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Are You A Real Estate Investor In Kamloops? Avoid These Common Mistakes!

Thu, 23 Apr by Jeremy Reid

Being a real estate investor in Kamloops city is one great thing especially now that there are lots of financial constraints. You need to think in that direction even in time to come. But truth be told, newbies make lots of mistakes when investing in this industry. However, as they get to grow their portfolio, things change because they get more experience. The question is even if you are a newbie and can learn from the mistakes done by others, why put your foot in there? Below are common mistakes you should avoid as a seasoned real estate investor in Kamloops:

Stopping to do the necessary due diligence

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This one cannot be overstated, but many seasoned investors do not do their homework as well as due diligence on some deals. Well, it could be because you are now acquainted to a little more other things in the industry and can make quick decisions. It is not wrong being so, but this does not mean you do not have to run your numbers right and even ensure that the deal you are intending to buy makes sense financially.

Stopping to mingle with old friends or people who have more success

Truth be told, anywhere in the world, it is easier for seasoned investors to surround themselves with very new investors than the old investors. You will find that many investors enjoy helping those who are starting out or teaching a few others about their own mistakes. It is great and there is nothing wrong with that, especially when it comes to business!

But it is still very important for you as a seasoned investor to also surround yourself with those investors who have more experience and success. If for instance you own thirty units within the Kamloops area, it is prudent to find someone who owns a hundred units in the same or even different region. There is this old adage; you become who you surround yourself with.

Trying to do everything by yourself

You may have heard of a few friends in your local club that have made this mistake already. Honestly, if you don’t think about it, you can still be successful but never build a team. The question is how will you be able to grow? One might think that because they own forty units, they should quit their day job because they run a very successful business. If you need to find help rehabbing your property, it is the highest time you do so even if it seems a challenge finding a great contractor. If your time is maxed out at forty units, you won’t grow if you are trying to do it all by yourself.

Failing to reassess or review your plan all the time

According to some reports, seasoned investors may or may not see the need to grow their portfolio. In fact, quite a good number will grow their portfolio to some point and then focus much on managing it instead of going on with building it. You still need a plan to keep yourself focused and also to assess your plan on an ongoing basis. Look at some of the big companies and perhaps athletes. You will be surprised that they have worked to ensure their continued success by reassessing their plan and continuing to commit themselves to goals and actions.

Neglecting or failing to use new technology

If you hear something about new technology especially from the younger people than you are, don’t look down upon it. It can be a great resource to your success. You can even ask someone else about what it is all about, especially if it is in your line of business. Don’t think you are far behind, there are so others who are sailing in the same boat and you can take advantage of this to beat them quite easily with this new technology. You have better room to grow if you actively use social media and optimize your website.

Failing to seek new financing strategies

Don’t make the mistake of getting in the habit of paying your bills and failing to review your financing strategies often enough. Even if you have grown this much, don’t avoid looking for private money. It is prudent to continually review your financing strategies and even look for other ways to improve your financial situation.

Stopping to sharpen the saw

Read a few of the business books and you will know how important it is to sharpen your saw. This could mean finding time for yourself physically, mentally and spiritually, both in your real estate business and in your life in general.

At Jeremy Reid PREC, we readily assist investors who are looking for Kamloops homes for sale. If you are looking to invest in this region’s real estate, do contact us today because we have a lot more information to share which will add to your advantage.

Real Estate Investment Can Give You Freedom To Make Your Own Rules!

Mon, 20 Apr by Jeremy Reid

A lot has been published in books, posted on blogs and shared by word of mouth about the benefits of real estate investing. And this is for good reasons; this investment can change one’s life by creating wealth, freeing them from the full time jobs and allowing them time to do the things they are most passionate about. This article has added one more benefit of investing in real estate industry; that of setting your own rules. If you may want to recall a few things about a full time job you will find that there is always someone who sets all the rules such as when you can take off, when you show up, who to work with and how much to get paid among others.

When it comes to real estate investment, and if you can learn a few tricks and work smart, you have a world of other opportunities and you can take more control over your life. Just set your own rules as a real estate investor and you will reach a level of freedom that many may not achieve. If you are not in position to invest in this industry today, don’t fret because your dream will still come true if you focus and work for it. Below are ways this industry can give you freedom to set your own rules:

Setting rules on the kind of investing you want to do

Because real estate investing comes in all sizes and shapes, you can choose a shape or size that best fits you. You will simply make rules about what you have been dreaming to invest in. Talk of family homes, apartment building, convenience stores, condos or churches, or even all of the above. The list is endless. With focus, a little more research, and consulting with the necessary parties, you will be in charge! In fact, no one will tell you to do otherwise.

Setting rules on investment strategy

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Are you looking to buy and hold or are you interested in rehabbing properties for retail sale? You are your own boss; you can even do a bit of note buying or money lending. It does not matter what you decide to do; as long as it is legal, you also get to set your own rules. All you should know is that no one is going to force you to become a rehabber and neither will someone force you to become a landlord, if you don’t like it. All you have to do is to look for opportunities whenever and wherever they will present themselves.

Setting rules about where you invest

If you want to invest in your locality or your nearby city, then just set the rules. And if you want to invest in cities abroad such as the Kamloops, you still can. And you can if you want to do suburban properties, mobile homes or rural properties. Do you want to do it all? There is no problem because you are only limited by your own desires and goals. You have the choice and you can still make the rules.

Setting the rules about when to work

With real estate investment, if you want to work from ten to four, you can; but you don’t have to. And it is not a must for you to work forty hours a week, but you can work eighty hours if you want to. The fact is that you can work as much or as little as you want in this investment. It is all about when you want to work. And if you want to work at night, there is no problem, neither is it a problem if you want to get up early and beat the crowds. It is you to set your own rules because they work for you better. One thing you should note about real estate investment is that it lets you be the boss, so time clocks will become a thing of the past.

Setting rules regarding your money

If you find that some financial institutions are becoming a bit hard or charging higher fees, you can also set your own rules by finding friends or even private lenders. And these are people who you can work together and enjoy better deals from them. And that is not all; you can still choose someone you feel you can work with.

You can make even more rules if you are successful in this investment. It is always prudent to work early with professionals who can guide you in your investment. And don’t lax because you are successful, even the most successful ones still look for more even as they set their own rules. If you have any questions about real estate investment, don’t hesitate to contact us at Jeremy Reid PREC. We are licensed and experienced Kamloops real estate agents, so trust us to assist you in the best way possible!

Looking To Buy A House In A New City?

Thu, 16 Apr by Jeremy Reid

Moving within or across the country can always be a challenge to many, particularly if they are also buying a new home. This may seem an immense task, but with a few keys to purchasing a home in your target city such as preparation, finding a team of professionals to assist you through all steps and knowing what to expect, this will be a very easy and smooth process. In fact, you need to forget about all the hustles and bustles of home hunting in a new city by breaking the very process into a simple series of manageable chunks. Read on to see what you need to equip yourself with:

Identify the neighborhood factors you have been targeting

You need to think a little hard about what is important to you when it comes to a new neighborhood. Some questions you need to ask yourself that of course you will have to, even when you get there include; Is it commuting time? Can you walk freely to a local restaurant? How about the faithful in the city? Is there quality in the nearby schools? How about security in the region? Of course, there are many things that you need to consider including the facilities or amenities in the very neighborhood. Once you know the kind of neighborhood you are looking for, it is prudent to search through the resourceful websites because it will be even easier for you when finding a neighborhood that will match your needs.

Find a reliable real estate agent

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You don’t just go to any other agent; an agent from that local area will be your best bet. They should have helped many out of town clients in figuring out how to buy houses from another city. If this is an agent you can trust and you are comfortable with their advice, and even if they are miles away, then they are the first to choose. You can search the internet to find them or ask friends who live in the city for suggestions. Reading through reviews can be very helpful because people put unbiased reviews about them and that will be a good pointer for you.

It is prudent to have reasonable expectations for your visit

If it is all possible, make sure that you make a visit to your very new city. You will get to walk around the city’s neighborhoods you have eyed before, meet your agent in person and even get to know about the culture, security and behavior of the people in that neighborhood. Touring a few homes that have been put on the market will also be a plus. However, you are advised to not rely on a one time visit to the neighborhood.

A one-time visit could be a little something, but it won’t ever replace your stay there. The point is, you will never have that time to tour the neighborhood once you are a resident. A planned visit is always great because you never know when you will land on a better home than the one you were targeting. And touring the city’s neighborhood with your agent in person can be a plus because you will create a better rapport and a better sense of what you are looking for. This way, getting your dream home can never be a problem.

Even as you stay in touch remember to make use of technology

You can overcome distance with video charts, cellphones, email and so forth that can allow you to tour your home virtually. This is yet another great way that you as a shopper can get a sense of a good place even without being there. Also, you will want to consider having your agent giving you a virtual tour of a dream home via video conferencing system. This can be a great way to see a dream home while being able to ask all questions about an agent who is there. One thing you should appreciate is that constant communication is very important once you are especially ready to make an offer. You may think that this is hard to do especially because you are several time zones away, but as a home hunter, you need to answer phones at a moment’s notice, simply because offers can be a touch and go during any negotiations.

Use a team of professionals

Your offer may be accepted but you still need to rely on your real estate agent for a number of referrals to the local lenders, real estate attorneys, movers and home inspectors. In fact, your trusted agent will really help you in building a team you will always trust and can always be helpful at a time of need. Are you looking for homes for sale in Kamloops area? Contact us at Jeremy Reid PREC because we are more than committed to find you your dream home here!

Welcome To My Blog!

Thu, 09 Oct by Jeremy Reid

Welcome to my new blog!  I look forward to sharing new and exciting updates about the Real Estate Market and what is happening around town! Stay tuned for new posts coming soon !

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.