What Strategy Are You Using To Build Wealth with Real Estate?

Real estate investing strategies take time to learn. There are no get rich quick schemes but there is ‘getting rich’.

Want to become a successful Toronto real estate investor?

Investment leaders will offer several real estate investment options (buy & hold, buy/fix/flip, rent-to-own, Joint Ventures (JV’s), REITS, etc.).

If you don’t have billions of dollars you’ll want to learn and interpret investment information and THEN make decisions based on your strengths and weakness. Be truthful – are you better with lending money for a higher return with a joint venture (JV) or REIT cash investment OR do you want to flip houses for profit OR do you want to buy and hold be a landlord? It’s simplistic but realistic. In other words, it’s simple but it’s not easy (like anything worth doing in life).

There are several real estate investment groups throughout the GTA that you can join (check out meetup.com to start). There are several books you can read and often Amazon will give you recommendations related to your last purchase. Our recommendation:  find out what successful real estate investors are reading  and get their recommendations. The list will vary based on the type of real estate investment you’re considering.

No matter what, do not sprint! You will run a slow marathon over time. Why? Because, it will take time to train, dialogue with professionals and self-educate. And, over time you will evolve your skillset and knowledge. A little bit of time can save and make your future self a whole lot of money.

Here’s what you will find: Some things are easy to grasp but not easy to execute. There are super-successful wealthy people who have skills that you don’t. That’s ok. It just may mean that following their model may not make you a wealthy person. You have to muster the courage to decide if and what you want to learn to earn. And, there’s a lot you can earn. You just have to choose to make the time and build a team of experts who can focus on their particular role within your real estate portfolio wealth building process.

Who matters most on your team?

First, if you have a spouse, then they’re your’ financial partner.  You want them on board. You’re not working on your family wealth goals (and legacy) in a vacuum. So, distill it down with your significant other. If you have a financial partner(s) other than a spouse then define your goals and know what matters to each of you. It will shape your real estate investment strategy and ensure you’re in lock-step with hitting your financial goals.

Second, build your professional team:  You are designing your investment strategy. The actions you take at the beginning produce gainful (or not) results in future.  These will be objective and measurable results. Your team of exceptional experts will allow you to focus on what matters most to your wealth building goals (learning and smart investing to realize financial wealth). At minimum you will have your

1. Realtor – they should have investment experience and be able connect you with other professionals to help build your investment team
2. Accountant – tax planning is key-there are costs of borrowing funds, tax write-offs and future capital gains to consider and plan for
3. Real Estate Lawyer – the simplicity or complexity of your real estate investment portfolio will dictate the type of lawyer you will hire

A big challenge is just getting started in your education and then formulating a plan. The Toronto real estate market is filled with opportunities and guidance to help you create future wealth through real estate holdings.

Want to learn more? Want help building your team of exceptional experts? Let’s connect.