Edmonton Real Estate Investors Association Message Board › June 14, 2011 meeting minutes
Sherwood Park, AB
Edmonton Revenue Property Investors Association - June 14, 2011
The June 14, 2011 meeting was held upstairs in Rosies south side bar and Restaurant. Les opened the meeting at 7:00 p.m. and new attendees introduced themselves. Our group, Edmonton Revenue Properties Investors Association began in 1982.
Les volunteered on the Communications aspect of the Slave Lake forest Fire disaster. He is an active ham operator and that group were needed in the Rescue operations efforts. They worked alongside the RCMP and the firefighters in the area. It was still a dangerous environment one week later as bullets in a basement went off and vehicles with gas in the tanks exploded.
According to an article in the local newspapers, Alberta has the highest monthly rental rate in Canada. Think Calgary. The lowest rental rates are in Quebec, New Brunswick and Newfoundland. Those places have rents for a 2 bedroom unit around $500.00 per month.
One guest speaker was Dominik Plaza of Fair and Square. They have many years of asphalt roofing experience and are covered by WCB and liability insurance. Their email is:< fairand email@example.com>
Michael gave us an update on the recent 2 day fast track capital event that he attended.
Guest speaker Brent Davies, is a commercial Realtor, but he specializes in property management. His business name is ”Davies Management” . The Hot area at present is St. Albert. There are good buys there. Fort Sask. is turning around after a slow time. He calls the Beverly, Abbotsfield and Beacon heights area a Black Triangle. It is cheap and risky. Good areas are north of the Yellowhead highway and south of the river. The disadvantages of commercial are that you require more money down and if it becomes vacant, it can be vacant for an extended period of time
Use the Residential Tenancies Act as a guide. Alberta has fair laws and human rights are not part of our laws. Always tell a prospective tenant that your partner or office will need to approve it.
Later, you can say “We have chosen to rent to another party”. No reason should be given. Or you would need to make three times the rent in income to live here. Or we consider every application, but have chosen another tenant. Do a credit check on every applicant – most people do not qualify. You can use Rent Check Corp.com. You can also have the applicant supply their credit check.
Tax liens do not work in Alberta.
Our third guest speaker was Brandon Rollheiser, a realtor since 2005. His advice is to keep control of your money. So many of the land development schemes were fraudulent and are now broke.
Brandon believes that Real estate investing can and should make you wealthy. You need
- A Team
- The deal (How to finance the deal)
- Property management
Buy a nice looking home and it will be easy to sell. In Edmonton a home needs a basement.
Book Draws completed the evening.