All Forum Posts by: Andrew Jones

@Paul Stout

I'm thinking about going to get my commercial brokerage licence because it only requires an additional month of schooling. I'm sure the rest wouldn't take to long neither. I've learned that there is an advantage to having them all. It is a requirement, in addition to another set of courses specifically design to help, to become a director of a real estate agency. The more you know!


Thank-you for your input!

@Greg Eaton

I've listened to almost every one of BPs podcasts and I am always glad to see when there is a new episode. Thanks for the new podcast suggestion. I'm subscribing to them as I type this. I'm glad I'll have something to listen know that I'm up to date on the BP podcasts. Do you believe there is a place I should start in this new podcast series? I see that the oldest dates back to 2010, would you consider the information to still be pertinent? 

Talking about "Rich Dad Poor Dad", I've listened to the e-book 3 times and have to admit it is full of great ideas. Not all that much piratical real estate knowledge but it did help me understand the need for assets. I agree though it is a good book!

@Roy N.

Long time no talk, thank you for the names of those books! Good to see you are still on the site!

@Michael Boyer

I live very close to the island of Montreal so I am lucky enough to not have to travel more than 30 minutes by public transportation to make it to one of the several universities around the island. I like your idea though! I would gain a ton of practical land lording experience. 

@Greg Eaton

I'm glad you commented on this post, not just for my sake but for anyone else who might find themselves in the shoes I find myself in a couple months ago. I agree the best way to get involved is to get started by buying into it. I am not making excuses but I was and am still a little bit too young to be buying property and renting (I'm 19). I hope that by the age of 21 to be in possession of my first income producing property (aiming for a triplex). I've been doing a lot of research and sadly a lot of the information I find pertains to the American market. At the same time I have never found a way really prove that what I was reading and learning was legit. Having a way to quantify my knowledge (that doesn't require spending large amounts of money) such as tests was a good way of showing myself that I do know what I am talking about.

I'll you what ended up happening, I signed up for a residential real estate course. I'm a little over half way done and have learned a lot. I've learned that it is possible, like you've mentioned, to take courses at a university level. One of my teachers is an appraiser and makes some good money. I've created contacts with a little over 6 other individuals who own/ manage/ are about to jump into investment properties. They have taught me quite a bit about my market, how to deal with tenants and some of the tax breaks I should be taking advantage of.


I've also learned the potential benefits of real estate brokering. Lots of money can be made, if done correctly, in helping sell and buy homes.  I want to go to university and get a bachelors or masters, not sure if it will be related to real estate ( I was accepted in civil planing, something that greatly interests me) but I believe upon having completed this course I will be better prepared to jump into real estate investing.


By the way, could you mention some Canadian Real Estate Investor books?

Thank you for your input!

@Debbie Sakson

I didn't see this as an option when I was looking around for certifications but I am glad you brought it to my attention!

Thank-you!

@Darren Budahn

I agree with what you're saying, they are all jobs. Picking the one that would be more suited to what interests me would be the best option. Having a certain level of certification is needed in my province to be able to work on whole sales and such. I agree just getting it to get it, talking about the certification, isn't really necessary. And thank-you, since I've posted this I've actually signed up for a residential real estate course. I see a huge potential for both income and knowledge that is associated with this field. My goal is to work with investors, yes I'll be that investor friendly agent, and to help them buy their plexs.

Thanks again for the response!

I about going to be visiting potential agencies who I'll be paying to work under. To all relators, and anyone who has a suggestion, what kind of questions do you believe I should be asking them?

The usual questions are:
1. What are the monthly fees?
2. How much of a commission do you take off my earnings?  



Can you think of any other questions I can ask to help me make a better decision?

Hypothetical Scenario

I pay 200,00 for a house

15 years later I have paid off 190,000 of the 200,000

My equity in the house is now 190,000 (not adjusting for appreciation or depreciation)

I pull out 70% of what I own in this home because that is the max the bank lets me take out against the property

A recession hits and every house goes down in value including mine

My 200,000 dollar house is now worth 150,000

I still own the house, my mortgage is on a 200,000 dollar home even if it is only worth 150,000 at the moment

I am in the same situation as everyone else who has a mortgage and a house worth less than the mortgage they are paying

Questions

Taking my money out of the house has no negative impact on the property right? It did not affect the worth of the house?

Am I actually better off because I have the money in my pocket to go invest in these newly discounted houses?

I looked through the the forum posts but couldn't find an answer to my question. If someone were to buy a property from town hall, the property is for sale due to property taxes that are outstanding, does that mean the asking price will start at the same amount as the taxes owing or will the starting bid be above that? I am going to call Monday to see if I know what the starting bid will be but it would be nice to have a heads up on what to expect.