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Index
Praise
Title Page
Copyright Page
Introduction
WHY A NEW EDITION?
WARNING: NEVER INVEST BASED ON TIPS!
NOW, THE GOOD NEWS ABOUT TIPS.
WHAT’S IN THIS BOOK?
PART 1 - STOP THINKING . . . START KNOWING! THE FOUNDATION ON WHICH ALL IS BUILT
TIP #1: GO ON FACTS—NOT ON HYPE.
WHAT DO YOU NEED TO DO?
TIP #2: FEAR: THE GREATEST MOTIVATOR AND THE GREATEST DE-MOTIVATOR. DEAL WITH IT.
WHAT DO YOU NEED TO DO?
TIP #3: YOU’RE THE CAPTAIN, SO LEAD LIKE ONE!
WHAT DO YOU NEED TO DO?
TIP #4: CHOOSE YOUR JOINT-VENTURE PARTNERS CAREFULLY.
WHAT DO YOU NEED TO DO?
TIP #5: THE CRITICAL SUCCESS EVENT (CSE) IN REAL ESTATE: ASK FOR WHAT YOU WANT.
TIP #6: PATIENCE IS AN INVESTMENT VIRTUE. “GET RICH QUICK = GET POOR QUICK.”
WHAT DO YOU NEED TO DO?
TIP #7: BE PREPARED FOR THE UPS AND DOWNS : KNOW WHEN TO HANG ON AND WHEN TO ...
WHAT DO YOU NEED TO DO?
TIP #8: KNOW WHEN TO SELL: THERE COMES A TIME WHEN CASHING IN IS THE BEST DECISION.
WHAT DO YOU NEED TO DO?
TIP #9: LEARN FROM YOUR MISTAKES—AND THE MISTAKES OF OTHERS.
WHAT DO YOU NEED TO DO?
TIP #10: BEWARE THE REAL ESTATE PRETENDER: THEY COME OUT OF THE WOODWORK ...
WHAT DO YOU NEED TO DO?
PART 2 - MONEY MATTERS: MORTGAGE AND FINANCING TIPS
TIP #11: BEWARE THE NEW INVESTMENT MOOD: LET CAUTION REIGN.
WHAT DO YOU NEED TO DO?
TIP #12: MANAGE YOUR CAP SPACE.
WHAT DO YOU NEED TO DO?
TIP #13: KNOW THE NEW CMHC RULES.
WHAT DO YOU NEED TO DO?
TIP #14: RECOGNIZE THAT CREDIT COUNTS.
Past payment performance: 35%
Credit utilization: 30%
Credit history: 15%
Types of credit in use: 10%
Inquiries: 10%
WHAT DO YOU NEED TO DO?
TIP #15: GET PRE-POSITIONED, NOT PRE-APPROVED.
WHAT DO YOU NEED TO DO?
TIP #16: USE FACTS TO TACKLE THE MORTGAGE QUALIFYING OBSTACLE.
WHAT DO YOU NEED TO DO?
TIP #17: OPTIMIZE YOUR DOWN-PAYMENT OPTIONS.
WHAT DO YOU NEED TO DO?
TIP #18: LET YOUR LONG-TERM PLAN SET YOUR FIXED VS. VARIABLE RATE OPTION.
WHAT DO YOU NEED TO DO?
TIP # 19: SHAVE MONEY OFF THAT MORTGAGE.
WHAT DO YOU NEED TO DO?
TIP #20: CHECK THE PAYOUT STATEMENT.
WHAT DO YOU NEED TO DO?
TIP #21: BEWARE THE CASH-BACK MORTGAGE.
WHAT DO YOU NEED TO DO?
TIP #22: GET THE GOODS ON MORTGAGE ASSUMPTION.
WHAT DO YOU NEED TO DO?
TIP #23: DON’T REFINANCE YOUR HOUSE: USE A SECURED LINE OF CREDIT WHEN APPROPRIATE.
WHAT DO YOU NEED TO DO?
TIP #24: KEEP FINANCING UP FRONT.
WHAT DO YOU NEED TO DO?
TIP #25: SEEK JOINT-VENTURE DEALS: NOTHING VENTURED, NOTHING GAINED.
WHAT DO YOU NEED TO DO?
TIP #26: KNOW THAT MULTI-FAMILY AND COMMERCIAL LENDERS USE DIFFERENT RULES.
THE COMMERCIAL MORTGAGE
WHAT DO YOU NEED TO DO?
TIP #27: COMPILE A SOPHISTICATED INVESTOR BINDER.
WHAT TO YOU NEED TO DO?
TIP #28: GO THE EXTRA 10% AS A SOPHISTICATED INVESTOR.
WHAT DO YOU NEED TO DO?
TIP #29: LINE UP THAT MORTGAGE.
WHAT DO YOU NEED TO DO?
PART 3 - HOW TO MAKE YOUR INVESTMENT SYSTEM WORK
TIP #30: RELATIONSHIPS, RELATIONSHIPS, RELATIONSHIPS . . . NOT LOCATION, ...
WHAT DO YOU NEED TO DO?
TIP #31: ADOPT A PROVEN SYSTEM: IT’S THE DIFFERENCE BETWEEN LONG-TERM WEALTH ...
WHAT DO YOU NEED TO DO?
TIP #32: STICK TO THE CASH FLOW ZONE.
TIP #33: USE THE PROPERTY GOLD MINE SCORE CARD. IT’S YOUR REAL ESTATE TREASURE MAP.
WHAT DO YOU NEED TO DO?
TIP #34: LET QUALITY RESEARCH DRIVE THE SYSTEM. NEVER AGAIN GET CAUGHT BY A ...
WHAT DO YOU NEED TO DO?
TIP #35: CONTROL THE PAPER TIGER WITH A PROVEN FILING SYSTEM.
WHAT DO YOU NEED TO DO?
TIP #36: CELEBRATE YOUR SUCCESSES.
WHAT DO YOU NEED TO DO?
PART 4 - FOCUS ON THE TWO TYPES OF ECONOMIC FUNDAMENTALS AND DRAMATICALLY ...
TIP #37: DIG FOR SPECIFIC INFORMATION AND IGNORE GENERALITIES.
WHAT DO YOU NEED TO DO?
TIP #38: LOW MORTGAGE RATES ARE A NEUTRAL FACTOR FOR INVESTORS.
WHAT DO YOU NEED TO DO?
TIP # 3 9: STUDY THE NET WEALTH EFFECT.
WHAT DO YOU NEED TO DO?
TIP #40: APPLY “AFFORDABILITY” DATA.
WHAT DO YOU NEED TO DO?
TIP #41: IDENTIFY WHERE INCREASED JOB GROWTH IS OCCURRING.
WHAT DO YOU NEED TO DO?
TIP #42: SURROUND THE BOOM FOR BEST RESULTS.
WHAT DO YOU NEED TO DO?
TIP #43: BUSINESS FRIENDLY EQUALS REAL ESTATE FRIENDLY
WHAT DO YOU NEED TO DO?
TIP #44: TRAINS, PLANES, AUTOMOBILES (AND SEWERS): PAY ATTENTION TO REGIONAL ...
WHAT DO YOU NEED TO DO?
TIP #45: LOOK FOR GENTRIFICATION AND RENEWAL. RENEWAL WILL RENEW YOUR BANK ACCOUNT.
WHAT DO YOU NEED TO DO?
TIP #46: MAXIMIZE VALUE AND ZONING OPPORTUNITIES.
WHAT DO YOU NEED TO DO?
TIP #47: BUY BELOW TRUE MARKET VALUE.
FORECLOSURES AND PRE-FORECLOSURES: NOT AS SIMPLE AS THEY SEEM
CONDOMINIUM CONVERSION
WHAT DO YOU NEED TO DO?
TIP #48: ADD VALUE WITH A MARKET NICHE.
RENT-TO-OWN
FURNISHED SUITES FOR RENT
WHAT DO YOU NEED TO DO?
TIP #49: STAND OUT FROM THE CROWD: THE DIFFERENCE BETWEEN PROFIT AND LOSS.
WHAT DO YOU NEED TO DO?
TIP #50: NEVER ADVERTISE—ALWAYS MARKET!
WHAT DO YOU NEED TO DO?
TIP #51: LEARN AND USE CLASSIFIED AD-WRITING SECRETS.
WHAT DO YOU NEED TO DO?
TIP #52: RENOVATE SMARTLY: IT’S A DUSTY AND DIRTY WAY TO WEALTH.
WHAT DO YOU NEED TO DO?
TIP #53: JUMPING THE GUN: INVESTING ON A WISH AND A PRAYER.
WHAT DO YOU NEED TO DO?
TIP #54: ANALYZE A PROPERTY RIGHT DOWN TO THE LAST NICKEL.
WHAT DO YOU NEED TO DO?
TIP #55: PERFORM SPECIAL DUE DILIGENCE ON VACATION PROPERTY.
WHAT DO YOU NEED TO DO?
PART 5 - DATA, BRICKS AND MORTAR: THE PRACTICAL SIDE OF WEALTH CREATION ...
TIP #56: ASK THESE CRITICAL QUESTIONS BEFORE BUYING ANY PROPERTY.
WHAT DO YOU NEED TO DO?
TIP #57: COVER YOUR ASSETS WELL.
WHAT DO YOU NEED TO DO?
TIP #58: A MULTI-FAMILY PURCHASE GETS COMPLICATED—FAST. BE PREPARED.
WHAT DO YOU NEED TO DO?
TIP #59: PROPERTY TAXES ARE INEVITABLE—SPREAD THE PAIN!
WHAT DO YOU NEED TO DO?
TIP #60: BE REALISTIC ABOUT SUBDIVISIONS.
WHAT DO YOU NEED TO DO?
TIP #61: GET UP CLOSE AND PERSONAL WITH THE RESIDENTIAL ZONING CODE.
WHAT DO YOU NEED TO DO?
TIP #62: OBTAIN A FULL SURVEY OF THE PROPERTY—OR USE TITLE INSURANCE TO COVER ...
WHAT DO YOU NEED TO DO?
TIP #63: KNOW THE BASICS OF CONDO-PROPERTY MANAGEMENT.
WHAT DO YOU NEED TO DO?
TIP #64: PUT YOUR RENOVATIONS TO WORK. (IT’S NOT AS EASY AS MOST THINK!)
THE LOC OPTION
THE PPIL OPTION
WHAT DO YOU NEED TO DO?
TIP #65: DON’T CRY THOSE CONTRACTOR BLUES: PROTECT YOURSELF WITH CONTRACTS IN WRITING.
WHAT DO YOU NEED TO DO?
TIP #66: D.I.Y.? IN MOST CASES THAT WASTES A VALUABLE COMMODITY.
WHAT DO YOU NEED TO DO?
TIP #67: CALCULATE THE “SWEAT EQUITY” EQUATION.
WHAT DO YOU NEED TO DO?
TIP #68: FIGURE OUT THE BEST BANG FOR YOUR RENO BUCK.
WHAT DO YOU NEED TO DO?
PART 6 - NEGOTIATE THE DEAL YOU WANT (PRACTICE MAKES PERFECT)
TIP #69: IDENTIFY MOTIVATED VENDORS. AVOID BEING BAITED.
WHAT DO YOU NEED TO DO?
TIP #70: NEGOTIATIONS MAKE THE WORLD GO ’ROUND: LEARN THE SECRETS.
WHAT DO YOU NEED TO DO?
TIP #71: THE PROBLEM WITH PHONES.
PART 7 - PURCHASING AND CLOSING: THE ART OF THE DEAL
TIP #72: FOLLOW THIS DUE DILIGENCE PRIMER ON PURCHASING AND CLOSING.
WHAT DO YOU NEED TO DO?
TIP #73: FIX YOUR CLOSING CASH PAYMENT.
WHAT DO YOU NEED TO DO?
TIP #74: CALCULATE THE TOTAL CASH REQUIRED TO CLOSE.
TAXES
INSURANCE
OTHER FEES/EXPENSES
WHAT DO YOU NEED TO DO?
TIP #75: INCLUDE A COVER LETTER WITH THE OFFER TO PURCHASE.
WHAT DO YOU NEED TO DO?
TIP #76: THE LAWYER ALWAYS GETS THE CHEQUE.
WHAT DO YOU NEED TO DO?
TIP #77: AVOID THE HASSLE OF “HURRY UP AND WAIT.”
WHAT DO YOU NEED TO DO?
TIP #78: KNOW THE ASSETS YOU’RE BUYING.
WHAT DO YOU NEED TO DO?
TIP #79: CAVEAT EMPTOR: NEVER REMOVE CONDITIONS UNTIL THE REPORT IS READ!
WHAT DO YOU NEED TO DO?
TIP #80: AVOID PLACING FIXED DATES IN ANY PURCHASE CONTRACT.
WHAT DO YOU NEED TO DO?
TIP #81: YOUR OFFER MUST NOT BE AN OPEN OFFER!
WHAT DO YOU NEED TO DO?
TIP #82: MAKE POSSESSION DATES PART OF THE NEGOTIATION.
WHAT DO YOU NEED TO DO?
TIP #83: USE CLOSING DATES STRATEGICALLY TO MAXIMIZE YOUR CASH FLOW.
WHAT DO YOU NEED TO DO?
TIP #84: GUARD AGAINST FRAUD AND IDENTITY THEFT.
WHAT DO YOU NEED TO DO?
PART 8 - TENANCY ISSUES: MAKE DEFENCE YOUR BEST OFFENCE
TIP #85: GO FOR THE (PROPERTY MANAGEMENT) GOLD.
WHAT DO YOU NEED TO DO?
TIP #86: UNDERSTAND MATTERS SURROUNDING TENANCY RULES.
WHAT DO YOU NEED TO DO?
TIP #87: BE CREATIVE IN YOUR ADVERTISING STRATEGIES.
WHAT DO YOU NEED TO DO?
TIP #88: MAKE THE MOST OF ON-LINE ADVERTISING.
WHO USES THE INTERNET?
WHAT DO YOU NEED TO DO?
TIP #89: OPTIMIZE FOR SEARCH ENGINES.
WHAT DOES SEO DO?
WHAT DO YOU NEED TO DO?
TIP #90: PROPERLY SCREEN PROSPECTIVE TENANTS.
WHAT DO YOU NEED TO DO?
TIP #91: DO A MOVE-IN INSPECTION AND KEEP MAINTENANCE UP-TO-DATE.
WHAT DO YOU NEED TO DO?
TIP #92: BE PROACTIVE WHEN THE RENT ISN’T PAID.
WHAT DO YOU NEED TO DO?
TIP #93: CONFIRM THE EXISTING TENANT DETAILS.
WHAT DO YOU NEED TO DO?
PART 9 - LEGAL INSIGHTS AND TAX TIPS: WHAT YOU’VE GOT TO KNOW (SO IT WON’T ...
TIP #94: HONESTY IS THE ONLY POLICY.
WARNING: GREY WATER AHEAD
WHAT DO YOU NEED TO DO?
TIP #95: TITLE LAWS DIFFER REGIONALLY.
WHAT DO YOU NEED TO DO?
TIP #96: FORECLOSURES EQUAL INVESTMENT OPPORTUNITY.
WHAT DO YOU NEED TO DO?
TIP #97: CONDOMINIUM DEALS DEMAND SPECIAL SCRUTINY.
CONDO TIP A: ALL CONDOMINIUMS ARE NOT THE SAME (OR, MY BIKE CAN’T GO THERE—AND ...
WHAT DO YOU NEED TO DO?
CONDO TIP B: STUDY THE CONDO’S DEFERRED RESERVE PLAN
WHAT DO YOU NEED TO DO?
CONDO TIP C: TAKE ANOTHER LOOK AT THAT CONDO DEAL
WHAT DO YOU NEED TO DO?
BONUS TIP #98: UNDERSTAND GST/HST ON NON-RESIDENTIAL REAL ESTATE.
WHAT DO YOU NEED TO DO?
BONUS TIP #99: FIND OUT ABOUT THE GST/HST REBATE FOR INVESTORS.
REBATES AND TRANSITIONAL SAVINGS
BONUS TIP #100: RRSP MORTGAGES DEMAND EXTRA ATTENTION TO DETAIL.
WHAT DO YOU NEED TO DO?
BONUS TIP #101: INVESTORS DRIVE RRSP MORTGAGES.
WHAT DO YOU NEED TO DO?
BONUS TIP #102: JOINT VENTURES: GET IT IN WRITING.
WHAT DO YOU NEED TO DO?
BONUS TIP #103: GET THE REAL GOODS ON CAPITAL GAINS.
WHAT DO YOU NEED TO DO?
BONUS TIP #104: REGISTER YOUR BOOK.
BONUS TIP #105: KNOW THAT YOU’RE HELPING BUILD HOMES FOR FAMILIES.
APPENDIX
SUPPORT TOOLS AND KEY CONTACTS
REAL ESTATE INVESTMENT NETWORK—REIN™
ABOUT THE AUTHORS
INDEX OF TIPS
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