Whether you have one property, two half duplexes, or an entire apartment building, real estate can be whatever you make of it. Some investors choose to go after four properties that cash flow, allowing them to have the equivalent salary of a retired University Professor by the time the properties are paid off. Some investors cool off at ten properties and focus on paying down their mortgages. Others work to get the most cash flow possible and make real estate investment a full time job. It really depends on you, your goals and where you see yourself in the future.
YVR4Sale team members, Amy Leong and Brian Higgins, are both active real estate investors and REIN members. They can attest to how important setting goals are. Brian’s goal was to own four properties by age thirty and he surpassed this goal by owning five. His portfolio is primarily focused in Coal Harbour and Yaletown where he achieves higher rental income through fully furnished rentals. He says he has never had a day of vacancy due to the extremely low vacancy rate in Vancouver and the ‘A-rated’ type buildings he has strategically chosen.
Amy’s goal was to own three properties by thirty and this came true by the end of 2014 with her third property. After joining REIN, the Real Estate Investment Network, Amy studied how to find investment properties that cashflow and how to invest in long term hold real estate. By studying economic fundamentals and learning how to joint venture with other investors, Amy was able to buy two more properties with half as much money down and also without having to get approved for the mortgages. Her take on real estate investing is to ensure you are choosing a property in a location where people are going to want to be now and in the future. Study transit, know where the next urban hubs and developments are going, stay ahead of the curve so you can reap the benefits.