Edmonton Revenue Property Investors Association Message Board › ERPIA Dec 11, 2012 minutes
Sherwood Park, AB
Edmonton Revenue Property Investors Association December11, 2012
At 7 pm upstairs in Rosies southside bar & grill, Jim our VP opened the meeting . New members introduced themselves.
Our first guest speaker was Trevor Belanger. Trevor is a financial Counsellor with Investegies Wealth management. He explained the criteria for choosing a financial planner to work with. Some of the most important items are: you need a compatible relationship with trust, and advice with a tax efficient focus to minimize tax. Some things to be considered are having multiple income streams, use of leverage and keep in mind that you will need liquidity. You need to assess your portfolio risk and look at the various ways to invest. Also Trevor includes the option of owning Flow through shares, which can greatly improve your situation at tax time. Flow through shares are a legitimate tax shelter.
Jim Whitelaw gave us his 5 minute economic update. No change to interest rates and we are down to 4 ½% unemployment rate , similar to 2004. Alberta increased new jobs by 5000 in October. We are bringing in many immigrants to help fill all the needed trades.
Real estate – days on Market are at 64 days.
Our next guest was our past president Les Michaelson. He came with his wife Karen. Les told a few jokes and stories to entertain and teach us. His company is Rentex homes and he has 250 rental units and zero vacancies. He believes now is the best time to increase rents annually to Keep up with market rents. All his tenants pay rent by electronic transfer. This has simplified
life greatly on the first of each month. He does not like condos as there can be problems with the condo boards. Single family homes, using the 10% rule do not have a positive cash flow now. With an average price here of $385,000, you would never get $38,500 rent per month. Les’ latest project is his new home that will also have 3 deluxe units for rent. He is manager of the construction on this project.
Book draws and Christmas surprises completed the evening.