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Feb 19 2016

MAKING YOUR RRSP’S OR TFSA WORK FOR YOU!

Amina

As a Real-Estate investor, I attend a lot of networking groups to meet like-minded investors, make new connections and of course learn something new that will help me improve or increase my portfolio.

As a mortgage agent, I have been researching how to help myself and others get access to 2nd mortgages but most people don’t know that you can use any of your registered accounts (RRSP, RESP, RIF, TFSA, etc) to invest in an arm’s length mortgage.

The distinction is arm’s length – which simply means that you cannot invest in your own mortgage or somebody that is related to you by blood. An arm’s length mortgage is one where you invest in another investor, a friend, a colleague, etc.

The process to use your RRSP, TFSA or other registered account is very simple.

You start by setting up a self-directed mortgage RRSP with a trustee that allows 2nd mortgages. There are only 3 in the market today, which include Olympia Trust, B2B Bank and Canadian Western Trust.

Once that fund is set up with the trustee, you then convert the assets to cash within the existing account. At this point, you can direct the trustee to transfer the cash to a new account within the RRSP – the key is that the funds must be in the RRSP.

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Things that you must consider:

-the mortgage that you are investing in cannot hold a title in the RRSP

-it must be administered by the trustee

-you can only lend on Canadian real estate

-only Olympia Trust will allow a position of 1st, 2nd or 3rd mortgage, which simply means that you can have other funding in place behind or in front of the fund as you are lender

-if the mortgage lending amount is over $50K, each side must have a lawyer

-all costs (appraisals, lawyers fees, commitment fee, etc) are borne by the borrower not by the lender (you)

 

This is a great way for borrowers or investors to grow their portfolio’s as it provides funding from people who have money in their RRSP’s . We all eventually run out of two things – the availability of capital and the ability to qualify for funding. You don’t have to go through the bank as you are dealing directly with the investor who is lending you money. Furthermore, if can work with your lender, it benefits you as the borrower to pay only the minimum for the first year and then the balance after the term is over + the principal as it helps with your cash flow. For the lender (private investor), they also benefit as the full payment at the end of the term allows them to roll out the money again into another investment without incurring any extra fees.

As the borrower, you are more than likely to keep getting a loan from the same investor once you show you can be trusted and keep to the payment schedule set out at the beginning of the term.

For larger projects you can consider syndicated mortgages. It works similarly but this is a pool of RRSP funds and is registered as one mortgage – the share of the amount paid back is split as to the amount that was contributed. So if one person put 10%, another put 20% and another put 70% – it would be split accordingly.

In this situation, you can also defer the payments from the borrower as it is a win-win for both the lender and the borrower.

In any situation – you want to make sure it’s a win-win for both parties. Especially when it comes to real estate investing.

Would you like to learn more about how to put your RRSP to work for you? Please contact me today if I can help you or if you know of somebody who can use my help!

I can be reached at amina@aminas-ms.ca or 416 697-5443.
To Your Wealth! Amina

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Written by Dwania Peele · Categorized: Amina Mohamed · Tagged: 15 Invaluable Laws of Growth, Amina Mohamed, blogging platform, canadian western trust, fund, invest, mortgage agent, networking, olympia trust, Real Estate, resp, rif, rrsp, syndicated mortgage, trustee

Jun 29 2014

Easy Steps to Overcome Procrastination and Achieve Your Goals

yvonne

I’ll start my business this year, I’ll start writing my business plan next week, I’ll start my diet on Monday, I’ll follow-up on that new lead next week… and unfortunately we sometimes never get round to it and miss out on fantastic opportunities, or come next year, we are still struggling with the same goals.

Procrastination is one thing we can all easily fall prey to, but what differentiates each of us, as well highly successful people is our ability to overcome procrastination in order to achieve our goals. While it may be easier said than done, those who choose to be motivated and complete necessary tasks are those who are able to see results and move ahead onto bigger goals and aspirations. Here are five easy steps you can take to help you overcome procrastination.

 

1. Know Your ‘Why’

I love the story John Maxwell shares in his book ‘15 Invaluable Laws of Growth’. While a salesman looks out of the hotel restaurant window, he asks the waiter if he thinks the roads will be clear enough to travel the next morning. And the waiter responds, “Depends on if you are on salary or commission”. The first step to achieving your goals and overcoming that lethargic feel of procrastination is having a strong ‘WHY’; one that is worth fighting for and motivates you whenever you see yourself beginning to procrastinate.

 

2. Dive Right In

We often procrastinate because we fear that a task will take too long, or that we don’t have the skills to complete it successfully, or that we’ll magically find the time later to finish it. Oftentimes the best way to put a stop to procrastination is to stop thinking and simply dive right in. Once you get started, you’ll begin to figure out how to complete the task i.e. necessary steps or resources required, otherwise it’ll remain untouched, unfinished, and continue to be a roadblock to your success.

 

3. Learn Proper Goal Setting

Writing down a list of the top things you’d like to get done this year is only the tip of the iceberg when it comes to goal setting.  Goals should be broken down into:

Overall goal > Monthly goals > Weekly goals > Daily goals

By breaking your goals into smaller and more specific steps, you increase the likelihood of them being completed. Also ensure your goals are time-framed, giving yourself specific target dates to complete tasks by.

 

4. Get Your Motivation Going

For many, once we have our strong ‘WHY’ in front of us, as well as see how easily a big goal can be broken down into manageable bite sized pieces, we feel less overwhelmed and more motivated. However, if you still struggling with driving yourself to get things done, analyse how procrastination is preventing you from reaching personal and professional success; make two lists of the pros and cons, listing all the drawbacks of procrastination that you can think of, and then list the benefits. This should remind you how much procrastination is holding you back. If necessary, tack that list up somewhere visible to remind yourself.

 

5. Practice Good Time Management

Getting things done is largely about properly managing your time. Not sure if you’re a big time waster?  Then do this: spend one week writing down how you’re spending your time from the moment you get up to the minute you go to bed.  Chances are you’ll be shocked by how much time you’ve allowed to go to waste.

 

BONUS:  By reviewing how you’re spending your time, you’ll likely find that there are tasks that you can delegate or outsource to others, or tasks that you can stop doing completely to free up more of your time. Here is a piece I wrote on how to delegate effectively.

Yesterday you said tomorrow, today is the day! Start doing.

Want to identify what may be stopping from achieving yours and find strategies you can implement to get you started? Attend our free and complimentary webinar on July 3rd Click here to sign up for the webinar

Download my Free eBook and uniquely designed Templates “4 weeks to Achieving & Executing Your Goals!” to help you get started now. http://eepurl.com/xeDrf

Yvonne is a Change Consultant, Speaker & John Maxwell Coach who is passionate about working with Individuals, Entrepreneurs and Organisations to implement change, drive results and achieve their goals.   She can be reached at:   www.facebook.com/oliveblueinc, www.twitter.com/oliveblueinc, www.oliveblue.com

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Written by Dwania Peele · Categorized: Yvonne Ruke Akpoveta · Tagged: 15 Invaluable Laws of Growth, business, business development, business plan, Business Woman, Canadian Small Business Women, career coach, Daily Goal, diet, Dive Right In, entrepreneur, goal setting, John Maxwell, Know your Why, Monthly Goal, motivation, next week, OliveBlue Inc, Overall Goal, Procrastination, Time Management, tomorrow, Weekly Goal, Why, Yvonne Ruke Akpoveta

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