Hello Real Estate Investors in Hamilton!!
This will be a quick one… was typing this as an update on facebook but it was just too long…
Anyways, here’s how today went… First meeting of the day is with a city planner to talk zoning and possible uses for a property that isn’t yet for sale. I’m thinking a condo development since I always start off thinking big. There I meet my new friend Steve who is a developer. Steve takes me for a tour of his commercial property (>6 acres) on the mountain. Informs me of two major employers bringing 100s of jobs and opening up shop at right at his property, this is news to me as it’s not yet public knowledge but both are house hold names, you’ll know who I’m talking about when you see it in the papers. Both employers chose the Hamilton mountain for its highway access to the Red Hill and Lincoln Alexander and are closing down multiple offices/locations to consolidate operations on the mountain. One is about to break ground, the other waiting approval from its board of governors. Maybe I’ll tell you who they are during my presentation July 5th but I’ll have to turn the mic off.
Next appointment was to get my haircut in downtown Burlington. I know, you investors totally care 😉
Lunchtime – grabbed a slice of pizza and walked down to Spencer Smith Park in downtown Burlington. Phone rings, call display says ‘Stinson School’, I answer, voice says “Hi Erwin, its Harry (all I hear is a windy muffling noise).” I apologize, “sorry I’m by the lake in Burlington, who am I speaking with?” To which the voice replies “my name is Harry Stinson and I’d like to meet with you.” The condo king is calling me! (You see, Maria sent the feature on me in the Hamilton Spectator to Harry, I have no idea as usual) We set a time and Harry asks for my email. I said “…. @ Mister Hamilton dot CA” to which Harry replies “then what are you doing in Burlington?”
I finish my call, lunch and head to view some multi family properties with a REIN member client. First property was pretty good. C and D tenants and the majors items (roof, boiler, windows, etc.. ) were all within five years old. At the 2nd property, we meet with Randy Dalton, another REIN member who is a contractor/property manager. We approach the front door and from behind us a woman yells “stop her! Thief!” plus a couple other nasty words as another woman is sprinting down the road. Both woman appear to be dressed in their pyjamas (its 4pm btw)… I immediately turn to my friends and say “so this area would typically attract doctors and lawyers for tenants…” The viewing was OK, the basement suite has definite moisture issues but the plan is for significant renovations, make the property a fully legal multiplex, and attract B+ tenants. We chat for a while as its near the end of the day and none of us are in a hurry. Its always great to have a group of REIN members together to just talk and share knowledge.
To end the day, I had been invited to drinks by a very happy investor client of mine at a bar where the investor’s tenant is employed. Now here’s a first, the tenant thanks me for being the buying agent on the property and tells me how ecstatic she is to be living there. We real estate investors are such slum lords 😉
Not a typical post but till next time – happy investing everyone!!
Erwin | MrHamilton.ca
PS: If you would like to attend a free training class on investing in residential real estate click here.
PPS: sign up for my newsletter so you don’t miss out out on what’s going on in Hamilton!!