On my way!

[tbarcier]

First off I want to thank Jas, Renee, Jason and everyone on the Calum Ross team. These people are AMAZING! They helped me get the deal done and were always willing to answer my questions. They made me so comfortable with the process, I felt like we had been working together for years. Of course Don, Russell and the REIN team, thank you. I have made the deal on my second property! Duplex number 2! Closing June 30th. I truly feel like an investor now. One property was cool but two is better! Woooooooooo Hooooooooooo! Sorry I`m excited. Thanks to all for your support!

 

[DonCampbell]

Congrats on taking action and using a team that supported you in your next steps.

Looking forward to hearing about it on May 27th at the REIN Workshop.

 

[joeiannuzzi]

Congratulations on taking control of your financial future and empowering yourself! All the best!

 

[PhilipMcKernan]

You sound like a true investor also.

My advice is dont forget to stop after every one and take stock! Well done. Don always says the first 3 are the hardest (and hes right) and you are kicking ass!!!!!!!!!!

 

[ChrisDavies]

QUOTE (tbarcier @ May 23 2008, 03:53 PM) Woooooooooo Hooooooooooo!

Real Estate is better than heroin.....

 

[tbarcier]

Hey everyone, I just wanted to make an update, I now am up to 3 properties (5 doors total) And they are now fully rented!! What a crazy and amazing year so far. I unfortunately had to evict a tenant already for not paying rent, and he was nice enough to leave $1300 damage, however the renos are done and I have it rented for Oct 1st for more than what he was paying anyway. So I am now searching for #4 and #5 and man I feel sooo much more comfortable after the first two deals. Lol, I actually feel like I know what I am doing for once! My friends all tell me how smart I am for doing this, they say they wish they could too! People ask me for my advice about buying, rates etc.. which is so odd for me because I only bought my first property this year in Feb.

I want to thank everyone here a REIN for your help and taking the time out of your day to answer my questions, of course to Don who really nailed it home for me when I met him. I told him that he changed my life, and he responded "the only one who changed your life is you, I was only the catalyst." How true Don, thank you so much for opening my eyes. And of course thanks to the Calum Ross team, I swear they bend over backwards for me. So here`s to finishing 2008 with a bang and rocking the hell out of 2009!

 

[gwasser]

Great Progress and congratulations. But do not forget to sit back and take stock. Including what if ` Questions`. Such as, "Yes the AVERAGE vacancy rate is 3%, but what am I going to do if I have two units vacant?" Will I be able to sleep at night? Is the bank going to knock on my door?

Investing is just like life, it is great! But how do you feel when you get the flue? When investing ask yourselve always how you are going to survive the coming financial flue. Because, I can ensure you, you will (like anyone else) get from time to time the `flue` and only the prudent investor who overcomes the `flue` will prosper.

Hope this helps.

 

[JoefromTO]

To Gwasser`s comment... what is the best way to protect from that? My guess (I`m new so I`m probably wrong) is to pay down as much of the mortgage as possible with the cash flow the property is bringing in, rather than taking the cash. This way, you have a lower amount to refinance once the mortgage comes up for renewal which would lower your monthly payments...Yes/No??

Also Who is this Callum Ross team you talk about? What service are they providing you? I`m from Toronto, so I`m just curious.

 

[invst4profit]

The idea behind rental properties is to put as little of your own money into the property as possible.
So as to maximize the return on investment. As the mortgage gets paid down by renters at time of refinancing pull money out of property. Cash (cash flow) is king. Keeping the mortgage as large as possible also tends to discourage ambulance chasing lawyers.
Your contingency fund should cover any surprise shortfalls.

 

[JoefromTO]

QUOTE (invst4profit @ Oct 1 2008, 01:43 PM) The idea behind rental properties is to put as little of your own money into the property as possible.
So as to maximize the return on investment. As the mortgage gets paid down by renters at time of refinancing pull money out of property. Cash (cash flow) is king. Keeping the mortgage as large as possible also tends to discourage ambulance chasing lawyers.
Your contingency fund should cover any surprise shortfalls.


Wow...don`t pay down the mortgage...keep a large mortgage...not sure what you meant about the ambulance chasing lawyers though...

I thought it would be best to work to pay off a place, so that eventually you own it and not the bank. Well I`m still only 40 pages or so into the book, so I guess I still have alot to learn.

 

[Zee1960]

...and the learnings of REIN begin! (value, value, value)

~ maria



QUOTE (JoefromTO @ Oct 1 2008, 03:06 PM) Wow...don`t pay down the mortgage...keep a large mortgage...not sure what you meant about the ambulance chasing lawyers though...

I thought it would be best to work to pay off a place, so that eventually you own it and not the bank. Well I`m still only 40 pages or so into the book, so I guess I still have alot to learn.