What We are Up To
I am speaking at the upcoming Elevated Women’s Real Estate Investors Summit May 1st - 3rd. It is running on demand for 72 hours and I hope you get a chance to listen to my interview, it was a lot of fun to do.
Get your free ticket for the Elevated Women Real Estate Investors Summit today!
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I just returned from a business trip to New Brunswick which was very busy and productive.
I met with:
Architect and contractor for our 55 unit development and went over more plans and budgets
Bank regarding financing options for the development and a refinance
New property management team to get to know ea member
Fellow investors which is always fun to catch up and share challenges and successes and ideas.
Toured most of our units to determine any repairs or maintenance needed.
Figured out a game plan to deal with a hoarder.
Good news is the flood from last month’s newsletter didn’t do major damage to the unit. It is dried out, and we have peeled back floor and baseboards to make sure there was no mould.
Saw in person one of our buildings in Saint John that has some major unforeseen issues we will have to deal with. We are figuring out a game plan and then I will share more with you.
Got my pink hard hat picture at the new development site!
It is important as an out of province investor to get eyes on the buildings and the people as you will see and notice things that you don’t see in photos. Plus, it is important to build relationships with the people on your team.
Market Thoughts
2024 Canada Real Estate Market Outlook
In CBRE's 2024 Canada Real Estate Market Outlook, titled "A Year of Opportunity," key trends indicate a promising yet cautious landscape for multifamily investing. Despite concerns about inflation influencing interest rates, a late Q2 2024 target rate of 2% is expected to prompt rate cuts, stimulating activity later in the year and into 2025. This report was written before the latest budget was tabled; it remains to be seen if the unchecked spending spree will keep inflation high.
The undersupply of rental housing in Canada is a significant challenge, particularly in multifamily housing, due to rapid population growth. The Canada Mortgage and Housing Corporation (CMHC) estimates a need for 3.5 million new housing units by 2030 to address affordability concerns, reflected in a significant rise in multifamily rental rates by 9.2% in 2023.
This bodes well for our development project in New Brunswick and our desire once this is underway to focus our attention in Canada to Alberta, particularly Calgary and Edmonton. We will also be looking to invest in the US to diversify our portfolio which also reduces risk.
See the full report here.
Useful Resource
I came across this great 30 min video by Ray Dalio that helps to explain the economy in easy to understand terms and how the cycle repeats itself throughout history. This is important information to understand.
What I am listening to on Audible
Know Your Value by Mika Brzeziniski
This book was recommended to me by a friend in the US who is very successful in the Non-profit world and business. At first, I thought, I know my value, I don’t need to listen to that however, I am glad I did. I believe this is a good read for women and men to help understand the different challenges women go through. Quite a few times I laughed out loud and other times I just shook my head.
Some of the key points:
Challenges and struggles women face both in business and trying to “do it all”.
We just have to “work harder”, we are so “lucky” to be where we are at mentality.
Mistakes and struggles to be taken seriously and paid our worth
Actionable tips and how acting like a man, won’t get us the results we want.
How as women we can be supportive and mentor and lift other women up
Addresses shifting the climate on how we talk about women
How to take responsibility for ourselves and our results.
I am blessed to have developed a strong network of supportive women and men in my corner and I look to foster that in others.
Useful Tip:
Take the Damn Photo
With summer coming up quickly, and after listening to the Know Your Value audio book, this topic has been on my mind. I was also recently having a conversation with a newer mom and she was stressing out about having her picture taken with her young child because she hadn’t lost the baby weight or had time to get her hair done. My advice to her was that it doesn’t matter, she is a beautiful mamma to everyone that matters, especially her child, and to take the photos!
I spent 37 years working in the photo industry, so I know a thing or two about pictures and I am adamant about the importance of them. Your kids or friends or family DO NOT CARE if you look perfect (to you) in a picture, because to them you are perfect just as you are. You will never regret being in pictures and having them to look back on. You will regret if you are not in any of the photos.
This photo is a prime example. We were at Whistler and we had gone on a long bike ride. I was hot and sweaty and had major (I thought) helmet head so balked when Makenzie wanted to take a picture of Doug and I. They insisted, so I did, and it is one of my favourite pictures of us. I am glad I “took the damn picture”.
Get out this weekend, have fun and take some damn pictures with you in them!
We’d love to hear from you!
If making your money work harder for you by investing in real estate without all the hassles is something that interests you, or if you want to partner alongside us and learn as you participate, reach out to us to book a no-obligation call or email michele@correaequitypartners.com.
We can discuss your goals and see if we are a fit to work together and invest with purpose.
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