Down-to-Earth CANADIAN Real Estate Investing (eBook)
My Ten-House Strategy and Real-Life Journey
eBook Download:
EPUB
2018
|
1. Auflage
200 Seiten
i c publishing (Verlag)
978-1-927952-98-6 (ISBN)
200 Seiten
i c publishing (Verlag)
978-1-927952-98-6 (ISBN)
People hear the term 'rental property' and conjure up images of nightmarish tenants, contractors looking to rip them off, and mounting costs that ultimately balloon out of control. These things can, and probably will, happen from time to time in your own real estate investment adventure, but in the end, it's about seeing past these bumps to the large, exhilarating mountain on the horizon. This can happen for you, as long as you have the key characteristic that every successful real estate investor needs: perseverance. Down-to-Earth CANADIAN Real Estate Investing is not about selling you on the concept of becoming a real estate investor, but is intended to share the author's journey through the often challenging, demanding, yet potentially lucrative world of real estate investment.
People hear the term "e;rental property"e; and conjure up images of nightmarish tenants, contractors looking to rip them off, and mounting costs that ultimately balloon out of control. These things can, and probably will, happen from time to time in your own real estate investment adventure, but in the end, it's about seeing past these bumps to the large, exhilarating mountain on the horizon. This can happen for you, as long as you have the key characteristic that every successful real estate investor needs: perseverance. Down-to-Earth CANADIAN Real Estate Investing is not about selling you on the concept of becoming a real estate investor, but is intended to share the author's journey through the often challenging, demanding, yet potentially lucrative world of real estate investment. It's all about the drive, the never-give-up attitude, and the determination that every risk-taker must have in order to overcome apprehension and move toward success. But why invest in real estate in the first place? Motivation is essential, and this book encourages you to think about your motivation for real estate investing. What financial goals propel you forward? Yearly tuition? A brand new two-storey house? A happy and healthy retirement? There is no wrong answer, only the process of figuring out your ultimate objectives. Once you determine exactly why you want to put money away, you need to look at the realities of the rental business, including: How much do you think you need to make a month? How much cash flexibility do you have? What price can you afford to pay for a house? Consider the distance you are willing to drive to get to the property in question. How much time and energy do you want to spend on this endeavour? Can you have laser-focused attention when it comes to achieving your goal?This book will take you through the author's triumphs and tribulations as he navigated the rental business, going from one house to ten!
People hear the term "e;rental property"e; and conjure up images of nightmarish tenants, contractors looking to rip them off, and mounting costs that ultimately balloon out of control. These things can, and probably will, happen from time to time in your own real estate investment adventure, but in the end, it's about seeing past these bumps to the large, exhilarating mountain on the horizon. This can happen for you, as long as you have the key characteristic that every successful real estate investor needs: perseverance. Down-to-Earth CANADIAN Real Estate Investing is not about selling you on the concept of becoming a real estate investor, but is intended to share the author's journey through the often challenging, demanding, yet potentially lucrative world of real estate investment. It's all about the drive, the never-give-up attitude, and the determination that every risk-taker must have in order to overcome apprehension and move toward success. But why invest in real estate in the first place? Motivation is essential, and this book encourages you to think about your motivation for real estate investing. What financial goals propel you forward? Yearly tuition? A brand new two-storey house? A happy and healthy retirement? There is no wrong answer, only the process of figuring out your ultimate objectives. Once you determine exactly why you want to put money away, you need to look at the realities of the rental business, including: How much do you think you need to make a month? How much cash flexibility do you have? What price can you afford to pay for a house? Consider the distance you are willing to drive to get to the property in question. How much time and energy do you want to spend on this endeavour? Can you have laser-focused attention when it comes to achieving your goal?This book will take you through the author's triumphs and tribulations as he navigated the rental business, going from one house to ten!
Down-to-Earth CANADIAN Real Estate Investing is not about selling you on the concept of becoming a real estate investor, nor is this book meant to encourage you to buy any services, invest in any company, or subscribe to any webinar. I simply want to share my journey through the often challenging and demanding, yet potentially lucrative world of real estate investment. It’s simple: this is what I have learned, what I have experienced, and consequently, what I have intuited when it comes to purchasing and renting out property.
People hear the term “rental property” and automatically tend to conjure up images of nightmarish tenants, contractors looking to rip them off, and mounting costs that ultimately balloon out of control. These things can, and probably will, happen from time to time in your own real estate investment adventure. Some stumbles are inevitable, and a bad situation can rear its ugly head on occasion. In the end, it’s about seeing past these bumps to the large, exhilarating mountain on the horizon. This can happen for you, as long as you have the key characteristic that every successful real estate investor needs: perseverance.
It’s all about the drive, the never-give-up attitude, and the determination that every risk-taker must have in order to overcome apprehension and move toward success. In my early years of investing, I encountered my share of down times, heartbreaks, catastrophes, and outright disasters, and yet I kept going. I had the kernel of a dream, and when I added a little heat, some butter, and acquired the right pan-popping technique, it turned into some amazingly yummy popcorn!
Let’s begin with the most fundamental question: Why do it? Why invest in real estate in the first place? Motivation is essential to your endeavour being a profitable one, or one that eventually withers away in an uneventful, self-implosive display.
Author and radio personality Earl Nightingale is quoted as having said: “Success is the progressive realization of a worthy goal or ideal.” I believe with my whole heart that Nightingale was right. A worthy goal, an important objective, an ideal that deserves your hard work and grit—this is what is needed to underpin your real estate journey, and this is what will constitute your eventual success. Let’s look at some of the reasons you might consider investing in real estate, and then I will explain mine to you.
•A New Home: The quintessential dream: a beautiful four-bedroom, three-bathroom house, complete with deck, landscaping, and sizable garage to accommodate all the SUVs. Home ownership is the goal of many. With the incredibly popular emergence of home design TV shows, everyone not only wants to own their own house, but they want to redesign it, decorate it in modern fashion, and add their uniquely personal touch. Investing in real estate and acquiring properties can help you move toward your goal of purchasing your own new home someday.
•College Education: Certainly not cheap, college tuition and associated costs have skyrocketed in the past ten to fifteen years. And yet, acquiring a college degree is becoming more the norm than ever before. That said, you look at your three-, four-, or five-year-old and think to yourself, how in the world am I going to afford to put my kids through school? Enter the real estate investment option. Start slowly and grow bigger. Begin with one or two homes and then expand from there. Before you know it, you will be on the road to setting aside tuition, room, and board.
•General Security: There is nothing wrong with wanting to put away the proverbial nest egg so that if an emergency should come up, or if some unforeseen or rather large expenditure does arise, you’ve got it covered. With monthly rental income coming in, you can live off your regular income while putting the investment proceeds away for the unexpected.
•Here is my primary reason for venturing into the world of real estate investing: Retirement. Hailing from Indonesia, I have had the fortunate experience of being able to visit, and consequently live, in a number of countries. I received a Bachelor of Science in Computer Science from the Australian National University, and I received a Master of Management in Finance from the University of Indonesia. In 2004, I migrated to Canada where I live in Toronto with my family. Real estate was not my number one job, but it was my number one passion. I explored that passion by proactively seeking out ways to get involved with real estate and real estate investing. I concluded that by beginning this journey I could ultimately save enough for a comfortable and happy retirement.
•Did you know that currently, more than half of Canadians have less than $10,000 in savings?1,2 That’s all! That number is frightening to say the least. I did not want to be among those who were panic-stricken about how they were going to face a future with a mere $5,000 to $10,000 in the bank. Obviously, this is not a feasible amount to live on when you are in your golden years. Real estate investing was going to be the key that I needed to build up our retirement savings and consequently sleep better at night knowing that the future would be okay.
I encourage you to think about your motivation for real estate investing. What financial goals are propelling you forward? Yearly tuition? A brand new two-storey house? A happy and healthy retirement? There is no wrong answer here, there’s only the process of figuring out your ultimate objectives.
Once you do determine exactly why you want to put money away, you need to look at the realities of the rental business including: How much do you think you need to make a month? How much cash flexibility do you have? What price can you afford to pay for a house? (In Chapter 8 we will cover financials more in-depth.) Consider the distance you are willing to drive to get to the property in question. How much time and energy do you want to spend on this endeavour? Can you have laser-focused attention when it comes to achieving your goal?
This book will take you through my triumphs and tribulations as I navigated the rental business going from one house to ten! Here is what you can expect to learn from each chapter:
Chapter 1 – The Ten-House Strategy: Here’s Why. You have to start somewhere, and my advice is to start by looking inward to figure out what you’d like to achieve from your rental property dreams. I will discuss my own goals, the concepts of plans and vision boards, and the necessity of understanding the math around rental homes.
Chapter 2 – Where Do You Start? My Favourite Websites, Personal Insights, and Invaluable Advice. Now that you’ve done the planning, you need to get in there and find your first property! This is the exciting part. For these crucial first steps, we’ll discuss sources for discovering the perfect rental and the pros and cons of using a real estate agent.
Chapter 3 – Mortgages, Banks, and Closings, Oh My! Mortgages, of course, are incredibly important to the process. I’ll share my experiences with banks and my insights into the best ways to deal with brokers.
Chapter 4 – Getting Down to Business: Insurance 101. Hand-in-hand with the mortgage aspect of this business, is the insurance component. Insurance can save your life (and your wallet) when owning rental properties. This chapter will give you the basics on what you need to know and what to look for.
Chapter 5 – Tenants and Contracts: When Finding Renters, Why Family Matters. Rental homes are largely about the tenants. Find a good tenant and you are set; pick a bad one and you could be looking at major headaches. We’ll explore some dos and don’ts when it comes to finding and working with tenants.
Chapter 6 – Troubles, Tips, and Turnarounds: Always Replace the Sump Pump! The upkeep of your rental properties is incredibly important. In this section we explore everything from finding the right property manager, to working with contractors, to pitfalls to avoid—which I unfortunately experienced!
Chapter 7 – The Team Approach. Relationships are at the heart of any good rental property business. Perhaps one of the most important is the one you establish with your mentor. In Chapter 7, we look at the benefits of mentorship as well as how incredibly important it is to have a strong team—what I call my Power Team!
Chapter 8 – Keep Your Cool and Make Money. In the end this is about making money to put toward your goal. You have to be able to handle market ups and downs and you have to keep your focus. In this chapter I will give you the encouragement you need to persevere through the hurdles.
Chapter 9 – Yes, You Will Need a Good...
| Erscheint lt. Verlag | 18.10.2018 |
|---|---|
| Sprache | englisch |
| Themenwelt | Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft |
| ISBN-10 | 1-927952-98-0 / 1927952980 |
| ISBN-13 | 978-1-927952-98-6 / 9781927952986 |
| Haben Sie eine Frage zum Produkt? |
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