5 Things To Consider Before Becoming A Niagara Real Estate Investor
5 Things To Consider Before Becoming A Niagara Real Estate Investor
We’ve all seen it…the get rich quick real estate investment gurus preaching how you can make millions investing in the speculative world of real estate. It’s easy to get caught up in the trap and lets just say that most opportunities that seem to good to be true usually are.
For over 12 years Steph and I have been investing in the Niagara Region and we’ve seen our share of hucksters. We didn’t take long to figure our that these so called guru’s are great at talking good, honest, hard working people out of boat loads of cash. Unfortunately this is very common place. The only way to avoid falling into the traps laid by these “education companies” is to first educate yourself and understand that these people are not necessarily your friends.
The path to millions as a real estate investor in Niagara can certainly look easy from the outside, but personal experience has taught us differently. Our road to success that lead to over 25 house flips in our 12 years of investing has had a few bumps along the way! Is it profitable? Heck yah! We’ve done well in our real estate ventures. We’ve lived to share the tale and how we reaped the profits of a successful system and this information is yours for the taking if you want to learn more.
So do you want to invest in Niagara real estate?
Are you on the fence?
Are you wondering if pursuing a life of real estate investing in Niagara is right for you?
Read on to discover 5 things you need to consider before becoming a Niagara Real Estate Investor in today’s crazy real estate world.
1) What Is Your Motivation?
What is driving you to invest in real estate? You’ll need a serious goal oriented focus if you plan to have any success in this game, but that goes for anything worth doing in life.
When we ask about your motivation we are referring to the why behind investing in the first place. As house flippers we can attest to the fact that you can make some quick money in this arena, but ultimately you need a long term plan to invest in real estate if you ever want to see the true benefits of real estate investing. Buy and hold, multi residential properties, and even single family home rentals can be profitable long term and we can share with you why this is the case.
You need to be sure you’re in it for the long haul. That you are committed to constantly learning and willing to make a few sacrifices along the way to build your business. In the end it’s really a business and should always be treated that way.
What we are getting at is this…If your motivation is driven by short sighted, quick money, and minimal investment in time, money, and your education, then we would suggest another avenue for you. Or maybe you should consider keeping your day job since you’re are most likely not cut out to be an investor. We don’t mean that to be offensive. The fact remains that not everyone is cut out to be a real estate investor. It takes a certain grit to put yourself into this arena and the unforeseen and often crazy things that can happen.
2) Is The Timing Right For You?
Before you jump in both feet you need to understand where the market is and how your method of investing will fit this market. We can say honestly that there is money to be made in any market if you’re smart about how you’ll invest.
So ask yourself a few questions such as….
What is the market doing right now?
Is it a buyer or a sellers market?
What new development is coming to the area I plan to invest and how will this effect property value moving forward?
These are just some of the questions to ask when figuring out the timing for making wise investments in real estate. Often I’ve seen people eager to get in, but then they buy in a market that is topped out. The trick is to make educated, calculated, decisions based on what the market is doing now and projecting out 5-10 years to see how that fits your investment goals.
The second issue with timing is this…Is it the right time for you? You need to be ready to jump in at this moment in your life. Can you do that? Does it fit your long term goals? Can you find the time that will be required to focus on your new venture?
We can speak from experience when we say that there is no better time than the present. Don’t over analyze these choices, but make sure you’re not getting into this for all the wrong reasons.
3) How Do You Set Yourself Up For Success?
If you’ve so much as dabbled in real estate investing or sat in on one of those free training seminars (leave your credit card at home), you’ve heard that wise advise to find a good team!
We couldn’t agree more. We struggled in the first few years and probably lost out on thousands of dollars because we didn’t have a good team of people to help us succeed. It took us a few years and a lot of duds to find good people to surround ourselves with and get ahead in this game.
This counts in all aspects of life. You’ve probably also heard that you are the average of the 5 people you spend the most time with so why not surround yourself with like minded, successful, and happy people. It just makes sense…Right?
What we’re getting at here is that you need to have good people who you can pick up the phone and get advise, information, and help to make your journey more pleasurable and successful. As long time real estate investors ourselves you can guarantee you’ve found your perfect addition to your team when you’re looking for a Realtor. In fact…you get two of us.
We also have plenty of connections in the real estate investment world to help you build a super successful team and come out of the gate ahead of the pack on your journey to becoming a successful Niagara Real Estate Investor.
4) Where Will You Invest?
We get asked this question a lot and honestly we feel very fortunate to live in the Niagara Region. It’s one of the most fertile environments for real estate investing and only getting better with time.
Affordable housing, a relatively good job/work environment, steadily increasing property values, and good cash flowing rentals are all reasons to invest in Niagara.
Often we see people coming down from the GTA to Niagara just to buy income properties. There has never been a better time than now to look outside of the Toronto area to purchase long term rental properties. In today’s market finding properties anywhere close to Toronto that cash flow is close to impossible.
We’ve been investing in our own backyard in the Niagara Region for years now. This has many benefits. You have the ability to manage your own properties. You’re close enough to work on your own properties on nights and weekends if you so choose and for those who don’t we have several competitive contractors that do great work.
If you would like to know more about investing in the Niagara Region join us for a coffee or lunch anytime.
5) How Do You Get Started?
With any good business you must start with a plan and before you even think about looking at your first property, you need to answer the previous 4 questions honestly and figure out the direction you would like to take you investments in the Niagara Real Estate market.
Once you’ve developed a game plan, know your finances, and know your 5-10 year goals, then you can start looking at properties…and not until.
This is where we come into play. Let us be a part of the initial planning phase. Let us share what we’ve learned and give you some advice learned from years of being in the business of real estate investing. Let us guide you and provide you with the necessary tools to make this a fun rewarding journey avoiding the pitfalls that most people make.
Once you’ve put your plan together, NOW we can help you make it all a reality.
So get your feet wet, meet with us, feel out the market, get to know the ins and outs, and above all lets get you making some money in the world of real estate investing in Niagara!
To your success…