“Invest in something you understand not an idea”
This are the wise words of Scott McGillivray in an interview with Robert Laura, a retirement activist. Robert Laura is well known for his insight into retirement and investing for retirement. He had an interesting interview with Scott McGillivray of HGTV Canada. Mcgillivray’s recommendations are to:
- Invest in something you understand not an idea – get some education
- Property is get rich slow not get rich quick
- Follow through – Do It!
On Creating An Income Property
He is in favour or ‘Buy and Hold’ for rentals and I can see what he means, but there really is a thrill in a flip isn’t there.
However I have followed most of his recommendations.
- I have spent several years and many dollars getting educated. It is an ongoing process I have found but the initial grounding has stood me in good stead.
- I have made my plan as he recommends. Phew got that right!
I have a 4 year plan of investing and saving, at the end of which there should be enough invested to produce a good passive income for my retirement.
- And I do realise profit from real estate is a slow process. I have been already working my ‘plan’ for a while now.
However I decided, unlike McGillivray to not become a full on landlord.
I don’t know about you but I am not of the age that I want to dash around after workmen and rental people.
Instead I use people to do that for me.
I am still a landlord, of sorts, because I have a part investment in some ‘buy and hold’ properties but, and this is the important part for me, without any of the hassles involved in finding and looking after an investment property.
Also, I do like to flip with some of my money!
I find flipping so satisfying.
I suppose it could just mean that I’m impatient or short on staying power but whatever it is I enjoy choosing what to invest in then waiting for the flip within a few months and BINGO my money is returned with a nice profit attached.
I am on track to some good retirement income and loving every minute, are you?
Go well till the next time