end however, My Good Ole DAD gifted me the $18,000.

I knew I needed to find a property that fit the 10% solution, and that would only use $20,000 worth of downpayment money. I drove around the City of Edmonton`s NE area and found a duplex for $178,000. I put an offer on it hoping I could get it for 10% down and that I could qualify. My realtor found me a mortgage broker and I provided my Mortgage Broker with my Investment Binder (which was pretty pathetic at the time) which they teach you in REIN. I qualified myself for the property, self-employed and with child support payments as my income. I had a credit score of 787 and I had a load of enthusiasm which made my mortgage broker work extra hard to make the deal work. I had to go through a secondary lender that had a high interest rate 7.2% and that allowed me to put 10% down.

I spent the next 2 and a half months renovating the property so that it was fit to live in by borrowing 5 grand from my Mom which I paid back to her 1 year later when I refinanced the property for $330,000 through the Royal Bank. I paid the penalty payouts that I owed to the other lender, and paid off most of my debt I had from the small business I owned. My interest rate through the Royal is now 5.05%.

If I would have stressed and not taken the high interest rate upon innitailly purchasing the property, I would not be in the position I am today.

Soon after, my sweetheart and I (soon to be married this summer) aquired 6 more properties one of them being part of our Belize. IT`s a small cottage on the Ocean in Nova Scotia where we can relax and entertain our family and friends during the summertime.

All of the other properties have their own stories, and some of them not so smart moves, but the bottom line is: You need to START and you can`t be afraid of making mistakes or having to borrow expensive money. You have to be realisitic. If you follow the system, you are limiting your risk.

I read something a long time ago about how two people can win a million dollars and while one of them goes on to spend it wisely and become very rich, the second one will waste it and be poorer than they were previously to winning that million dollars. The same goes for any amount of money one is gifted or is lucky enough to win.

Use your imagination. It`s easy to see how $5000 can make you financially free in a couple of years.

Hope that helps.
 

marty

New Forum Member
Registered
Nov 23, 2007
7
0
0
42
Saint John
#29
That`s great! I`d like to know your story in details on how you did it.
Marty


QUOTE (kablett @ Oct 19 2007, 12:24 PM) Hi Everyone,
I just want to take this opportunity to thank Don and the REIN team. Since attending my first quickstart program (with a negative net worth) just over 3 years ago, I have since purchased over 20 properties in Alberta, Panama, and Costa Rica worth over 5MM in Assets, and it`s completely changed my life. I`m now a 28 year old millionaire international real estate investor, author, speaker and eco-entrepreneur -- and life keeps getting better and better!

And to think that it all started with a $5000 interest only loan from my dad that cost me $50 per month out of my own pocket! I`ve since paid him back and get great satisfaction about continuing to put money in his jeans every month.

I`ve been truly blessed with abundance to be able to purchase as many properties as I have and I`m looking forward to buying some more right now!


Thanks Don and co.

Sincerely,


Kevin Ablett