At Bee Influenced; http://www.beeinfluenced.com we like to feature different people from multiple industries. In today’s podcast, we feature Rick Harris who works in Real Estate Investment.
Rick is a real estate investor and acts as a consultant. He is also a writer for Real Estate Investment Network and is currently working with clients to help purchase property in the Canmore and Edmonton Alberta regions. Rick Harris is now working with an editor to bring his book to market called “Vault To Investment Real Estate Success.” Finally, by December 1, 2017, Rick will be launching a podcast dealing with real estate investment.
4 DOOR STRATEGY
In Canada, only 4% of Canadians own investment real estate. According to Rick out of that 4%, less than half own more than three doors. Rick’s strategy is simple. Rick believes if you can hold four doors, and have them paid off. The income that those four doors generate can become substantial and assist you in ways you never thought possible later on in life. The great thing is with the properties paid off and generating revenue; you can decide to sell the properties or refinance and use the equity to leverage purchasing the next deal.
HOW TO DETERMINE WHICH REAL ESTATE DEAL IS RIGHT FOR YOU?
Whenever you are assessing deals, always do a financial analysis examining, what kind of revenue will the deal generate, what the cost of acquisition is, what will all the expenses be, and finally placing a contingency in the finances in case the property is vacant. Rick says to “not fudge the numbers” because numbers don’t lie. When Rick’s website goes live, he will have a tool that allows you to make an income statement for assessing deals.
When examining the revenue the property might earn, a useful tool is Pad Mapper. Pad Mapper allows you to review what the rents prices are in particular areas. Another favorite tool to use is RentFaster’s map feature. Rentfaster will enable you to create a precise targetted search based on property type, amount of bedrooms & bathrooms, etc.
For more information regarding how to assess deals listen to the full podcast.
PODCAST & BOOK
Rick’s book and podcast is his way of paying it forward helping teach others how real estate investing has been kind to him and his family. Rick explains how investment real estate can build a strong financial foundation, unlock sustainable wealth, and create a living legacy.
On the upcoming podcast, Rick will be bringing on other real estate investors talking about their stories and their strategies. While also speaking with other professionals one might want to consult with when purchasing properties such as realtors, brokers, accountants, lawyers, investors, etc.
THREE TIPS WHEN STARTING A BUSINESS
With every guest coming on the podcast we always like to ask the question, “If you were to give someone three tips when starting a business, what would you say?” Rick answered:
1. Challenge yourself every single day. Fuel every day by taking action and start by starting. The most significant thing is to learn by doing.
2. Know your base. Then do something every day to get you to your goal.
3. Get around like-minded individuals
Great advice by Rick as it was very similar to what Gavin Fedorak from Love Pizza & Press’d discussed
CONTACT RICK HARRIS
If you have any questions for Rick regarding Real Estate Investing, you can reach him through email at firstname.lastname@example.org, or you can message him through Linkedin.Check out Rick’s coaching available through REIN Canada or his condominium property in Canmore