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by Rhonda Spivak, January 2, 2010

By Rhonda Spivak , January 2, 2010
Forty four year old David Gurvey, a graduate of Joseph Wolinsky Collegiate, has been working with apartment owners and investors for the last 15 years to ensure projects are viable to invest in and, to assist long term owners in maximizing the values of their buildings.
Gurvey has recently spearheaded a  successful apartment to condominium conversion in Norwood but his involvement with this project came about through his work “as a consultant to the multi-family housing industry.”
As he says,  “On a small scale I spearhead a project from time to time, but on a day to day basis, people engage me to ensure that their investments are performing the best they can”
Gurvey says that unfortunately many people invest first and ask questions later.
 “ I have been surprised  to learn many people do not look at the statements that they get from year to year and are often just happy to get a cheque from their property manager.”
 Gurvey, is also concerned about the recent surge of syndications in Winnipeg:
“ We are at the end of an interest rate reduction cycle, and I have seen projects that will only work with a lot of luck. It is not necessarily a matter of a project failing…but earning less than a fair rate of return on an investment is also a definition of failure. I use my skills as a CMA [Certified Management Accountant]and combine it with a tremendous amount of research, reading of CMHC [Canada Mortgage and Housing]and other economic forecasts, and can build a case for or against any one particular project”
Another area of Gurvey’s expertise is in ensuring buildings are positioned to achieve the maximum revenue possible to maximize value and cash flow. 
“Of course everyone’s cash flow increased over the past few years…but one has to look if it increased at the same rate as the building value. If not, the real rate of return could be far lower than one thinks” he says.
“Too many owners have properties that could have far higher rents with some work, but often, the property manager does not necessarily have the skill set necessary to perform the proper analysis and make a plan. Often, when major renovations are done, the costs are far in excess of what they should be and value is not obtained,”
Real Estate is an investment like any other. People read investment reports and listen to a stockbroker to buy stocks, regularly get a home inspector to review a house purchase, but often ignore getting a sober second opinion about their apartment investments.”
Gurvey has a wide client base that extends  from Vancouver to Montreal and says “this allows me to  bring new ideas into the mix.’
He indicates that he has had many of the same clients for over a decade
“My business is all referral. ..I guess this means they feel they are getting their money’s worth”
Any interested in speaking with Gurvey about his services and projects can contact him at 204-228-2432 or [email protected]."
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Rhonda Spivak, Editor

Publisher: Spivak's Jewish Review Ltd.

Opinions expressed in letters to the editor or articles by contributing writers are not necessarily endorsed by Winnipeg Jewish Review.