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Veronica Palin
First Place Realty
3916 - 1 Street NE, Calgary, Alberta
P: 403 819 1399  F: 403-592-8081
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Veronica Palin
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TelephoneOffice Phone:
403 819 1399
TelephoneMobile Phone:
403-819-1399
TelephoneFax:
403-592-8081
Email MeEmail:
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Revenue Property – The Palin Story

My father bought 3 houses at key locations in Calgary in the mid-60’s. He did so to offer financial stability and protection to his wife (my mom) and two daughters. It did offer us security, and although it was particularly difficult on my mother managing a couple of mortgages in the late 70’s, she did it. It was then that I started to see how contractors handled projects and how much work it is to own rental property. More importantly --- how it can pay off big time!

Through the years I’ve bought, renovated, and maintained a variety of houses.  I’ve learned how to effectively communicate with all types of contractors who renovate older homes.

In 2001, I leveraged my family home to purchase a bungalow in the northwest … an area where all of my friends moved to in the 70’s – bigger homes on bigger lots. Moving up from 2 storey, 1910 homes on 25 ft lots to bungalows with basement (sometimes suites)  that were well built in the late 40’s, early 50’s when wood was inexpensive  on 50 foot, dividable lots.

Profiting during the boom, I sold in 2006 and purchased a condo in Sunnyside – 2 bedroom 900 ft2.  This property is intended to be a starter home for my son Michael (who works with me today) . He can use the equity to leverage a family home one day. It’s a pretty awesome empty nest home as well.

If $1500 – $2000 is what you pay in rent now, why not use it toward a mortgage.

In 20 years, you will gain in 3 ways:

  • Reducing  the mortgage
  • Increase in home’s value due to inflation
  • Tax free money upon sale

If you’re adventurous and can handle a 2nd home either as a rental or for assisting your children in a real estate investment, then a few different options may work for you

 

Rentals

Again, it’s all about location, location, location… where people will frequently need to rent (ie. U of C/Downtown) , square footage of property (how many bedrooms, bathrooms etc. ) and renting every part that’s possible (including garage).  Parking is a critical element to know, so that neighbors will not be disturbed by your tenants.    2 bedroom apartments , bungalows with basement suites, duplexes – these are all good choices.

Mortgage Support  for your adult children

If they can get the mortgage paid through roommates, friends, etc. it makes things way easier.  Again the location is very important in case resale is on your agenda in the next 5-10 years. 

For rental purposes, well appointed and maintained bungalows with upper and lower suites can fetch 1500/mo in rent (plus the tenants will pay the utilities and often look after the yard!)

Commercial Real Estate investing usually requires group pooling of monies to get the best ROI.  For now, I currently offer residential real estate and its much less complicated.

If you like the way I think, please let me know your thoughts…I’d like to add them to the blog. Drop me an email or give me a call if you like. I’d be happy to brain storm with you on your real estate needs for today and into the future.

 

SOLD in ONE DAY   

    $399.99

2320 erlton street

Click Here to veiw more sold Listings
 

 

Contact Me today and begin your Calgary real estate experience. I look forward to serving you.

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Michael Palin
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TelephoneOffice Phone:
403-220-9677
TelephoneMobile Phone:
403-819-3331
TelephoneFax:
403-220-9803
Email MeEmail:
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