July 15, 2022
When considering starting a business and incorporating there are several advantages. Owning a business in a simple partnership or sole proprietorship is important for branding and advertising. It is a requirement under the Ontario Business Corporations Act that business owners register their business names if they are advertising to the public. While a partnership or sole proprietorship can be a quick way to get your business off the ground, there are several reasons why incorporation might be the better approach. An incorporated business can exist indefinitely even after the original owner and incorporator have passed. This is because corporations are their own legal entity and do not rely on the person who created it to survive. As owners decease, the corporation can carry on its functions through its appointed Directors and Officers. This opens avenues for estate planning such as dual wills for corporate assets and shares.
June 15, 2022
Two years ago. Spring of 2020. We got together at Club Roma to celebrate the sales successes of 2019 by the men and women of RE/MAX Garden City Realty. It was a gala event. Women in formal gowns, men in tuxedos. Lots of glitz and glamour. COVID had just appeared on the scene. No one at that time was aware of exactly what impact this new Pandemic would have or the time it would run. As it turned out, just one week later public gatherings were reduced in size to the point that a celebration of this type would not have been possible.
June 15, 2022
If there were one and only one principal and practice that I could instill into the hearts and minds of real estate investors, it would be this. Learn to delegate. In fact in my Money Machine Seminars I tell attendees “if you are a plumber for example and have rental properties, when you get a call from a tenant complaining about a tap dripping call a plumber, don’t be the plumber.” Most people don’t get this. They don’t follow that bit of advice. And that fact, more than anything else, is what causes investors to throw in the towel and give up on being a landlord.
June 15, 2022
Mortgage News - Understanding Insurance
In life, I’m a lot of things. I’m a real estate salesman. I’m a Broker of Record. I’m a teacher. I’m an investor and an investment coach. But by formal training, I’m a mathematician. I have an honors degree in Mathematics from the University of Waterloo majoring in Combinatorics and Optimization. Statistical analysis. I sort of know my way around numbers and they speak to me. But the message derived is only as good as the data from which we draw. Each month the local Board provides us with statistical data to analyze. Two, in particular, we tend to focus on. The number of units sold, and the average sale price across the Niagara Region. In this article, I’ll provide you with an up-to-date snapshot of both. And let’s begin with unit sales. There is absolutely no question the volume of sales is significantly down. Down from last month and down from last year.
May 17, 2022
In our last article on the Money Machine appearing in April’s Market Trends Newsletter, we began a series of Best Practices designed to help you manage your real estate investment portfolio successfully. The goal as always is to reach the finish line with a number of investment properties (at least 10) fully paid for, and provide you with an abundant cash flow into retirement.
We talked last month about the fact that the market was changing. There were fewer buyers actively looking. Multiple offers were down. In some cases where sellers were delaying presentation for a few days in hopes of generating a ‘bidding war’, where once they might see 12-15 competing offers, now there might be 2 or 3 and in some cases none at all. Well, that trend is continuing through April and into May. If we look at the unit sales reported throughout Niagara, we see there were 758 sales in April. That is down 133 units or 14.93% from March. But what is more significant perhaps is that it is also down 375 units or 33.10% from April 2021. There are simply fewer buyers active in the marketplace.
