Questions for Thomas Beyer Other Veterans

[donksky]

1)Much as we'd like to, we can't invest with you (Thomas/Presitigous) unless we qualify as high net worth investors in Ontario, otherwise would be happy to avoid the hands-on headaches.



2)Also, I'm new, I've been in the biz since 2008 & am weary with tenant/bldg. experiences - made a couple of mistakes (rushed buying, old house in Sudbury, deadbeat tenants...) but cash flow is ok (whew!) we bought with high ratio so I can't sell now without a huge loss. How do I figure out if I'm losing perspective & just being a crybaby & just hang in there or wise up to the fact that this isn't my cup of tea, bite my losses & start over? or for other Christians out there - if this is God's will for me or not?- after all, we're able to buy a vehicle in cash, take good vacations, I've cut down to half-time at a job I don't need. I've been self-managing 8 doors in Woodstock, Barrie, Sudbury until recently and hate being a landlord -I've started outsourcing management & feeling a bit better but can't focus on my interests/passion, household with 3 little boys & hubby when I'm stressing over another repair in Sudbury, etc. We've made the most money in my life in 2009 (& 2010 will be even better) but I've never had so many biz problems b4 that either.

 

[johnsu]

Hi Donna,



Here's a lesson I learned in life. You can't expect "more" from life if you're not willing "give more". It has nothing to do with "God" more to do with misalignment. Because making money is the desired end result but at "What cost"?



Regardless of what investments you choose to build your fortune, it's really important to match an investment to you're lifestyle. Some people can't deal with renters and headaches of owning property hence they search out other "hands free" type of investments.



John Su

 

[bizaro86]

I don't know what God's will for your life is. If that's a question you want answered I would personally recommend prayer. It might not hurt to read "The Purpose Driven Life" by Rick Warren, either.



As to your second question, I might consider consolidating your portfolio. Set a goal regarding that. Maybe something like every year I'll sell my worst located/worst condition/most headaches property and take the money and buy a similar property closer to where you live/with better managers available/in better condition, etc.



It sounds to me like you might have your financial goals met. If your business is making enough money but taking too much time, focus on how you can make the same amount of money with less time/stress.



Regards,



Michael

 

[Thomas Beyer]

[quote user=donksky]We've made the most money in my life in 2009 (& 2010 will be even better) but I've never had so many biz problems b4 that either.


get more perspective. GO SLOWER.



One asset at a time. Have a neutral person have a look.



reset expectations. The market (both stock market as well as job market as well as real estate market) is/will be doing OK/positive going forward, but not wow !



Pray more. Rest more. Pace yourself more.



LAUGH MORE !



How old are you ?



List the positive things in your life (health, family, faith, house, job, assets, vacactions, $s, hope, ..)

 

[JoeRagona]

Hi Donna,



There are some great answers above and by reading your post, I believe you already know the answer. Read between your own lines.



I started around the same time as you have and can understand exactly where you sit. I have properties also in Barrie, self-managed but do not mind the work involved. I do not physically do it all, but I have a close eye and ear to the ground. My business background allows me to convert life-long knowledge and experience and apply it to Real Estate so maybe its why the 'business' end of it actually drives me.



In your situation, you may be the perfect candidate to 'convert' to a JV partner because you already are familiar with what needs to be done, how it's to be done, what it takes and what the benefits are as well as what you will gain from stepping away. It's a consideration combining what is posted above (consolidating, slowing down) and sitting down to figure out what YOU want from Real Estate.



It's obviously not doing all the work to keeping your portfolio running.



If you want to chat a bit more, I'd welcome the opportunity to just give you a second perspective. You can call or email me directly.



Great Speed Forward on everything!

 

[donksky]

Thanks all! I`m 45 & it`s too late to warn me now- I bought too fast in order to beat the 0-down expiry. I stopped in 2009 after the 7-month buying spree.

 

[JoeRagona]

So what is it you are exactly looking for? To move away from the hands on operations ? Do you want to buy more ?

 

[RussellWestcott]

[quote user=donksky]Thanks all! I`m 45 & it`s too late to warn me now- I bought too fast in order to beat the 0-down expiry. I stopped in 2009 after the 7-month buying spree.




Many things we can discuss her, but I'll try keep this short. At times when I feel a "bit lost" and I ask the question "why am I am I in the business of Real Estate?" I go back to my 'Personal Belize' (or your personal life plan) and revisit what I want to create in my life and the legacy I want to leave behind for my family and future generations of children to come.



Within every family tree there typically is one person who made a decision to change the future direction (for the positive) of many generations to come.



I want to make decisions today, so my children and grandchildren, and their children will have more options and freedoms in the future.



When your WHY is strong enough it will help give you perspective and it smooths out the rough patches.



Perhaps your first step is to identify (or strengthen) your WHY, and your Personal Belize

 

[housingrental]

Hire a property manager for each property

Then re-examine things

Your perspective will likely change

 

[margaretcowan]

Donna,



I agree with the other members who advise hiring a property manager for all your properties, so they can worry about repairs in Sudbury etc. For awhile I did my own property management---not a talent or a passion of mine, and handed it all over to property managers. Focus on what you love doing and what you do well.



Carve out some time regularly from your busy life just for you to do things that bring you joy and peace. You deserve it and your family will be happier because you're happier. You'll also feel rejuvenated so your business will do better too.



Congratulations on all your real estate action! It will pay off.



Cheers,

Margaret

www.italycookingschools.com