Hello Hamilton Real Estate Investors!!
In all my years of living in Ontario, admittedly, I’ve never been to Algonquin Park before last week when we were staying at a friend’s cottage. The trail is called Rain Lake and from this spot, it would take you three to six days to hike to the other end. We were feeling nowhere near that adventurous with our babies, so we hiked for about 90 minutes (45 min each way) since Cherry and I were essentially wearing 30lbs of extra weight as our dual stroller could not fit on the path. I even joked that after we took the photo, we just upload it to Instagram and leave! LOL.
While we were on vacation, my team was handling two landlord tenant board cases for me. One for non-payment of rent by a student and one eviction as we need the house vacant for some significant renovations. My property manager and paralegal took care of everything while we spent time on the lake canoeing and roasting marshmallows by the fire. The first tenant actually caught up in rent and late fees, and we will get a ruling in about a week for the eviction. Investing can be so easy when you have a great team, yet these problems we are going through are the reasons some people don’t invest in real estate. That’s too bad, considering the returns they have missed out on. More good news: my detached garage rented for 50% more than I budgeted, again, a tip of the hat to my Property Manager who made it happen.
TIP of the WEEK!
The best advice I can give any investor at any level, beginner to professional, is to spend more time among successful investors and THIS SATURDAY we have successful investor Martin Kuev walking us through his three basement apartment conversions in Hamilton! He’s maximizing the rent for each property LEGALLY. Nowhere else will you see such a presentation from boots on the ground experience in HAMILTON. We don’t have any more room, but if you’d like to register for the next meeting, click here: http://mrhamilton.ca/innercircle/
Lessons from Managing Thousands of Tenants
Diane is possibly the most highly rated Property Manager that I personally know. Diane operates a highly successful property management company in Kitchener-Waterloo-Cambridge and every referral I’ve ever sent her has glowing feedback. Each year, her company manages over 600-700 tenants across student rentals, apartment buildings, small multi-family, rent-to-own, and single family homes. It also helps that Diane is a practicing Paralegal who takes tenants to court when needed. She can practically recite the entire Landlord Tenant Act so tenants know not to question her authority.
In this episode we discuss:
- The truth about appearances on social media
- Diane’s most recent acquisition and the numbers
- Who shouldn’t invest in real estate
- How to spot bed bugs
- How to avoid getting fleas on you
- Ideal neighbourhoods in Kitchener-Waterloo-Cambridge
- What happens to a market when rental licensing is introduced
- Tips on managing tenants
- Type of property for maximum appreciation
- Ease of permitting basement suiting between different towns
- Are student condos good investments?
- Advice on choosing locations for student rental properties
- Dealing with asbestos in your building
If you would like to reach out to Diane, here is her email: acso
Podcast available here:
Google Play: http://goo.gl/CAM5Mn
On itunes: https://itunes.apple.com/ca/podcast/truth-about-real-estate-investing…/id1100488294
On Stitcher: http://www.stitcher.com/s?fid=87335&refid=stpr
Thanks for reading (and listening!) and happy Hamilton real estate investing everyone!
Erwin Szeto | MrHamilton.ca
Rock Star Real Estate Inc., Brokerage
PS: If you are just starting out investing, start by spending more time with like minded people and take guided tour of Hamilton by joining us for the next Mr. Hamilton Inner Circle by clicking here!!!