I get 3-5 enquiries each and every week from people thinking about buying an investment property in the Collingwood, Blue Mountain area. Most people are looking for something they can use and enjoy plus rent out to offset costs. That works well. Others however are looking for something different and that is true investment and wealth creation through property purchases.
Anyone looking at the later knows that analyzing potential long and short term returns on investment properties is no easy task. Sure, we can use basic guesstimates but they often miss the kind of detail that is needed to properly assess the value of a potential investment property.
I’ve just had the great privilege of spending two full days in the company of my real STAR group which includes some highly successful and skilled real estate investors. Here are two sites that are worth their weight in gold:
Real Estate Analysis Free A free site that easily allows you to assess things like cash on cash return, cap rates, return on equity, internal rates of return and more. Essential for all real estate investors!
A Savings – Investment Calculator. Very easy to calculate what your investment value will be in future based on certain rates of return. I think this is a good one to sit down with as you a) plan your own retirement and b) to try and get your kids to understand the power of investing early.
While we are talking about young people and investments, there is a book I think everyone should read by the time they are 18 (or 25, or 35 or 55 or today);
The Wealth Formula, was written by a fellow STAR member, Ken Dekker. Be sure to link to his “tools” to get your own free calculators and wealth formulas. I can vouch for Ken being the real deal. He has lived his own path from debt to riches and is a true Outlier who has amassed over 10,000 hours of study on this topic. This book can change your life.
It’s always a pleasure to meet new people and to assist them in meeting their real estate goals. If you would like to schedule a Buyer or Seller consultation with me, please feel free to email me or call at 705-446-1762.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg