Aug 10
22
How To Identify An Emerging Area for Investment
by Dave Peniuk
What a weekend. As you read this, my Dad and I have set sail out of Port Hardy, BC to catch some Salmon. This was unplanned on my part. As Julie and I were about to leave for Nanaimo Saturday morning to look at a dozen or so potential houses and go for a nice long mountain bike ride on the Abyss, I checked my voicemail and there was a message from my Mom saying my Dad is catching a ton of Salmon and wants my help. The test sets for this week are over double what the test sets for the week before were and lastweek was a lot for him to handle. This is really great news for my Dad as previous years have been lousy and he barely made any money on Salmon at all. An abundance of Salmon is great but there’s only so much one man on a boat can do (By the way – my Dad is a commercial fisherman in case you hadn’t figured that out).
So I threw some things in a bag and set off to Nanaimo to look at houses and then head up to Port Hardy with my Dad.
We ended up looking at 11 potential properties on Saturday. There is a tremendous amount of over priced garbage on the market but we did find a few interesting properties. Julie will put in at least two offers while I am away – maybe three depending on how the first two go.
I hope she has some success because in the last month or so we’ve struggled to put a deal together. A lot of sellers are having a hard time coming to grips with what their house is really worth.
I was going to continue to contact potential private lenders and joint venture partners on a daily basis this week but that will have to wait until I’m back from Salmon fishing. But I spoke to a lot of people this past week and I continue to be surprised by the number of folks that have no idea that they could be making 10% or more by lending out their RRSP’s as a mortgage on a property!! Even my own sister didn’t know. I guess she hasn’t been paying attention to my rants these days!
Most people have their money sitting in under performing mutual funds where the already rich bank and their adviser is making money while they are barely holding on to their initial investment. They have no idea that they could be making a guaranteed 11% like we’re paying for a second mortgage to pay for the tree that is growing from our basement.
But I digress. I have to get going as Dad already has the truck packed and is basically just waiting for me. But before I left Julie wanted me to share another video from our 31 Real Estate Investing Video Tips series. I filmed this video awhile ago. You can tell it was filmed many months ago because my hair is much much longer now. I haven’t felt like getting a hair cut in awhile and now I am actually kind of liking this look.
Either way – I think you’ll get a few good tips from this video on how to identify an emerging market for real estate investment. Enjoy!
p.s. This is what my hair looks like now and what Julie looked like in a yellow bridesmaid dress at the wedding we went to in Toronto at the end of July. She wasn’t too excited to wear the dress but I thought she looked great.
p.p.s. Not sure when I will be back. I could be fishing all week if Dad needs me. I look forward to responding to your blog comments then.
p.p.p.s I didn’t really type this up so if doesn’t sound like something I wrote it’s because I basically told Julie what to say and she typed it up while I was running around in a flurry of activity to head out the door.
