FORTUNE IS IN THE FOLLOW UP
Are you where you thought you would be at this age and stage of life? Whether you’re 30, 40, 50 or 60 plus—I can almost guarantee that life has thrown you a few curve balls. Many of you had financial goals and dreams by the time you reached your mid-20’s; and I would guess that those goals have changed quite a bit over the years. Whether you are recovering from the Calgary recession of the past 4 years, or you are simply reviewing your financial plans for retirement, it is never too late to “catch up.” Here’s a couple of examples of people who we’ve talked to lately, and how they are following up on their real estate investing plans.
Couple 1: let’s call them Mickey and Minnie. They have just inherited some money from Grandpa Walt. They have pensions, and modest RRSP and TFSA savings—but they are not happy with their returns. Now they have a significant lump sum to invest “somewhere” and have been wondering about real estate. These are busy professionals, and don’t have much extra time for a hobby investment. Plus they have no experience as landlords and are worried about those 2 am toilet calls. We explain to them our process in a Joint Venture partnership, and find out more about how long they want to invest that inheritance money, and what kind of returns they would be happy with. We are very excited about the current Calgary real estate market, but we encourage them to investigate their other options as well. We offer to partner with them as the “working partner” and explain what this means: we find the deal (and they can still walk away if they don’t like it), we manage the tenants, we manage any property issues, and we do the paperwork (providing quarterly updates on their investment). Mickey and Minnie have an opportunity to diversify their investment portfolio by adding real estate, and without adding any significant time expense. The follow up on this investment is a quarterly breeze!
Couple 2: let’s call them Ross and Rachel. These are Generation X professionals and busy parents. Plus now they are assisting both of their parents. These are intelligent and well-educated people, but life is a little chaotic. They are looking ahead to retirement and realizing that their savings plans fall far short of where they want to be in 10-20 years. They’ve heard other people talk about real estate investing, and are curious about the long-term investment potential. We explain how real estate can generate wealth through positive cashflow, mortgage paydown, and property appreciation. We encourage Ross and Rachel that they have time on their side with a real estate investment, because they are thinking long term already. We explain how the Joint Venture process works, and we also explain some private lending options. Ross and Rachel are considering using some of the equity they already have in their home to invest in a suited property. Because they reviewed where they are today, and where they want to be, we are now working together to find the right “follow up plan” for their financial future. Again this couple is leveraging our experience and time in a partnership that allows them to pursue their current lives and their future goals.
We get it. Life moves FAST! Add a few kids, a career or business, parents, a hobby or two—and who has time to babysit retirement savings? If you’re wondering how to “catch up” to where you want to be for your financial future, and are considering real estate investing, chat with us today to find out about current opportunities in the market. It’s never too late to follow up on your financial fortunes!
