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Any Referrals? I'm looking to improve my team.

KevinMurray

0
Registered
Joined
Sep 17, 2013
Messages
24
I am in the process of improving my team and although I have worked with some great people, I really want to find professionals focused on investment real estate.

I live and focus on the Edmonton real estate market. If you have any recommendations it would be greatly appreciated.

Looking for Edmonton based:

- Investment Real Estate Agent/s (residential property and duplexes)
- Mortgage Broker
- Accountant

Thanks in advance.
Kevin Murray
 

Matt Crowley

0
REIN Member
Joined
Dec 14, 2013
Messages
980
Hey Kevin,

I've had good experiences with the following Edmonton-based professionals.

Real estate agent
Andrew Barrett
Realty Executives Progressive
780-920-1759
[email protected]

Mortgage broker
David Niven
Managing Partner
Licensed Mortgage Associate
The Collin Bruce Mortgage Team
Ph 7804362511
Fx 7804362510
www.collinbrucemortgageteam.ca

Accountant
I go out of town for my accountant but we communicate by email.
Everett Duerksen, CPA, CA Chartered Professional Accountant
Phone 403.405.0034
Email [email protected]
(Disclaimer: any professional is about fit... you will need to assess if they are the right team for you!)

Comments:
  • Our Realtor, Andy, has been working with us for a number of years. He has a good sense about market value and understands the legal suite development process
  • David Niven, our mortgage broker, is awesome. I've tried other REIN-promoted/sponsored-advertised Brokers and the service was really patchy and the qualifying process incredibly ugly and complicated. Collin Bruce team is awesome. I wouldn't consider a different broker at this point.
  • As far as accountants go, Everett puts together a great coherent financial package. I had to go back a couple of years this past financial year to trace back cash invested and was able to do so with the information he provided.
My caveat with accountants in general when it comes to real estate investing is that this business is not nearly as complicated as some of the slow-walking accountants on stage would have you think. Pretty well any CA or CPA will be familiar enough with SFH investment real estate transactions that they could handle simple returns (if you own in your own name without JVs). Before complicating things with corporations and holding corporations and joint ventures, the real estate transaction itself is very simple and covered in introduction accounting courses. Everett deals with a lot more complicated transactions for us with some JV and a holding corporation, previously.

A good group of professionals is critical but you need to be a little bit careful that you are still making more money than your professionals. If you hire "nothing but the best" and allocate every single task down to the bookkeeping and pay 14% of gross revenue to property management, you will have a negative cash flow asset. (If you are investing in SFH and not 100+ unit multi-family). A part of the "returns" you make as a smaller investor are just refunded time chasing the mythical creature sweat equity.

You are an experienced investor, you will know the right balance!
 

KevinMurray

0
Registered
Joined
Sep 17, 2013
Messages
24
Hey Kevin,

I've had good experiences with the following Edmonton-based professionals.

Real estate agent
Andrew Barrett
Realty Executives Progressive
780-920-1759
[email protected]

Mortgage broker
David Niven
Managing Partner
Licensed Mortgage Associate
The Collin Bruce Mortgage Team
Ph 7804362511
Fx 7804362510
www.collinbrucemortgageteam.ca

Accountant
I go out of town for my accountant but we communicate by email.
Everett Duerksen, CPA, CA Chartered Professional Accountant
Phone 403.405.0034
Email [email protected]
(Disclaimer: any professional is about fit... you will need to assess if they are the right team for you!)

Comments:
  • Our Realtor, Andy, has been working with us for a number of years. He has a good sense about market value and understands the legal suite development process
  • David Niven, our mortgage broker, is awesome. I've tried other REIN-promoted/sponsored-advertised Brokers and the service was really patchy and the qualifying process incredibly ugly and complicated. Collin Bruce team is awesome. I wouldn't consider a different broker at this point.
  • As far as accountants go, Everett puts together a great coherent financial package. I had to go back a couple of years this past financial year to trace back cash invested and was able to do so with the information he provided.
My caveat with accountants in general when it comes to real estate investing is that this business is not nearly as complicated as some of the slow-walking accountants on stage would have you think. Pretty well any CA or CPA will be familiar enough with SFH investment real estate transactions that they could handle simple returns (if you own in your own name without JVs). Before complicating things with corporations and holding corporations and joint ventures, the real estate transaction itself is very simple and covered in introduction accounting courses. Everett deals with a lot more complicated transactions for us with some JV and a holding corporation, previously.

A good group of professionals is critical but you need to be a little bit careful that you are still making more money than your professionals. If you hire "nothing but the best" and allocate every single task down to the bookkeeping and pay 14% of gross revenue to property management, you will have a negative cash flow asset. (If you are investing in SFH and not 100+ unit multi-family). A part of the "returns" you make as a smaller investor are just refunded time chasing the mythical creature sweat equity.

You are an experienced investor, you will know the right balance!

Thanks Matt! I really appreciate the referrals.

Finding a solid Realtor and mortgage broker will be key for me moving forward. For book keeping, I am going to start managing my properties through quick books as you suggested and will hire an accountant for the year end.

Cheers,
Kevin
twitter @kevmade
hycroftgroup.com
 

margaretcowan

0
REIN Member
Joined
Feb 22, 2008
Messages
469
Hi

Chris Davies of Remax at [email protected] or phone 780-905-7562 cell is a great realtor I'd work with again for sure.
George Hilton of Montrose Mortgage is a top multi-family expert for mortgages at www.montrosemortgage.com Phone office: 780-425-5626
Barrie Touchings is my long time Edmonton lawyer at Nicholl & Akers at 780-429-2771.
You'll be in excellent hands with all of these "Margaret Team" members.
 

KevinMurray

0
Registered
Joined
Sep 17, 2013
Messages
24
Hi

Chris Davies of Remax at [email protected] or phone 780-905-7562 cell is a great realtor I'd work with again for sure.
George Hilton of Montrose Mortgage is a top multi-family expert for mortgages at www.montrosemortgage.com Phone office: 780-425-5626
Barrie Touchings is my long time Edmonton lawyer at Nicholl & Akers at 780-429-2771.
You'll be in excellent hands with all of these "Margaret Team" members.
Thanks for your help Margaret!
 

Sherilynn

Real Estate Maven
REIN Member
Joined
Oct 22, 2007
Messages
2,803
I like Matt's advice. It reminded me of an experience I had with a service provider. My conclusion after that experience was to be sure to find team members with whom I could easily converse and who would respect my knowledge and experience enough to take my suggestions, questions, and requirements seriously.

Regardless of whether you are talking to a realtor, accountant, lawyer, inspector, or contractor, you should feel like you have mutual respect. Of course they will have specialized knowledge in their field, but I cannot abide by so-called professionals lording their credentials over people. Furthermore, we should never simply defer decision making to service providers simply because they have those credentials. Have faith in your own experience and knowledge as well.
 
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