One of the gifts in a down economy is the gift of time. Many real estate investors have time right now to organize, network and strategize for their portfolios. We have been using some of our time lately to connect and learn with some amazing real estate investors. Even on the coldest nights, we are still connecting online and would like to share a fabulous and FREE podcast to inspire and motivate your investing journey, “The Everyday Millionaire” podcast with Patrick Francey.
Recently, the podcast featured Jean-Guy Francoeur in a discussion about mindset and actions when times get tough (uncertainty or downturns in the market or both!). And one of the key learnings we heard in the podcast was about being Pro-Active at this time, and really thinking and changing how you play the game.
That brings us to today in Calgary. There are thousands of properties on the market, and hundreds more that aren’t listed for a variety of reasons. The temptation when listening to some expert investors is to carpe diem like crazy and acquire multiple doors as we skip along the bottom of the market cycle.
But wait … why are we doing this real estate investing thing? Is your goal to brag to your friends about how many doors you have? Or is your goal to create long term wealth, relatively passive income, or some other aspect of financial freedom for you and your family?
Most of us do not want or need another 40 hours of work each week, so let’s take some time and be cautious in acquiring Quality doors. When we think quality we think of good homes in good neighbourhoods – and yes that is subjective! We think about homes that have positive cashflow and the potential to improve something to force appreciation –the only alternative to this is buying below today’s market value. We think about where the demand is going to be in 5-10 years: for example, homes under $500,000 will be attractive starter homes for all those millennials who are moving out of basements … soon! We think about Calgary trends and new opportunities opening up, like the Taza development and the Southwest Calgary Ring Road. And we think about our customers, our tenants. What do they want and need today and into the future? For example, there is a huge trend to “side hustles” and the “gig economy” – home office space is and will continue to be golden (plus it’s a backup bedroom in a pinch, like in holiday seasons).
Our version of Carpe Diem in this economy involves evaluating all the opportunities available, and continuing to be really picky about acquiring Quality doors, slowly but surely. Real estate investing success is rarely measured by the number of doors you own—but rather by the quality of financial freedom and lifestyle that you live. How will you seize the day?
