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Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Association - Minutes of March 10, 2009

Edmonton Revenue Property Investors Association - Minutes of March 10, 2009 Meeting

Walter R.
user 8837928
Edmonton, AB
Post #: 2
Michelle, a ReMax Realtor, opened the meeting at 7:10 pm. She stated that 500 houses sold last month. Interest rates are low and rental properties generate cash flow. Pricing a property correctly is very important. She mentioned that a house sold in 3 days because it was priced right.

Les gave us his commandments for landlords. 1) Thou shalt not pay utilities ever. 2) Thou shalt not offer free rent for services rendered. 3) Thou shalt not visit your properties after dark. 4) Thou shalt not be afraid of your profession.

Les introduced our guest speaker, Ben Millar, of La Terra Ventures Inc. from Calgary. Their business is land banking, investing in raw land in the direct path of future development. Ben invited the members to become an owner of land and hold title to La Terra Venture's newest property bordering Okotoks, Alberta. La Terra Venture's offering consists of 108 acres with 1/5 acre individual interests selling for $17,500/unit. This can be financed and is RRSP eligible.

Simon gave us a talk on the new book, The Great Depression, written by Harry S. Dent. He predicts that commodities will top in 2010, then a long depression will follow and a short upward in the stock market before it crashes. Simon held a discussion and views for and against were stated.

Les gave us the latest Edmonton MLS statistics. Property prices are down with houses down $5,000 and condos down $11,000. Sales to listing ratio is 40%. Cash flow is king regarding rental properties. Buy a positive cash flow property and hold for the lonng term. Book draws completed the meeting.

Walter Rooyakkers
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