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Approaching Life With a Sense of Possibility and Positivity

S

smiller

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Ahoy Like Minded Amigos and Amigas,

Hope this finds you well!

I have some questions for you, but first I will try and put you in my shoes...
I`m 29 years old and live in Orillia, Ontario. I feel blessed in that I have been steadily achieving my goals and have an incredible network of happy, healthy, supportive people in my life. In a time now where I`m focusing on buying my first investment property/primary residence OR investment property and primary residence, in Orillia, where my girlfriend and I will live. It seems quite timely with Lakehead University (LU) expansions and Barrie/Orillia rated as #3 places to invest right now in Ontario. The more I read "Real Estate Investing in Canada", by Don R. Campbell, (on pg.128 now), the more I see Orillia as a fantastic place to invest in. I`m slowly making contacts and building a team. This team includes you and I would love to hear your advice.

I have $50,000 cash to start and meeting a mortgage specialist soon. My girlfriend and I work seasonally, so have the time, tools, and resources to do renos and landscaping ourselves, adding value. We are thinking of buying a place with an existing basement apt or building a basement apt, to rent; creating a free living situation for us. I was at the LU open house yesterday and overheard many, many times, prospective students asking about student housing. It sounds like a real worry/demand. The residence which was supposed to open in September 2010 with 250 beds is not opening untill 2011.

One of the biggest lessons I`ve learned in life is, be open and feel the flow.
How can I maximize my situation?
What other possibilities/opportunities do you recommend?
Can you recommend any local "Sophisticated Investors" I could get it touch with?

Success!

Respectfully,
Scott

[email protected]


And the point is, to live everything. Live the questions now. Perhaps then, someday in the future, you will gradually, without even noticing it, live your way into the answer..."

-Ranier Maria Rilke
 
QUOTE (smiller @ Nov 8 2009, 10:19 PM) Ahoy Like Minded Amigos and Amigas,

Hope this finds you well!

I have some questions for you, but first I will try and put you in my shoes...
I`m 29 years old and live in Orillia, Ontario. I feel blessed in that I have been steadily achieving my goals and have an incredible network of happy, healthy, supportive people in my life. In a time now where I`m focusing on buying my first investment property/primary residence OR investment property and primary residence, in Orillia, where my girlfriend and I will live. It seems quite timely with Lakehead University (LU) expansions and Barrie/Orillia rated as #3 places to invest right now in Ontario. The more I read "Real Estate Investing in Canada", by Don R. Campbell, (on pg.128 now), the more I see Orillia as a fantastic place to invest in. I`m slowly making contacts and building a team. This team includes you and I would love to hear your advice.

I have $50,000 cash to start and meeting a mortgage specialist soon. My girlfriend and I work seasonally, so have the time, tools, and resources to do renos and landscaping ourselves, adding value. We are thinking of buying a place with an existing basement apt or building a basement apt, to rent; creating a free living situation for us. I was at the LU open house yesterday and overheard many, many times, prospective students asking about student housing. It sounds like a real worry/demand. The residence which was supposed to open in September 2010 with 250 beds is not opening untill 2011.

One of the biggest lessons I`ve learned in life is, be open and feel the flow.
How can I maximize my situation?
What other possibilities/opportunities do you recommend?
Can you recommend any local "Sophisticated Investors" I could get it touch with?

Success!

Respectfully,
Scott

[email protected]


And the point is, to live everything. Live the questions now. Perhaps then, someday in the future, you will gradually, without even noticing it, live your way into the answer..."

-Ranier Maria Rilke

Hello Scott,

Welcome to the crew...sort of
You are well on your way if you are reading Don`s book. There is much more information on the inside of the organization with being able to sit and talk with `sophisticated investors` that are doing exactly what you want to do in your area.

I would totally recommend Jules as he is the Orillia guy. Look for Jules contact information - I`m not sure if you can see it if you are not yet a member.

As for your investment strategy, it is a good start, the more you learn about student housing and how to properly analyze your situation the better.

If you would like some contacts within the real estate mortgage broker area, I can certainly help you there. Feel free to contact me and I will pass along some names for you.

Cheers.
 
Hi Scott,

You have done some really good reading and are giving this good thought. That`s a very important first step.

When my hubby and I were younger and starting out, we bought a house that had a unit in the basement we could rent. It made a big difference helping us stay afloat financially, but I hated it. One tenant like to plug in his electric guitar (and mic!) at midnight on weekends. One couple smoked and we had forgotten to ask. They were also loud about "everything" they did.

Living with your tenants can take a real toll on you personally. It may turn you off of the business altogether.

If you want to build a foundation for the future, consider buying a very modest place for yourselves. Put all your money into the downpayment and once you have enough equity built up, you can tap into it for a rental property. Then once both properties have enough equity, you can do it again... and again...

That`s my 2 pennies.

All the best to you!
 
http://www.ltb.gov.on.ca/en/index.html
http://www.ontariotenants.ca/law/act.phtml

Visit the two sites above and start to study the law regarding being a landlord.
It`s a tough business in Ontario for the uneducated.
It is essential in Ontario that you fully know and understand both landlord and tenant rights.
Ignorance in the rules governing the business has lead many new LLs down a rocky road.

http://www.ontariolandlord.ca/forum/index....5bda48132f5cdec

Check out this forum as well if you want some first hand help with managing tenants.
 
JoeRagona, Thanks for the positive reply. I`m meeting with Jules this week.

Carla, Great to hear your words of wisdom, much appreciated.

Greg, Thanks for the advice and links. Lots of reading ahead!


Please keep the comments and advice coming, huge help, cheers!
 
Hey Scott,
I am looking forward to our coffee on Wednesday night. I was hoping to move it to 8pm instead of 7pm, I have a couple of properties to show at 7pm. Unless you want to tag along and get look at what it`s like being a Landlord? Your more than welcome to meet me at one of my properties at 7pm. It sounds like you`re on the right track. I would be looking at how Lakehead University is going to play into my long term investment plan, and I am! And then work back wards from there. I believe reading, "Real Estate Investing in Canada" joining the REIN Group will be very beneficial to your real estate investing education. It will be an on going process.
For your first property I would start with;
1. Making a long term plan & strategy to acheive it.
2. Identify a geographical area, nieghbourhood to invest in.
3. Identify what type of properties your going to invest in.
4. Get your team in line, Lawyer, Mortgage Broker, Realtor, property manager etc...
5. Place your first offer. Don`t be afraid to make it a low ball offer either.

As far as networking with local investors, I am planning on having the first Orillia Landlord Association meeting on Thursday November 12, 2009 at 7pm at the Rama Police Board Room 7450 Williams Road, Rama. I want to see if there is a need and a void to fill. I believe that there is, otherwise I wouldn`t do it. I want to see the Association be a voice for Landlords in Orillia & a means to educate new and old Landlords by giving them information and networking opportunties. You should come out to that meeting as well...
 
QUOTE (thejules @ Nov 10 2009, 02:08 AM) Hey Scott,
I am looking forward to our coffee on Wednesday night. I was hoping to move it to 8pm instead of 7pm, I have a couple of properties to show at 7pm. Unless you want to tag along and get look at what it`s like being a Landlord? Your more than welcome to meet me at one of my properties at 7pm. It sounds like you`re on the right track. I would be looking at how Lakehead University is going to play into my long term investment plan, and I am! And then work back wards from there. I believe reading, "Real Estate Investing in Canada" joining the REIN Group will be very beneficial to your real estate investing education. It will be an on going process.
For your first property I would start with;
1. Making a long term plan & strategy to acheive it.
2. Identify a geographical area, nieghbourhood to invest in.
3. Identify what type of properties your going to invest in.
4. Get your team in line, Lawyer, Mortgage Broker, Realtor, property manager etc...
5. Place your first offer. Don`t be afraid to make it a low ball offer either.

As far as networking with local investors, I am planning on having the first Orillia Landlord Association meeting on Thursday November 12, 2009 at 7pm at the Rama Police Board Room 7450 Williams Road, Rama. I want to see if there is a need and a void to fill. I believe that there is, otherwise I wouldn`t do it. I want to see the Association be a voice for Landlords in Orillia & a means to educate new and old Landlords by giving them information and networking opportunties. You should come out to that meeting as well...

Jules,

Excellent. Thanks for the info. I`ll see you at 7pm for the tag along.

Respectfully,
Scott
 
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