All Forum Posts by: Ross McKenzie

Greetings Ryan. Many thanks for GIS info. It is an angle that is worth investigating, especially in gathering info of land. From what little I know, I think you'll be surprised at how different REI is in Canada, (and you'll be glad you're a USA citizen). Real Estate info here is not public record like it is in USA, although Relator Agents have more access to info. I believe that it is a confidentiality law, but I'm not certain.

Congratulations on our engagement. Wishing your great success in all of your endeavors.  Ross

Good Day Paul (and Happy New Year),

Many thanks for all the info. I should restrain myself from forum posting until I'm up to speed on REI basics. It must annoy members to get ignorant Newbie questions when all the info is already posted somewhere.

"Remember you don't have to own a property to control it." - an intriguing statement, and certainly something I will investigate.

You have a very interesting background & profile.  BP is a great network for meeting some very colourful people.

Regards.

Hey Engelo!  Thanks for saying Hi. You're quite the successful entrepreneur.  

Trust is an interesting concept my friend.  I'm not even sure that I can always trust my Mother!  But I'm open to have my faith in humankind restored.  

Cashflow. Sure. I'll get there, but pretty hard to trust the economy with what's happening over last year.  They make you believe that economy is on the upswing, but my intuition tells me that that is merely disinformation.

Taking Risk. Entering the deep dark waters of REI entails risk, without having the experience of a Realtor or a Lawyer - A risk I'm willing to take for the opportunity of having a different life. Who was it that said that "Freedom just meant that he had nothing else to lose"? Janis Joplin or some country music star. Both were never known for their entrepreneurial skills, (considering that playing their music backwards only meant that you got you truck, girlfriend & dog back).

Regards.  Ross

Thanks James. Nice presentation you have. I haven't been to Ohio, and I really cannot comprehend at all why rents are so high there when real estate is so cheap. Anyways, I'm not ready to jump into foreign markets just yet. Once I get a handle on how to conduct REI in Canada, then I will be brave enough, to take on Corporate USA structures, big & expensive USA accountants, USA Bank Accounts and the IRS (double-taxation from what little I presently know) - only because the USA is still on sale, (albeit not as much as it was), otherwise, I'd skip the hassle, and just move directly to vacation properties in the sunnier & warmer climates. Regards.

Many Thanks Roy.  I understand. I'd still like to be able to Buy & Hold, and then sell tomorrow if conditions were favourable, (or keep/rent for as long as it seemed to be an effective investment),  and be free from the stress of time constraints & overly complicated contracts & legal ease than may accompany Wholesaling .  Regards.

Good Evening.  

Thanks again to all those whom I've already interacted with in last 24 hours.

I'm thankful for having discovered BP, but really, it found me, or rather Google found me I suppose. Having a interest in REI, and googling around internet, I get REI related emails, and so I have BP, Google, and Joshua Dorkin's savvy to thank.

I'm a Newbie currently living on Salt Spring Island, BC, Canada, and will be moving back over to Vancouver Island ASAP - Victoria, would be fantastic, and so would Qualicum Beach, but Sooke, Nanaimo, Ladysmith, Deep Bay, or Qualicum Village / Falls are possibilities - the bigger the hub the better - for networking and also for performing & recording meditation music (hobby - business).

I work 6 months per year as Marine Engineer with Canadian Coast Guard, and get the other 6 months off (with pay), but I hope to replace this income with my new career as an REI.

Being new, I need to absorb, study, and learn as much as possible as quickly as possible, (to be able to change vocations / careers within next 24 months). I want to buy a residence on Vancouver Island ASAP-tomorrow, and preferably one big enough & quiet enough to perform & record music in, (like a Yoga Studio or Warehouse). It may work out for me to continue to "upgrade" my studio-temple-castle.

Then I want to move into "Wholesaling" opportunities, local & foreign, and then Buy-Hold-Rent when I have at least enough capital to have 50% equity or to be able to generate sufficient cash flow from an equivalent of 50% vacancy and large repairs.

From here I want to quick jump to small commercial units (Apartments), and tropical (or at least sunny & warm 365 days/yr biking weather) Retirement Haven REI.

Once I have sufficient income to be financially independent, with cash to spare to help family, then I'll devote all of my time to my Music and my Sadhana (Spiritual Practices).

There's my business plan in a nutshell.

Thanks Roy!  Sorry for my goof up - typing illegal when I meant to say legal, (having illegal on the brain - as Patrick seemed to imply that assigning a contract was shady). I will endeavor to proof my messages in future.

I would rather do REI your style, owning-wholesaling rather than assigning - as it appears to be a cleaner & more attractive way of doing business. And intent does make a difference. I imagine that a "subject to assignment" clause is not going to be attractive to any buyer. The trick here is ideally having multiple buyers before offering to purchase - not an easy thing to do when starting an REI business, and even less so in BC, where profit margins are slim.

Regards.  Ross

Hey Tom !  Thanks for connecting & for sharing some of your expertise.  I see that although buying a Foreclosure for cash could work out well, purchasing in the pre-foreclosure stage would be necessary to assign the contract.

And yes please, I'd appreciate it if you could refer an agent to me. I'm interested in all of the areas you specialize in, except for Port Alberni. Buying in Victoria is likely not too realistic for me at this stage in my REI career and with market conditions as they are.

As you suggested, I'll research BP for alternative methods of finding Motivated Sellers, and for having them find me.

Regards.  Ross

Thanks for sharing Patrick !   I like you attitude :)

Many Thanks Trevor & Christopher,

Thanks for advice on being genuine - a reminder that business is about offering a service, not about capitalizing on a niche.

Square Page looks stunning, classy, uptown and low cost - and looks like a great site for listing properties & for blogs.

I like your webpage Christopher - very clean, functional, easy to navigate & professional.  

I will be looking to start off with a template that is geared towards Real Estate Investing, rather that make a new hobby of website designing. The trick here is too avoid the pushy "squeeze" page, (I don't even like that term), and to under-promise & over-deliver, (rather than the other way around).

Regards.  Ross.