just starting in real estate,

[lloyd000111]

Hello everyone,



I read a lot of succcess stories form REIN member, and I'm also hoping that I can post mine too eventually.

Me and my son just starting this venture, we dont have any properties yet.

Few weeks ago we started reading Mr. Don R. Campbell book and trying to learn all the steps before buying our first property.



I know I can get a lot of help from you guys when time comes.



thanks in advance.



Lloyd

 

[invst4profit]

http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm



http://www.ltb.gov.on.ca/en/index.htm



http://canlii.org/en/on/onltb/




LLoyd if it is your intention to invest in Ontario the three links above are a must as part of your initial education. These will provide you with a bases of your business practices to operate in Ontario.

Ontario is believed by many to be one of the most pro tenant Governments in North America so take the time to educate yourself BEFORE you purchase your first property. Understanding the regulations of any business is key to success.



http://ontariolandlords.org/forum/





You may also wish to connect directly with other Ontario "landlords" on the above forum for a grass roots perspective of our business. This will give you a inside track on how the regulations are interpreted, inforced and sometimes abused.

REIN is great as a investors site but starting out you need to understand you are first and foremost a landlord.

 

[ShannonMurree]

Hi Lloyd



Well, I would say that you're off to a good start by reading the series and coming here to network/get advice. I can see that you're in Ontario and not sure where you wanted to invest. Hopefully in one of the top towns/Cities mentioned of course! Get yourself familiar with the areas and become a "Geographic Specialist". Ask questions, interview and align yourself with a good team - mortgage broker, accounting, property management, real estate reps/brokers, house inspectors, etc. Make sure (this is crucial) they are real estate investors themselves and totally get and understand what you want to do and accomplish. Get referrals and ask for references.



From a buying standpoint - if anyone tries to sell you ANYTHING without giving you numbers/market rent, etc - and analysis doesn't work - keep looking and work with someone who does. This experience is going to be totally different from what you know about buying your own home.



Much success to you and kudos to you for sharing this experience with your son and investing in your future.

 

[housingrental]

Try joining REIN

 

[lloyd000111]

Hi Greg,



Thank you for yor response,



I did browse the site you mentioned a little bit, I know that i really have to do a lot of reading and also to make sure to inform myself about the in and out of the real estate business before buying my first property.



thanks for you advice.



Lloyd

 

[lloyd000111]

Hi Shannon,



thanks for your response.



Actually I live in Etobicoke, so far im still in the very early stage of this venture, for now im doing a lot of reading, and learning as much as I can before I go for my first property.



For properties, I will probably stay close for now, like Toronto, Barrie, Waterloo, Brampton......



thank you very much for your advice, greatly appreciated.



Lloyd

 

[lloyd000111]

Hi housingrental,



thank you verymuch for your response



I will definitely join REIN,



thanks again



Lloyd.

 

[Rickson9]

Greg's post is, as per usual, awesome. I had to log in here just to give it 5 stars. Cheers!

 

[coolaj]

Joining REIN is always an option but I would recommend a less famous local club as well.

Find a real estate club that is close to your home where you can go every month or so. Typically they are $10 per meeting to attend to and you meet a lot of great local folks which who you can find a lot of support and help



Read Books, that should help



However the best way: find a mentor that has 5-10 properties or more. Ask him to go with him on a property viewing trip when he will go shopping for next one and that trip will give the most for the time spend.

 

[Thomas Beyer]

[quote user=coolaj]However the best way: find a mentor that has 5-10 properties or more. Ask him to go with him on a property viewing trip when he will go shopping for next one and that trip will give the most for the time spend.


Be prepared to pay for this.

 

[lloyd000111]

Thanks for your reply coolaj,

I will also look into that option, to look for a local real estate club, right now everything is a help,

Also reading a lot of books and learning as much as I can

thanks again.