Investing Out of Town

[nepoez]

Hi investors,
It`s me, newbie again.

I live in Vancouver and I`ve recently went to the Toronto Quick Start.. then in June I`ll be going to the Calgary one. Air tickets are killing me but that`s not the main point of this post.

I`ve decided to start taking action. I`m slowly writing up my investor binder, collecting all my documents, and also looking for a target area. So far Edmonton seems to attract me.

However since I live so far(Air fair wise) I can`t see every property that I think will work... what should my steps be I wonder to my inexperienced self.. I was thinking if all the numbers really work well, it`s passed lots of gold mine score card stuff that I can do from the distance.. then I now need to see the place(whispers air fair).

If I live there I could see it first.. if it looks so bad that I know it`s a no go then I won`t pay for an inspection but just walk away. But since I don`t live close.. I have no choice but to hire an inspector first or fly out there myself.

There must be something wrong with my logic as I know I`m not the only out of town investor. Any suggestion will be much appreciated!

Thanks in advance,

 

[bobbie]

QUOTE (nepoez @ Apr 27 2008, 02:48 AM) Hi investors,
It`s me, newbie again.

I live in Vancouver and I`ve recently went to the Toronto Quick Start.. then in June I`ll be going to the Calgary one. Air tickets are killing me but that`s not the main point of this post.

I`ve decided to start taking action. I`m slowly writing up my investor binder, collecting all my documents, and also looking for a target area. So far Edmonton seems to attract me.

However since I live so far(Air fair wise) I can`t see every property that I think will work... what should my steps be I wonder to my inexperienced self.. I was thinking if all the numbers really work well, it`s passed lots of gold mine score card stuff that I can do from the distance.. then I now need to see the place(whispers air fair).

If I live there I could see it first.. if it looks so bad that I know it`s a no go then I won`t pay for an inspection but just walk away. But since I don`t live close.. I have no choice but to hire an inspector first or fly out there myself.

There must be something wrong with my logic as I know I`m not the only out of town investor. Any suggestion will be much appreciated!

Thanks in advance,





Hi Newbie,

I`m a new member to Rein and am also in the lower mainland....I will likely invest outside of the area as well, so what will be needed is some networking with a mortgage specialist Peter Kinch, Rob McDonald in Port Moody many Rein members use his team whether here or out of town , also an accountant , and many other specialized people who know of Rein. I`m sure you`ll get some real estate leads when in Calgary. When becoming a Rein member we didn`t subscribe to the workshop meetings, we likely will later, so our monthly fee is $99.00 a month, this means we have full access to all the information on this website to search for realtors or other pertinent information, this does not mean we don`t do our own due diligence but theres lots of information provided to members. It becomes quite invaluable. With that we also received the quickstart on CD and other info. Its all about getting your team in place, and setting up a form of trust.

Hope that helps some.

Barb

 

[Singh]

Hey Nepoez, I am from Vancouver as well, have you looked at New brunswick, I am looking at some apartment buildings with cap rates of 18%. If your interested let me know, maybe we can get 10 people or so. put like 5 grand each and buy an apartment building.

 

[Thomas Beyer]

select a target area AND a price range AND a type of property .. and if more than 20 candidates are in that "box" .. narrow the box (i.e. elimate single car garanges if double car garages are part of the box .. or add a 3rd bathroom as a must ... !



read this here:

http://myreinspace.com/public_forums1/General_Discussion/61-4391-How_to_get_started_.html



and once you understand the market after 3-5 trips .. look for have 3-5 candidates .. write offers .. and then fly out once the offer is accepted !



7 trips @ $700 / trip = $5000 is required (more or less) before you accept one deal .. PLUS cash-to-close + clsoing costs + resevre fund + 3 month mortgage payment !

 

[Thomas Beyer]

QUOTE (Singh @ Apr 27 2008, 06:21 PM) Hey Nepoez, I am from Vancouver as well, have you looked at New brunswick, I am looking at some apartment buildings with cap rates of 18%. If your interested let me know, maybe we can get 10 people or so. put like 5 grand each and buy an apartment building.

send details on buildings @ 18% CAP please .. is this a dying town ? are people LEAVING ??

 

[LeighF]

I am also from out of town, possibly investing in Edmonton. Which areas are hot right now? Which areas are getting hot? Which areas should we avoid?
Thanks

 

[UTCVenturesLtd]

QUOTE (nepoez @ Apr 27 2008, 03:48 AM) Hi investors,
It`s me, newbie again.

I live in Vancouver and I`ve recently went to the Toronto Quick Start.. then in June I`ll be going to the Calgary one. Air tickets are killing me but that`s not the main point of this post.

I`ve decided to start taking action. I`m slowly writing up my investor binder, collecting all my documents, and also looking for a target area. So far Edmonton seems to attract me.

However since I live so far(Air fair wise) I can`t see every property that I think will work... what should my steps be I wonder to my inexperienced self.. I was thinking if all the numbers really work well, it`s passed lots of gold mine score card stuff that I can do from the distance.. then I now need to see the place(whispers air fair).

If I live there I could see it first.. if it looks so bad that I know it`s a no go then I won`t pay for an inspection but just walk away. But since I don`t live close.. I have no choice but to hire an inspector first or fly out there myself.

There must be something wrong with my logic as I know I`m not the only out of town investor. Any suggestion will be much appreciated!

Thanks in advance,




Why not do a joint venture with someone in Edmonton? At least one of you will be in the area. For some FREE accommodations, try www.globalfreeloaders.com I have met some great people from all over N. America when i travelled a lot. That will save part of your expenses. You can learn a lot from the hosts about the different neighborhoods in Edmonton as well.
I live in Calgary and have one vacation property in the Crowsnest Pass. I have a neighbor look after it for me. I also had the renters get any repairs done and deducted it from the rent for a time which worked out okay. I have a house in Saskatchewan that my renters there have a great deal on rent and they pay for any repairs which also works fine. So far they fixed the dryer and the dishwasher out of their pocket. You can negotiate a win win situation with the right renters.
Dean
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