I had a conversation with an investor who lives in Toronto recently. She has been holding two rental properties for a few years but was looking to get back into action (good for her!).
We were speaking about opportunity in Ontario when she bluntly said, 'Those don't really make sense for me since they are not in my area".
I must admit, I was a bit shocked.
My line of thinking is so different that it caught me off guard. Now, don't get me wrong, I am not saying that the way I think is the only way or the correct way. But to me this is like having opportunity around the corner and not seeking it out because it won't come knock on your front door.
We were talking about opportunity less that an hours drive away. This would bring her to a market with stronger fundamentals that her own. Instead of losing jobs, this area has one of the lowest unemployment rates in the ENTIRE COUNTRY! Add that to the strong population growth, and new transportation routes that are popping up and you have some great indicators for some potential in a real estate investment.
There are other fundamentals to look at when evaluating your investment decisions but we didn't have a chance to get to them because we weren't speaking of her immediate area of Toronto.
Listen, I am a believer in Toronto, there are some areas that have great growth potential and hold a lot of opportunity. But I am also open to other places.
I don't see many stock market investors buying only Canadian stocks. They want to open themselves up to opportunity elsewhere, most likely countries with strong growth potential and economic fundamentals.
These are the things smart investors look for.
When our conversation ended I sat back and thought that maybe all the media coverage about the high energy costs lately made her think that the travel expense wasn't warranted. That must be it, right?
Then I remembered that she regularly travels to her cottage which is about 3 hours away.....there goes that logic.
Statistics Canada released a study in 2005 showing that in the Toronto area, the average commute to work was 79 minutes round trip.
Isn't it surprising that people will travel this route everyday but not travel at all to realize a good opportunity?
The more you take notice of the average person, or complaint, around you you will start seeing that no one wants to be inconvenienced at all. Most people would never do a thing if they could have their needs taken care of and handed to them.
Take notice, you will be surprised......but don't forget this is a GOOD thing.
Yes, it is that type of mentality that makes it possible for the rest of us to get ahead. Because all you have to do is take some responsibility for yourself and the opportunity that is around you.
Here's what it boils down to, and it's not rocket science
If there is opportunity within your grasp, go out there and get it!! No one is going to bust down your front door begging you to take advantage of it.
And I've got news for you, there is much more going on than what you see in your neighbourhood, especially in real estate.