Sometimes when you advise clients about real estate wealth they believe that you are only informing them because you would like to obtain a commission. They often times doubt your recommendation. I was once a doubter too until I experienced it through a client that I was assisting. The client entered a bad deal with a financial planner and nearly loss everything, he was forced to sell his home and upon doing so he didn’t even have enough equity to pay out the existing mortgage and the debts. However, he manage to pay out the mortgage and some of the debts. He was devasted, forced to rent however he saw an opportunity when he was driving in a wealthy neighbourhood. There were several million dollar homes but there was this one fixer upper in the midst of the wealthy area that was for $750,000 at the time. Would you believe it that the client bought the fixer upper and renovated it, kept it for about a year and then sold it for $1.2million. He actually obtain a $450,000 profit in one year. Isn’t that amazaing? Some would say he was lucky however I would say he did it at the right place and the right time. When investing in real estate, here are a few thiings to consider:
1. The Location
2. The Timing
3. The rate of appreciate
Yes, you indeed can obtain wealth through real estate. If you haven’t consider it, start thinking about it.
Dominion Lending Centres Camille Mckenzie, B.A., Econ,m AMP Phone:647-882-9708 Email: cmckenzie@dominionlending.ca www.camillemckenzie.ca