5 Tips on How to be Successful Investing in Real Estate
1) Beware of one company towns
2) Don't get greedy
3) Timing is everything
4) If you don't have to sell, hang on.
5) You don't wait to buy real estate, you buy real estate and wait.
People in 1960 thought real estate prices in Vancouver were insane. The cost for a single family house? $13,500. The year I was born the average house in Vancouver was $66,243. A 5% down payment to buy the house would have cost $3,312. 2 months before Ryan was born I paid half a million for a house in Kelowna for him because I know darn well by the time he's 20 years old that house will be worth well over a million. It absolutely blows my mind when I see young people buy expensive luxury cars, jewelry, etc. yet RENT. You have to save and build solid assets while you are young in order to make your money work for you later. If you fail to save when you are young, you are going to reach a point in your life where it's too late to gain the ground you have lost.
Lake Okanagan Realty