Excerpt from a YouTube video in which Richard Canfield advises property investors to prepare properties so multiple investment strategies can work, allowing flexibility and stabilization. He also warns that policy changes at municipal, provincial, or federal levels often scare sellers and create discounted opportunities for buyers.
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But what I love is that as you identified for anyone who's thinking about getting that space take heed of the model of prepare that property. Make sure it can work in more than one way, more than one strategy can functionally work for it. You're going to go for the one hopefully that generates most profit but you want to make sure that you can stabilize or put yourself in a position of strength even if it can't. And then additionally I would also say this to our listeners changes like this by either local municipal or provincial or federal governments have a direct impact. They create a lot of initial fear going to scare a lot of people out of the marketplace and a lot of people who were too lean on their numbers to begin with were trying to force the property or the project to happen and now they're in a position where they have to get rid of it in some way and probably at a discount. Well that's going to create opportunities.