Glenn Simon Inc., Suite 1217, 5328 Calgary Trail NW, Edmonton, Alberta, Canada. Tel 1-888-780-5940 Fax 1-888-276-4517
www.glennsimoninc.com email: info@glennsimoninc.com
July 15th., 2011
Volume 10, Issue 8
Dear Friends and Partners,
Trust that you are keeping busy and taking advantage of the summer. We're knee-deep in drywall, asbestos and concrete for our Cornerstone suite renovation. You can follow the progress on Edmonton Investor blog spot.
CBC Radio Active had a snapshot interview that centered around the very good advice of not over-"renoing". One of the most common traps that home owners get into when renovating is the add on. We're much more likely to throw in all our wish list items during a renovation project and end up way over budget. It seems easier to get the work done on your bathroom when your kitchen is being ripped out. Logical or not, don't do it. Stick to your budget and factor in additional renovations for a later date.
Often during renovations you may uncover some fault that needs remedy and it is beneficial to have a cushion in your budget for the unexpected. For example, while tearing down the walls to build a kitchen in the basement suite we found a hairline crack in the parging. Not a big deal except that it was damp at the base with a slow seep of water coming in. The parging had been done about 20 years earlier and covered up a much larger crack in the concrete wall. Better to discover this now than after you have spent $35K building the basement suite.
I ended up repairing this crack myself for about $60 in materials and 4 hours labour. You can spend anywhere from $400-$1000 for an internal crack to be repaired and much more if you attack the job from on the outside (I did a combination of both). Unexpected jobs come up and can be costly; prepare as best you can in your budget. Resist the urge to over renovate, instead, work in stages.
West Central Edmonton: Cashflowing Six-Plex In Queen Mary Park
Turbo charge your portfolio. Upgraded 1978 built 6-plex with separate entrance to all units. 4 functionally finished 710 sqft. 1 bedrooms on main, plus 2 upgraded 650 sqft. 1 bedroom suites up. The upper suites have laminate and fresh paint. There is a common laundry room in basement. The lower units have new paint and some fixtures as well. Lower suites walk out to a private grassy, fenced yard. There is a 2 car detached garage bringing in additional revenue. 10 minutes to NAIT, Grant MacEwan and Downtown. Fast access to Yellowhead Highway and on the bus routes. These pictures show the detail and care that went into building this quality home.
Comes complete with great tenants making this a totally turn-key property for you. Convenient Central area with easy access to transit and downtown. Excellent transitional neighborhood with solid value and stable rents. HUGE upside potential due to the great purchase price, strong economic fundamentals and the proximity of this home in relation to Edmonton's developing core.
Produces $676 positive cash flow per month using an investor's mortgage plan - taking advantage of current low rates.
Purchase price: $525K Total Investment: $126K. Your Estimated 5 Year Profit $76K.Your pre-tax Total ROI is 60% or 12% per year + $676 Cash Flow in Your Pocket Every Month
Poised for massive growth. These 6 suites rent for top dollar and have everything arranged, including financing structure and incredible tenants. Your investment includes: renovation costs, financial analysis, professional inspection, insurance, financing set-up, legal fees, basic accounting, reserve fund, CMA, bi-annual statements, strategic market planning to ensure successful entry and exit, plus much more!
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Job Gains In Alberta Top Numbers For Entire U.S.
Province Added 22,000 Jobs In June
By Kim Guttormson, Calgary Herald. July 9th 2011
Alberta's brisk employment growth continued in June as the province added 22,000 jobs, more than were created in the entire United States.
But with more people re-entering the job hunt and moving here in search of work, Alberta's unemployment rate actually climbed slightly, to 5.6 per cent.
"They're really strong," ATB Financial economist Dan Sumner said of the Statistics Canada job numbers released Friday. "It's a little bit surprising how strong."
The variety of jobs across a number of sectors also speaks to the health of the Alberta economy, he pointed out. FOLLOW THIS ARTICLE
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Husky Bets Big On Northern Canada Oil Drilling Rights
TEDx A Showcase of Edmonton Innovators
By Jeffrey Jones, Reuters July 5th 2011
CALGARY, Alberta, July 5 (Reuters) - Husky Energy Inc (HSE.TO) has opened its wallet to grab the lion's share of C$534 million ($556 million) of winning bids for oil-drilling rights in the central Mackenzie Valley area of Canada's far north, sparking speculation it may be chasing a rich prospect.
In the 2011 government auction of drilling rights in northern lands, Husky bid C$376 million for two parcels near Norman Wells in the Northwest Territories, vastly outspending some of the world's largest oil majors, the government announced on Monday. READ MORE HERE
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Energy Drives Alberta To #1 Growth
By Mario Toneguzzi, Calgary Herald July 7th, 2011
An improving energy sector will fuel economic growth in Alberta, which Scotia Economics predicts will be the strongest in the country this year and next.
In a report released Wednesday, the bank said real GDP growth in the province will be 4.2 per cent this year, the highest in the nation, followed by 3.3 per cent growth in 2012, which will tie Saskatchewan at No. 1.
Scotia Economics is forecasting Canadian economic growth of 2.7 per cent this year and 2.5 per cent in 2012. GRAB THIS STORY
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I appreciate all your calls and emails. I'm looking forward to helping you with your next step towards building real wealth.
Your success continues EVERYDAY, let me help you build for tomorrow.
"The more chance there is of stubbing your toe, the more chance you have of stepping into success." -Author Unknown
Warm Regards,
Todd and Danielle Millar
===SPECIAL NOTICE: NO CASH, BUT GOOD CREDIT? CALL US TODAY TO LEARN HOW YOU CAN OWN INVESTMENT PROPERTY===
P.S. Stay ahead by checking out Danielle's daily blog at Edmonton Real Estate Investor for all your cutting edge market news and information.
P.P.S. Don’t forget to visit our website and take advantage of the Resource Tools and product section including REIN's #1 real estate books and Quick Start homestudy sets at a discount. Get your copy of the Canadian Success Stories book and the 2011 Top Ten Investment Towns of Alberta and Ontario.
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