Edmonton Real Estate Investors Association Message Board › Meeting Minutes from February 9th, 2010

Meeting Minutes from February 9th, 2010

Walter R.
user 8837928
Edmonton, AB
Post #: 6
Lillian opened the meeting at Rosie's at 7:10 p.m.. She welcomed everyone and introduced Les, our president, who talked about the housing market. The average residential price in January was $314,783, down 1.4% from last month and down just 0.7% from a year ago. Month to month sales slowed by 6.8% as compared to December, but the number of new listings in January doubled to 2,199 resulting in a 40% sales-to-listing ration and a month-end inventory of 4,864 homes. The average days on the market was 57 days.

Les also talked about Robert Kiyosaki, author of Rich Dad Poor Dad, being interviewed at his
seminar by the CBS show "Market Place".

Les introduced our first guest speaker, Leanna Karpoff, from PPL Legal Care of Canada. She presented a video of their pre-paid legals life events plan and 101 everyday reasons why we need it. The cost is $25 per month with a $10 enrollment fee and covers phone consultation with a lawyer. You receive preferred member discounts of 25% on lawyer fees to prepare a will or other legal contracts.

Our second guest speaker was Kewton Wong of Heritage Property Solutions. He is a former airline pilot now selling U.S. property to Canadian investors. He states that Las Vegas and Phoenix have good deals. You can buy property for $50,000 to $120,000 which rent for $800 to $1200. He predicts at least 2 more years of this market. He talked about short sales and foreclosures. Closing on short sales usually takes 6 - 9 months. Buy property in blue collar areas, rent them for $500 to $800 and receive 10% positive cash flow.

Kewton can be reached in Vancouver at 604-873-2366 or his cell 773-517-7699.

Book draws completed the evening.

Walter Rooyakkers
Kathy C.
Sherwood Park, AB
Post #: 11
Thank - you Walter,
Harvey and I will be at the March ERPIA meeting.
Powered by mvnForum

Our Sponsors

People in this
Meetup are also in:

Sign up

Meetup members, Log in

By clicking "Sign up" or "Sign up using Facebook", you confirm that you accept our Terms of Service & Privacy Policy