Victoria BC Real Estate Investing Tips
Now that people are re-gaining a little more confidence about their personal and investment future, we are asked frequently the following question;
What and or where are the best real estate investment opportunities?
The short answer is simple, most if not all property is a good investment, and in most cases if the deal is right, it can be just about anywhere........
First of all, in my mind all purchases and sales in real estate (even your own home) are in part an investment, so we always aim for you to get a pfanntastic return from your investment.....
I know, people are about to scream and say "what about location" what about cap rates" etc. etc. and off course not all properties at any time are great investments, mostly because of the price, the terms and or market conditions.
But here is lesson one for all investment strategies.
Investing in real estate or anything for that matter is not an event...... it is a Journey.
So if it is a journey, better have a road map and begin with deciding what you would like your destination to look like.
Many others have spoken about starting any plan with deciding what exactly you are attempting to achieve, in real estate this likely even more important.
Take out a clean sheet of paper and determine what your ideal outcome will look like when you have completed your plans successfully. Then decide when you plan on having reached your objectives.
Next decide how far along you are with your plans say 20 years from now, 10 years from now, 5 years from now and so on until you can determine what you need to be doing each and every day to stay on track to reach your "someday goals"
So, here is an example, if you wanted to be say mortgage free in 10 years, and you are currently do not own any real estate..... We would have to develop a relatively aggressive strategy to make this happen, and yes we think it is still possible to do so, if you are willing to buy right, fix the property problems along the way and likely have to move about 5 or 6 times during that 10 year period.....
Conversely, if you wanted to retire 10 years from now and generate a positive cash flow of say $ 4,000 per month from your real estate investments, and you currently own one property (your own home). We would again need to establish what you would be willing to do to make this happen........
Both these types of goals are achievable (even today and even in Victoria BC) but will require a plan, determination and total commitment to achieving the goals. In addition achieving aggressive plans like the ones outlined, will require a great deal of compromise and the ability to handle the stress that comes along with making a lot of decisions, about many aspects affecting your entire families lives.
Surrounding yourself with a team of specialists, experts and likeminded people is your next important step, which we cover in our next Investment tip posting.
We have put together many tools and offer free copies as well as consultations to assist you in determining what is your best time to start investing. Don't hesitate to check out our web site at www.pfanntastic.comor contact us at (250) 213 9490 and talk to Peter or Linda Pfann how we can best assist you.