We are just about to lift conditions on a beautiful 4 bedroom 2 bathroom home sitting on a quarter acre lot in Nanaimo. When we share this with people at club meetings, in group coaching calls or even with friends they exclaim how much work that is.
But when we can buy a large home in great condition, on a large lot, and have real estate professionals telling us how impressed they are with our purchases (and the prices we get them for!), we know our secret weapon has been launched and is hitting it’s target. Pick a property type. For example, we focus on homes that are a minimum of 3 bedroom and 2 bathroom. Real Estate Investing Video TipsHow to Set Up Your Bank Accounts with a Growing Rental Property Portfolio? The home has nice high end finishings throughout including heated floors in the main bathroom and kitchen, beautiful hardwood floors and crown mouldings. Or as our 12 Months to $1 Million club members hear us prattle on about week after week, it’s about BEING AN AREA EXPERT. And I am certainly not going to try and convince you that it’s not work because it is.

I can also say that we are finding the absolute best deals in our market area given the strategies we use. We probably went overboard as we physically viewed nearly 100 properties in the last six months. The hard part is not getting distracted when someone starts telling you about a hot deal they found in another market or the deals you’re hearing about in US sunny states. It takes a few hours invested weekly over at least three or four months before you can really begin to call yourself an area expert.
And in another area, a Buy N Hold strategy is perfect because the prices are 10-20% lower but rents are only 5-10% lower than higher end areas. It takes market watching, researching the sales stats, open house visiting, viewings, conversations and drive by’s. With different features, amenities and home owners you find the price points are different.
Depending on where you want to invest you may want to focus on condos, townhouses or smaller homes.

But now that I know how powerful my secret weapon is I am finding it so much easier to turn away from the juicy sounding commercial deal someone sends me or the fix and flip potential of a deal in a different market.
You want to spend time focused on a pocket or two of a city that amounts to about 12 – 20 blocks max.
I remind myself that I can work less and make more just sticking to what I know and know very well. Every area has a home type that is considered a starter family home – find that home type and price range and focus on it.
Sure enough we saw it, put in our offer, and all of a sudden it’s getting shown like crazy but we had moved quickly to lock it up before anyone else did).

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