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. Networking starts at 6:00 and the
meeting starts at 7:00 pm. You are cordially being invited to
attend. Attendees are required to pay
$10 at the door. There is no annual membership charge yet. All
attendees and visitors are asked to buy
$6 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:
Cynthia Geria Ganga
She owns a foreclosure and REO investment firm located
in Edmonton and works the Seattle, Portland and Spokane
markets in the
Pacific Northwest.
Cynthias presentation will be on how
karma influences longevity in a business and how although
there are sharks doing what she does, she is more likely to
close deals because she knows the value and teaches the
value of having good karma in everything including business.
It will include some of the stats about the sub-prime market
in the US (which is false, we are no longer dealing with
sup-primes, that wave went through almost 5 months ago, now
we are dealing with layoffs, walk aways and general malaise
in the market.) and how people here can benefit from it all.
This months special open floor
discussion will be on the worldwide meltdown of the
financial markets and how it will affect investment in
Edmonton
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.
HIGHLIGHTS
FROM OUR LAST MEETING
Edmonton
Revenue Property Investors Association
Sept
9, 2008
Karen
opened the meeting at 7:15
p.m. upstairs in Rosie’s south side Bar& Grill. The
city of Edmonton has courses for landlords. Phone to book a
course.
Karen’s
suggestions for screening prospective clients on the phone.
Her
questions are as follows:
1)
Number
of bedrooms they are looking for?
2)
Number
of people that will be staying there?
3)
How
many over age 18? And under age 18?
4)
Any
pets – be specific.
5)
Do
you smoke? Followed by - are you a non-smoker?
6)
Move
in date?
Many
new guests introduced themselves.
Michelle,
a realtor believes the market has stabilized – it is much
slower now. Inventories are now below 10,000 units on the
MLS listings. Some that were listed “for sale” are now
rental units.
Our
first guest speaker was Greg Farrants, talking about Housing
support Services HUB. They are looking to recruit landlords
for a 10 year pilot project to house those people that are
marginal, such as those that are homeless or on AISH.
Landlords would receive guaranteed market rent. For
more information on HUB phone 780 429 5018 or email hub@hubhousing.ab.ca
Our
second guest speaker was Darrell Yusak of Clearway
Investments Inc.
Darrell
is in sales for a number of investment companies. His
advice, be very selective in choosing where to place your
money and read the OM
carefully (offering memorandum). Several investment
companies are being investigated presently. To contact
Darrell phone 780 203 8771 or email him at dyusak@shaw.ca
Les
gave us a concise market update. August sales are up 18.6%
over August of last year. Sales are stronger and the
speculators are gone. Condo prices are down. Average days on
market for all properties have increased to 63 days from 55.
Rents are going down as well. Our vacancy rate is around 3%
(Check
the CMHC website for details.)
Our
meeting closed at 10:15
after all door prizes were handed out.
Katherine
Callfas
LETTERS
FROM OUR MAILBAG
Does your REI club give loans or can you
direct me to someone who may be able to help me? My name
is Alexander Ferencz. I am a 57 year old retired
individual. Almost a year ago, I bought a piece of
investment property in Windber, Pennsylvania at a tax
sale and own it free and clear. It is worth
approximately $25,000 and I plan to rent it for $450 a
month. I have been trying to get a loan on it for
$18,000 thru banks, etc. for the purpose of un-secured
debt consolidation and a small amount of property rehab.
The problem that I have been running into with
traditional lenders is that my DTI ratio is too high and
no traditional lenders will give me a loan on this
investment property. I have good credit, etc. and have a
recent copy of my credit report that I can fax you
immediately to prove it. I would like any kind of loan
(fixed, arm, interest only, interest only balloon
payment, etc.) that would give me the lowest payment for
the term of the loan. Thanks.
Hi Les
I believe you sent me a welcome message back in the spring so
I
appologize for taking so long in getting back to you.
I am in the residential construction industry, and I
specialize
in designer concrete. So when the ground is not frozen Im
working 90-100 hours a week . Dont have time to work on
tomorrow cause Im tooo busy working on catching up to
yesterday!!
This is not what I want for a life - I have 4 children and 1
granddaughter. Needless to say they donot really know me
because I am never home.
Physically speaking I cannot do my chosen carrer any longer ,
combination of the job requirements and years of physical
abuse
(self inflicted) through sports have taken a major toll
on me.
You look like the guy that I should be talking to in order to
put my life on a much better path through different avenues of
investing.
Money , investing , real estate has always interested me but
Ive never had any of it to enjoy!
Are you able to meet up and chat and maybe open my eyes to a
different world? I plan on attending the ERPIA meet up on Oct.
14 ( I think thats right) If there is a way to chat before
that
, please let me know.
Thanks for your time Les.
If this isnt something for you , maybe there is someone else
that you could suggest I talk to.
I look forward to hearing from you.
Have a great day.
GT .....Please come to our
meetings...Les
This months Real Estate News Articles
And Links
Happy
Thanksgiving to all courtesy of Gail Nelson
Landlord would rather sell than clean up
after tenants at www.buymydump.com
Man
stabbed in fight over apartment
... lung Friday after he was stabbed in
a violent fight over who had the right to stay in a northeast Edmonton
apartment, police said this morning. ...
5
Steps To A Housing, Credit And Financial Crisis
istockAnalyst.com (press release) -
Salem,OR,USA
Increased homeownerhip creates a speculative housing bubble.
The increase in home ownership increased the price of housing,
helping to create a housing ...
Economic
crisis, step by step: Consequences could be brutal in ...
TMCnet - USA
The soundness of real estate as an investment also
contributed to legislation seeking to expand home ownership as
an option to more Americans. ...
Liar
loans, flippings contribute to financial, housing crisis
Hattiesburg American -
Hattiesburg,MS,USA
Today we are experiencing the busting of the housing bubble.
The increase in home prices began innocently as the Federal
Reserve lowered interest rates ...
Builders
brace for the worst
Rutland Herald - Rutland,VT,USA
"Vermont and New England had a real estate bubble
even more pronounced than the current one," Kavet says.
"This isn't anything new. ...
What
Do Terms 'Bubble,' 'Crash' Really Mean?
Washington Post - United States
Here's how we knew we were in a housing bubble:
Historically, houses sell for about four times a person's
disposable income. But in 2006, just before the ...
America’s
Minority Mortgage Meltdown/ Diversity Recession: The ...
VDARE.com - Warrenton,VA,USA
The amount of wealth that has evaporated in the popping of the
American real estate bubble so far appears to be in the
$5 trillion range, to pick a very ...
America's
Most And Least Vulnerable Towns
Forbes - NY,USA
Many of these mid-size towns and counties, says Fruth,
lacked the growth required to enter the speculative real
estate market. In fact, few of the towns we ...
See
all stories on this topic |
How
the Federal Reserve Lost Its War
Motley Fool - USA
Nobody should blame Bernanke for the housing bubble's
initial formation. With the power the Fed has over the
value of the dollar and inflation, ...
See
all stories on this topic |
New
West Conference: Now More Than Ever
New West -
Missoula,MT,USA
By Jonathan Weber, 10-09-08 When we launched Real
Estate and Development in the Northern Rockies three
years ago, markets around the region were booming and ...
See
all stories on this topic |
The
Great Global Macro Experiment: Revisited
Seeking Alpha -
New York,NY,USA
As you read it, remember, the dot.com
bubble and bust, historically low interest rates,
real estate and credit bubble, concerted
global interest rate ...
See
all stories on this topic |
US
financial meltdown and India
Economic Times -
Gurgaon,Haryana,India
In all cases the real sector precipitating the
crisis has been real estate. The 1929 crisis also
followed the bursting of the “South China Seas bubble”
...
See
all stories on this topic |
Real
estate fears hit alternative lenders: Desjardins
Business News
Network - Canada
Perhaps Canadians are a little too smug about our
supposedly solid real estate market, compared
with the bloodbath south of the border. ...
See
all stories on this topic |
Pop
Goes the French Housing Bubble
BusinessWeek - USA
For months now, France has largely escaped the real
estate woes of its neighbors Spain and Britain,
where house prices are falling and the pace of sales has
...
See
all stories on this topic |
When
will the US Housing Market Bottom?
The Market Oracle
- London,UK
In the early 1990's Japan experienced a real estate
bubble fueled by cheap money and liberal financings,
similar to what happened in the United States. ...
See
all stories on this topic |
Affordable
Housing
The Ledger -
Lakeland,FL,USA
I can also imagine some of the same scam artists who
rode the last real estate wave coming out of the
woodwork again for this one, which comes with a ...
See
all stories on this topic |
France
weathers worldwide housing price bust
Web in France
Magazine - Miami,USA
France and especially Paris seem set to withstand the
worst of the drop in residential real estate
prices. It’s only news in the US — the real
estate boom ...
See
all stories on this topic |
Thanks for
reading our entire newsletter...see you at our next meeting!!!
Copyright
- Edmonton Revenue Property Investors Association 2008
