investing out of province

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FrontDoorInvestments

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#1
Jan 31, 2010
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#1
I am newish to real estate investing. I have 3 sfh and 1 commercial property in Calgary. I am now looking at growing my business and expanding to multi-family homes, with the focus being on fourplexes - six-plexes. My focus is monthly cash flow, not as concerned with high equity growth. I have found the east coast to be more favourable to meet my goals.
My question is whether I should find a real estate lawyer, accountant and mortgage broker in my new area`s or can I use my Calgary based ones? Thank you for any help or suggestions!

Cheers,
Shelley Visser
 
Thomas Beyer

Thomas Beyer

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Aug 30, 2007
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#2
QUOTE (FrontDoorInvestments @ Aug 7 2010, 10:04 AM)
... My question is whether I should find a real estate lawyer, accountant and mortgage broker in my new area's or can I use my Calgary based ones?


Realtor has to know the immediate area you invest in .. say Barie or Hamilton or KWC or Halifax or Vancouver Island near Nanaimo !



Lawyer has to be licensed in the province you intend to buy in and should be a legal expert in investment real estate!



Accountant can be local / close to home.




QUOTE (FrontDoorInvestments @ Aug 7 2010, 10:04 AM)
..

My focus is monthly cash flow, ..


Investing for cash-flow (only) ?



Why leave the other 2 important real estate investment pillars [equity appreciation and mortgage paydown] untouched ? Why not buy a publicly traded REIT or income trust or dividend paying stock for INCOME ?





related post: Equity Gain not the only way to make money in RE: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10711-Equity_is_not_the_only_way_to_make_money_in_real_estate.html
 
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FrontDoorInvestments

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REIN Member
#3
Jan 31, 2010
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#3
QUOTE (ThomasBeyer @ Aug 7 2010, 01:03 PM)
Realtor has to know the immediate area you invest in .. say Barie or Hamilton or KWC or Halifax or Vancouver Island near Nanaimo !



Lawyer has to be licensed in the province you intend to buy in and should be a legal expert in investment real estate!



Accountant can be local / close to home.





Investing for cash-flow (only) ?



Why leave the other 2 important real estate investment pillars [equity appreciation and mortgage paydown] untouched ? Why not buy a publicly traded REIT or income trust or dividend paying stock for INCOME ?





related post: Equity Gain not the only way to make money in RE: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10711-Equity_is_not_the_only_way_to_make_money_in_real_estate.html
 
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FrontDoorInvestments

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REIN Member
#4
Jan 31, 2010
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#4
Thank you so much Thomas for your quick reply.
I should clarify that I am very much interested in mortgage paydown and equity appreciation. The mortgage paydown is part of my 3-5 year plans. With the equity appreciation I am okay to have a smaller, steady growth if my monthly cashflow is higher.
My short term goals require a higher monthly cash flow, with a focus on higher "equity appreciation" properties to be purchased within a 1-2 year plan.

As for REITS/Trust funds, I am not very familiar with them. The ones I`ve heard of require significant amounts of $ to get a decent monthly cash flow. This could just be ignorance on my part. But the biggest reason I am not interested at this time is that I want to learn how to invest myself, how to work with joint ventures, and how to grow my own real estate portfolio. Down the road, this may be something I will do.

I am new to the ACRE/REIN program. I love how much I am learning and growing. Any insights are greatly appreciated!
 
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