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Chapter 7

Buy Time and Talent

I

t always amazes me to see the thought patterns of novice and interme-diate real estate investors. In Winnipeg (my home market) properties

are relatively cheap compared to the rest of Canada. Properties are even considered “affordable” when compared to other markets in Canada. Winnipeg scores very well on the national affordability index.

But here’s the downside of being so affordable . . .

Since properties are “affordable” in Winnipeg, many novice and intermediate real estate investors get lazy and actually use their own cash and lines of credit to buy properties. Eventually, they will always run out of cash or credit, and then they stop growing their portfolios instead of changing their mind-sets. What I see happen in Winnipeg is that we have a good number of investors who have decent day jobs, between one and ten doors (depending on the age of the investor), and their resources are usually tied up or close to maxed out.

To grow the real estate business further, it’s time to think outside the box.