Success Stories
A Motivated Seller
After 32 years of marriage, three decades of activity in real estate sales (including ownership of a Century 21 franchise in the 1990s) and raising two wonderful children, we’ve learned a thing or two about successful real estate acquisitions. My wife Pauline and I built our first home in 1975 with OPM (Other People’s Money). We received cash from our mortgage proceeds and still had $15,000 in equity at completion. Our entry into real estate acquisitions started here and since this time we have owned 17 properties!
What do we contribute our success to? Our ability to achieve that delicate balance between family life and business, while specializing in and focusing on one market area – Surrey, British Columbia.
We’ve lived in Surrey since 1973 and continue to actively examine factors like the changing demographics of the area, market conditions, listing-to-selling ratios supplied by the local real estate board and migration rates (Surrey currently has 1,200 newcomers each month). Surrey also enjoys a one percent vacancy rate and massive redevelopment. For instance, in October 2007 a 40-storey high rise in the city centre sold out in just one weekend!
One of the most important things we look for in an acquisition is a motivated seller. As well, our ability to recognize value and move quickly on solid opportunities through a knowledgeable and trustworthy realtor has held us in good stead for many years.
Here’s how we uncover a seller’s motivation level:
A Low Motivation Seller
- A seller who is looking to upgrade usually wants the highest price possible
- A builder who is looking to fetch the highest price unless the market is very soft, in which case he/she will become more open to offers
A Highly Motivated Seller
- A seller with an impending foreclosure who must take an offer or risk losing everything (this seller must be approached before courts become involved and control the sale)
- Sellers who are experiencing emotional distress, a martial split up or an estate settlement
- Foreign owners who wish to liquidate and leave the market
- Sellers who are frustrated with the property landlord role and are poor property managers
- Sellers who are cash strapped
Whether it’s a buyer’s market or seller’s markets there are always good opportunities. You just need to ACT on these opportunities.
Here are just three examples of acquisitions we’ve made:
- A ten acre property purchased in May 2000 after being advertised in the Real Estate Weekly for several months. The property was listed at $475,000, but we paid $400,000 with a vendor take back mortgage. We were offered $485,000 one month later, which we refused. We still own the property today and it is currently valued at $1.5 million. There is a new highway being built in front of the property and we are waiting for rezoning.
- In December 2005, we found two buildings listed for $550,000 each. We negotiated for three months with a motivated yet anxious vendor. The buildings were assessed for $520,000 and $505,000 and we acquired both for $450,000 each. We saw the potential of these properties and began renovating them to be converted into 16 rental units. We now enjoy positive cash flow and each property is valued at approximately $900,000.
- After selling our personal residence we began driving around the area we wanted to live in, found a home we liked, called the realtor and bought and closed the offer within four hours. The house had an assessed value of $638,000, an actual value of $750,000 and we purchased it for $610,000.
To summarize: know the market, TAKE ACTION and buy wholesale on your terms with potential for profit and/or cash flow.
We purchased Rich Dad Poor Dad in October 2006 and everything that Robert Kiyosaki said in this book is something we’ve experienced and believe in wholeheartedly.
We thank Darren Weeks for helping us get to the next level with our real estate business!
Merv & Pauline
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“CASHFLOW® Technologies, Inc., and Rich Dad's office would like to personally thank Darren for his hard work and dedication in promoting the mission of the Rich Dad Organization... ‘To Elevate The Financial Well-Being of Humanity’.”
The Rich Dad Team
Fast Track To Cash Flow is one of the most genuine educational and networking events I have ever attended. The very nature of this event brings together like-minded individuals in pursuit of increasing their wealth intelligence and ultimately their passive income. Darren Weeks inspired me to take immediate action which is truly a remarkable gift when you think about it. I developed a marketing strategy to keep my network in touch with me. I attracted 20 joint venture investors two weeks after the program when I started applying myself to networking. I am experiencing the possibilities and opportunities now that I am taking ACTION.
July Ono
“Before incorporating the Rich Dad® Poor Dad philosophies, I was an employee attempting to become a sophisticated investor. Despite my best efforts, I was unable to break free from the 'paycheck to paycheck' reality that many of us face. After attending my first Fast Track to Cash Flow Event (FTTCF), I saw the need to understand the fundamentals of business building. This is one of the many lessons I learned from listening to Robert Kiyosaki's teachings. Because of Darren Weeks and the entire FTTCF organization's effort, I will be in a position to leave my full time job in the first half of 2004. I would highly recommend to everyone who wants to take control of their financial future to attend one of these amazing events and experience firsthand the importance of playing 'Cash Flow 101'.”
Joe Iannuzzi
“When I first attended the Fast Track to Cash Flow event, I was probably the biggest skeptic of everyone. I thought Akash was insane for making me get up at 6:30 on a Saturday morning (I live quite a distance out of Vancouver) and spend my whole day there. If you remember, when we all introduced ourselves, I did say that the only reason I was there was because 'Akash made me come.'
But during the seminar, I can say that my outlook on the financial aspect of my life had totally changed. I used to horde all of my cash in low-interest term deposits but now my mind is totally focused on building a real estate portfolio and retiring off the income that will be earned. I still haven't bought my first property yet, but have looked at quite a few and made a few offers.....my goal is to buy my first unit by the end of September and hopefully add another property to that by September of next year. I haven't yet found 'the deal' but am looking all the time.
Take care, and thanks for the inspiration!!”
Meena Chima
“Previously to attending a Fast Track to Cash Flow event in Vancouver I was in the “book learning” phase in my life. After attending one of Darren's events signaled myself it was time to take ACTION and learn from those actions instead of just reading. One of the primary benefits received from this event was a Canadian perspective. His content and speakers are local professionals that know how the Canadian environment works.”
“Within 1 month, after attending my first event, I used one of the Fast Track's Real Estate advisors to help me buy my first revenue property in Edmonton. Since that time I have met an entire new group of “like minded” individuals all moving in the same direction. One of my core beliefs is EDUCATION and ACTION are 2 of the most important fundamentals needed to achieve your dreams. These 2 fundamentals are both supplied in Darren's Fast Tracks To Cash Flow Events.”
Thanks
Russell Westcott
Burnaby, BC
“Darren keeps you on your toes with his stories, motivational ideas, and easy-to-understand way of initiating the potential real estate investor in all of us. The seminar feeds you with countless tidbits of useful information that will make you hungry for more. You won't want the learning to end, and it doesn't have to, because Darren points you to enough resources to keep you going all the way to your first million. ”
Kalvin Mizzi
“Having attended Darren's Fast Track to Cash Flow event, I was amazed at what people learned from playing the CASHFLOW® game and working through the exercises Darren had us do. As a financial planner who has seen countless of financial workshops and seminars, I have yet to see a 1-day course have such an effect on people as this one had. Darren is a fantastic facilitator and great speaker. Drag yourself and your friends and family to this event!”
Gavin Radzick
Certified Financial Planner
Apex Financial Consulting
Fast Track to Cash Flow and www.fasttracktocashflow.com are not associated with and/or sponsored by CASHFLOW® Technologies, Inc. (CTI) or the Rich Dad organization. The sale of Rich Dad Products is not intended to imply endorsement by, or sponsorship, affiliation, association, partnership or joint venture with, the Rich Dad organization or CTI. Use of Rich Dad or CTI intellectual property such as its trademarks is with the permission of CTI.
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