Hello Real Estate Investors in Hamilton, Ontario!!!
The City of Hamilton wants to help tenants buy a home in certain neighbourhoods, mostly in the lower city where they could use more investment and pride of ownership. You can read the whole article here and you can read my thoughts on the subject here in my latest contribution to the Canadian Real Estate Wealth Magazine: Program to Increase Vacancy in Hamilton
Do you play to win?
This past Winter, I joined my brother’s men’s league team, (after being off skates for seven years) and last night we won the final game of the season to earn ourselves the title of division champion. Admittedly, I’m not a leader on the team in any statistical category (except for games played :)), but that was not my goal entering the season. My goals, considering that I was a relative beginner to the sport, were: To never take a shift off, to challenge our opponents, and to contribute to more than hurt the team. With those goals in mind, I bought some nice new hockey equipment, completed a hockey skills course, and I trained my general fitness at high intensity 3-4 times per week via Crossfit. Basically, I train as much or more than anyone on my team and possibly anyone in my division. I play to win and the same is true in how we run our business.
How do you live or operate your real estate business? Are you full on or are you OK with one or two rental properties that are fully paid off? Whatever you are committed to achieving is awesome – just do SOMETHING. My teammate Duane and I were discussing over beers after the game how they kept his fiance’s condo as a rental property for their retirement or for their “future kids” – Excellent! In this low interest rate environment and 36,000 families moving to the GTA each year, you can’t really beat real estate as an investment.
Duane is comfortable with one investment property. And then there’s my two clients who were finalists for joint venture and top investor awards at the Canadian Real Estate Wealth Investor Forum. They both own properties well into the double digits. Whatever it is you decide to do, do something for your future. For example, here’s what I said to my childhood friend Mike. He was in my wedding party. We’re close, hence it’s excepted that I use colourful language with Mike to get his attention.
Mike, while we’re on the topic of real estate, Cherry and I are doing some passive short and long-term investing. The short stuff returns 12% in 12 months. The mid-long term stuff is 2-7 years at 25% returns average per year.
As the saying goes, until your money is working hard for you, you’ll never stop working hard for money.
Now get on it. University is going to be f****** crazy expense and your kids won’t get OSAP.
The colourful language worked as Mike has secured a HELOC on his home and we’re meeting this week to discuss next steps so he and his wife (my housemate in University) can retire earlier and pay for his super cute kids’ schooling.
If you too need guidance on investing in Hamilton or investing with your RSP’s, let us know. We want nothing more than to see you as successful as my friend Mike.
Till next time – Happy Hamilton Investing Everyone!
Erwin | MrHamilton.ca
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!!!