On the real estate front, can we stand down the red alert on real estate?
Not to say challenges are not ahead but much more is known about the problems we as real estate investors face compared to two months ago pre-march break.
Commercial is a sore spot both residential and non residential. Student rentals will be a challenge as McGill and UBC announced many classes will be online. What that means for our student tenants remains to be seen as many programs require labs, group work, in hospital rotations, etc…
For tenants who are looking to rent something, the timing couldn’t be much better. Same for those who have cash and credit to buy. There will always be opportunities for some so take advantage while you can. For example, I have a family member looking to sell a starter home in the suburbs and buy a bigger condo downtown Toronto. The timing could not be better. Again, opportunity will always come to those who know where to find it.
Speaking of chasing opportunities, we have a legit wealth hacker as our guest on this week’s show in Tim Hong.
Tim house hacked his first home, a 2+1 bedroom condo by renting out 1+1 bedrooms to students as his first taste of investing in real estate, then did rent to owns, an apartment building, student rentals, got licensed in real estate and coaches investors, started a property management business, had a tenant offer non monetary rent compensation, I’ll let Tim explain that, and Tim’s has been trading foreign exchange currencies for 5+ years. How’s that for a wealth hacker? I’ve also convinced Tim to do some stock hacking with his TFSA’s 😊. If there is an efficient means to make income, Tim is into it.
Tim is also a coach on my team at IWIN Real Estate and has been with me since I can’t remember, maybe 2012? It’s been a long time and without further ado, I give you Tim Hong.