DO IT NOW?!!
This is an exciting time for ACTION in Alberta! We’d love to be partying and hanging out with investors at all the fall meetups, conferences, etc…. Instead, we’re being really picky about networking opportunities, so we can FOCUS!
Real estate appraisers always talk about HABU = the Highest and Best Use of any property. Why don’t real estate investors talk about the HABU of their time, talents, knowledge and experience? Unlike most properties, maybe the HABU of each real estate investor will go through multiple iterations, as our life seasons change, and our experiences grow.
Many moons ago, Greg started in this world as an employee of IKEA, simply installing kitchens. After his policing career, he started Mountain’s Edge Renovations. The first clients were really looking for handyman services from this unknown entity. Then his reputation, knowledge and expertise grew as he did bigger and bigger projects. In the past few years, we have transformed even more. https://mountainsedgerenovations.com/ has evolved into new home building, accessory dwelling unit builders, and full home renovations. It might be almost time for a brand change to reflect the current services we offer!
Many of our colleagues already know that we are wearing multiple hats as both builders as investors. As our main business evolves, our investment strategies also change. We’re seeing more and more real estate investors who are experiencing a similar transition. Many of us are defining our own goals and success. We are avoiding the distraction of 15 different ways we could be growing. Resisting the temptation to be caught up in the competitive vibe of “who has the most doors.”
Why are we so passionate about taking action now? Shouldn’t the building season be winding down as the temperatures drop? Because we are VERY aware of the lead times for each project. Whether we work for a client who is building a dream home, or an investor who wants an accessory dwelling unit, almost everyone under-estimates the “processing time” to get to the starting line (aka shovels in the ground).
Did you know that it often takes longer to get a Garage Suite approved in Calgary, than it does to build that suite? Yes, really! That means, if your Backyard Suite application isn’t submitted by January 2025, it might not get approved in time to build in 2025. Another example is that those utility tie-ins can have 8 week wait times =delays. Our plumber can do 99% of the water and sewer tie-ins for Calgary servicing. But we need a City representative to physically turn the water off to the property, then turn it back on. Yes, that’s it, that’s all. For that service, there is an approximate 8 week wait. Sadly, we’re not kidding. If we plan for it, we can avoid the delay.
Such an exciting time for builders and investors, with so much innovation. But none of the professionals we work with are waiting for our next request. Need an engineer? Minimum 2 week wait for project review. Need your truss and flooring package from a supplier—we just heard it’s a 3 month delivery time. Y’all get the idea, and it’s not our intention to complain about things we cannot control or fix.
Our boring, simple point is that if we start now and plan ahead, we can avoid a small mountain of frustration next spring. For our real estate investor colleagues, we hope you’re not waiting for January 1 to start setting your 2025 projects in motion. Please trust us: none of the municipalities have a fast forward button. Nor does CMHC, or the banks, or even the lawyers!
We are sharing our experiences in the hopes that your pursuit of Financial Freedom in 2025 can have a little less stress, and a lot more HABU success!
