With an increasing number of events targeting enthusiastic property investors, one landlord warns about the bad advice being offered.
Industry events are a great way to network and tap into the expertise of seasoned players, but not every seminar is so informative and helpful.
Wayne Weum, an Edmonton-based landlord, tells CREW that bad advice from one such seminar almost derailed his initial investment plans.
“Being an impressionable beginner, I rushed out and formed three corporations after the fancy pants guru told me it was the best idea,” explains Weum, adding that he now owns 12 doors.
“While it isn’t necessarily a bad idea, going out and spending all of that money and time before having a plan to operate the companies is overkill.”
Weum solely focuses on investing in his home province of Alberta, adopting a clinical financial strategy to self-manage the properties.
“The surrounding communities of Edmonton have proven to be our sweet spot, with strong economic fundamentals, steady growth, and low vacancies,” says Weum.
**In the September issue of Canadian Real Estate Wealth, Weum and other investors outline how they overcame initial obstacles to build multi-million real estate portfolios. The magazine will be on newsstands this week or subscribe here to avail of a special deal today.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
White Rock, St. Ives, McGee Lake, Whynotts Settlement, Les Bergeronnes