Brent Davies

Most of us have ability to choose of the life and lifestyle we want and desire. I lived my entire 53 years within 100 km of my birthplace. This was my choice. Yes I could of moved away and had many adventures, but I choose to stay. Chris my son, has lived in Scotland and taught sailing, and later lived in Ireland with his new wife. We all can dream “What if” I moved or worked harder in high school or university or in life. I live with no regrets. My Choice.

I able to choose who I married, (married Leigh 33 years ago), where I live, what I do for a living (sometimes I think otherwise on a bad day), my friends, social activities and my investments.

What I had no choice over was my parents, and relatives. For some this presents a great challenge and for others an advantage. For me, it was an advantage. The one advantage I got from my Father was Real Estate Investing. Dad made a lot of money in the late 70’s and lost a lot of money in 1980’s. I learned about real estate cycles and more importantly, the ability to make a choice. Chris is learning the same lessons today.

Real estate investing is all about making choices.

• Choose to be an investor or not. (Why are you doing this?)
• Chose to buy ( hands on property owner or mutual funds owner)
• Where to buy? (REIN’s Goldmine scorecard)
• What to buy? (Davies Group Investor Discovery Tours)
• When to buy? (timing and business cycles, Recessions past)
• Where will the money come from? (REIN’s joint venture secrets)
• Where to get the financing? (Peter Kinch’s sandbox rules)
• Who is the tenant? (tenant screening tips)
• Who does the day to day business? (retaining control)
• Exit strategies? (how do I get out?)

A few Examples of Poor Choices

• Buying property in poor neighbourhoods ( It cheap for a reason)
• Lone wolf syndrome (I’m smarter than the rest of you)
• “They don’t build land anymore” (real estate markets can boom and bust)
• HOT ! HOT! real estate markets (Condominium conversation and pre-builds frenzies)
• Refinancing real estate (forgetting that eventually you have to pay tax on the money)
• My Accountant does the numbers (not look after the details)
• Speculation (buying based on a tip)

The Results of Poor Choices

• Foreclosure
• Bankruptcy
• Family breakups

The Results of Good Choices

• Establishment of long term wealth
• Personal freedom including the ability to say ”take this job and shove it”
• Improved Standard of living.

Choice is the biggest single tool for the investor. You, the investor; can choose your investment type, the property, the renovations, the tenant, the color of the walls and when and if you sell.

Real estate education is so critical and that is why I support organizations such as the Real Estate Investment Network (REIN). Getting great information on relevant issues and strategies that work in your neighbourhood is so important. I roll my eyes whenever I see in the paper advertising a seminar coming to town teaching all about buying tax liens. Strictly an American strategy and it does not work in Alberta. But people pay thousands every year on learning how to buy something that does not exist in Alberta.

I was given a book many years by Milton Friedman, Free To Choose
. Milton Friedman was an advisor to Ronald Reagan, and a Nobel Award Winner. A good read for the entrepreneur. And why we Free to Choose.

Enjoy your freedom to choose, and enjoy the results.