As a full-time Canadian real estate investor or landlord, you only have enough time in the day, and that time should be spend creating massive and passive income for yourself by acquiring more property and/or making more deals. So having to go and collect rent cheques every month, depending on the amount of your portfolio, can be quite time-consuming.Continue reading
Cutting The Cost of Repairs
Stay Out of the Repair BusinessOne of the worst things that a full-time Canadian real estate investor despises is getting calls from tenants for some small insignificant thing in your unit that needs fixing.
There are ways to be able to alleviate this and have the tenant want to be responsible for small insignificant repairs and never bother you with them, thus keeping your maintenance to zero. Is this possible?
As a full-time Canadian real estate investor or landlord, we only have enough time in the day to do certain things, and one of them should not be responding to a continuous barrage of tenant problems. We need to utilize our time in creating more massive and passive income for ourselves.
As a Canadian real estate investor and landlord, one must pay attention to the amount of time that you spend managing your properties. You have to be cognizant of the fact that you want to be spending your time creating more deals, rather than spending your time dealing with tenants. You need to spend time on your business not in your business.
That said, we must do our best to create an excellent business relationship with your tenants.
As a full-time Canadian real estate investor, we are continuously developing systems to improve our business. Throughout your career you will be involved in deals that are both conventional as well as non-conventional. The latter is what really makes what we do a real business. That said, cash flow is an important part of our regular passive income. To receive this we often have to become a landlord.
As a full-time Canadian real estate investor, we must create various forms of deals to be able to build massive and passive income for ourselves. The way we do this is a continuous stream of income that is produced by short-term holds; creating deals without using any of our own money or incurring any liability, as well as building our portfolio with long-term holds. The latter does not always mean being a landlord. There are many other ways of creating long term holds with monthly income and a very nice backend return.
As a full-time Canadian real estate investor, we have a limited amount of time each day to oversee our portfolio of rental properties. Even having one or two can be time consuming, right? Some of us have a property manager but even still, we have a responsibility to our properties and to our tenants.
As a full-time Canadian real estate investor, we will own many types of properties over the span of our career. There will be many exit strategies that we will have used that will enable us to create massive and passive income for ourselves. I must remind you that using a single realtor to help you build your portfolio is a recipe for disaster. By that I mean using a realtor in most cases, allows you to build your portfolio extremely slowly, and get caught up in what that realtor thinks is best for you.
As a Canadian real estate investor and landlord, are you are getting fair market value rent for your units? You generally are subject to a certain amount of rental increase in most provinces, which is set out by provincial governing bodies.
You are effectively handcuffed to the amount of rent that you can collect. You can only increase your rent to a new amount once a tenant has moved out and another one has moved in.
As a full-time Canadian real estate investor and landlord, one needs to choose their tenants wisely. Why? Because we want to set ourselves up to have as little stress involved in our business as possible. We want to spend time making more deals, making a massive and passive income for ourselves.