Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Association Minutes of Nov 11 Meeting
Edmonton Revenue Property Investors Association Minutes of Last Meeting
Nov 11th – Remembrance Day 2008
Karen opened the meeting at 7:05 Les mentioned the full house as many had to bring chairs from downstairs. Lillian our treasurer gave us the bank balance. Our group is saving for an overhead projector to be used by our presenters. New guests introduced themselves. One year ago Les was getting 80 to 100 phone calls per day from people looking for rental apartments. Now he gets maybe 10 to 20 calls per day. 3 & 4 bedroom suites are the hardest to rent and the bachelor and 1 bedroom apartments are easiest to rent.
Re the economy: There is global unrest, but the re- sale market in Edmonton is now stable. It is harder for people to get bank financing now. Re the internet – watch out for scams.
October sales: Single family homes are up .33% over October of last year. Condo prices
have dropped 5.8% this year. However prices should recover in the spring. The astute buyer purchases in the winter, and thinks long term.
Simon: Some major projects have been put on the back burner. Sherrit is on hold and 200 people from the engineering department have been reassigned to other projects. Also oil projects such as Shell, Suncor and Syncrude have projects on hold. The supply of oil has increased and the demand has dropped off. You can view Simon’s latest ideas at stock capitalist.com.
Our guest speaker was Jon Murray from Jowen Investments & Consulting group. He has a system of purchasing properties on a lease purchase agreement, then renting or selling also with a lease contract. He uses none of his own money in these transactions for an unlimited upside with the spread. All of his contracts are transferable for flexibility. He is willing to be a mentor or consultant. For more information check his website: www. jowen.ca
Door prizes completed the evening and the meeting closed at 9:49 p.m.