Brief Update

It’s been a while since I’ve written, thanks to all of you who reached out curious about what I’ve been up to. My last 6 weeks were like this:

– back to work full time, juggling childcare till Marcy is off for the summer(my job is still interesting but I don’t miss the nightshifts!). Thank Grammie for providing relief during this busy time!!

– Turned 30

– Closed on a townhouse(college fund for the kids)

– Caught up on training(ran the PARE at 3:02, for a reminder of what that is like click here)

– accepted offer on a house downtown closes this Canada Day

– multiple tenant turnover

– visited family in AB for a week

Anyway, at the REIN meeting tonight I realized that I was becoming overwhelmed, and thanks to the support of this great community I am back on track. Here are the theames and great content REIN put together:

Lending 

The night started with a mortgage update: TD is no longer an investor friendly bank, and interest rates may inch up but will remain at record lows for a long time. 
Economic Updates

“What’s behind the curtain” had lots of interesting articles:

– Overcrowding is becoming more common in many cities as rents are rising. Overcrowding is defined as more than 2 people per bedroom according to the National Occupancy Standards. 

– BC markets are up yr/yr in all 12 real estate boards, except Northern BC and Kootnay which are down slightly


Inspiration

The youngest REIN Member is 13 year old Neville Ram who shared his story this evening about the purchase of his first investment property…saving money collecting bottles and banking his b-day money for a down payment. This inspired and inspiring young man was deserving of the standing ovation his fellow Members gave him after he spoke!!

Advice 

There was a breakout session with three areas of focus: stuck/starting, financing, raising money. 

I opted for the stuck/staring group because I feel like I’m juggling many balls(work, kids, RE, etc…) There were some real gems tonight, many of them I had heard before, but needed to hear again now:

When stuck, write it down. It frees up your hard drive and stops you from having the same fruitless conversation with yourself over and over. 

Don’t chase the deal. Be the deal. 

Focus on the highest/best use of your time.(80/20 rule)

Bread money VS investment money: don’t confuse them. 

Get your financial house in order: clean up your messes. 

This is not a race. 

The one thing:

A book about “juggling” and making sure the fragile glass ball(family) is never dropped. Many of the other balls(work) can be dropped and they will simply bounce back. 

Hire out mundane tasks. 

Your goals and you move toward one another when you write it down. 

Be careful how you talk to yourself.  

In all tons of great advice and insights. 

Thomas Beyer

A great talk by Thomas Beyer, a man who started with $100,000 in 1997 to buy 1 condo for $80k. Now his portfolio is worth $100M, 18 years later. I won’t dilute his sage advice here, but strongly urge you to pick up his book 80 Lessons Learned – the path from $80,000 to $80,000,000. 

It was a great meeting and certainly good to get back to where it all began in 2009, timely advice from those who have been through my current struggles. If you want to succeed at your goals, joining an incubator group like this is a must!
Until next time,

Stay SAFE!