Real Estate for the long term

By
Services for Real Estate Pros with Glenn Simon Inc.

We  recently moved to accomodate our desire for city living with a bit of a country life feel. We got a beautiful ravine front bungalow. My kids say it's country in the front, city in the back.

One of our neighbours owns three houses on the street. They are rented and used for storage as well. These are pretty expensive prime lots.  I imagine he bought these three houses kept them tenanted and paid down the mortgages over the last  25 years until he got mortgage free.

He now has a steady cash flow ( aside from taxes, insurance and repairs) and easily one million plus just for the lots....

If that isn't an excellent long term strategy I don't know what is!

You don't need 20+ houses you would do well with only one.

“We have always believed that real estate is a safe long-term play. The numbers don’t lie – since prices have begun to be tracked, they have increased,” “Of course we have seen short-term fluctuation with dips and corrections, but in the long term the arrow has always pointed up.” Don Campbell

 

Real estate is not day-trading - read more HERE

 

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Topic:
Real Estate Market Trends
Location:
Alberta
Tags:
real estate market trends
alberta boom bust cycle
long term wealth
long term investments

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Rainmaker
1,676,510
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Todd & Danielle,  a helpful read today that will definitely give us food for thought to today's message of keeping up with our real estate practices.

Feb 23, 2015 03:09 AM #1
Rainer
22,178
Signature Properties of Vermont
Essex Junction, VT
Showing you the way home

Your neighbor sounds like he's got the right idea. If you're versed in what it takes to be a landlord, and prepared to do so, it can certainly be lucrative. 

Feb 23, 2015 04:36 AM #2
Rainmaker
279,651
Todd and Danielle Millar
Glenn Simon Inc. - Edmonton, AB
Nineteen years of excellence!

Hi Winston, yes it's good to remember it's the long term payoff  that makes real estate so attractive. Thanks

Feb 23, 2015 04:38 AM #3
Rainmaker
279,651
Todd and Danielle Millar
Glenn Simon Inc. - Edmonton, AB
Nineteen years of excellence!

Signature Properties of Vermont - Thanks for the comment. Yes, or hire a Property Manager. It won't be painless but it will reap a good R.O.I.

Feb 23, 2015 04:40 AM #4
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Rainmaker
279,651

Todd and Danielle Millar

Nineteen years of excellence!
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