Investments HAVE YOU ever thought about investing in residential real estate? Meet Peter Clement, 44, into action and has also produced a Canadians do the same. Since 1979, Clement has bought or sald 63 revenue properties in- cluding a 25-unit condominium project. At the mement, he owns all or part of 23 places ‘giving me a net worth of about $1 million. ”" Real estate has played a major role in many aspects of Clement's fife: He met his wife-to-be Bev and her two daughters in {978 while they were renting the basement suite of his friend's house and he was renting the main floor. The four of us fell in love,”” he said. In 1979, Clement borrowed $15,000 from his dad, ‘stretched the truth with the bunk"’ to get a $75,000 mortgage and put in $9,000 himself to buy a $99,000 home, his first place. ‘*We lived in the basement and rented out the upstairs,”’ he said. ‘i worried Md paid too much.” At the end of 1980. the home was worth $225,000. Clement met a recent divorcee at a folk-dancing class in 1983, “You finance a revenue house, IH find and manage it.’’ Clement told her. She was the first of his investors; his life insurance agent, accountant and 20° individuals have followed since. Irn 1987, the Clements and two other couples (friends) bought a $465,000 mansion for $10,000 down; they spent $150,000 on renovations, The six adults and four teens lived for more than two years in the seven-bathroom home, originally built for the president of the CPR. ‘Ir was communal living without pover- ty.”’ said Clement. When they sold in 1989, each couple made a $100,000 profit. “All this sounds easy, but it takes a lot of running around and hard work,’ Clement said. **Still, with a well-planned approach focused on long-term success, you can make money. | SHALL BUSINESS OWNERSIMANAGERS The No Community Business Development Program A proven, highty-successful program that has already helped more than 120 Nortn Shore businesses to achieve greater profitability: * A 10-month program geared to increasing management skills, sales and profits. who turned thought guide to help other Michael Grenby DOLLARS AND SENSE “Let's say you commit yourself to spending five hours a week for the next eight to 12 years buying $100,600 to $300,000 af revenue property a year, managing the properties and selling at the ap- propriare time. Uf inflation averages 10 per cent, you could end up with a nec worth of around $1 million, and $6,000 to $10,000 income a month.”’ A social worker in the ‘70s, Clement burned cut and drove a post office truck for two years while he recovered. Then he started one of the first companies in North America pro- ducing and marketing children’s stickers. “*By the third year, | was grossing $1 million but didn’t re- alize that was the time to sell,’’ Clement said. ‘‘It's a lesson | now apply to real estate: sell when everything is booming.** Clement has settled into a ca- reer of real estate investing as well as coaching others through a workbook/tape package based on his one-day seminar. (For more No. 2405 Pine information: ‘th Shore ® Participants will take part in a series of business workshops, conducted by specialists in their fields. @ THEN ... PRACTICAL “on-site” business counselling sessions following each Barry Goodwin Business Development Program Advisor Take advantage COMMITTED TO Federal Business ® workshop How to make your business a winner — @ How to deal with money | * How to be really effective in your marketing * How to find, train and keep the right people .. AND MORE! Only 30 nen-competing North Shore businesses will be accepted. of this apportunity Cali Barry Goodwin 666-7703 YOUR SUCCESS Banque federale Developmen: Bank de devefoppement — (‘sriysact! 3981, Vancouver V6I $1.7; phone 877- £880, fax 877-1558). Clement's approach doesn't Promise you instant wealth. in- Stead. it provides dozens of ptac- tical, “show to” guidetines to help you build a ceal estate portfolio over the years. Of course, vou have to apply advice before you can expect to see a financial return. “As with much investing, there are risks and no guarantees,”” Clement said. ‘*] encourage people fo start their rea} estate investment program while they have regular income from a job or other source.”* Clement counts the mistakes he has made as some of his best lessons — allowing a real estate agent to pressure him to buy or sell, not giving due diligence to find out a place had changed hands five times in the past five g Every year, 3 out of 10 Canadian students drop out before finishing high school... And they realize all too soon that it isn’t as easy as they thought. The fact is, over the next few years, the majority of new jobs will require a high school education as aminimum. Without it, young can succeed with long-term approach years, failing to stand over the shoulder of a lawyer or other pro- fessional. Some (ips workbook: eSystemically cruise the nvighborhood you are looking in for rundown houses, claces with potential for more tian one te- nant. Look for vendors who want to sell. * Focus on major Canadian towns and cities and their sur- rounding areas within a 1.5 hour drive as well as smaller towns with an independent economic base and quality living environment — in- cluding a good community spirit. * Buy low, sell high — ‘not as casy as it seems: most people de the opposite,”’ said Clement. © Prepare yourself and = be business-like when you shop around for financing. « Don't allow emotions ta af- from Clement's Wednesday, March 27, 1991 - North Shore News - 55 fect dealings with apenis, in- vestors, tenants, vendors or pur- chasers. * Cheek out, take care of and regularly visit your tenants. Offer a $25 discount for early payment of rent. ® Surround yourself and spend ume with honorable and suc- cesstul people. But also pur everything in writing. *Keep your word with others — and with yourself: you must have a plan and a commitment and stick to it. — Copyright 1991. Mike Grenby is a) Vancouver- based columnist: and independent personal financial adviser; he will answer your questions as space allows in his column — write to dim c/o North Shore News, 1139 Lonsdale, North Vancouver V7M 2H. opportunities or freedom they're looking for. When 30% drop out...over 100,000 students a year...it affects everyone — parents, educutors, employers, Dropping out is no people simply won't have the choices, the Way Out. Let's do something about it. ave Government x of Canada Minister of State for Youth Gouvernement du Canada Ministre dEtat aja Jeunesse Canadian society as a whole. Making sure that young people stay in school is important for all of us...and more important today than ever bdefore.