Whether in your career or personal life, you know how satisfying it can be to find your lane and stick with it. Your \u2018right lane\u2019 is a specialization or passion, something where your unique expertise can help you succeed. It is an extension of your best self; it just fits and feels right.<\/p>\n
Investing in real estate is no different. When you find a lane in real estate investing based on a passion that rewards you both personally and professionally, you\u2019re bound to succeed. I travel across North America and witness people succeeding in real estate investment<\/a> who have found their lane and stuck with it. Here are some examples.<\/p>\n Subscribe to CREW<\/em> for the best in real estate news<\/a> and insight \u2013 whatever the season. Divorced parents<\/strong> Renting a condo is affordable for the parents, who are now splitting their income, and the investor profits to the tune of around $500 per month on each condo. Her tenants often stay for two to 10 years, and when new renters come in, freshening up the d\u00e9cor is all that\u2019s needed. Renting to this niche is in her comfort zone \u2013 it\u2019s a lane she knows.<\/p>\n Weekend warriors<\/strong> People in your situation<\/strong> A real estate agent in one of our Exit Realty brokerages became widowed at age 50 after staying home to raise her children.<\/p>\n There was no money in the bank, no life insurance and no provision for her future. She decided to become licensed to sell real estate and then began to invest. Now she holds monthly workshops where she teaches other widows how to build an investment portfolio. Some of the widows in her group participate in investment groups, and some are working toward buying their own home.<\/p>\n Travellers<\/strong> The key is figuring out which kind of rental you would enjoy so that you\u2019re looking forward to your next renter rather than regretting your decision. As with any investment property, ensure that municipal guidelines permit your intended use for the property.<\/p>\n Groups of young investors<\/strong> Find your passion first, then find a lane that fits. Using the services of a specialist investment real estate agent and doing your own research are key. Google vacancy and inventory rates. The Trends & Insights section of Realtor.ca and sites like HousePriceIndex.ca can help, too. When you\u2019re ready to learn more, check out local investor groups. A search on Meetup.com reveals more than 60 real estate investor groups within five miles of Toronto. Search for the topic on LinkedIn and Facebook for more opportunities to connect with like-minded people. Remember to share your intentions with your friends, family and colleagues. They know you well, and often an opportunity will present itself once you\u2019ve set your plan in motion.<\/p>\n \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" Whether in your career or personal life, you know how satisfying it can be to find your lane and stick with it. Your \u2018right lane\u2019 is a specialization or passion, something where your unique expertise can help you succeed. It is an extension of your best self; it just fits and feels right. Investing in […]<\/p>\n","protected":false},"author":1,"featured_media":21578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8112"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8112"}],"version-history":[{"count":5,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8112\/revisions"}],"predecessor-version":[{"id":30128,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8112\/revisions\/30128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/21578"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nUse code HOLIDAYS2018 to claim your free festive gift.<\/p>\n
\nA divorced woman and her ex-husband mediated to live within 10 miles of each other so they could be better co-parents. Because she found that arrangement to be so beneficial for her own children, she developed a passion for helping other parents do the same. She buys investment condos in the town where she lives and rents them to divorced parents, helping them stay close to each other and keep their children in the same school system, minimizing disruption.<\/p>\n
\nIn another example, a group of construction workers \u2013 including electricians, plumbers and finishers \u2013 saw how the owners of the properties they worked on were building equity and, in some cases, flipping them for a profit. The workers now engage in an ongoing weekend project of buying homes, fixing them up and flipping them. The workers are still employed at their full-time jobs, but they feel less pressure. They\u2019re building a nest egg and have found their right lane.<\/p>\n
\nI know of some single-mother investors who conduct classes for other single mothers, teaching them how to invest in real estate. They share best practices and their own experiences to help others succeed. I also know of nurses who live close to the hospital where they work, who buy property to use as shortterm rentals, appealing to the niche market of fellow nurses on short-term contracts.<\/p>\n
\nPeople who love to travel are buying property to use for short-term rental opportunities like those offered by Airbnb. They use the property themselves anywhere from one to six weeks per year, and the rest of the time they rent it out. The properties range from waterfront condos to suburban neighbourhood homes. These opportunities extend beyond vacationers to business travelers who would rather rent a house for the same price as a hotel room (or sometimes less) and have the space to move around, cook for themselves and enjoy a local experience.<\/p>\n
\nMany millennials are starting to invest together. They\u2019re watching the expansion of their college or university and noticing a shortage of dorm space, so they\u2019re buying multi-family properties close to campus. Someone from the investment group might live in one of the units and rent out the rest. When the group starts achieving positive cash flow, they buy another property. They put up less money as part of a group than they would have to individually and enjoy the benefit of taking that first step on the property ladder<\/a>.<\/p>\n