All Forum Posts by: Edison Reis

Sure, count me in.

Please note there’s a local FB group called Okanagan Real Estate Investors and we meet almost every month and bring a guest speaker 

I hear you @Kris Bucci but don’t shoot the messenger as I am playing the devils advocate. (And the devil smokes crazy things) 

I believe the difference is the fact there’s no Federal nor Provincial law in place to “provide people the right” to have a pet or nor smoke inside a residence but ..... they just gave them the right to cultivate it. 

I agree, we all should list in our contract .... can’t  cultivate or smoke, etc but if they are really inclined to do it we will be in a nasty legal ground. (Privacy law , Human Rights and Federal legislation) 

Lawyers will make lots of money just around this matter ! 

It really reinforces the need of doing a proper screening. If they look like “peace and love” folks .... stay away from them. 

Thanks @Kris Bucci ! 

This is all uncharted waters for landlords and tenants that’s for sure. 

In one of our Strata’s the council passed a new bylaw prohibiting cultivating due to insurance concerns. Our insurance company stated that fires related to cultivation of marijuana won’t be covered so .... that’s a real pickle as far as liabilities. 

The other side of the coin is .....I don’t think a strata bylaw overrules Federal and Provincial laws that allow people to cultivate. 

For me liability and  potential fire issues are the main concern. 

Have you folks checked with your insurance company ? 

Edison 

As we all know Cannabis became legal in Canada few weeks ago and tenants are allowed to have a small grow up (up to 5 plants if I am not mistaken) 

How are you handling it to make sure things don’t get out of control without crossing the line? 

Cheers

Edison Reis

Nice to hear from your @Eric Wilson

Big white is a good place to invest (for the price) but be cautious about short term rental policies up the hill. Several years I was planning to buy a condo there and manage my own STR gig but I found out they don't allow it . Big white has the monopoly and STR rentals need to go through their pool and they craw 50% of your daily rates.

Cheers

Edison 

Greetings fellow investors 

If you are reading this it tells me you are often educating yourself to improve your knowledge and success rate.

Is fair to assume we’ve read several books but there’s always one that sticks and becomes the one that triggers action. (Not counting podcasts) 

Mine was “ The real estate millionaire “ from Alex Uwajeh 

What’s yours ?

Cheers

Edison Reis 

Hi @Dolly La Salle

Thanks for your feedback. 

I used the HELOC for the 20% down payment and got the conventional mortgage for the other 80%.

In Canada the interest from both sources are tax deductible (write offs) hence I often tell people that all bought all properties without having any money which is technically correct. (All I had was courage to apply for a secure line of credit connected to my personal residence)

As long you have a steady paycheque and can demonstrate you can cash flow you can keep replicating this method up to 5 properties. 

So, this is how I did it without having any money ..... I learnt how money works so I used the bank’s money instead.

Good luck

Edison

REI 101 tells you that isn't a get rich quick game (but some may be successful with some home runs)

As long you have a long term vision there’s no “crash” that can affect you. Even if you make a mistake and buy high you won’t loose money as long you don’t sell it. As I like to say .... you may not make money buying at the wrong time but you will loose money sell it at the wrong time” 

Focus on monthly cash flow and let it sit .... simmering slow it will boil up after a couple of years 

You don’t wait to buy real estate, you buy real estate and wait.

Cheers

Edison

I like to start expressing my gratitude for all of you who have responded all my queries, participated on my posts by sharing your comments or suggestions.  Thank you ! 

Going back to my subject....

This is the question I onten ask those paralyzed by analyzing...... Have you given up ? 

I typically receive a huge list of brick walled answers which are fostered by our human nature of seeking protection and survival. Our brain is pre wired by our instincts that are about 1500 years old hence, is up to us to cut the wires and force ourselves out of the comfort zone. 

I am not promoting impulsivity but rather asking you to pull the trigger when economic fundamentals and financial analysis make sense.

Once you are bitten by the REI bug, it requires focus and steady fast work towards knowledge. Only knowledge will provide assurances of a deal properly done and peace of mind when you place your head on the pillow.

Looking back, I read several books, watched several YouTube videos, podcasts and webinars from @BiggerPockets .com and 3 months later I was comfortable to buy our first rental property. 

Trust the numbers ! Math doesn’t lie. (But don’t play with the number to force them to work) 

I would love to hear now or in the future that you are making progress towards your goals.

Cheers

Edison 

Greetings and salutations!

Thanks @Matthew Davis for getting the ball rolling. Well done.

Have a great weekend

Edison