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.
To be successful as a full time real estate investor, you will need to create a support team that will help make you rich. We like to call this your “entourage of experts.” We are continuing in our series.
If you missed the previous article – Creating your Entourage of Experts – Part 1
How many professionals do we need on our team?The question to be asked is: how many people do we need locally and how many people can we utilize outside of where we live (by that I mean other towns or cities that we are, or plan to do business in).
This is a continuation of “Becoming a successful Full Time Real Estate Investor.”
Becoming a full time real estate investor means creating opportunities for ourselves on a regular basis to build massive and passive income for ourselves, just like a regular business would. We need to set it up so we can get paid on a regular basis.
We need to do things differently than what amateur “conventional” minded real estate investors do. From my experience, the average real estate investor uses his/her own money for every stage of a property purchase. They continue to put money into a property that is being used for the typical uses such as flipping that property or holding that property for appreciation. Both these “strategies” end up buying us a job in becoming a landlord or a renovator, and both take way too much time!
Becoming a Successful Full Time Real Estate Investor
This is a continuation of Becoming a Successful Full Time Real Estate Investor – Setting goals
In order to be successful, both the rookie real estate investor as well as the veteran needs to continue to implement strategies to improve their business. There is always a way to sharpen your skills to create more success. One of those necessary implementations is goal setting.
As a full-time Canadian real estate investor we must do all we can in order to drive business towards us. This goes far beyond waiting for a realtor to bring us a list of properties that are deemed “good deals” in their mind. As an entrepreneur, we must be making massive and passive income in order to create a successful full time real estate investing business.
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.
Becoming a full-time Canadian real estate investor is not something one should take lightly. The amateur real estate investor will commonly go out and buy a property, make mistake after mistake and end up costing themselves lots of money and time. They will then run from real estate investing thinking that real estate investing doesn’t work.
As a full-time Canadian real estate investor, we must be actively creating massive and passive income for ourselves on a regular basis. Our time is our most precious commodity and therefore must use it wisely. We get the most profitable use from our time by doing deals, not by doing small tasks. There are many facets of being a full-time real estate investor that are very important yet quite time-consuming. If we are able to pass of some of these duties to somebody else, it will be more likely that we can be focusing on doing more deals.