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All Forum Posts by: Brian Hosier

Brian Hosier has started 10 posts and replied 181 times.

Post: Loan pay down VS Cash flow?

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
The real factor in this question is what is your investor profile (aka your tolerance for risk). My partner (wife) is always focused on loan pay down because her ultimate goal is debt free. If she is carrying too much debt, it causes her greater stress. For me, debt is okay but needs to be managed. One of the wonders of RE investing is leverage and carrying debt is part of that plan. Rapid loan pay down can be an effective strategy to grow your portfolio quickly as long as you continue to refinance to purchase additional properties. Bottom line, I think either strategy can work as long as it aligns to your investment goals and is something that works for you AND your partner! πŸ˜€

Post: New Member from Ohio

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Hi Troy Rucker and welcome to the BP community. I would encourage you to check-in daily and ask a lot of questions because there are experts in every area of RE investing. Eventually you will need to decide where you want to focus your effort because it's impossible to be successful in all areas. I personally suffered from 'shiny object syndrome' until I focused on being just a buy and hold investor. If you are looking for another great book to read, consider Gary Keller's Classic 'The Millionaire Real Estate Investor' All the best!

Post: Rich Dad

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
I am a past Rich Dad student and went the elite education route and committed to a $27k package after taking the 3 day course. No question that it is expensive and maybe even the most expensive RE education out there. As others had suggested, there is some hard sell at the 3 day course but in the end I considered I made an 'informed decision' when I decided to sign up and had no regrets. To me the price of an education is just a part of the decision. The real question to ask yourself is "Am I prepared to fully commit to the program and do everything that is recommended including learning from my mistakes?" If not, then whether you spend $100, $1000, $10000, or whatever it doesn't really matter. The success of the student is about 60% determined by the student themselves. Most students that sign up for a program are only partially committed. I am a bit biased in all of this because I work at a college where students pay a lot of money for their education but too often don't finish the program after paying up to $30k! The adage that when the student is ready the teacher will appear is still true today. If you are not ready to immerse yourself in your education than it doesn't really matter how much the program costs in my view. I chose to go back to school in my 40's to get a degree because it was only then that the time was right in my life and I was able to fully commit to my education while working a full time job. For most people that attend the 3 day course the timing is not really right for them. I had spend $35k for my degree and considered it a good return on my investment so I approached my Rich Dad education the same way. Ironically in the end after 1 year in the Rich Dad program I chose to drop over half the courses and I was given a $15k refund within 3 weeks so I only paid $12k for my RD program which I considered worth it. Before looking at any education program whatever the cost, be sure you are at a place and time in your life where you can fully commit to it because about 90% who attend are not.

Post: WHAT IS YOUR "WHY" ??????

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Great question because many believe that you can't be successful unless you have your Why crystal clear in your mind. In fact, everything else such as finding properties, finding money, getting training, finding a great mentor, building your portfolio, etc. are just details if you are obsessed with your Why. For any of you young folks out there (i.e. under 50πŸ˜€) know that your Why can come later in life. I didn't find my Why until I turned 55 when a lot of employees are thinking about retirement! My Why is to get my wife out of her job by replacing her income. Then I want to replace my income with a steady stream of passive income. Then I want enough annual income to let us travel about 5 times per year. Following that, I would like to make regular donations to help the homeless shelters in Ontario to provide meals. Finally, my big Why is to be able to educate up to 1000 children each year in Africa or India through the passive income from my portfolio of cash flowing properties. I believe I can achieve all of this in 10-15 years.

Post: READ THIS POST BEFORE READING OR POSTING ARTICLES IN THE FORUM

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Thanks Josh. I have taken training from two different 'gurus' and considered them both credible but your post caused me to pause. These days we won't buy anything without doing our online research to check reviews but how can we trust what we are reading? I always appreciate your risk-averse approach because I know you are just trying to keep us out of bad deals. Even in BP we need to take what we read with a view of scepticism. Great advice!

Post: Construction build prices

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
We are looking to build a new home outside of Toronto in the Owen Sound area. However I had assumed that we could have a comfortable home for about $200 per sq.ft. as a rough estimate of construction costs. I realize that this is a tough question without a lot more details but I am just trying to get a guesstimate for planning purposes. Are there any Canadian custom builders on BP that can provide some guidance?

Post: WANTED: Larger multi-unit (20+) in decent suburb of Cleveland

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Just to add to the other comments, since the 200k includes the rehab costs of up to 125k that means you are looking for a property that may be a max of 75k. For 20 units, that would definitely be in a "war zone"! You can't get what you're looking for at the price you want.

Post: We are new to real estate investments but have some experience

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Hi Angie Holdcroft and Bud, welcome to the BP community. Since you jumped right in as a Pro member, I would encourage you to checkout the webinar replays or attend one of the weekly webinars that run almost every Wednesday. At present I only invest in Cleveland but I have heard great things about Chicago and unlike most very large cities, you can actually get a decent cash flow! I hope to invest in Chicago in the future. There is a ton of resources in BP and answers to virtually every question you may have.

Post: New to RE and REI Westlake, Cleveland, Columbus, OH

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119
Hi James Huff and welcome to BP. You definitely sound eager and motivated to learn! As mentioned, BP is probably one of your greatest resources to help you network and grow your business. I would also consider finding RE investors meetups as a local source of like minded people to network and learn from.

Post: I Quit My Restaurant to Invest in Apartments Full-time!

Brian HosierPosted
  • Investor
  • Port Coquitlam, BC
  • Posts 203
  • Votes 119

Great story Gino and definitely inspiring. It's amazing what can happen once you overcome your limiting beliefs and break down the barriers of whatever is holding you back. What is you 5 year or 10 year goal?  1000 doors? 5000 doors?

Well Done!