Helping Others Reach Their Financial Goals
I have always had that entrepreneurial spirit, both for myself and in consulting others. In my “previous life” I was a franchise consultant for more than 7 years, then moved into franchise sales for a Canadian pet food company for another 7 years. I really got my biggest rush out of helping others reach their financial goals. I felt so strongly, at the time, about taking that leap, that I also bought a franchise.
However, as I reached and passed the big “4” “0”, I came to realize that I really didn’t want to be in retail management anymore. I had to make a decision soon of what I wanted to be when I grew up. It was shortly after that time, that I made the move to becoming a real estate salesperson. Like most newer agents, I gravitated to residential sales. I enjoy being a part of finding one’s future home. But what really got me going, was when I helped my first investor client obtain an investment property.Before long I was focusing on learning more about how investor’s think and what they want. I began soaking up information on what makes a good investment property. I dove in head first into the world of investment real estate and I loved it. As you can likely guess, it wasn’t long before I decided to practice what I was learning and take action. I didn’t want to become one of those paralysis by analysis kind of people.
Adventures in Real Estate
That decision to begin the adventure of investment real estate began for me in 2009. I looked at single family homes, 2-unit and multi-unit properties. I decided, for whatever reason, to “go big” and made my first purchase a 6-unit property in Cobourg. That transaction actually closed in early 2010. I’ve had my share of issues with that property, and not really made the monthly cash flow numbers I had projected. My repair bills have run higher then I had expected, I learned all about the landlord-tenant board and dealt with my fair share of issues with property managers. I probably could have opened a furniture store with all of the couches left behind by departing tenants.
Now despite all of my whining, I have been able to avoid having to use my own personal funds to pay for the repairs. I have now been taking home some nice cash flow numbers and best of all, my property is likely worth $100,000 more today then what I paid for it. In three years, I’ve built $100K in net worth.
Since that first purchase, I added a legal 2-unit property in Oshawa in 2011. I joint ventured on a bungalow and we created a new legal 2-unit in 2012, again in Oshawa. Finally, I just closed on a 9-plex in 2013, near the Oshawa Centre, with two joint venture partners.
Meanwhile, I have become driven to make myself the go-to investment realtor in the Durham and Northumberland regions. I am an active member of the Real Estate Investment Network (REIN), I’m an active member and occasional guest speaker of the Durham Real Estate Investors and the Northumberland Landlord Association. Over the past two years, I’ve taken courses with Rich Dad, Poor Dad, Robert Allen, REIN, and others. I am a SIAC (Savvy Investor Agent Certificate) graduate. I try to speak with local planners and city employees to get a handle on the changes in the municipality rules in each community.
Find a good deal and Take Action!
Today, working with investors is my core business. All I ask from my clients is that they commit to me and want me to be a part of their power team. In return, I will help those clients achieve their financial goals through investment real estate. The consultant in me has always been there.
So, if you are ready to TAKE ACTION, join a local investor group, join REIN, read as many Canadian Real Estate books as you can, subscribe to Canadian Real Estate Wealth magazine, and begin the process of building your own power team.
Remember that you can never build any wealth on the deals you don’t do. Don’t wait for the “home run” deal to fall in your lap, because even if it did come, if you are a “newbie” investor, you probably wouldn’t recognize it anyway. Build that power team, learn about the type of property you want, find a good deal and take action.