Getting started advice

[mtc]

Hi. My name is Michael and I have been very interested in real estate as an investment for many years. After reading Don`s book "Real Estate Investing in Canada" I have the motivation to act. The best part is that after reading his book, my wife Glenda-who has always shyed away from this ambition, also has been empowered-we will make a great team! My wife and I live very close to Halifax and would like to invest in an urban centre within a 4 hour drive, specifically in a mult-unit residential property having 6+ units that is cash flow positive. I am currently gathering information on the major urban centres to identify an area with a future. I see most forum discussions pertain to properties/areas West of Ontario, but does anyone have any investment experience/advice for Halifax or Atlantic Canada for example. This is an exciting time for us but also a bit scary so any words of wisdom or mentorship would be greatly appreciated.

Thank you!!

Michael and Glenda Corkum
michaeltcorkum@hotmail.com

 

[Rickson9]

Hi, good luck on your new path. One word of advice would be to thoroughly learn how to read financial statements; specifically be familiar with the income statement and balance sheet. Most people don`t want to hear this, but as obvious as it sounds, it is key that a person understands the language of investing before they invest.

You can either put in the time now or eat your mistakes later.

 

[mtc]

Thanks for the advice! Greatly appreciated.

 

[Nir]

you`re welcome

 

[hermann]

Hi Michael,
if you are interested to team up with other investors around Halifax, you can come to our next meeting at Jan. 25, 2010 at 7:30 pm, Sobeys community room in Lower Sackville. Our group is called Real Estate Investors Halifax (I guess most of them are REIN members).
Detlef

 

[mtc]

Thanks for the invite. I will definately try to be there.