Hello Everyone with real estate investments in Hamilton, Ontario!!
I can’t believe the year is almost over and we hosted our final Mr. Hamilton Inner Circle Meeting for 2016!! We ended the year with a bang by hosting 75 investors who invested their Saturday morning to continue their education on how to build wealth through real estate including four offers by our team over the weekend. Offers are a key first step to joining the tribe of investors with multiple streams of income. Admittedly, I’m not the best at saving money BUT my tenants pay off our mortgages a couple thousand per month… when I worked in corporate I contributed 6% to RSP’s and my employer matched 4% for a 10% total. In quick math, I would need about four months of RSP’s to come close to the mortgage pay down of one single month that we get today. How much are you saving??
For our next Mr. Hamilton Inner Circle Meeting, in order to handle the growing number of attendees, we will be simulcasting the presentation to our office’s board room on a 50+ inch TV so we can all be a bit more comfortable. We
have received feedback suggesting a larger venue which may happen this coming summer but for now we should be fine for space, we’re being frugal and most importantly while maximizing proceeds to the HamiltonBasketBrigade.com so we may feed more people. This past meeting we donated 100% of the admission fees to our charity, $880 to be exact or enough to feed 12 families!! For next time, if you’d like a receipt for your donation, simply go online to HamiltonBasketBrigade.com/donation. In case you’re wondering why we do what we do, there is this:
Charles Wah was born and raised in Hamilton where he invests in many forms of real estate, from rent to own, long term hold, a commercial building and, for the topic of today’s discussion, land development where they have two proposed developments for a total of 150 townhouses. Charles is a full time entrepreneur and co-founder of the Gateway Group, his real estate and development company.
Charles was a finalist for Canadian Real Estate Wealth Magazine’s newcomer of the year, he is a proud member of the Real Estate Investment Network, a Rock Star VIP member, Hamilton-Halton Builders’ Association, and Hamilton Chamber of Commerce. Charles is always looking to connect with like-minded entrepreneurs to network and raise each other up.
In his personal life, Charles is a sports fanatic, especially soccer. We’re actually attending Major League Soccer’s Eastern Conference Final tonight to cheer on the Toronto Football Club and depending on when you’re listening to this, hopefully we won! So without further ado, I give you Land Developer, Charles Wah.
Podcast available here:
Google Play: http://goo.gl/CAM5Mn
On iTunes: https://itunes.apple.com/ca/podcast/truth-about-real-estate-investing…/id1100488294
On Stitcher: http://www.stitcher.com/s?fid=87335&refid=stpr
In this episode we discuss:
- The family real estate business
- Why Canada over Malaysia, I heard the beaches there are lovely
- The decision to go full time real estate entrepreneur
- Feedback on the different networks he belongs to: REIN, Rock Star, etc…
- Why focus on land development?
- Financing land acquisition
- What’s a vendor take back mortgage?
- Starting out
- Target return on investment
- Stage of land development
- What to look for in a parcel of land
- Location (transit, infrastructure, schools, shopping, other amenities, is the surrounding area mature or being developed?, etc)
- Is the surrounding area mature or being developed?
- Are there subdivisions in the area? If so, are they single family houses, townhouses, etc?
- Sources of noise (commercial, industrial, road, highway, etc
- Access to a highway
- Lot size and layout (square, rectangle, pie shape, irregular, etc)
- Lot grading (flat, sloped, etc) including any topographical constraints (e.g. steep slopes)
- Designation under the municipality's Official Plan (may differ from zoning)
- What density is allowed in the current zoning and designation? What is the existing density in the surrounding area? Does your proposal fit the character of the neighbourhood?
- Are there any environmentally sensitive features such as woodland, watercourses, etc? If so, are they regulated by any
- local conservation authorities? What setbacks will be required from these features and how much of the property can be developed?
- Are there municipal services (sanitary and water) available at the street?
- Are there any existing buildings? If so, can they be rented out to mitigate costs in the short term? Are the buildings on septic or sewers, well water or municipal water? Are there any heritage designations?
- Is the property on a major road or side road?
- History of the site
- Any possibilities of contamination in the soil?
- Costs for development
- Land Acquisition
- Development Soft Costs and Professional Fees
- Landscape Architect
- Geotechnical/Soil Tests
- Stormwater Management
- Financial Consultants
- Servicing Costs (i.e. Hard Costs)
- Tree Removal
- Silt Fencing
- Miscellaneous Site Works
- Fill Requirement
- Street Lighting
- Road Works
- Lots/Street Trees
- Entry Features
- Retaining Walls
- Municipal Costs
- Application Fees
- Engineering Fees
- Utility Fees
- City Development Charges
- Regional Development Charges
- Park Levies
- Special Area Levies
- Local Improvement Charges
- Finance Costs
- Skills a developer needs
- Tools and resources
- Google Earth Pro
- Hamilton Maps (http://map.hamilton.ca/)
- City Of Hamilton’s online interactive mapping tool which contains lots of useful information. For example, not only can you see zoning but you can also view infrastructure on the map such as sanitary and water to see if the land is serviced.
- MPAC (https://www.aboutmyproperty.ca/)
- Advise for novices
- How to reach Charles: Charles@gatewaygroup.ca
Thanks for reading (and listening!) and happy Hamilton real estate investing everyone!
Erwin Szeto | MrHamilton.ca
Sales Representative, Owner of Hamilton Real Estate Investment Property
Rock Star Real Estate Inc., Brokerage
President of the Basket Brigade Charity
Podcast Host/Producer of the Truth About Real Estate Investing for Canadians
PS: If you are just starting out investing, start by spending more time with like minded people and take guided tour of Hamilton by joining us for the next Mr. Hamilton Inner Circle by clicking here!!!