expert speak at local RE club.

tonight finally, i got a chance to join Toronto’s RE club’ monthly meeting. i was really excited
The club leader invited Canada’s top residential investor Don Campbell, who delivered a two and half hour long speech which completely confused me. here are some of the things i wrote down that he mentioned as some guidance (i wouldn’t say rules) for investing in RE.

  1. you can only begin to make money in RE investing after a minimum of 3 years. always seek long term wealth.

  2. first thing to do into investing, get yourself a good Realtor.

  3. usually you have to buy at market value (as i heard this my jaw dropped open and stared at him in awe. Simply admiring his courage)

  4. Always go see the house that you’re buying, even if its in another country.

what he says contradict many people’s investing rules. however it worked for him. He currently own 200 or so properties. He is rich, and his RE club and affiliates represents majority of Canadian investors (associations). he wrote two national RE investing bestsellers. He was invited to speak at the Donald Trumps RE Annex. He is appearing on many shows on TV. i would say he is quite a symbol for Canadian RE investors. HOWEVER…

point #1 scares me… “minimum 3 years?”

point #2 may be valid because in Canada mailing lists are very hard to find due to privacy act, however i still believe its best to work on marketing skills first.

point #3 just simply what the hell?!

point #4 is more like a security check, but i know many people who bought houses out of town by only look at numbers, and have a local Realtor check out facts for them, then buy it without ever have to look at it.

now i know most people here are in the states, and i learned almost everything about RE here. the rules are different. even so, as far as i know, the basic concept of RE investment is still the same. Well, i will figure out he is right or wrong soon enough. however all the known investors clubs are under his influence…so that means, those are the people that i am going to network with!!! playing under totally different rules??? (i guess on the other hand, it means less competition?!)

any thoughts? i don’t know if anyone have heard of Don Campbell. how the heck can u get rich playing that way? he also started out with little capital.

btw i never knew its so profitable to run a RE club, they charged me 30$ to get in, and there was 350 people or so in a small room. thats like 10k for renting a room for 5 hours.

Forgetting Don Campbell for a minute, I can tell you that those REIC’s are money making machines for the owners. Here’s a million dollar idea: start a REIC yourself and start printing money.

Thats pretty funny, The problem with many gurus, and teachers is that they all think they wrote the bible on investing, and that there way is the only way, I have found it helpful to do as the buddha says and believe nothing that I hear, unless I have found it to be true. I pick and choose what works for me from each person.

big-fat-cow,

I think that I would have started waving the B.S. flag when he said that you have to buy retail!

Did he explain exactly how you are supposed to make money buying retail, or is that a $5,000 bootcamp?

I also don’t understand the comment about it taking 3 years to make money. If you buy right and either sell or rent at a profit, you’re making money from day one.

I agree with his other two points.

Mike