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April 2010
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Next Meeting April 6 in VICTORIA!
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Nanaimo
Real Estate
Investors Club Newsletter
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 Hi Folks!
Hey, I just had a great idea! There's a Victoria Real Estate Wealth Expo happening on the same night as our regular NREIC meeting. So, I've decided that the meeting will be held at the Expo! Neat eh? This event is exactly relevant to the purpose of the NREI club.
If you are coming to the Expo you'll have to register at www.victoriawealthexpo.com.
I encourage you to attend and car-pool. Email me if you're coming. If you are willing to drive I'll let the others know how to contact you.
Julie Broad has agreed to give her talk next month on May 4. Thanks for being flexible Julie!
D and I had a mini-vacation in Long Beach, WA with friends and dogs in early March. That's our 2nd time down there. The beach is big, windy and drive-on-able. Lots of RE for sale down there. Because of proximity to beach it's the same price as better stuff in Langford.
After Long Beach we came home and headed right back out for Phoenix, AZ. D had to spend time at the Mission Palms project. I got to be a tourist in that beautiful city. Lots of great desert/mountain hiking inside the city, great restaurants, new and fast moving streets and freeways, Canadians galore. As Jon Murray has been saying, there's lots for sale there. Prices are amazing.
A friend in California mentioned the website www.arizonaforcanadians.com (thanks Roger). Have a look and let me know if you think it's useful.
I just mowed our lawn for the first time yesterday. Guess what happens when you try to use the old gas from last year? Absolutely nothing mowing-wise. Lots of tugging on the starter cord. Use Fresh Gas!
Please play along with me on this Expo event, you'll be suprised at what you learn and who you meet. Bring Business Cards!
There's a great article below on the proper use of RRSPs by RE investors and an Opportunity.
Take care,
Gord
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April 6 Meeting CHANGED TO VICTORIA!
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Ok, it's short notice. None the less, I encourage you all to attend the Victoria Real Estate Wealth Expo on April 6, our normal NREIC meeting, 'cause that's where I'll be. The normal meeting at the Beban Park Rec. Centre is cancelled. Pre-register here. Please come down to Victoria and get some great education. Of course you will be encouraged to invest in stuff. The Expo is at the Delta Ocean Pointe Hotel in the ballroom. It starts at 6:45 (for refreshments). See you there! Gord |
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NOTE!
Next Meeting in Victoria!
Apr 6 NREIC meeting replaced with your no-charge attendance at the Victoria Real Estate Wealth Expo.
Pre-Register here:
www.victoriawealthexpo.com
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FOR SALE
$859,000
12 Unit apartment building in Port Alberni
Well managed building with good numbers
Check it out!
www.avrilarts.ca
Shirley Avril
savril@telus.net
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NREIC
Next Month's
Meeting
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Tuesday May 4, 2010, 7 pm
Julie Broad will teach us her techniques for attracting motivated sellers.
Beban Park Rec Centre,
2300 Bowen Rd
Room 8
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The Fallacy About RRSP's Every Real Estate Investor MUST Know |
By Dave Peniuk
Very few Canadians actually understand what their RRSP is. And I am pretty sure
if they did they wouldn't be investing money the way they are investing money
today. I am also pretty sure there would be a lot more real estate investors
taking advantages of mortgages within RRSP accounts!
It really is the "Fallacy of the RRSP Investment". You see, a fallacy
is "an incorrect or misleading notion or opinion based on inaccurate facts
or invalid reasoning". Your RRSP in and of itself is NOT an investment.
It is a special type of account that can hold funds in it and the funds in it
are tax deferred (thus, you can write-off your contributions to it and the
returns are not taxable either - UNTIL you begin withdrawing the funds).
But, and this is very important, the RRSP is not an investment. The GIC's,
Mutual Funds, Stocks, Bonds, Mortgages (yes, you can invest in a mortgage
through you RRSP account) are the investment.
I want to inform Canadians (and even our US counterparts with their IRA
accounts) that they need to educate themselves and take more control of their
money. If you do not know, unequivocally, what investments you have within your
RRSP (or RESP, LIRA, RRIF, etc.), and what is their NET RETURN to you, then you
need to take a good hard look.
And you know what I am excited about? Really excited about? I am excited about
the fact that I know how to use the cash in my RRSP's and how I can help others
use the cash in their RRSP's to invest in mortgages (and with it the knowledge
of what the NET RETURN will be because it's a mortgage!! - you know, like the
ones that you pay the banks hundreds of thousands of dollars in interest??!?!).
Now, I am not giving advice, as I am not a "Licensed Investment
Salesperson" at one of the financial institutions (many Financial Advisors
were called this until 2008), but I am letting you know you have other options
available to you in your RRSP accounts. And, I urge you to find out:
What are you invested in within your RRSP (RESP, RRIF, LIRA)
What are your NET returns (this is your total return less all the fees charged
by your Advisor, or Mutual Fund, or admin fees..)
If you have a Financial Advisor, Planner, Broker, ask him or her to explain how
your investments are doing in REAL CANADIAN LANGUAGE
Ask your Planner what they are invested in and see if they are invested in any
of the same products they suggested you invest in
If you do the above, and are able to get a real handle on the investments
within your RRSP (or IRA), then you will be well on your way to taking real control
of your money....because hey, no one and I mean NO ONE will (or more
importantly SHOULD) care more about your money than you!
Dave Peniuk is a real estate investor who has made it his mission in life to help
other real estate investors avoid the traps and pitfalls he stumbled on when he
began investing in real estate in 2001. Get his free real estate investing
newsletter at http://www.revnyou.com and you'll also receive a complimentary
copy of his Real Estate Investing Starter Tips Guide.
Article Source: The Fallacy About RRSP's Every Real Estate Investor MUST Know
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OPPORTUNITY |
Listen up: if you get
into this deal with Cornell and he ends up owning your house, car, debts, job,
company, bail bond, etc. don't skype me begging for advice 'cause I warned you
to check him and the property out thoroughly first!
Cornell Pidruchney says:
I have a Nanaimo house with suite under contract to purchase for $314K by way
of assumption of existing mortgage and nothing down!
I am seeking either a JV partner to qualify for the mortgage, or to sell this
deal for a cash fee or series of monthly payments. I am open to any
creative deal! If you know anyone interested, please ask them to contact me
directly.
Here are the details:
Nice house in good area of Cinnebar (Located on Roberta Road East, in south
Nanaimo), close to schools, shopping and convenient highway access.
½ acre lot, 2-storey house, about 2,600 sq feet total size on both floors.
House is about 30 years old. Lovely huge backyard with great view and gardens,
with well-built garden house (small shop). House carport converted into
nice workshop!
Good condition overall, but needs $5K of paint, carpets, etc. to make it really
pretty, as the owners had dogs and it needs some clean-up.
Upper Suite: 3BR, 1 bath up and full kitchen, living area, dining nook,
nice large deck off kitchen. Area roughed-in for separate Laundry
attachment.
Potential Upper Rent: $1,200 - $1,400.
Lower Suite: Separate entrance, 3 BR, 1 bath, full kitchen, living room,
laundry installed. Potential Lower Rent $900 - $1,000.
TERMS:
Price $314,000. (current market value is $310K - $330K)
Down payment: Zero
Completion Date: 16 APR 2010
Purchase by way of qualification and assumption of existing $314,000 mortgage.
Terms of existing mortgage: 5 year fixed mortgage, Term ends 01 MAR 2013.
Interest rate 5.66%
Monthly payment: $1,676 (principle & interest)
Taxes: $233/month
GREAT CASH FLOW!
THIS IS NOT A LEASE-OPTION AND REQUIRES A MORTGAGE ASSUMPTION OR NEW FINANCING.
Cheers; Cornell
Direct: 250-756-9239 Toll-Free: 1-866-756-9239
Fax: 1-866-756-0150 cornellp@4pillars.ca
www.4pillars.ca
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