My First Ontario Quick Turn Deal!

[GaryMcGowan]

Keep up the Great work Ben!

Knowledge is the most under utilized asset in business. It takes two and in some cases three parties to sign a contract. You got the job done to best of your ability and you now have three happy parties!

 

[housingrental]

I support this

REIN can you help us out?

(this is in reference to moving topic to appropriate area re Ben's request)

 

[housingrental]

Hi Ben

I tried responding to your email a week ago however the reply to bounced - I've had this issue before with contacting you... Please contact me from another email address and I'll forward response

Thanks

 

[housingrental]

Thanks for your reply Jim

See we can discuss the ethics of transactions peacefully

However...RE PM's - this is very harsh ... !!!

A distinction can be made though between PM + other services providers VS investor as service provider...



As:



Customer often fully aware of and educated on nature of transaction when hiring a PM - Would this apply to most people involved in selling there house with aid?



Customer often being charged bill rate for services lower than there hourly pay - Compare to bill rate often over $1000 per hour for direct work being done by real estate investor in those situations...



ETC...



Would you agree?



[quote user=JimWhitelaw][quote user=housingrental] With just a little more knowledge - or a few hours talking with a few mortgages brokers or private lenders - they could have done the transaction among themselves - and both Tenant and Home seller would be MUCH BETTER OFF


What you state is true, however:



1) Knowledge has value.

2) Time has value.

3) Convenience has value.

4) Confidence has value.



It's possible that the tenant buyers and the sellers could have put this together themselves and saved money, but realistically, they probably wouldn't. Without Ben in the middle brokering the transaction, educating both parties and doing the "legwork", there's little chance it would have come together and neither of those parties would have what they want.



The same could be said of other related fields, like say, property management (just pulling random ideas from a hat) . Many real estate investors choose to utilize the services of a property manager, even though they could make more money and possibly offer more competitive rents if they got educated and did all their management themselves and dealt directly with their own tenants. Perhaps both investor and tenant would be much better off without the property manager in the middle of the transaction. So why do investors employ PM's? Is it possible that they provide knowledge, time, convenience, confidence that the investor doesn't have and is willing to pay for?

 

[EdRenkema]

No reason to relocate this thread in my mind, its still about a successful transaction - congratulations Ben!

The point being made is 1. All parties in this deal experienced a success agreeable to themselves.

2. We don't think for other people, I have a friend who says its impossible to believe that my tenants will rent for the rate that they do when they would be further ahead buying and fully able to do so. Yet my best tenants almost went into a panic when they heard I might sell in several yrs since they love renting from me so much and they love their home. Myself and my investor make excellent cashflow and appreciation upside on this property and my tenant is very happy. Is this unethical because we as investors are ahead financially - I don't think so, I even offered to sell the house to my tenants - they prefer to keep renting - we all win.

Why is that so hard to believe???

Adam go pee in someone else's cornflakes.

 

[BenSanderson]

Adam, I see what you're getting at, however, can you really compare a fairly standardized profession with a specialized service that few others offer or understand? I mean no disrespect to a PM - they can be a valuable component to an investor's power team - but it's not like my sellers had a dozen options they could choose from in the phone book. The higher the level of training and expertise, the more I would expect to pay, regardless of what profession it might be. As a painful example, we had our dog to a veterinary eye specialist last year who cost us $400 for a 25 minute visit. Is that fair? I don't know, but he's one of only two specialists in all of Ontario that offer this service.



To echo Ed's point, everyone was and currently is very happy with this (and they all understand that I'm going to make a bunch of money down the road), so why should I try to think for my customers and second guess why they're happy?



P.S. Adam, try [email protected].



P.P.S. Thanks again to everyone for your kind words and support!

 

[bbellissimo21]

Hi Ben, my name is Bruno. I just read your testimonial and just wanted to say that my partner and I are currently sharing in that frustration. We seem to be getting a lot of leads coming in from our bandit signs but we haven't found that golden goose egg just yet. Thank you for sharing your story, it will help get over the moans and groans of whether will ever find a deal. We are in no way getting discouraged, don't get me wrong if anything it makes us work harder.

Great job on your part and thanks again.

Bruno Bellissimo

Toronto

 

[BenSanderson]

Hi Bruno,



You are not alone in your frustration! This is most definitely an ultra-niche market we're catering to, and in many respects we are pioneers in doing the Ron LeGrand style Quick Turn method in Ontario. Because we are the first, it means we'll be the ones making the mistakes, learning lessons the hard way, and educating ourselves through trial and error. But for those who stick with it, who learn and understand what their market wants, and who develop their services to efficiently cater to that market, I believe there is unlimited opportunity for both customer and investor to do very well.



Perseverance is the key.



Talk to those who attended Ron LeGrand's Alberta seminar in the Fall of 2009 and you'll probably find that many, if not most, grads lost motivation and dropped the strategy after a few months of trying it out. But for those few who stuck with it and continued to learn from each mistake they made, this strategy has now become a profitable component to their business (and in some cases, it's their main strategy).



The Ontario market will have its own quirks and tendencies. The only way to figure out what works is to get out there and get active in your marketing and also in your networking. In time, the methods that work will replace those that don't.

 

[Luke_Frerichs]

Congrats, Ben Job well done.. Thanks for sharing.



Happy Investing



Luke