Monthly Archives: April 2019

5 Pro Tips to Invest in Real Estate

5 Pro Tips to Invest in Real Estate

Hi all, in this capsule, I asked my friend and client Geoffrey who is not his first investment, to give us his 5 tips for successful real estate investments.

Geoffrey bought his first triplex about 2 years ago. He made his first “flip” operation, which allowed him to make a profit of $ 100,000 and thus reduce its financial impact on his property.

Thanks to this operation, Geoffrey was able to invest in a 4plex, with which they made the rent only the first times. Currently, it transforms this 4plex into two townhouses to allow it to regenerate liquidity, this time in order to build a rental fleet.

All these operations in just 24 months. Here are his 5 tips to get started and succeed in real estate.

TIP # 1

Wonder why one wants to invest in real estate. What is the motivation behind all this? Do we want to live in it? Are we looking for an additional income? Is it for his own retirement? We want to leave to his children? It’s fundamental according to Geoffrey to know why; we want to invest in real estate. In other words, identify his motivation.

TIP # 2

Know your investment potential, that is, before you start, get pre-approved to know how much you can invest. Is the job stable and will we keep it, etc.? It’s important to know your true investor potential, so when it comes time to shop around, we already know which investments to turn to. Determine your target in relation to your means.

TIP # 3

Build a strong team, that is to say surround yourself with professionals, and because you can not know everything, manage everything and even less know everything. His website as an example of collaboration: Have a tax contact. To know a good entrepreneur, to have in his team a real estate broker is according to him capital.

He does not recommend embarking on the adventure of solo real estate investing. Also have a good mortgage broker, to shop for the best rates. Finally, also have in his team, or his contacts a building inspector.

In short, know professionals for each trade. According to our interlocutor, it is important to surround yourself to make the right investment. In the end, the investor is a bit like a “generalist”, who surrounds himself with specialists.

TIP # 4

To train you a little, as mentioned earlier, you can not know everything, know everything. According to Geoffrey, it is important to master the basics, one must be able to understand certain situations such as the installation of a French drain, or understand what it is, when his broker tells us about MRB, which is precisely an essential value in the rental investment.

You need to be able to quickly understand some key indicators, so you always at least understand the situation and what the property is worth. Geoffrey, who has had excellent training in France and had the opportunity to work with French investors, says that there are some excellent books and very good resources here in Montreal for this real estate investment.

Finally, he recommends networking in environments like the event where we are, organized by the Real Estate Enthusiasts. See below for interesting links.

TIP # 5

Take the plunge. According to Geoffrey, many people are ready, many have the potential to become very good real estate investors, but few people dare to venture. Many people find many excuses like saying that this is never the right time, according to Geoffrey; it’s always a good time to invest in real estate. Just take the time to find the right investment. We must stop to find excuses and jump into the water and work hard to make a successful investment.

Recommended Website: Bismarck ND Real Estate

5 Tips for Getting Started in Real Estate

5 Tips for Getting Started in Real Estate

When you invest in real estate, you have a lot of questions.

  • How to search?
  • What kind of good looking?
  • How to find good deals

In this article, I give you 5 tips to get you started and make your first real estate investment.

The technique will be exactly the same for all the others :-).

#1: Take the time

From the moment you want to invest in real estate, take the time to take action to search real estate and then go for visits.

If for you, investing in real estate is a number one priority, we will have to review the list of all your priorities so that the search for your rental investment comes at the top of the list of tasks that you have to carry out.

So, I know what I’m talking about because from the moment I’m in the active search phase of real estate, I happen to consult ads ads sites several times. It can be Leboncoin, it can be SeLoger. I also create e-mail alerts, and then I do not hesitate to visit. Because if you want to invest in real estate, if you do not want to take the time to look for your future investment or time to visit, no one will do it for you. So, be sure to put the list of your tasks in order, list your priorities so that the real estate investment arrives in position one, position two or position three in the list of everything you have to make.

It is really important to look for this property because a real estate, once you’ve found it, it will be a lifetime income. So that’s my first tip, take the time to look for your first property.

#2: Do not scatter

Then the second piece of advice I can give you is not to scatter. Do not try to find the right deal in any city in France; do not try to run all types of housing. It is necessary to fix a type of good that one looks for and a city.

It is true that in talking with people, I realize that there are some people looking for both studios in Toulouse or buildings in Brest, so this is absolutely not the right technique. We must focus on a city and a type of property. So, it can be for example the studio in Toulouse.

From the moment you want to invest in a studio in Toulouse, you have to take action, look for listings of studios for sale in Toulouse, and then go make visits. You will see that this is the best way to gain efficiency, especially not to scatter and not waste time.

So that’s my second piece of advice. Do not hesitate to give yourself a framework to be effective in your research.

#3: Study the market

The third tip I can give you in this article is to study the city market in which you want to invest. When investing in real estate, you should not invest in a market or city that you do not know. So, you may be wondering how to study a city market because the city where you live has a price too high, which will lead you to look for real estate in cities that are not yours, well, the first step is going to be to apprehend this real estate market.

So, how do we apprehend this real estate market? You simply see the ads on the sites that I already mentioned, so it can be Leboncoin, it can be SeLoger, and it can be PAP. So, you’re looking at it roughly, if you’re looking for a studio, how much is a studio in the city that interests you. If you are looking for a T2, it’s exactly the same thing; you’ll see how much the average T2 costs in the city you’re interested in.

And then, especially then, we will have to go to make visits to impregnate neighborhoods, to identify areas in this city that are good for investment and those who are a little less good for investment.

And from the moment you go to look for this property, what I always tell you in my articles is that it will have to respect two criteria:

– Have a real estate liquid, that is to say that the property you are going to buy, you must be able to sell at any time, including the day after your purchase or the day after the work will be finished so to be able to separate you at any time without having a line of credit to repay.

– To have a rent large enough to cover not only the credit, but also all other expenses. And generally, what you have to do is respect the 70% rule, that is, 70% of your rent must be greater than your credit so that you have roughly a neutral or white operation vis-à-vis the bank.

So that’s the third tip I could give you. Soak up the market in your city and when you make the purchase offers, make sure that your real estate is liquid and that your transaction is neutral vis-à-vis the bank.

#4: Make offers

My fourth advice will of course be to do a lot of visits and a lot of offers because precisely, to respect the two rules that I gave you previously, namely real estate liquid and have a property that is self-financing and respects the 70% rule, there is a good chance that you have to make aggressive bids to buy goods below the market price. It is only by buying goods below the market price that one realizes good real estate business.

So, do not hesitate to make a lot of visits, including properties that you identify as too expensive at the time you view the ads online. And then, make aggressive buying offers against your profitability goals and compared to the goal I mentioned earlier, namely to have a liquid real estate.

It is very important to make a lot of bids because the vast majority of them will not pass. And so, to be able to have more luck and success, it will be necessary to multiply these offers of purchase. It will only take one aggressive offer to earn you money immediately at the time of purchase and then, as I explained to you earlier, to have a lifetime pension because an If you decide to never sell the apartment or house that interests you, it is a rent that you will keep for life.

#5: Prepare the bank appointment

And the fifth tip that I wanted to give you in this article, it is especially to prepare well the banking appointment. It is very important to prepare the bank appointment and not to appear in front of his advisor saying here, bah me, Mr. Banker, I want to buy a flat of 100 000 €. No, it’s not at all like that.

It will be necessary to prepare a minimum this appointment by explaining to your banker why you wish to buy this property, what is it of particular, why it is interesting, how much you will rent it, put him some numbers in front because the numbers are things that speak to the bankers, reassure him in relation to the fact that you are going to have liquid real estate, this operation will be neutral or transparent because 70% of the rent will be higher than the monthly payment credit…

Reassure your banker. If the banker finances you, he will make you a commitment over 15 years, 20 years, or 25 years, it is not nothing like commitment. So, put some numbers in support to show him that he takes a minimum of risk by funding your project.

Recommended Reading: Bismarck Homes For Sale

5 Safety Tips for Home Improvement DIY

5 Safety Tips for Home Improvement DIY

Every year, thousands of people end up in the emergency room after a DIY accident. Here are 5 tips for home improvement DIY to be done safely.

To save money on renovation or decoration, more and more people are trying to tackle home improvement DIY. Safety must be the top priority in any home improvement effort whether you are an experienced handyman or an amateur; you need to follow strict safety precautions. Here are 5 tips to keep in mind when working on your home improvement projects.

Recommended: Brooklyn Home inspector

1. Use your power tools safely

This should go without saying, but never leave your electrical equipment unattended when plugged in. Before leaving the work area, unplug all power tools and keep them out of the reach of children.

Also take care of your tools. For example, do not pull on the power cable to unplug your device. Also remember to keep all electrical cables away from sharp edges, chemicals or heat points.

2. Wear a correct outfit

No need to make a fashion show during your renovation work, rather choose practical outfits. Refrain from wearing jewelry or loose clothing that can potentially get stuck in your devices. Protect your eyes from splashes and debris with goggles and earplugs to protect your ears from decibels on your DIY devices.

3. Pay attention to your environment

Be sure to be aware of your surroundings, especially when working with others, to avoid unexpected injuries or accidents. Be aware of who enters the workspace and uses electrical equipment especially close to you. Keep young children and animals out of the work area.

4. Place your ladder correctly

Most scale accidents are the result of a bad placement. Use the 4-in-1 rule: For each meter of ladder height, the bottom of the ladder should be 30 cm from the surface on which it is based. Example: for a 4 meter ladder, press 120 cm from the surface in question.

Read the warning labels and instructions before using a ladder. The instructions will help you identify the correct scale for the work you want to perform and describe both the height of the scale and the weight limit. Many accidents occur when the ladders are not appropriate for the work done.

5. Always have a first aid kit

Every smart handyman knows it’s important to keep a first aid kit on hand. Be prepared to respond to abrasions, bruises or dents during your renovation project. Keep the kit handy and stocked.

Although it sounds a little cliche, safety must always be a top priority. It’s just common sense. Keep your workspace clean and avoid cluttering with unnecessary objects or debris, store power tools, wear appropriate safety equipment, and follow manufacturers’ instructions. If possible, do your work with someone you trust. By following these simple but important rules, you will most likely avoid finding yourself in emergencies!

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