Ottawa Real Estate Investors Organization

Darren what is your advice for real estate investors in light of the upcoming recession?

Real Estate does not just go up and down like the stock market. Specifically in Ottawa, I would like to hear the argument as to why there is going to be a recession in the housing market. Even if the economy is not doing so well people need to live somewhere. No matter what the economic situation there are good deals to be found with positive cash flow. We may not get high appreciation like we have had last few years in Ottawa. Investors may have to go out of Ottawa core to find the deals that have cash flow. Also, fear will stop some people from taking action so there will be more opportunities to find good deals.

Darren what is the secret of getting out the rat race with real estate if you are beginner?

Real Estate is not get rich quick solution. It is slow and steady process to build your investment. If I was beginner and would like to start investing in real estate in Ottawa I would make a 3 year plan to learn about real estate through courses, mentors and forums like OREIO on how to build cash flow and only then quit a day job. Here in Ottawa you guys are lucky as you can find buildings that have positive cash flow while in Edmonton it is practically impossible to find cash flowing properties. You can find a couple of 20 unit buildings that have cash flow and then quit your job. So in the end my advice is to be patient and build your knowledge.

Darren do you have any rules for yourself to make sure that your investments are successful?

I put my money in deals that have good numbers, a great team, timing and location. For example, when I bought the building in Ottawa it was all about timing, as the plan was to double the value of the property in a short time. I look for significant appreciation, like 30% or more. My advice is that you don't have to buy property in your own backyard. Properties close to water and in good climates do very well.

Darren what kind of tips you can give to people who are thinking to start investing in Real Estate?

Start with learning basics of real estate investment and practise your skills by actively looking for deals and making offers. Treat your interest in real estate like a business and not a hobby. Get business cards, a website and share with people what you are doing in real estate. This will create a sense of reality and put pressure to take action. Find an accountability partner and tell them what you plan to do and set a time limit. Set some goals and write them on paper and share them with the accountability partner, give yourself penalties if you don't achieve your goals. I've heard of people eating dog food as a self-imposed penalty for failing to achieve their goals. You have the resources of OREIO to find an accountability partner so use it! Accountability is huge factor in your success in Real Estate Investment!

Darren what are your thoughts on education forums like OREIO? Do you think OREIO provides value?

OREIO is the best real estate investing education bargain in Canada!!! Members don't even know how good they have it! You guys should charge thousands of dollars and not hundreds. It is an inexpensive way to learn. Coaching costs thousands of dollars and you will find in OREIO many people who want to give back and share their knowledge with members. By the way, you should put in your constitution a clause that if the member doesn't buy a property within a year his/her membership will cost $1,000!!!

Click here to learn more about Darren Weeks

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Interview by Zydra Gestautaite