(Editor’s Note: I’m extremely excited to announce a new contributor to Rain City Guide. Eileen Tefft is a Managing Partner with Ltd Real Estate and has over two decades of experience in the real estate industry.)
Hello Rain City Guide community,
This is a first for me. First post, first time ‘published’. I’m excited and feel it’s about time I got into blogging as a way to share information to readers interested in real estate. As a kid, my parents bought and held real estate as an investment. My uncle was a contractor, my grandfather a carpenter… In fact, my dear 82 year-old mother was still hanging off rafters, pounding in 2X4’s in her 60’s (she still would be if someone needed a rafter built! Today she’s cutting down trees with her new chainsaw!). I bought my first property when I was 22 and subdivided it at 32. It was fun and it felt natural.
I got 3 calls this week from past clients wanting to begin buying real estate as an investment. After several hours of discussions, I decided to write about the nuts and bolts of my experiences, the mistakes I’ve made and where I found the most success.
There seem to be two types of investment buyers. One that wants to ‘flip’ real estate (turn a quick profit by buying low and selling high) and one that wants to purchase and hold for the long term. I will address the first question here and save the second for another post which will include buying for cash accumulation vs. buying for a positive cash flow, buying using 1031’s and buying using Self-Directed IRA’s.
So, let me start first with the question I get asked most… “How can I buy a house, fix it up, make a profit, quit my job and live off the real estate returns like I’ve seen on T.V.?
excellent, indepth, informative and well written post.
the only thing I could add is that you should buy one property per year and keep one of them every other year, flip one every other year and in 20 years you can retire on the income from the 10 properties you own!
all the best!
Mark
Mississauga Real Estate Homes, Properties & MLS Listings for Sale