Is It Worth Buying Into the Toronto Condo Market?

Is It Worth Buying Into the Toronto Condo Market?

 

 

One look at the Toronto skyline and it’s plain to see that condominiums are taking over.  Cranes have been a constant part of the landscape for several years, and new buildings seem to be popping up on a regular basis.  As the demand for Toronto real estate increases, it only stands to reason that enterprising developers, contractors and investors will take advantage.  And what better way to maximize profits and give the public what it wants, then by building up?

 

 

Of course, accelerated growth can’t keep up for ever, and there will come a time when it slows down or comes to a grinding halt.  Some people in the know feel like this slow down has already begun, some feel as though there is a big housing bubble getting ready to burst and some feel like the growth will continue.  The real question is, if you’re looking to invest in a new building or buy into the Toronto condo market for an income property, is it worth your while?

 

 

 

2014 Estimates

 

 

 

According to a story printed in the Toronto Star, there are currently about $25 billion worth of condos under construction in and around Toronto.  Supposedly, 20,000 condo units will be finished during 2014 and one research firm predicts a slow rise in condo sales during the year.  During the fourth quarter of 2013, nearly 4,300 units were sold, which was a jump compared to the previous couple of years.  Close to 13,800 condos were sold in 2013, which was more than estimated but less than the average over the previous five years.

 

The numbers for 2014 are estimated at around 15,500 condo units sold, but without the annual average six percent price increase that has been evident since 2005.  It is expected that deals may be available for Toronto condos during 2014, as developers try to sell off the 19,000 unsold units that remained in the city at the end of 2013.  Around half of that number pertains to units where construction hasn’t even started.

 

 

 

Too Many Condos?

 

Naturally, the fear that many people have about buying into the Toronto condo market is a situation where the supply exceeds the demand.  Having a bunch of empty buildings in the city, or construction projects stalled due to lack of interest isn’t very exciting from an investment standpoint.  Even if you do get a great deal on a condo, if there isn’t anyone interested in buying it or renting it, the investment isn’t worth a thing.

 

Currently, a lot of the demand is centered around the downtown core, which is why many new projects have cropped up in that part of the city.  Many young professionals want to be right in the action, and a downtown condo is the ideal way to do it.  Downtown condos also make great rentals for tourists or people in the city for business.  Any information about the supply of Toronto condo units outnumbering the demand is just speculation, and it will always be speculation until something happens.

 

 

Only Time Will Tell

In the end, only time will tell if the developers have extended themselves too far with all the new buildings.  With so many people in and around the GTA, it seems like you could never stop putting up buildings and they would always be filled, but the reality doesn’t play out that way.  Some developers have had trouble finding financing for their projects because they aren’t able to sell enough units to satisfy the banks before everything gets started.

If the housing bubble that some people predict is imminent actually bursts and the market falls apart, then many people involved in the Toronto condo market will suffer.  If you are considering buying into a condominium that has yet to start construction, you are doing so with a certain degree of risk.  This is based on the statistics of the past few years in terms of sales and number of buildings going up.

 

That doesn’t mean it is a bad investment, or that you will lose your shirt in the deal.  It just means that unlike five years ago, or even three years ago, you can’t just dive in and expect a big payday out of it.  You should talk over the pros and cons with a good financial advisor or mortgage broker and determine which scenario is best for you to invest in, or if it’s wise for you to buy in at all.  There are units for sale, so take your time and make a decision that will benefit you and your real estate goals, now and in the future.

Author name: Willard Strong

Author Bio:

For me, researching on the economy is exciting as its various possibilities and opportunities lie in every aspect of life. These researches allow me to help out people who find it difficult in finding a source or figuring out what to do with the resources that they have. Basically, I am an Economist. Follow me on Twitter @ https://twitter.com/Willard_Strong

 

 

 

Real Estate Book- Ron LeGrand – How to Become a Quick Turn Millionaire in a Bad Economy

Ron LeGrand – How to Become a Quick Turn Millionaire in a Bad Economy
Real estate has created many multimillionaires, and many of them attribute their success to one man–Ron LeGrand.
Ron LeGrand is a nationally renowned real estate expert and lecturer who has taught thousands of people how to make big incomes without using personal capital or credit though his “quick turn” method of buying and selling properties.
In his book, How to Become a Quick Turn Real Estate Millionaire in a Bad Economy, you will learn LeGrand’s how-to secrets to creating fast cash quickly, regardless of your financial situation, previous experience, or available time. LeGrand outlines his step-by-step system for generating short-term cash flow and long-term wealth. You’ll discover the necessary steps to successful transactions as well as which transactions will yield the best results with the least amount of work.
LeGrand’s philosophy is “The less I do, the more I make.” It’s not about working hard; it’s about working smart, doing the things that allow you to get wealthy quickly and not doing the things that consume your days swapping hours for dollars. In this book, you’ll see how LeGrand’s students have prospered by working part-time to produce huge rewards.
To get your copy for only $9.99 Follow this link

Interview With Real Estate Legend Ron LeGrand

I did this interview with Ron LeGrand.  Ron is truely a master educator. If you havent seen Ron speak then you need to listen to this interview. I have to appologize in advance.  Due to a technical issue I couldnt get Ron off of hold at the start of the interview.  So there is a bit of dead space. If you can hold on to hear the part where Ron actually speaks, i assure you that you wont be dissapointed.

 

Click the link below to hear the entire interview.

 

 

http://www.blogtalkradio.com/american-reia/2014/04/22/josh-caldwell-interviews-real-estate-legend-ron-legrand

 

 

How To Flip Undervalued Properties In A Bearish Market

While the world economy is doing better this year than it has since the financial crisis of 2007-2008, some would stay we are still in a bearish market. A bear market may have some people concerned, but if you play your cards right, you can use a bear market to your advantage, finding undervalued properties and flipping them for a profit. One of the key components of flipping an undervalued property is first finding the right property to invest your time and money in. In order to do this, you must identify the areas close to where you live or want to do business that have undervalued properties and identify the ones with potential. This is not an easy task that just anyone can do, but with a little courage, a bit of know-how, and desire to succeed, it is possible.

Flipping houses isn’t an overnight road to riches plan like some TV shows and dream-come-true stories make it seem, but it is possible to turn a profit flipping homes. You must take the time to find the right property, crunch the numbers accordingly, and be realistic. You won’t be able to sell the house for as much as you could have five or eight years ago, but you can still turn a profit. Setting a realistic goal goes a long way in a bearish market. In keeping with a realistic thought process, look at where this undervalued property is located. Location, location, location, and once again just to stress the importance, location.

Some housing developments just don’t make sense, which is why the prices for these homes are so low. Think about where the property is before you jump right in. A bargain really may be too good to be true. In order for someone to want to buy your house that you’ve just spent the time and energy and money repairing and getting ready, it has to be close to certain amenities. Proximity to schools, hospitals, and shopping centers all increase the overall value of a home. You’re more likely to flip a house that is located nearby to a school than one that isn’t. People buy houses to invest in their future, which means children, ease of access to grocery stores, hospitals, and centers of commerce. If the price is right and the location is right, the property will sell.

Trust the experts. Use reliable sources, like CNN Money.com to find where the highest concentrations of undervalued houses are in your area. The best thing to do is find undervalued properties close to your home or in an area that you know well. This will make things easier on you as you well have a better knowledge of what’s around. You’ll feel more comfortable with how well you can market this house and who your primary audience is for buyers. If it turns out that you live in an area where the majority of the homes are overvalued, not undervalued, this may mean you need to expand your search, and work a little hard to flip houses. A longer commute to the job sight and less familiarity with the area are downsides to flipping a house outside of where you live, but it doesn’t mean it’s not possible.

And lastly, in order to turn a profit and flip an undervalued home in a bearish market, know what you’re buying. You have to see the potential in an undervalued house and ask yourself how much you can improve it in order to sell it for a higher price. Just because something has seen better days, doesn’t mean it can’t be a beautiful first home for a young couple, or a new family. But at the same time, you need to figure out if you’re buying something that really does have potential. If the house has a history of physical contamination, it might not be worth it, financially, to fix up the house. Many older houses have mold contamination, which can lead to extensive and costly repairs. Is the land nearby filled with lead or other pollutants which has made the area undesirable? These are things to consider when you are looking at properties. There a lot of factors that make houses desirable and there are many more that make them undesirable. If something seems too good to be true, it just may be. Knowing when to walk away from an undervalued house which has more problems than potential will save you money, and sanity, in the long run. Choose your properties wisely, and you’ll have nothing to worry about.

Don’t be daunted by the bearish market trends that still persist even as the global economy continues to rebuild. There is still a profit to be made by buying and flipping undervalued houses, it’s just a matter of taking the time to think through your real estate investment in Playa Grande, Costa Rica, put in the work and energy to making it succeed, and then finding the next project.

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By Ali Asjad

Ali Asjad is a content strategist based in Stockholm, Sweden. He helps companies in vast and varied verticals be more successful and visible online. Circle him on Google+ to further the conversation.

5 Telltale Signs Of Scamming Electrical Contractors

The problem with hiring an electrical contractor nowadays is that there are so many of them around. In a city like Brisbane there are probably dozens of contractors but only a few of them are really good. Then you also need to factor in the fact that there are electrical contractors who are really cheap but for a lack of a better word are scams. They are scams because they make you belive like you’re getting the job done for next to nothing when in fact you’re paying a lot more for it than you should. These cheap electrical contractors often use cheap materials which means that you end up having to get the job done all over again a few months or a year later. In order to be able to spot a scam there are a few telltale signs to watch out for as we will look at below.

Sign no. 1: Their quotes are extremely low

Yes, there are cheap and expensive electrical contractors everywhere. Many times contractors who are new to the industry price themselves lower than their more experienced competitors in order to have some type of advantage over them. However, as long as a contractor is educated and you can verify their experience its fine to hire a cheap one for some easy jobs. However, then there are also scams, these people do not have a degree, have some background of working as electricians but are out there to scam people. They too will price their services extremely low. That said they may first ask, what is the lowest quote you are getting? and then offer to do it for 10% or 20% lower just so that they can get the job and scam you. When someone makes an offer like this to you its best to head in another direction.

Sign no. 2: They rarely have any references

When you ask electrical contractors for references they should be able to provide you with a few. Contractors who are not able to provide you with references either do not have the required experience for your job or they are just scams. Often scamming electrical contractors despite having done some work cannot provide you with references of people who are happy with their service, just as you wouldn’t after they worked for you. So, as a rule of thumb if they avoid trying to give you references you should avoid giving them your business.

Sign no. 3: They keep telling you it’s a big job

A professional electrical contractor or company will never keep telling you the job is huge and difficult. Obviously if the job was easy you would do it yourself but this is not the case. However, scamming electrical contractors often try to emphasize the favor they are doing you by working for a low price or offering you a low quote. Even though this may not definitely tell you that the service is a scam you need to be very careful if you decide to do business with these types of contractors.

Sign no. 4: They often never mention taxes or material costs

This is another sign that an electrical contractor or an electrician may try and con you. Electrical contractors should always give you a complete quote which includes material costs and taxes. The materials should be listed right down to the brand of wire they use. If this is not mentioned there is a good chance that low quality materials will be used which is how the electrician will try to make a huge profit by doing a bad job. If the materials and types of materials are not mentioned ask the contractor to mention them in the quote so that you can do a bit of research to find out if they are of a good quality.

Sign no. 5: They never sign a contract

A scam will never want to sign a legal contract which states guarantees, insurance, fees etc. However, legitimate electrical contractors like Brisbane based Speedy Electrical will always provide you with a breakdown of everything they offer in their contract and insist that you sign a contract regardless of the job’s nature. This is to protect your rights and their own.

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Mark is one of the leading experts in electrical engineering. He has been an electrical contractor for over two decades. He recently hired and trained a team of highly specialized contractors who now operate with him on larger government contracts. However, he continues to service home and office owners around the city. 

Zig Ziglar Book

Zig Ziglar was the worlds greatest sales trainer.  This book was his Bible.

If you want to learn how to sell anything then click the picture above.  In real estate we have to learn how to sell.  It doesnt matter if you are a real estate investors, an agent, a landlord, a property manager, or a general contractor, you need to learn how to sell and Zig’s book is the key

Working With Motivated Sellers in the Spanish Speaking Market

Working With Motivated Sellers in the Spanish Speaking Market

By Kathy Kennebrook “The Marketing Magic Lady”

One of the things I discovered early on in my business as a real estate investor is that there are many ways to reach all kinds of motivated sellers. The main technique I like to use to reach specific sellers in my market is by using a targeted approach, which for me is direct mail. We do add to the mix other types of marketing tools including business cards, signage, bus benches, ads, bird dogs and flyers to name a few.

I also discovered that there is another segment of the market in addition to English speaking sellers with folks who have homes they need to sell for all kinds of reasons. The market segment I am referring to is the Spanish speaking seller.

The obstacle I ran into was that many of these folks don’t speak any English and I don’t speak any Spanish. So I needed to develop a system to market to these folks effectively since they have the same problems every other seller has.

Many of my students were also contacting me to find out how they too could use direct mail and other types of marketing techniques to reach the Spanish speaking sellers in their areas. They are finding, as am I that these folks have homes they need to sell for a variety of reasons and no one is tapping into this market. Part of the reason for that is the difficulty caused by not speaking the language and not being able to be understood. I found the way to solve that problem for these sellers and for myself as the investor.

I had all of my marketing pieces including my direct mail campaigns for finding motivated sellers translated into Spanish. It was a huge undertaking but it was well worth the effort. The first thing I had to do was to address all of the dialect differences in the Spanish language.

I then sent these letters to the specific market areas where I wanted to buy houses. I sent them out written in English on one side and Spanish on the other. I also had all of my other marketing tools translated into Spanish as well such as signage, ads, lumpy mail pieces, business cards, and flyers which were also causing an influx of leads into our pipeline. Not only that, I even had my tenant referral program materials translated to Spanish since we have a lot of Spanish speaking tenants.

One of the things I discovered very quickly was that while I was getting a lot of response from the Spanish speaking market, I was unable to process the deals due to the language barrier. I solved this problem in two different ways. The first was to send the calls to a 24 hour recorded message which I had recorded in Spanish. I used a professional translator to do this for me so that the grammar, the dialect and the language are correct.

The second way I solved this dilemma was to use a Spanish answering service to take the calls and translate the responses into English so I could read them. We provided the telephone scripts for them to use. I have them both in English and in Spanish so I can provide these to the answering service in whatever format they want it.

You can do the same thing. You can take your own telephone script, give it a bi-lingual answering service, have them ask the questions in Spanish and then translate the responses for you in English so you can read them.  This gives the seller two different ways to contact us, depending on what was the most convenient and comfortable for them. I also provide these potential sellers with a response mechanism at the bottom of the letter I use so they can mail, e-mail or fax their responses to us as well.  The more ways you give a seller to contact you, the more of them are going to.

I then use an interpreter who meets with me and the seller so I can put the deals together. We meet at a location that works for all involved. The interpreters are very reasonable in their fees for their services and they are easy to locate. I found one in the yellow pages listed under “interpreters”. Do try to find someone who specializes in real estate. This makes the whole process a lot easier. By putting a system in place to deal with this market, we were able to do a lot of deals, make money and solve these seller’s problems.

The other method you can employ is to use a Spanish speaking Realtor to help you with your deals and act as an interpreter, and then pay them a fee for doing this for you. If you already have a Realtor on your team performing a variety of services for you, this shouldn’t be difficult to do. I would suggest paying the Realtor a fee separate from their Realtor commission. This is just another way to find a reliable person to act as an interpreter for you when you need to structure these deals.

If you are using hard money or private money to fund your deals, or you are getting the deed, you will be closing these properties with a title agent or real estate attorney. Almost every title agency in the country is bi-lingual. If yours isn’t find one that is. This is a very profitable part of the market that none of your competitors are going after because they simply don’t know how.

Once you get past the language barrier, there are lots of great deals to be made within this marketplace and with these sellers. Remember, these sellers have the same problems everyone else does when it comes to needing to sell a property. You can set up a system in your business that will bring you many deals from the Spanish speaking market.

In my system, Marketing Magic-Spanish Upgrade, I have all of my marketing pieces, both in English and in Spanish for you on CD Rom and I show you exactly how to set up an automated system to reach this marketplace and process these deals. I have basically done all the work for you so all you have to do is get busy and find some properties to purchase with no competition from anyone else.

Be sure and check out my website at www.marketingmagiclady.com for more information on how to find all the Spanish speaking sellers you need for your real estate investing business. While you are there be sure and sign up for my free monthly newsletter and receive an additional $149.00 in FREE marketing tools for your real estate investing business.

 

Clean Guide on How to Find Good Rental Property Fast

Clean Guide on How to Find Good Rental Property Fast

A lot of people live in rented apartments nowadays. Since a house of one’s own is very hard to afford, quite a number of people around the world have to live in lodgings. Finding a rental property is not difficult; finding the one that is perfect for you, however, is a horse of a different colour. You need to look for things like size of the building, proximity to central areas, rental price. One thing that you should also pay attention to is cleanliness. It is important as far as health is important for you. So, unless you are careless about the condition of the premises you live, you need to be very careful when choosing an apartment or house.

In this article we would like to give you a few directions on what to look for when choosing the best rental property for you. Here is the list, take a look.

Cleaning Guide: Steps

Step 1: General Examination of the Property

When you are in a property you want to take a look at, you should examine thoroughly all the rooms. Before you start the “tour”, however, look around for something visible like dust, dirt, mould.

Check if floors are clean. Take off your shoes for a while and walk on the ground. Then check your socks. If some dirt is noticeable on them, then the floor is not cleaned properly.

Smell the air. If it’s stale, either the premises has not been aired for a while or there is mould/must in the premises. Check the walls, under the carpet and under the furniture which are oftentimes overlooked in the cleaning process and tend to accumulate far more dust than other surfaces. Investigate for cobwebs, cracks and crevices in the walls.

Step 2: Bathroom

Bathrooms are a favourite place for germs, mould and mildew. This part of the house is absolutely a must-see in your “tour”. Make sure you look for mould and mildew, soap scum and limestone on the surfaces and walls. Check the bath tub, sink, behind the toilet. Look at the pipes. Also be sure to examine the toilet bowl. If the property is old and has not been renovated recently, there is a chance that some of the areas have already lost their shine. However, dirt will still be tangible so take a good look at the room.

Areas to look at:

Sink, taps

Bathtub

Toilet bowl

Shower

Shower curtain (if there is one)

Ceiling

Step 3: Kitchen

If you are a keen cook, you are mostly likely to spend a lot of time in the kitchen. But even if you’ve never been in the kitchen before and your like ordering pizza, it is necessary to examine this part of the property too.

Areas to look at:

Behind the fridge

Under the table

Corners

Ceiling

Sink

Countertops

Kitchen appliances (from behind, inside and outside)

Step 4: Sleeping areas

The bedroom is the place where you tend to relax after a hard day at work. It should be clean and healthy so that you are able to have a better and refreshing sleep every time.

Areas to look at:

Under the bed

Behind the drawer

Under and behind the desk

Ceiling

Mirrors

Bed lamps

Mattress

Interested In Real Estate? 4 Things Every Investor Should Know

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Real Estate Investing 101: Tips for Success

For savvy investors, flipping houses can be a very profitable venture. In the current market, interest rates remain low, making it a good time to purchase properties. However, it is important to realize that flipping house can be difficult, and interested investors must take the time to learn from those who have gone before them. If you are interested in working with real estate, the following tips will help you begin.

Form a Team

Regardless of how much work you plan to do yourself, you simply can’t flip houses on your own. At the very minimum, you need a lawyer, an accountant, and a lender. You may also need a Realtor and a general contractor. Take your time, get referrals and bring on only the best to help you with your venture. Online testimonials are helpful, but nothing beats a great recommendation from a friend or family member. When considering adding someone to your team, look into whether they have a background in real estate or not. You want to work with people who have been through this before and can help you along the way.

Know What to Look For

A great kitchen can sell a house. Remember, though, that only the bones need to be good; you can fix up aesthetics like flooring, countertops and cabinets. Look for an open space that allows plenty of room for family and friends to gather. Also, storage space is important; is there room for cabinets and a pantry? Once you own the home, make sure to put in matching appliances, nice flooring and recessed lighting.

In general, you want to find homes that are low maintenance. Remember to keep your personal feelings out of it; you need a home that will appeal to a lot of different buyers. The layout of the home should flow well and you want to avoid properties that need a lot of maintenance, like a home with an elaborate garden, for example.

Budget for Renovations

If you find a property for a great price, chances are, it is going to need a lot of work. Therefore, it is important to realize that you will have to spend quite a bit of money to make the necessary repairs. And, when setting up your budget, don’t forget to factor in the time it will take you to finish the house. You will have to make mortgage payments during the renovation process, and that can quickly add up.

Start Small

You may have grand plans in the beginning, and that’s great. However, one of the biggest mistakes flippers make is putting too much money into their first few homes, thinking they will be able to sell quickly and make a bundle. Proceed with caution in the beginning. Don’t spend money that you don’t have. As you start making a profit, you can change your strategy as necessary.

If you want to invest in real estate, you have to go into the process with your eyes wide open. Learn from successful flippers, and continue doing your research. The investors that make the most profit are those that enjoy learning new techniques and tips about the real estate world.

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Morgan is a blogger for Pugatch Realty Corp, a real estate company located in New York. When Morgan isn’t writing, she enjoys reading and traveling with her family.

Jon Iannotti – REACT Course

Jon Iannotti – REACT Course

 

Stephanie Iannotti and Jon Iannotti  Present REACT
The most revolutionary real estate training in years.
Who are Jon and Stephanie Iannotti ?