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 November 2006

 

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Welcome to the Edmonton Revenue Property Investors Monthly Newsletter

It's time again and the monthly association meeting of our group has arrived. For those of you new to this e-mailing here are the particulars.

            Once a month on the second Tuesday of each month a like-minded group of real estate investors meet on the second floor at Rosie’s Restaurant. Located at the corner of 105 St. and 80 Ave.  Arrivals at 6:30 and the meeting starts at 7:00 pm. You are cordially being invited to attend. Attendees are required to pay $5 at the door. There is no annual membership charge yet. All attendees and visitors are asked to buy $5 worth of food to support the use of Rosie’s Restaurant 2nd floor meeting room, and please generously tip your server, this helps to support our free use of the meeting room. Please bring a few of your used real estate or self help books that you no longer require to donate to our library or door prizes.  If you park to the east of Rosie’s in the strip mall parking lot, please pick up a free parking pass from the bar to put on your windshield. 

            Each meeting is different as we may bring in special guest speakers for each meeting. Each speaker is uniquely qualified in his or her own specific field of expertise. Even a seasoned investor will be pleasantly surprised with the knowledge gained from attending our meetings. We encourage all attendees to participate at the meetings by asking our speakers your pertinent questions. We need and appreciate your input at all meetings. Like-minded investors can and do learn and help each other to achieve success.

               We really do look forward to seeing you and please bring a friend to our next meeting. If you have a friend that you feel would like to be put on our e-mail list send their e-mail to me.  


Our guest speaker this month will be: 

John. He will be speaking about securing financing for large and small real estate purchases. Syndicates and group purchases are his forte. Don't miss his all inclusive power point presentation.


A few words from your president Les Michaelson :

It's been a very interesting month. It was nice to see all that attended the Edmonton Apartment Association annual Trade Show in October. I wish more of our members would attend!!! I had the pleasure of meeting and exchanging ideas with developer Greg Christenson, stock market annalist Angus Watt from National Bank Financial. Rob Hayward from Homerun Investments Inc. and realtor Terry Paranych. I also spoke with many many long time business trades people. 

Well the winter doldrums have finally hit Edmonton. Even the hottest real estate market in Canada is taking a well deserved breather! Who likes moving or even going outside when its below zero!!! The Edmonton Real Estate Board is reporting fewer sales, listings and the average residential price dropped 0.75 percent to $276,641 in October from September. The average price for a single family dwelling on the Edmonton MLS® in October was $326,292, up 1.3% from last month. Condo prices were down 1.6% from September and sold on average for $208,962. Duplexes and rowhouses sold on average for $282,551 (up 1.26%). The all important average days-on-market was still just a paltry 23 days; the same as last month but down from 42 a year ago. Yup she's still a sellers market as there are still few listings 2555 but the buyers are entering a winter mode slow down. If there was ever a good time to get out and buy something now is the time as your competition is at an all year low! I have purchased many a bargain in the dead of winter!!

On the rental side, using my phone as a benchmark, in August I was getting 100+ calls a day from potential renters from building signage and the internet. The number in November has fallen to about 10-15 or so from the internet, building signage and a classified ad in the Edmonton Journal . Most of the calls are from renters looking for dirt cheap places. Like 1 bdrms under $500 per month or rooms for rent and when I suggest that they require a security deposit equal to rent I get a lot of the "can I pay it over time" song and dance. I have a deluxe large 1 bdrm with a covered balcony in Old Strathcona for $750 and after marketing it for 5 days still no takers. Like I say the winter doldrums have finally hit. Thank heaven for 1 year leases!!! Come to our next meeting to find out if I ever got it rented and for how much!!!

As if I don't have enough to deal with on a daily basis, ie: Idiots spraying graffiti on my buildings. Homeless bums digging through my garbage bins strewing garbage everywhere and then breaking in and sleeping in my buildings hallways. Drunk numb-nuts kicking down my fences. Crack and meth dealers and buyers doing deals and harassing my 70 year old mother. 2 days ago I got a call from my guy that shovels snow at one of my buildings. He is a U of A student from Lethbridge. He reported to me that someone broke the door off my storage shed and stole my ice pick and snow shovel. He couldn't believe it and was very scared. He said Edmonton is way more crime prone than Lethbridge. He asked if he should call the police. I had a good laugh and told him he could but they are too busy to do much. He called them anyway and the police told him "what do you expect us to do"??? My cost 2 pinless hinges $40 case hardened latch $12 snow shovel $22 ice pick $35 and a half a days labour $100. Who says crime doesn't cost. Who pays? Time for another rent increase!! I think I'm going to start a new reality TV show called Tenants and Toilets. Warning do not become a landlord YOU WON'T LIKE IT!!! Video soon to be released.    


           We will also be talking about the real estate market, landlording, present housing prices and trends for Edmonton real estate, and many more topics. If you have any real estate for rent or for sale please make up some hand outs to give to any attendees and be prepared to stand up and tell us about your handouts. Please network and socialize with the other members and guests before and after the meeting. If you want to list your for rent or for sale real estate online please visit  Rentex Homes  and  Buy Sell Rent Ads ...register and post your properties.  Please visit our approved contractors site  Bookmark this list as it is not easy to navigate to it from our home page. If you know good contractors email me and I will add them to the site.  I am still looking for good south side apartment and commercial buildings, if you hear of any please contact me ASAP!!

If you have any questions at all please e-mail me at admin@rentexhomes.com or call me at 780-433-1481 regarding any of the above.

    See you all at the next meeting,

    Your cordial President, Les Michaelson

About the Author: Les Michaelson has been an Edmonton Real investor since 1978. His interests are in the hands on operation of acquiring managing and selling of revenue properties of all types. 


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HIGHLIGHTS FROM OUR LAST MEETING

Edmonton Revenue Property Investors Association

Chairlady Karen opened the meeting at 7:13 p.m. with a demo of the Tool of the month, Paslode. It is a cordless driver, and has many uses for most landlords. One member suggested that the price is best at Prime Fasteners.

The members were reminded that they can post their “for sale” and “for rent” ads on Les's websites free of charge. At  http://www.rentex.ca.  and at http://www.buysellrentads.com  Each site is optimized for different search engines, so please put a free photo ad on each site!

Our guest speaker was Cec Butt of Henderson and Butt Appraisals. They do residential, commercial and industrial appraisals. Appraisers must now be licensed. C U S P A P is the Canadian standard in this Industry.

Common uses include finding the true value in foreclosures, expropriated or annexed land, and for Insurance purposes.

His advice – Sell on your own but Purchase through a Realtor. 7% fees are included in the appraised value, so sellers gain.

CMHC uses a program called Emily to determine values, instead of using appraisers.

His forecast for Alberta – present conditions will continue for another five to ten years. We have approximately 80 Billion worth of projects on the books, and 60 Billion is for Edmonton and north.

Saskatchewan would be happy if they had 5 billion on the books for the entire province.

Les gave us an update from the Edmonton Real Estate Board on our present market conditions. We have record in –migration, sales and prices. The present utopia will be with us for another 5 years however the winter season is fast approaching.

Door prizes were awarded and the meeting closed at 10:15

Katherine Callfas


HOW TO INSTALL A HOME SECURITY SYSTEM

 1. Go to a second-hand store and buy a pair of men's used size
 14-16 work Boots.

 2. Place them on your front porch, along with several empty beer
 Cans, a copy of Guns & Ammo magazine, and several National Rifle magazines.

 3. Put a few giant dog dishes next to the boots and magazine.

 4. Leave a note on your door that reads: Hey Bubba, Big Jim, Duke
 And Slim, I went to the Gun shop for more ammunition.
Back in an hour. Don't mess with the pit bulls -- they attacked
The mailman this morning and messed him up real bad.
I don't think Killer took part in it, but it was hard to tell
From all the blood. PS - I locked all four of 'em in the house.

 Better wait outside.      Courtesy of Gail


  Your House As Seen By : 

Yourself...

 

Your Lender...

 

Your Buyer...

 

Your Appraiser...

 

Your Tax Assessor...


 

LETTERS FROM OUR MAILBAG

Hello, My name is Dan Basso. I found your site browsing on the net.... I wanted to write you a quick email to find out if you can help. A little background.... I am a twenty three year old young person who is looking for a potential group to become involved w/. I feel one way to become successful is to interact with successful people and learn from them. Three years ago I created a construction company "OSSAB Construction", I have built this company up to six employees with myself managing the company. I am looking for my next move..... I cannot stay stagnant. My drive for financial independence is burning inside me. Life is all about challenges.... I felt that I have been quit successful to this date w/ no guidance. I feel that meeting with your investment group would be very beneficial to myself. I look forward to hearing from you.....Could you me know details on your investment group....Thank you, Dan

(Ed: Dan please come to our next meeting...and bring a friend!)


Hi; I have no experience but am currently building my book knowledge.  Do you mind if I drop in on a meeting? Thank s Neil Larsen Iron River School G.D. Iron River , Alberta T0A 2A0

(Ed: We all started that way!! Drop in !!!)

 

 


This months Real Estate News Articles And Links

 

Real estate market cools
Edmonton Sun - Alberta, Canada
... And as the weather the Edmonton real estate market has “cooled.”. ... Oh well, the Great Edmonton Real Estate Boom was fun while it lasted. (Ed: See I told you so... yawn winter has arrived!!!)

Vandalized landlord vows to sell building
Edmonton Journal (subscription) - Edmonton,Alberta,Canada
... the damage for Draginda’s claim. “I’m not a slum landlord. I’m a victim of straight vandalism in that building,” he said.

Landlord fined for health violations
Edmonton Sun - Alberta, Canada
A landlord who tried to get rid of his tenants by having the water shut off was fined nearly $26,000 yesterday after being convicted of multiple health 

CITY COMMITS $5 MILLION TO AFFORDABLE HOUSING
VUE Weekly - Edmonton,Alberta,Canada
... home or amass enough capital to rent a place. The prices are too high.”. Citing StatsCan data from 2004 that claims 38 000 households in Edmonton have incomes ...

Calgary housing so hot, it sells itself
Globe and Mail - Canada
... Yellow Pages Group publishes several real estate publications in Alberta including Calgary's Real Estate Guide and Edmonton's New Homes Buyers Guide. ...

Consumers adjusting to new market reality
Business Edge - Calgary,Alberta,Canada
... check across Canada in 2007, the Re/Max real estate company predicts. ... it surveyed, including Vancouver, Victoria, Kelowna, Calgary, Edmonton, Regina, Saskatoon ...

Financial planning: Real estate can be risky, even in Alberta
Globe and Mail - Canada
In Edmonton, a couple we'll call Jack and Lucy have solid government jobs that will ... They can rent out their house for $2,000 a month, adding $1,080 a month to ...

Mortgage fraud battle grows as values rise
Business Edge - Calgary,Alberta,Canada
... property for 25 years faced the loss of their home, says Edmonton police Det. ... has the most cases because of its booming economy and strong real estate market. ...

Wyser Manor probe needed
Edmonton Journal (subscription) - Edmonton,Alberta,Canada
... The landlord agreed to rent his fully furnished, 350-sq.-ft. suites to low-income tenants referred to him by Edmonton social agencies. ...

Edmonton offers $200 subsidy as rents soar
CBC News - Canada
Edmonton has announced a $200-a-month rent subsidy aimed at making housing more affordable for the working poor. The city's overheated ...

Mayor calls for affordable housing (4:50 pm)
Edmonton Journal (subscription) - Edmonton,Alberta,Canada
Mayor Stephen Mandel called on private housing developers and Edmonton landlords to take ... The first, a five-year $5 million rent subsidy program, will reduce ...

SCOC asked to hear case of Edmonton man on welfare
Canada.com - Hamilton,Ontario,Canada
... moved back in with his mother, who lived alone in a four-bedroom Edmonton condo ... most families do not expect a family member without means to pay rent for shared ...

Housing price gains to slow in 2007
National Post - Canada
... in Calgary rising 40 per cent to an average of $350,000, and in Edmonton by 25 ... on an average resale home has increased to $800 more than the monthly rent on a ...

Higher house-price downer
Calgary Sun - Canada
... "Edmonton clearly de-serves to take the number-one spot on the list," said the report ... typically those looking to buy a second or third home and rent it out ...

Pressure on home prices to ease next year
Ottawa Business Journal - Ontario, Canada
... Calgary and Edmonton will continue to lead in terms of rising prices, with increases ... is one of the more serious issues facing today's real estate consumer, yet ...

House price appreciation across Canada to slow as more listings ...
Canada NewsWire (press release) - Canada
... during 2006 -with Calgary climbing 40 per cent to $350,000 and Edmonton rising 25 ... is one of the more serious issues facing today's real estate consumer, yet ...

Soaring home prices should start to slow
Globe and Mail - Canada
... Calgary and Edmonton are expected to lead the nation in house-price appreciation ... is one of the more serious issues facing today's real estate consumer,” said ...

Listings influx set to slow home price increases
CTV.ca - Canada
... in check across Canada in 2007, the Re/Max real estate company predicted ... including Vancouver; Victoria, BC; Kelowna, BC; Calgary; Edmonton; Regina; Saskatoon ...

Home price increases to slow down next year in Canada
People's Daily Online - Beijing,China
The 2007 outlook from the Re/Max real estate company found that while the ... The highest price increases are projected in Calgary and Edmonton, two big cities in ...

Bromley Square sold
Calgary Sun - Canada
... He wouldn't speculate on future rent increases for either building, but said the ... company is looking to snap up more properties in both Calgary and Edmonton. ...

NDP fears for homeless
Edmonton Sun - Alberta, Canada
... government. He called for more funding as well as rent controls to limit rent increases to the consumer price index, plus 2% a year. ...

NDP fears homeless will freeze this winter
Edmonton Sun - Alberta, Canada
EDMONTON — The NDP is calling for immediate action by the provincial government to ensure that homeless ... He also wants the government to impose rent controls. ...

'Get somebody else to house the homeless'
Edmonton Sun - Alberta, Canada
... earlier this year in part with a $925,000 grant from the Edmonton Housing Trust ... loan that can be transferred to another landlord who qualifies to rent to low ...

Alberta sends new-home prices soaring
National Post - Canada
... Edmonton new-home prices were up 37.8% from a year ago, but rose 6.8 ... Peter Norman, an economist with Clayton Research, a real estate research firm, said Alberta ...

New house prices surge 12.1 per cent
Globe and Mail - Canada
... from a year earlier -- the biggest gain since 1989 when the real estate bubble burst ... highest one-year price gain of 60.6 per cent, followed by Edmonton with a ...

Taxes up less than home values
Edmonton Sun - Alberta, Canada
... single-family house in Edmonton sold for $322,000 last month - an increase of nearly 49% from one year earlier, according to the Edmonton Real Estate Board. ...

We’re all working
Edmonton Sun - Alberta, Canada
... How come anybody with an out-of-province licence plate can’t drive? I guess they’re lost, weaving around trying to find an apartment to rent. ...

Over 1,000 register for 32 condos
Edmonton Journal (subscription) - Edmonton,Alberta,Canada
EDMONTON REAL ESTATE: Eddo Cancian, CEO, Time Developments Ltd., left, and Randy Klose, president of Urban Concepts LTD, onsite at Trinity Point condos which ...

World Sunflashes
Edmonton Sun - Alberta, Canada
... VIENNA, Austria (AP) -- A landlord who unlocked an apartment after his letters announcing a rent increase went unanswered found the body of an elderly tenant ...

MLS figures up
StarPhoenix - Saskatoon,Saskatchewan,Canada
... home value has changed." According to Janzen's monthly news release, real estate agents are ... the-top housing prices in areas such as Calgary and Edmonton is a ...

Cheaper oil has given Canada's economy a cushion
Edmonton Journal (subscription) - Edmonton,Alberta,Canada
... Even as the centerpiece of US economic distress a meltdown in residential real estate keeps looking worse, the outlook for energy savings provides a welcome ...

OUTSIDE THE BOX: Dealing With a Possible Housing Market Decline
Optionetics - Redwood City,CA,USA
... Much of the financial pain likely to be incurred with the bursting of the real estate bubble lay squarely at the feet of the economists, bankers, realtors and ...

Developers of luxury condos are betting demand for upscale ...
Boston Globe - United States
... Real estate prices are dropping, and buyers are backing off. ... Has the bubble burst?' " said Debra Taylor Blair, president of LINK. ...

Landlord can't pay, tenants lose heat
Pawtucket Times - Pawtucket,RI,USA
PAWTUCKET - Responding swiftly to complaints by tenants in a downtown apartment building that their heat was shut off when the landlord failed to pay the bill ...

Lofty Standards Are Met With Higher Price Tags
Washington Post - United States
... someone has rooted through your things. I am a young landlord, and I have become pretty good friends with my tenants. So far, it is a ...

THE REAL ESTATE BUST CONTINUES
OpEdNews - Newtown,PA,USA
... They saw what effects the fallout of the stock market bubble had on the economy and were very worried that the implosion of a real estate bubble would have ...

Trailers can be moved if they won't fall apart
SunHerald.com - Biloxi,MS,USA
... They said the city is helping the residents, but the problem really is a landlord-tenant issue. "If somebody buys property and decides ...

Westchester landlords, tenants accept ruling on rent increases
The Journal News.com - Westchester,NY,USA
... The board rejected a proposal by a landlord representative to add a $25 surcharge on certain apartments. Interviewed outside the ...

Accused bogus landlord behind bars
WROC - Rochester,NY,USA
Police are calling him a bogus landlord. 8 On Your Side has learned a Rochester man allegedly collected money from prospective renters ...

Experts call current real estate trends normal
The Desert Sun - Palm Springs,CA,USA
... But Veling said 2006 has brought “no popping (housing) bubble,” as some ... but she said across the Coachella Valley and beyond, the real estate market in 2006 ...

Real estate returning to normal
The Register-Guard - Eugene,Oregon,USA
... "A lot of people are making their moves now that the bubble has stopped expanding," Neu said. And speaking of that proverbial bubble ...

Housing market is 'a slow-moving train wreck'
Daily Breeze - Torrance,CA,USA
... That was the conclusion of a UCLA economics professor who spoke Wednesday at a conference in Torrance. "At the end of last year, the real estate bubble popped. ...

Realtors predict 2% drop in prices of Calif. homes
Long Beach Press-Telegram - Long Beach,CA,USA
... The report will help allay persistent fears of a real estate bubble, and ease buyer and seller concerns, said Sherry Palmateer, with First Team Real Estate's ...

Landlord forgets electric bill, tenants lose power
WSLS.com - Roanoke,VA,USA
Power is shut off at a local apartment complex and residents say it's because the owners didn't pay the bill. Tenants at Hawthorne ...

Strip plazas a hangout -- for investors
Globe and Mail - Canada
... "When the bubble burst in ... mindedness, says Bob Mussett, senior vice-president in the Halifax office of CB Richard Ellis Ltd., a national real estate broker. ...

Commercial real estate is back with a vengeance
San Jose Mercury News - CA, USA
... DivcoWest just bought three real estate assets, the home of Business Objects on Orchard ... below 15 percent for the first time since the bubble burst, according ...

Debt, The Dollar, and Snakes
Gold Seek - USA
... REO (real estate owned by banks) in the San Diego area has risen six times from ... Often overlooked in the workings of a housing bubble is the effect on corporate ...

Bursting the Bubble Bubble
Smartmoney.com - USA
I'VE HAD QUITE ENOUGH of bubble talk. Any time anyone talks about real estate nowadays, their faces turn grave and they speak of the value of their home as if ...

Landlord Fixes Up Property, Stays Out of Jail
NewsChannel 9 WSYR - Syracuse,NY,USA
Syracuse (WSYR-TV) - A Syracuse landlord will not be spending Monday night in jail, because he spent some time over the weekend boarding up his vacant house ...

Realtors struggle with snail-slow sales
The Desert Sun - Palm Springs,CA,USA
... had not sold," said Waters, whose day job as CEO of Wilson Johnson involves commercial rather than residential real estate. ... "Uncertainty and 'bubble talk' are ...

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Thanks for reading our entire newsletter...see you at our next meeting!!!

Copyright -  Edmonton Revenue Property Investors Association 2006