Advice: Where to Start

[fullhouse]

Hi all,

A newbie investor here and am looking for some guidance in getting a mentor and/or training on proper real estate investing.

I`d like to know where did most people turn to first in educating themselves.

So far I have read "Real Estate Investing in Canada" by Don Campbell and it kind off jump started me and I think the economy right now is awesome for investing. I`ve considered the Quickstart program too but it`s a lil out of my budget.

I`m not into buy and hold or Landlording though.

I came across this site and wanted to know if anyone has been to their seminar in your area?
http://www.canadianrealestateinvestorstrai...state-workshop/

I`m thinking of going as I missed the last time they we`re here in Edmonton and my brother in Toronto said he really enjoyed it.

Andy

 

[FayWong]

QUOTE (fullhouse @ Nov 13 2008, 03:03 PM) Hi all,

A newbie investor here and am looking for some guidance in getting a mentor and/or training on proper real estate investing.

I`d like to know where did most people turn to first in educating themselves.

So far I have read "Real Estate Investing in Canada" by Don Campbell and it kind off jump started me and I think the economy right now is awesome for investing. I`ve considered the Quickstart program too but it`s a lil out of my budget.

I`m not into buy and hold or Landlording though.

I came across this site and wanted to know if anyone has been to their seminar in your area?
http://www.canadianrealestateinvestorstrai...state-workshop/

I`m thinking of going as I missed the last time they we`re here in Edmonton and my brother in Toronto said he really enjoyed it.

Andy
I am not familiar with this seminar, but if your brother went ask him, "did he do anything with the information he was provided?" If he didn`t do anything was it because he just didn`t get around to it? a lot of people are not action takers or is it because there was not enough to work with?, could he have? A lot of speakers are entertaining, enjoying the seminar is not critical. How much real information did he get. I suspect not much or he would have told you what he plans to do next, not that he enjoyed the speaker.

 

[Bill]

QUOTE (fullhouse @ Nov 13 2008, 03:03 PM) Hi all,

A newbie investor here and am looking for some guidance in getting a mentor and/or training on proper real estate investing.

I`m not into buy and hold or Landlording though.

I came across this site and wanted to know if anyone has been to their seminar in your area?
http://www.canadianrealestateinvestorstrai...state-workshop/

I`m thinking of going as I missed the last time they we`re here in Edmonton and my brother in Toronto said he really enjoyed it.

Andy

I quite liked this line from their web page,

How To Have Homeowners Begging You to Purchase Their Houses for 30%-50% Below Market.

I`ve read most of the No Money down type books and they tend to deal with entirely different markets than you typically can find in Canada. And the markets that you may be able to get the person to sell you their property for 30 - 50% less than market value have a reason they are selling so low.

We flipped a significant amount of properties in our first several years with the belief that was the way to make money. The reality is the buying and holding has generated significantly more money than all the flips did and I wish we had them all back as rental properties now.

There are tons of ways to make money in Real Estate, but buying and holding in the proper areas seems to be the best and easiest route for most. The link you included just seems to make it sound to easy, and if it`s so easy, why isn`t everyone doing it? On the plus side, it`s great they can offer a 100% satisfaction guarantee to a free event though, that should put everyone`s mind at ease.

 

[Dan_Eisenhauer]

Save your money, Andy. Most of those seminars are American get rich quick schemes, some of which also include carrots to make you buy the next seminar. If a seminar is worth attending, it is worth far more than $89. I am very skeptical that you would get anything concrete out of it.

There are only two No-Money-Down strategies that I know of that work in Canada... buying using OPM (Other People`s Money), and Option to Buy, both of which you can learn about in REIN.

On the other hand, if you have $89 to burn, and curiosity gets the better of you... GO! It is not a large amount of money to throw away.

 

[fullhouse]

thanks for the feedback.

I was considering flipping because I don`t know if I have the stomach to buy and Hold and then be a Landlord. My cousin is a landlord in Calgary and while he`s making good money he hates being a landlord.

My Brother is utilizing what he learned and has teamed up with some professionals that came to the meeting and plan on starting to advertise next week to test the theory. he stated that the foreclosures in his neighborhood are staggering and he made an offer for 30% below which is pending approval by the homeowner.

anyways, this is insightful... I`ll need to attend some networking groups and ask people about their experiences with different styles and match it to my personality.

A.

 

[markl]

Hi

Just a note on the course I have not attended it and obviously do not endorse it. I do know the proprietor of the course and he is Canadian. I cannot substantiate his claims but he seems to have done the stuff he is talking about and the free course is to get you to sign up for his mentoring course which I believe is $5,000

Regards,

 

[JoefromTO]

QUOTE (fullhouse @ Nov 13 2008, 05:03 PM) Hi all,A newbie investor here and am looking for some guidance in getting a mentor and/or training on proper real estate investing.

I`d like to know where did most people turn to first in educating themselves.

So far I have read "Real Estate Investing in Canada" by Don Campbell and it kind off jump started me and I think the economy right now is awesome for investing. I`ve considered the Quickstart program too but it`s a lil out of my budget.

I`m not into buy and hold or Landlording though.

I came across this site and wanted to know if anyone has been to their seminar in your area?
http://www.canadianrealestateinvestorstrai...state-workshop/

I`m thinking of going as I missed the last time they we`re here in Edmonton and my brother in Toronto said he really enjoyed it.

Andy


Ok here`s my 2cents. First of all, its good that your considering real estate as a means of investment. I imagine everyone here will tell you its a great way to invest for your future. However, like anything, there`s work involved.

Buying and fliping houses is very risky. Some people can make alot of money, but they know alot about real estate to begin with.

What REIN promotes is investing. REIN teaches everything you need to know about long term wealth creation in real estate.

However! You did mention that you are not the kind of person who likes to buy and hold and being a landlord is not your thing. Then real estate investing may not be what your looking for.

However #2 there are ways of buying and holding property (investing) and having the property managed for you. This is something that is discussed as well in REIN.

So the thing is, what your probably fearing is all the horror stories you have heard about tenants, which for the most part aren`t true. You may have also heard that you can lose your shirt if you don`t know what kind of property to buy and where. These are things you need to deal with in order for you to really consider real estate investing. The best place to do that is with a company of like minded people. You will fear what you don`t know or don`t understand.

I`ll admit, there`s alot to learn. But once you start getting some answers to the things that concern you, you start to feel more empowered. That`s the value and power of knowledge and REIN is full of exactly that.

If your not able to budget the monthly expense required to become a REIN member, then the least you should do is try and educate yourself the best you can. Look up Don R. Campbell`s books...those are going to be a great start for you.

You don`t have to be a member of REIN to be successful at real estate investing, but being a member provides alot of very usefull resources to really raise your knowledge.

Hope that helps.

 

[Thomas Beyer]

QUOTE (fullhouse @ Nov 14 2008, 10:53 AM) thanks for the feedback.

I was considering flipping because I don`t know if I have the stomach to buy and Hold ...

but you have the stomach to flip ?

To make money flipping you have to buy SUBSTANTIALLY below market value, ideally all in cash, say at 30 to 40% below market to cover these expenses:
a) legal fees in
b) legal fees on exit
c) realtor fees on exit / marketing expenses
d) utilities, taxes and holding costs
e) upgrades / cosmetic improvements
f) mortgage costs if you have one

In the current market this is an extremely risky endavour !! Where in the world does this work right now ?

 

[qdsouza]

Let`s cut to the chase:
http://www.canadianrealestateinvestorstrai...state-workshop/ = http://www.preigcanada.com/

 

[MikeMcCrae]

Real estate investing is a long haul route to wealth. Buy and hold is the true definition of investing in my mind. If you have no stomach for buy and hold then you are a speculator and there is nothing wrong with that. It just is not what REIN is about. Flipping is a great business and it can be extreemly profitable. It is also very risky! If you want to create long term wealth as a Real Estate Investor then an investment in becoming a REIN member is a very worthwhile expenditure. If you want to make your money by flipping properties then I think you should save your money and not become a member of REIN. REIN has a track record of success, boasting (I believe) 72% of it`s members are investors. Show me another investment group that can show numbers like that. Long term inter generational wealth is what can be created with REIN.

 

[JPAQ]

QUOTE (fullhouse @ Nov 13 2008, 03:03 PM) Hi all,

A newbie investor here and am looking for some guidance in getting a mentor and/or training on proper real estate investing.

I`d like to know where did most people turn to first in educating themselves.

So far I have read "Real Estate Investing in Canada" by Don Campbell and it kind off jump started me and I think the economy right now is awesome for investing. I`ve considered the Quickstart program too but it`s a lil out of my budget.

I`m not into buy and hold or Landlording though.

I came across this site and wanted to know if anyone has been to their seminar in your area?
http://www.canadianrealestateinvestorstrai...state-workshop/

I`m thinking of going as I missed the last time they we`re here in Edmonton and my brother in Toronto said he really enjoyed it.

Andy

Hello Andy,

Investing in Realestate does not make you millions overnight. It takes time to put your systems in place and to purchase to proper units in the proper areas. Just from reading your statement I think that investing in Real estate is not for you. You are looking for a get rich quick thing.

Cheers,

Jason

 

[nepoez]

3 years ago I considered flipping houses. However, I`m a paranoid guy so I did some calculations and I realized in order for me to break even, the property will have to go up at least 20%.. I gave up after that.

P.S. I would have made money as it was the tiger woods year, but it would have been due to luck, if I did it 1-2 years after that I would have lost lots of money, and that would have been due to bad luck! I`d put 10-20 bucks on luck but not 100k.

QUOTE (thomasbeyer2000 @ Nov 17 2008, 02:09 PM) but you have the stomach to flip ?

To make money flipping you have to buy SUBSTANTIALLY below market value, ideally all in cash, say at 30 to 40% below market to cover these expenses:
a) legal fees in
b) legal fees on exit
c) realtor fees on exit / marketing expenses
d) utilities, taxes and holding costs
e) upgrades / cosmetic improvements
f) mortgage costs if you have one

In the current market this is an extremely risky endavour !! Where in the world does this work right now ?