Hello Real Estate Investors of Hamilton Ontario,
Iâ€™d like to introduce you to Andy who is a Rock Star of an investor.Â Why is he a Rock Star? Because he just gets it.Â He knows his stuff, he gets educated by being a REIN member and Rock Star Inner Circle client, heâ€™s committed, heâ€™s implementing systems, and most importantly he takes action.
I visited Andy last night at his new investment townhouse on Quigley in Hamilton, Ontario.Â He just closed on the property on Monday and on Tuesday he had four prospective customers come through the townhouse at pretty much the same time (create competition!! Thereâ€™s four potential tenants competingÂ for the one quality property and they know it because they can see each other).Â Five prospects if you include me, I was posing as a renter and filled out and application :).Â Andy received two quality applications, one long-term tenant who would be perfect for the place, one family of four with very good income and older children so they could probably use some more room in say a three bedroom fully detached as part of a rent to own program. (Do you see that property first, rent to own works too?!Â You have so much more credibility when you meet face to face inside a house vs meeting someone over the internet).
But this didnâ€™t all just fall on Andyâ€™s lap!Â A month before closing Andy was implementing his marketing system.Â He was refining his ads, ordering his signs, setting up electronic voicemail, gathering required forms and documentation.Â Everything was in place two weeks before closing and all Andy had to do was flip the â€˜Onâ€™ switch and wait for the phone to ring.Â And thatâ€™s not all; the extra 10% was on display as Andy spent a few dollars at the dollar store and Sears for home staging.
Hereâ€™s a picture of the upstairs bathroom: look at the mirror, there are towels on the towel rack as well.
Investing can be so simple when you put in the extra 10%!!!Â And ssshh, thereâ€™s another townhouse for rent in the same complex for $100 less but letâ€™s all promise not to tell anyone.Â Do you think the marketing and property itself might be the reason he can charge above market rent?
That was the marketing system but what about the property acquisition system?Â Andy followed his nose like Toucan Sam.Â Well no not really unless the bowl of Fruit Loops was economic fundamentals.Â The Quigley townhouse is about 1.0km from Red Hill Expressway, about 300m from King St which is a major road artery for getting in and out of downtown Hamilton.Â The property itself has newer everything: windows, furnace, A/C, kitchen, bathroom and is move in ready. He also successfully used some advanced real estate investor tactics in submitting an excellent cover letter that set his offer apart (the listing agent told me that was the first offer cover letter heâ€™s seen other than his own) and negotiated for the seller to pay his closing costs (less down payment, higher ROI).
So when you do see Andy in the future please do congratulate him for taking action and in taking steps towards living his life on his terms.
Till next time â€“ Your Life, Your Terms
PS â€“ if you too would like to learn more about properties like the townhouse on Quigley or marketing and property acquisition systems please feel to call or email me
416.848.6293 x 211 or firstname.lastname@example.org
Thanks for the kind words Erwin, and your help throughout the process.
As a property inspector in the GTA, one strong recommendation I would have to all investors is to spend an extra couple of minutes when viewing properties to really consider and take note of additional expenses that might be coming up that aren’t necessarily the “pretty” things like baths and kitchens. Have a snoop around the furnace room and look at the date of the tag, check the age of the AC, buy a mini binocular and look at the roof, check the age of the windows (year is usually printed in between the glazing). Some times the listing agent or owner will even tell you. This will save you a ton of time and eliminate a lot of properties up front, rather than putting an offer and finding out later in the home inspection that it will cost you more (especially if you hold long term). You should still get a home inspection later to uncover potential big things like structural, water issues, etc. But you’ll save time, headaches, and money by being a bit of home inspector yourself!