Hello Everyone who owns real estate investment properties in Hamilton, Ontario!
Good news, our team has grown again!
Please join us in welcoming, Erika Krista Spencer our newest Coach/Real Estate Agent and member of the Mr. Hamilton Team family.
Hereâ€™s a quick snapshot of this rising star of an investorâ€¦
Erika Spencer purchased her first property in 2014 on the Hamilton mountain and in 2015, when the Hamilton market really heated up she began investing in the City of St. Catharines in single family homes. In the past year, she hasÂ purchased 11 more properties in St. Catharines and Niagara Falls and has shifted her focus to renovating for secondary suites in their properties in order to maximize cash flow and income potential.
Erikaâ€™s success in real estate investing has come from her tireless work ethic, finding off-market deals in the area through creative and strategic marketing, strong relationships with local realtors, contractors and other investors. We are grateful to have Erika bring her talent as a Coach and Real Estate Agent on the Mr. Hamilton Team so she too mayÂ help investors replicate her success.
Keep an eye out for Erika, you can bet she will be a front runner for this yearâ€™s Canadian Real Estate Wealthâ€™s Newcomer of the Year.
Here are Erikaâ€™s Key Lessons and Word of Wisdom from when she was selected as Rock Star Real Estateâ€™s member of the month:
- BE AUTHENTIC! All of our tenants have told us they gravitated to us because of our positive energy and authenticity. Be yourself. People are attracted to authenticity not BS! Youâ€™re not selling anything. The property will sell itself. In one particular case, we are unable to place a tenant in one of our properties but in a turn of events, 30 days later he replied to one of our ads and is now a tenant at another property.
- DONâ€™T BE AFRAID TO ASK FOR WHAT THE PROPERTY IS WORTH! Easier said than done, right? But remember, if you set things up right, you have 30 days after closing before you make your first mortgage payment. Ask what the property is worth and donâ€™t settle. You will know when you find the right tenant, but the right one is worth waiting for. It will cost you in the long-run if you choose the wrong tenant.
- LET THEM TALK! This was a powerful lesson for us and one that our coach Mike was fantastic at teaching. Once walking them through the Rent-To-Own savings sheet and how the program works, STOP TALKING! Let them talk. They will typically talk themselves into whether theyâ€™re serious about the program or not. You also have no idea what type of down payment they have, or what kind of situation they are coming from. We received two sizable down payments from two tenant-buyers and we would never have guessed they were the high rollers of the crowd, so to speak.
- BUILD YOUR ARMY! We are very loyal people. In both real-estate investing, and in life, be loyal to the ones who have helped you along the way. We use the same mortgage broker, same lawyer, same home inspector; I think you get the idea. This is your army. Be good to them and they will help you achieve goals you never thought possible.
- DONâ€™T SWEAT THE SMALL STUFF! If real estate investing was easy, everyone would be doing it. Things will pop up, projects will get derailed, and things will go wrong. But donâ€™t sweat the small stuff. Work together as a team to deal with it as they come up. Remember, you are stronger together!
Clients, you’ll be seeing Erika at our meetings and she’s making the rounds to introduce herself to everyone and making sure we’re fulfilled your real estate needs including those who are closest to you since real estate is possible the best class of investments there is.
After all, I don’t think any of us want our friends and family to end up like 69% of Americans with less than $1,000 in savings.
Or if you have a young one approaching university age:
“graduating Canadian students carry an average debt burden of about $27,000, …Â which takes on average 10 years to pay back”
Now get out there and work, invest, change the way you live your life, and be awesome.
Thanks for reading and happy Hamilton real estate investing everyone!
Erwin Szeto |Â MrHamilton.ca
Sales Representative, Owner of Hamilton Real Estate Investment Property
Rock Star Real Estate Inc., Brokerage
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!!!
PPS: If you canâ€™t make it in person, check out our podcasts on iTunes, Google Play, or Stitcher!