It was back in the mid ‘90s and I distinctly remember the first time I thought of actually owning investment real estate. It was pre-internet and access to such things was unheard of- the only way you could learn about it let alone be exposed to it was by knowing someone who was already doing it or stumbling upon it like I did. I was working in law enforcement and doing shift work and one evening I wrapped up around midnight, came home and was making something to eat and had the television on. For those who remember, I got pulled into an ‘infomercial’ by an all-American looking guy on screen with a perfect moustache and big smile, lots of energy. His name was Russ Whitney and he was sharing all about his journey of working in a slaughter house for $5/hr and struggling until one day a banker explained how he could buy real estate, fix it up, refinance it tax-free and pull money out of the deal to purchase more. It all seemed reasonable and I was hooked!
In short, I purchased his program, followed it to the letter and in short order I acquired a triplex rental unit that was already tenant occupied and my journey had begun! Did I know what I was doing? Absolutely not! Did I learn a ton? Absolutely! Did I deal with non-paying tenants, evictions, fire damage and insurance claims, flooding, court to recover expenses and more court to vacate a hoarder? Yes, yes, yes and yes! Did I stop? NO!
Real estate is currently facing some extreme challenges at the moment from housing supply, a lack of purpose-built property and government vision and far too much regulation that takes away investor and developer incentive to produce the much-needed stock that is desperately needed. Now, more than ever before, real estate investors are facing an atmosphere of punitive tax regulations, a beyond lax Tenant-Landlord system and a financing environment that makes funding and development much more challenging. In order to make an intelligent investment decision, there is so much to consider and it is critical to get expert advice from your Realtor, Accountant, Mortgage Broker (Lender) and Lawyer so that you can fully understand how to invest, how to structure and how to finance. Things are very fluid at the moment so making sure that you plan for all potential contingencies is fundamental to your success. I would recommend joining local investor groups, online groups like Bigger Pockets and get involved with people doing the types of investments that are of interest to you and learning from those doing it (and doing it well!).
Real estate investing can be very rewarding financially and it can provide you with time freedom and flexibility over the long term- don’t mistake that for understanding that it’s not a passive investment that you simply buy and collect rental cheques, it is an active investment that requires your involvement constantly. If you’re up for it, reach out and we can discuss how and where you can get started. I’m glad I did and I would encourage anyone to consider it as an option to build their long term portfolios. Good luck out there and happy investing!
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