Welcome to 2013! My family and I hope this will be the best year yet for you all!

The good news is that the world didn't end! And there is more opportunity than ever for success in Real Estate in Winnipeg. The forecast for the housing industry in Winnipeg is very favorable: economic growth is consistent and stable, immigration continues to be strong and our diverse economy is making many people want to call Winnipeg home! All these factors point to Winnipeg being a great place to invest in Real Estate in 2013 for cash flow and for equity gains. Don't forget there are many other great niches for investments in North America. Have you found your niche?

Have you taken time to plan for 2013? To write down SMART goals? (Specific, Measureable, Attainable, Realistic, Timely) If so, let me take this opportunity to challenge you to pull out the goals that you had set and review them. Make sure you put them in a highly visible place so that you see them every day. Perhaps you are artistic and want to draw them in a visual fashion? Either way, make sure you see them often! Make sure all your decisions are bringing you closer to your goals, in Faith, Fitness, Family, Finances and Fun!

Now it’s time to make a plan. Have you got a plan to achieve your goals? It’s great to plan a road trip to California, but it’s also important to map-out the route you will take, where you will stop, what sights you will see along the way, etc. The same goes for your goals: it’s important to outline the steps that you will take to meet them. So, what steps will you take? Who can help you along the way? What resources will you use to assist you? A wise man once said that the easiest way to get lost is to have no idea where you are going.

The information I want to share with you today is a sneak-peek into my new book that will be coming out later this year! The theme is becoming a millionaire in less than 5 years. Basically, it all starts with buying a property that has value adding potential - such as potential to have an additional suite, doing the zoning due-diligence and applications, and then making your dream become a reality.

The 5 keys to re-zoning properties and questions you should be asking yourself:

1. Know your area!

  • What are your niche areas?

  • Why? Is it the right area?

  • Why or why not?

  • What are the best streets? What are the worst streets?

  • What’s an average price per square foot?

  • What’s the demographic?

  • Where is this neighborhood going?

2. Find the right properties

  • What type of property are you looking for?

  • How many square feet

  • A bungalow? 1 and a half story? 2 story?

  • What lot size?

  • What is the building zoned? What is the land zoned?

  • What can I do with this buidling or land to add value to the investment?

3. Find a contractor who can draw your plans, and make the plans come to life

  • Do the plans work?

  • Does it “fit” right with your vision?

  • How will it "feel"to a potential tenant when it's done?

  • Do you have a plan B if your original plan doesn't work

4. Do your due-diligence ahead of time, before applying for the conditional variance

  • What will the plan examiner be looking for?

  • How can you provide him or her with the required information ahead of time?

  • Do your plans meet code?

  • How do you work under plan scrutiny?

  • How do you prepare for the public hearing?

5. Build a relationship with the zoning officer and with the plan examiner

  • Is this an area where the city is wanting to see growth?

  • What is the city’s plan?

  • What does the zoning officer want to see?

  • What does the plan examiner want to see?

  • How do you use their time wisely and get them to say “go!”?

In sum, getting a conditional use variance on a property is a pretty simple process, but it isn’t easy. What I mean, is there are specific steps that need to be followed in the right order. However, it takes time and commitment… and the results are well worth the work! This isn’t “Get rich quick” material. This is about creating long term inter-generational wealth.

Also, pay attention to the news – In Winnipeg, City council has given their initial blessing to allow single family homes to allow a second suite (attached or detached) without needing a conditional variance. Hopefully, this will pass by Spring and open a lot of doors to investors for major gains in cash flow and equity. Many other cities in Canada that have low vacancy rates are studying the possibility of doing the same.

Until then, happy hunting for the right properties!

Nelson Camp, B Ed, PBCE, M Ed


PS - Here's a peek at some of the upcoming content that we are preparing: videos about multi-family dwellings, how to find the deals, how to secure the deals, being an alternative investor, how to make yourself a millionaire in net worth in less than 5 years!