Small Success

[qdsouza]

Just a small success here:

I joined REIN on Tuesday, we put an offer on our first investment property on Wednesday, and it was accepted today (Thursday). It has been a busy week.

Big thanks to our agents Trudi Johnston and Val Novak for their help and support. They are great!

 

[IanSzabo]

Wow, Great first step nice to see local people signing up. Keep your goals high. Keep Going The Chubby Contractor

 

[invst4profit]

Any more details on the purchase.
I am always curious as to the details of the offer, stratagy, counter offers, final price,
expected rental income etc.
What was your stratagy going in and what are your options regarding exit stratagy/hold.

 

[joeiannuzzi]

Congratulations! You now belong to the 4% of the population that owns investment property.

 

[PhilipMcKernan]

I`m sorry but I dont see the `Small Success` at all.

FANTASTIC FOR YOU!

Go to your roof (if you have on) and shout out loud................................I did it!

Well done You.

 

[qdsouza]

QUOTE (invst4profit @ May 16 2008, 08:32 AM) Any more details on the purchase.
I am always curious as to the details of the offer, stratagy, counter offers, final price,
expected rental income etc.
What was your stratagy going in and what are your options regarding exit stratagy/hold.

We are looking at townhouse condos, like this one in specific pockets of our area, which appeal to upper end of working class, those in transitions, young couples and young small families, new immigrants or retirees wanting to downsize. We are looking at long term investments that offer positive cash flow using the REIN model.

Thanks Joe and Philip. I am really excited and hyperfocused right now on getting the place rented, prepare to be a property manager, and organizing ourselves as a business. So we can move on to the next property.

Take Care,

Quentin

 

[DonCampbell]

Congratulations Quentin,

It was great to meet you at the REIN Workshop and can`t wait to hear of your future successes.

Make sure you take advantage of the many, many benefits that your Membership provides. Sometimes it is overwhelming on where to start with so much support around.

The good news is that with Trudi and Val on your side, you`re off to a good start.

 

[qdsouza]

I know that I should probably start a new thread but it is nice to see the post when I first started with REIN and my first "Small Success".
It is February and not quite a year later. We are closing on property number 3 in April and number 4 in June this year. Not including the selling and buying of our personal residence as well.

Has it been an easy process - NO!

Has it been rewarding - ABSOLUTELY!

There are many friends that I have made through REIN that will last a lifetime and need to thank them ALL. We have met for coffees, lunch, drinks and even condo board meetings. We have phoned each other, shared ideas and helped each others businesses to grow. You are my Professional Learning Network. THANK YOU!!! And of course I have to thank Don and Russell and the REIN Team for keeping my chin up and looking ahead. It is that punch in the arm I get from REIN every month, that I need.

I don`t just talk about real estate - I run a successful Real Estate Business. Anyone who talks to me about it knows that.

And if there is one bit of advice I can give anyone out there who reads this post. You must - 100% of the time - Take Action.

Quentin

 

[JoeRagona]

Hi Quentin,

Congratulations on your success...I`m right there along with what you have said. I myself am coming up to my first year officially in REIN and have closed on my third property January 2009. I received my first Bronze pin this month (Feb 2009) and you are right when you say it was NOT easy but REWARDING.

The people I have met are exceptional motivators and instill inspiration each meeting I go to. I consider Mr Don Campbell and Mr. Russell Westcott two highly respected friends in my life because I can walk up to them and talk casually - their dedication to this organization is flawless.

There are so many other people in my circle and on my team(s) andto name them all would be a long post. They all know who they are and I want to take this opportunity thank them for their continued support and expertise. As well, when you see me at the meetings and it is one of the initial introductions, believe that I am one the most honest people you can deal with and offer my story of `success so far` to anyone.

We are moving full steam ahead and by the end of 2009, we will have at least 5 more investment properties done.

This is truly no small success, for you or anyone here buying investment properties for their future belize.

Respectfully,
Joey `D` Ragona

 

[SusanPenner]

Congratulations Quentin! This first year is a roller coaster learning curve! Just think - if you stop right now with 4/5 properties (not that you are), you have secured your retirement nest egg (vs relying on RRSP/pension market). Adding more properties will just reduce those years. Isn`t that something to celebrate?

Way to go!

Susan

 

[Nancy08]

A successful story to share with those who are discourage to have that kind of business.

Just keep up the good work.

Congratulations!

 

[invst4profit]

qdsouza:

http://www.ontariolandlord.ca/

If you have not already done so you should consider joining the forum on this site.
It is very helpful for Ontario LLs to to stay in touch as we do have major problems with the RTA.
It is a landlord specific site as opposed to a investment site. Lots of help with the RTA and the LTB.

 

[tonypeters]

Congratulations on TAKING ACTION! You have just got over your BIGGEST hurdle! All the best to you!

QUOTE (qdsouza @ May 15 2008, 09:46 PM) Just a small success here:

I joined REIN on Tuesday, we put an offer on our first investment property on Wednesday, and it was accepted today (Thursday). It has been a busy week.

Big thanks to our agents Trudi Johnston and Val Novak for their help and support. They are great!

 

[Thomas Beyer]

QUOTE (qdsouza @ May 15 2008, 09:46 PM) Just a small success here:

I joined REIN on Tuesday, we put an offer on our first investment property on Wednesday, and it was accepted today (Thursday). It has been a busy week.
Congratulations to joining REIN. It will serve you well.

Also CONGRATULATIONS on writing an offer .. or shall I say: waiving the condition as that is the step that commits you !! Well done .. keep it up !!

Allow me a word of caution (from my mentor from 7-8 years ago): an over-enthusiastic investors usually pays too much !!

Getting an offer accepted is EASY .. getting a low low price or terms such as low down or a huge VTB is much more difficult !

How many offers did you write that did not get accepted ? more than 10 hopefully ?

Next (senior) step: write a dozen offers with the expectations of getting 10 "no" or "are you insane" rejections !

 

[EdRenkema]

QUOTE (thomasbeyer2000 @ Sep 18 2009, 08:59 AM) Next (senior) step: write a dozen offers with the expectations of getting 10 "no" or "are you insane" rejections !
Good advice Thomas, but does your realtor have time and patience for this? mine is very good, knows the area well and works almost exclusively with investors, he and his partner are running off their feet. Why would he waste time with me putting in offers that he and I know won`t be accepted?
His time is valuable and so is mine.
This is my challenge right now, this time period is a window of opportunity, I want to make the most of it and I`m focusing on single family tnhs condos, if the numbers work I make a reasonable offer with conditions that save me time and money.

 

[housingrental]

Yup re Thomas`s post
I`ve had only one sign back over last apx. ten offers
Over time, persistence pays


QUOTE (thomasbeyer2000 @ Sep 18 2009, 11:59 AM) Congratulations to joining REIN. It will serve you well.

Also CONGRATULATIONS on writing an offer .. or shall I say: waiving the condition as that is the step that commits you !! Well done .. keep it up !!

Allow me a word of caution (from my mentor from 7-8 years ago): an over-enthusiastic investors usually pays too much !!

Getting an offer accepted is EASY .. getting a low low price or terms such as low down or a huge VTB is much more difficult !

How many offers did you write that did not get accepted ? more than 10 hopefully ?

Next (senior) step: write a dozen offers with the expectations of getting 10 "no" or "are you insane" rejections !

 

[qdsouza]

QUOTE (invst4profit @ Sep 18 2009, 09:19 AM) If you have not already done so you should consider joining the forum on this site.
It is very helpful for Ontario LLs to to stay in touch as we do have major problems with the RTA.
It is a landlord specific site as opposed to a investment site. Lots of help with the RTA and the LTB.

That site has its place and I think it is valuable resource for many landlords, especially vocalizing the bias towards tenants at the LTB and through the RTA. I have lurked before and read a number of threads and good articles. The forums aren`t for me though.

Like any organization, REIN is what you make of it. I meet monthly with a group of mostly REIN members who invest in the Durham region. We have had a paralegal talk to us a few times as well as discuss what works and what does not work with our tenants in our community. I have gained many friends through belonging to REIN that are going in the same direction that I am. I would help any of them if they asked me to in a heartbeat.

I have fallen asleep reading the RTA. I have also been to the LTB as an observer a couple times to get a better grasp of the proceedings, to learn what not to do as a landlord, and to watch what to avoid. Knowing that I will be there one day in the future. It is the best landlord education that I couldn`t pay for. And I don`t pretend to know it all. I read, ask questions, read, talk about it, read, reflect and take action.

Take Care,

Quentin

 

[qdsouza]

QUOTE (thomasbeyer2000 @ Sep 18 2009, 11:59 AM) Congratulations to joining REIN. It will serve you well.

Also CONGRATULATIONS on writing an offer .. or shall I say: waiving the condition as that is the step that commits you !! Well done .. keep it up !!

Allow me a word of caution (from my mentor from 7-8 years ago): an over-enthusiastic investors usually pays too much !!

Getting an offer accepted is EASY .. getting a low low price or terms such as low down or a huge VTB is much more difficult !

How many offers did you write that did not get accepted ? more than 10 hopefully ?

Next (senior) step: write a dozen offers with the expectations of getting 10 "no" or "are you insane" rejections !

Hello Thomas,

I respect your opinion immensely. I often hope that you respond to my questions on myreinspace because you bring a breadth of experience that I am working hard to gain.

I wrote that original post almost one and a half years ago. Yes - you are right about paying to much and being overenthusiastic. But it terms of perspective, that purchase was great because I took the first step out of my comfort zone and purchased an investment property. In retrospect, my mistake was that I put way too much as a down payment. But I had been planning a purchase for a long time before I actually made the purchase. I had gone into a state of analysis paralysis. You can read about our family in the August issue of Canadian Real Estate magazine and our First purchase.

I have put in many offers that have not been accepted since that time, but I can`t really agree one in ten. I do use many different ways to purchase properties that I didn`t use before. I also have built databases that give me the solds for a specific housing type on specific streets that I like as far back as the MLS goes. The last two houses we purchased this year I was buying the property at a 2004 and 2005 prices respectively.

I have learned so much form you and many other senior REIN members and I continue to strive to improve in our business. It`s not all rosy and cheery though, I also know that there are some people that you just need to avoid in this business as well. And I like the fact that Don has no problem with kicking out people who cross the line.

Thanks for your time,

Quentin

 

[Thomas Beyer]

QUOTE (EdRenkema @ Sep 18 2009, 10:48 AM) Good advice Thomas, but does your realtor have time and patience for this? mine is very good, knows the area well and works almost exclusively with investors, he and his partner are running off their feet. Why would he waste time with me putting in offers that he and I know won`t be accepted?
His time is valuable and so is mine.
This is my challenge right now, this time period is a window of opportunity, I want to make the most of it and I`m focusing on single family tnhs condos, if the numbers work I make a reasonable offer with conditions that save me time and money.
noted .. but you can buy properties without a realtor .. or using several realtors .. also consider the fact if it is listed with a realtor it is likely priced at market ..

Now, I am not saying it is wrong buying properties at market .. but it is not "special" nor "creative" nor a fast way to turn equity into cash !

 

[EdRenkema]

QUOTE (thomasbeyer2000 @ Sep 18 2009, 09:55 PM) noted .. but you can buy properties without a realtor .. or using several realtors .. also consider the fact if it is listed with a realtor it is likely priced at market ..
Now, I am not saying it is wrong buying properties at market .. but it is not "special" nor "creative" nor a fast way to turn equity into cash !

Point taken Thomas, I will be taking the Ron LeGrand course in October and I just had a conversation with my realtor with me saying how I need to get creative and think outside the box (while he continues to do deals at market prices - lots of deals)
I`m looking at several FSBOs and following up on a vacant property, all will probly die but hopefully learning and experience on each.