Investor Snapshot
Q+A
Marnie Griffiths Full-time investor, Calgary
Summary of property holdings 1 triplex in Edmonton 4 duplexes in Calgary and Edmonton 3 single-family houses in Airdrie 2 townhouses in Airdrie and Edmonton Acreage in Calgary
Q: How did you get started in real estate investing? I saw a TV ad that used the same language as Rich Dad, Poor Dad, a book I had just read. My husband, Ryan, and I attended a seminar in Richmond, BC, which eventually led to meeting an amazing mentor. We defined our vision for our lives in 10 years, five years, one year and six months, then how investing in real estate could play a role in those dreams. I recommend doing that exercise. After that, there was homework – cold calls to lawyers, accountants, realtors, mortgage brokers and sellers. Eventually, our mentor guided us to purchasing our first rental properties in Airdrie, Alta. We decided Alberta was the place to be to grow our business and moved to Calgary from Langley, BC a year later. Q: How can you determine what strategy is best for you? If you have aggressive shortterm financial goals, there are
ways to – potentially – produce quick income. If you have longer term goals that allow you to build over time, then buy, hold and rent may be more appropriate. In any case, buying in an area with strong fundamentals, knowing your market and understanding that the results may not always be favourable is essential. Q: What investment strategy has been the most successful for you, and why? Buy, hold and rent has been my only strategy to date – it has proven to be very successful. Through our diligent screening process, we work with respectful tenants. We ensure a percentage of the income is allocated to contingency funds for the inevitable repairs and maintenance. From there, mortgage pay-down and value growth work behind the scenes to build equity. This provides peace of mind, because I’m creating financial options for my life.
Q: What advice would you have for others considering investing? Be clear on your expectations. Why is it important to you? If it’s just to "get rich,” such a goal will likely not be enough to keep you moving through the challenges. Gain perspective from experienced investors. Are your expectations realistic? The perspective will be useful. Write down your vision, short- and long-term. Create a “vision board” with images and words that are compelling and meaningful to you, and hang it in a prominent spot. Do your due diligence – on markets, areas, properties, partners and team members. And lastly – be the turtle! Your timeline is your timeline and there is no race. While you need not wait for the stars to align to move forward (there will never be a perfect time to start), do so steadily, with some solid groundwork and a great team.
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