Hello Everyone with Real Estate Investments in Hamilton Ontario!!
Every real estate investor needs a power team of professionals to execute on a successful investment. Â This past summer, our novice clients Alice and George did exactly that when they hired us, the Mr. Hamilton Team, to coach them on the acquisition of their first investment property in a city and strategy (student rental) that were new to them. Â Instead of taking years to master their knowledge of the area and strategy, (who has 10,000 hours to spare??) they leveraged the expertise of their power team to acquire a run down house, renovate the property ON TIME AND ON BUDGET, and be fully occupied at the beginning of the school year.
Power teams do not happen over night. My team is a living entity as power team members come and go through changes in business, service level changes, etc. If you’ve ever managed a renovation project, having to hire and manage several contractors, then you know the saying “Good professionalsÂ are a rareÂ find”! Â You as the investor and CEO of your business may want to assemble your own team of lawyers, accountant, mortgage broker, Realtor, coaches, home inspectors, various contractors, property manager, para-legal, the list goes on and on, OR you can locate a Power Team that works well together and join them. Â Alice and George chose the latter.
However, there were bumps along the road. 🙂
Remember how this property was run down? Well one of the toilets was leaking and the was shut off. Unfortunately, it was a slow leak that the appraiser didn’t notice when they turned the water back on to use the toilet which resulted in an inch or two of water in the basement. Â Thankfully the seller’s insurance paid and Alice and George received a renovated basement, lots of new laminate and floor trim on the main floor, and of course a repaired toilet.
The first quote for the renovations was higher then we expected so I called in a favour with my regular contractor to make the time in his busy schedule for this project which completed on time and on budget.
Competition was aggressive. More landlords areÂ offering furnished rentals, including bedroom furniture. Â Mike, our property manager, did an excellent job of communicating with potential tenants and sourced many excellent deals on mattresses, sofas, etc… Â Alice and George made the quick and correct business decisions to respond to the change in market conditions to ensure the property was rented.
Job well done by all power team members and congratulations to Alice and George!!
By the way, we need your help! We have a number of investors looking for investment property so we are asking do you know anyone looking to sell their property anywhere in Ontario and ESPECIALLY Hamilton? Please let us know!
Thanks for reading and happy Hamilton real estate investing everyone!
Erwin |Â MrHamilton.ca
PS:Â If you are just starting out investing, start byÂ 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!!!