Monthly Archives: October 2012

You Need This Person In Your Real Estate Power Team

real estate investingSuccess in real estate investing depends on the strength of your team. That’s one thing I will always talk about because you need to build your power team and ensure you have the right people on it. Like any business and industry, you are only as strong as your weakest link so choosing a core team of professionals is an essential part of the foundation of your success in real estate.

 

Due Diligence Must Be Done Professionally

One of the people you need in your real estate investing power team is a good property/building inspector. It’s so vital to… Continue reading

The Fleeting Pleasures of Living Beyond Your Means

kelowna accountantHave you ever seen people with a lot of toys and wonder how they can afford to have them? Some of them can afford it by not spending on frivolous purchases daily or the Latte Factor. These types aren’t spending money on things they don’t need and are aware of their purchases so they can save their money to buy things they truly desire.

Other people are doing it by borrowing money to pay for that toy over 5 years. The problem is that the toy they are buying is a depreciating asset.  It is worth less everyday you… Continue reading

The 3 Action Phases Of Real Estate Investing

real estate investingIn my last article I discussed and did a book review on real estate investing by Peter Kinch called The Canadian Real Estate Action Plan: Proven Investment Strategies To Kickstart & Build Your Portfolio but we did not discuss one of the key strategies discussed in the book called the 3-action phases.

Each phase covers a different phase of a real estate investing cycle Kinch promotes in the book. I personally agree with many of his philosophies and ideas and this one definitely condenses a general outlook that’s digestible for new and seasoned real estate investors alike.

 

Phase One:… Continue reading

Real Estate Investing: Review Of The Canadian Real Estate Action Plan

real estate investing

This week I wanted to highlight a great book on real estate investing called The Canadian Real Estate Action Plan: Proven Investment Strategies To Kickstart & Build Your Portfolio by Peter Kinch.

One of the reasons I read these books is to increase my knowledge of what other people are reading and expose myself to other trains of thought to help me inspire my clients, (and myself), to be better with their own investments.

The book is perfectly titled because it’s a step-by-step plan on how to really move yourself into real estate investing. I’ve written many articles in… Continue reading

Revenue Canada Audit: 5 Steps To Get You Through It

Revenue Canada AuditEvery Revenue Canada audit is different but generally my first comment to people is to try not to get too stressed about it. It’s a process and a part of Revenue Canada’s continuing efforts to ensure the right amount of taxes are paid. They’re not picking on you even though most people tend to feel like that is the case.

There could have been a red flag that popped up or a particular reason why it came up on their end, but quite often there is just a lot of random, annual audits.

The first thing that generally happens… Continue reading

5 Real Estate Investing Mistakes You Can’t Afford To Make

real estate investingWhen you are looking at acquiring real estate, you need to understand your exit strategies. There are truly only 3 components to real estate investing:

  1. How you’re getting into it
  2. Being in it
  3. How you’re getting out

When you really look at it, there are only those three phases (mentioned above) in any real estate project and mistakes can be made throughout each one of those phases. You have to make sure that you’re committed to your real estate investment throughout all phases otherwise it could fail.

 

Real Estate Investing Mistakes You Need To Avoid

1. Buying It… Continue reading

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