Real Estate Investing - The thrill of the find, tempered by a sober judgment

Many people turn real estate deals into a future retirement plan, or an inheritance for their kids. Twin brothers Drew and Jonathan Scott have parlayed their house flips into a thriving real estate business, a film production company, and most recently, a home renovation TV show.

Since they were teenagers, they’ve been flipping property. Drew is a realtor who also holds a black belt in karate and writes and directs films. Jonathan is a building contractor. He is also an award-winning illusionist who performs in Las Vegas. They complement each other’s skills.

“Even though Drew can’t pick up a hammer to save his life, he has vision and I can bring it to realty. And that’s what we do,” says Jonathan. “He comes through properties with me when I am searching with clients. Who wouldn’t want a contractor coming through?”

They were 18 years old when they purchased their first property, an outdated and outright ugly seven-bedroom Calgary house. Their down payment was $250. A year later, after renovating, they made a $50,000 profit, and they were on their way. They’ve since purchased 40 properties, in addition to apartment buildings. Fed up with following the advice of realtors, in 2004 they formed Scott Real Estate, a sales and construction company for residential and commercial projects. They have offices in Vancouver, Calgary and Las Vegas.

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KERRY GOLD

Vancouver— From Friday's Globe and Mail

Published Thursday, Jan. 13, 2011 11:10AM EST

Last updated Thursday, Jan. 13, 2011 11:37AM EST