Industry events are a great way to network and tap into the expertise of seasoned players, but not every seminar is so informative and helpful.
Wayne Weum, an Edmonton-based landlord, tells REP sister site CREW that bad advice from one such seminar almost derailed his initial investment plans.
“Being an impressionable beginner, I rushed out and formed three corporations after the fancy pants guru told me it was the best idea,” explains Weum, adding that he now owns 12 doors.
“While it isn’t necessarily a bad idea, going out and spending all of that money and time before having a plan to operate the companies is overkill.”
Weum solely focuses on investing in his home province of Alberta, adopting a clinical financial strategy to self-manage the properties.
“The surrounding communities of Edmonton have proven to be our sweet spot, with strong economic fundamentals, steady growth, and low vacancies,” says Weum.
With an increasing number of events targeting enthusiastic property investors, one landlord says agents should warn would-be investors about the bad advice being offered.