with Errol Scott

by Greg Davis

Errol Scott’s dedication to his clients, work ethic and passion for real estate has earned him a position in the Remax Platinum Club for four consecutive years. Errol also claims a spot amongst the elite top 5% of all sales in Edmonton and Surrounding Areas with his agency.

Why should real estate be a part of an investment strategy? Is it better to invest in commercial properties or residential properties?

Investing in real estate provides multiple paths to creating income streams and if managed well, can produce great returns on investment. Cashflow through rental properties, fix and flip projects which generate capital or the BRRR method of Buy, Rehabilitate, Rent, Refinance, Repeat are a few strategies, each presenting unique benefits.

I wouldn’t say that one is better than the other, it’s a question of what your investing plan is and what you hope to achieve. Commercial investment can

include multi-family units, commercial retail space or even mixed-use properties. The entry cost is the most significant difference between the two with commercial typically being higher.

What are some factors that are having a profound impact on the current real estate investment market? What are some precautions or guidelines an investor can implement to protect themselves?

Covid has created uncertainty for many but has also created opportunities for those who have planned and are prepared to make a move.

The economic outlook and job market are measures that an investor should also pay close attention to. Always start with a plan. It is crucial that you track your numbers – every receipt and expenditure. Ensure that you have an exit strategy: do you have a target return on investment before exiting? Are you holding for a set number of years? Finally, carefully vet any investment partners.

Nothing is guaranteed in the world of real estate investments, but you can set your cards so that the odds are in your favor.