Victoria Real Estate Investors Club
August 2009 Newsletter
Meeting is August 25, 2009
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Keller Williams Realty
323-1095 Mackenzie Ave
Victoria BC V8P 2L5
250-595-3200
david@davidhale.com
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| Nanaimo Club |
Next meeting is Sept 1 at the Beban Park Rec Centre, 2300 Bowen Road, Room 8
Karen Aven will speak on
Staging Your Property
for Sale.
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Breakfast Meeting
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| Cancelled until further notice! |
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Hi Folks,
The Rent To Own (RTO) style of investing is gaining popularity these days. When I was a student it was called Lease Option (lease with an option to buy). There are ads on the Victoria Craigslist offering that service to potential buyers. There's a little red car in Langford with giant ads on it for rent 2 own. My mentors were adamant that having the correct contracts could make or break this method. Attracting the correct tenant-buyer was also a key skill for no-hassle RTO investing. We decided to give it a pass when we started our RE investing company. It was too complicated and we were scared of the unknown. Looking back, the Victoria market then probably wouldn't support RTO investing. Right now it's a lot easier to find tenant-buyers and appropriate properties. If you want to take this on here's my recommendations: get a mentor who has a track record and do what they say, get court-tested contacts suitable for BC and acquire excellent negotiating skills. The negotiating skills will come in handy in other parts of your life, esp. relationships!
Hey, we're not gonna be in town for the October 27 meeting. Who would like to run the meeting for us? I'll arrange for the speaker and all the details. Here's your big chance to impress the folks with your wit, intelligence and entertaining personality. If you could tape the meeting then maybe I can learn how that's done too.
So, when the mid-month breakfast meeting attendance drops off to zero, is it the location, the time of year, poor advertising or what???? When we met at Brannigan's there was always an over-flowing crowd. Now that we're at The Pantry, not so crowded. Let me know what you think about all that so I can get the event charged up again. I'm canceling the meeting for a few months until I get some feedback.
Don't tell anyone but Denise and her WBD partner Steve are going to Phoenix Thursday to research a way under market price 125 unit complex. If it checks out, you may want to become involved. She just got back from Tulameen after looking over their magnetite mine investment. She says it looks good and that offer ends Aug 31.
Our meeting this month on August 25 will feature Scotty Grubb from Prestigious Properties. He's upbeat on the current RE market from an investors perspective and will let us know why.
Denise and I are going on an m'bike trip in September thru Washington over to Coeur d'Alene, Idaho and back. Please share with us your experience with that area/route.
Take care,
Gord Knox
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| August 25, 2009 Meeting
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Scotty Grubb from Prestigious Properties is our speaker this month.
Scotty is a Senior Business Development Professional who has
played key roles in the financing and operations of numerous public and private
companies over the past 30 years. He completed his engineering education in
Scotland before immigrating to Canada in 1968, where he became involved in a
series of successful business development enterprises. His stellar reputation
as a manager and financier have helped him raise in excess of $45 million, with
over $25 million raised since joining Prestigious Properties in the fall of
2006. He is happily married with two adult sons and lives in West Vancouver,
B.C.
Given the financial storm of late, and perhaps more
to come, Scotty will explain why and how Multi Family Real Estate is a safe
harbour for investing and why hard assets should be part of your long term
investment strategy.
Join us for the after-meeting meeting at Red's down the hall.
7 - 9 pm
Comfort Inn (formerly Holiday Inn)
3200 Blanchard St.
Victoria
$15 at the door (no charge for annual mbrs)
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| Opportunities
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The following are NOT endorsed by Gord Knox. If you choose to give these folks your money, and it all goes away, that's your problem!
Linda Young says:
I'm looking for an "armchair" investor who wants an equity position in a well-priced property ($20 - $30k below market) in Langford. Nothing to do except qualify for the mortgage and put up some cash for a down payment.
A $315,000 townhome has been chosen. There is an accepted offer and time is of the essence. The partner can put up $10,000 and the investor will put up the rest of the downpayment and qualify for the mortgage. The partner will live in the property, be responsible for the mortgage payments, taxes, repairs, etc. At the end of three years (or less) the property could be sold and proceeds split or the partner could buy out the investor. At a 4 to 5% growth per year that's $371,000 after 3 years.
Contact Linda ASAP rosslind@shaw.ca 250-590-3208
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| 5 Unique Ways to Find Funding For Real Estate
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By Dave Lindahl
Despite the current slump in the housing market, it can be an attractive time to acquire funding for a real estate property. I made my move into the real estate business at a time where it was not a sure thing, but I have comprised key skills that continue to allow me to not only survive the slump, but profit from it. I had a mere $800 to my name when I decided I too wanted to make real estate work for me. Over time my success keys have been shared with others, and I will share them with you.
There are great ways to obtain the capital necessary to launch a future in the real estate market. We will look at five, though there are many.
Grants:
The government dishes out millions of dollars each year in grants to those seeking funding for real estate ventures. This is mainly because one of the government's main duties is to provide housing for U.S residents. Not only are the grants there to help the brokers, but also acts as an outsourced entity for the government. There are not only federal grants for which you can apply, but also state level grants as well.
Private Investors:
If you can be provided with an opportunity to sit down with someone who is willing to entertain putting forth a little investment capital for a possible venture, wear your best suit and tie. Have a professional proposal detailing your outlying costs and show the bottom line of your profit margin. A Private investor will be more concerned with your bottom line than perhaps, a bank would. Chances are your investor will be looking for a faster return on their money than a financial institution will.
The seller (can you believe this?):
Yes, you can possibly obtain the money needed for a property from the seller. It may benefit the seller more to finance your purchase than to maybe face foreclosure. In some instances the seller is willing to add additional monies to the price of the property to account for the down payment and closing costs. This additional money may need to be covered in a certain time period such as a deferred down payment. It will increase your interest to carry that extension on your balance; however it will buy you some time to earn more capital.
Liquefying any assets:
If you feel strongly about entering in to the market and have tried other avenues to obtain capital; you may think about liquefying any available assets. You can cash in any stocks, bonds or other savings. Also you may contemplate turning over your 401K in hopes that you can replenish your retirement fund with a much more lucrative investment in larger sums. Especially if you can invest then into a CD account which yields higher interest.
Loans:
If all else fails, It is still possible to obtain an investment loan from a bank or credit union. You may be required to possess a higher credit score and/or have substantial collateral to convince the bank to fund your venture. In this instance you may or may not receive the full amount necessary, and will also need to consider the interest rate that will be assessed above the loan. This will be essential when completing a bank proposal.
Don't stop here there are many other ways to do [http://www.rementor.com/how-to-invest-in-real-estate.shtml]real estate deals!
David Lindahl, also known as the "Apartment King" has been successfully investing in single family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights, please go to http://www.davesoffer.com/ezine
Article Source: http://EzineArticles.com/?expert=Dave_Lindahl http://EzineArticles.com/?5-Unique-Ways-to-Find-Funding-For-Real-Estate&id=2761932
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