“When I had a client in difficulty in 2008/09, he came to me with a problem—his business in the US was down and he had a building in Ottawa that he couldn’t sell using the MLS system—it had to be a private sale. So what did we do? We turned to a young real estate entrepreneur, Nicholas Legault, and an expert in finance, Scott Devries, who between the two of them organized a group of investors to buy below market then operate the property effectively and finally sell it when markets turned up. What did investors get? Excellent management and an ROI of 26% p.a. over a 44-month period. This is the reason that out of the 100 richest families in Canada, 61 of them had all or substantially all their wealth in real estate,” Bruce M Firestone, broker, Century 21 Explorer Inc, founder, Ottawa Senators, @profbruce, www.brucemfireston.com, October 2013.
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