Hello, real estate investors! I get questions from folks on social media from time to time… the most recent, about hiring a property manager, which we’ll get into shortly. I don’t mind them; I feel this is one way to give back to the community that means so much to me, and has led to Cherry and I building a seven-figure real estate business and eight-figure real estate portfolio.
My real estate business, iWIN Real Estate, transacts on 100 properties per year, 90% of them are for investment purposes. If you know us, we’re very close with our clients since we provide coaching services to ensure their success.
Investing-wise, I’ve had personal interests in over 40 properties since 2005, so while I don’t know everything, I know a little enough to be dangerous and happy to share my experiences if that helps.
This week we have Duncan, who asks:
“When in your real estate journey did you decide to engage a property manager to be able to focus on other aspects of the business and investing?”
When To Hire A Property Manager
In 2005, the early days of my investing, we self-managed, and my ex-wife was the point person. She and her family owned a plumbing and renovation company and five investment properties, all very close by the reno company in a suburb of Hamilton. So, property management was in-house.
As I worked downtown Toronto, analytical by nature and enjoyed geeking out on the business of real estate, I would do all the virtual stuff: financially analyzing properties, writing rent ads (I got pretty good at it as I used those same skills to write my online dating profile that got Cherry’s attention), review credit checks.
After the divorce and my great reset of the real estate portfolio, I immediately hired help to maintain our properties and boots on the ground. My handyman contractor became my property manager of sorts, who we paid a monthly retainer to maintain the property and provide customer service to the tenants. Cherry and I will still run ads, screen tenants, deal with rent collection issues.
My clients who have the time and skill do self-manage, but they are a minority among our clients. Maybe 10%.
The rest use full-service property management and not just any; they work with the best in the cities for which we operate.
Before anyone asks, our Niagara and Hamilton property managers operate on referral only as they prefer our investor clients. Folks who invest the right way, not slumlords.
It’s not easy working with property managers either. A couple of them closed their doors only recently all over Ontario. One in Barrie, Adam Kitchener, one in KWC.
CLICK HERE listen to my interview with Adam on why he’s quitting project management, but not real estate investing. I’ve personally hired and fired 4-5 property managers over my career.
Duncan is also worried about cost overruns.
As a professional real estate investor and ex to a renovation company owner, I know my renos quite well. A good property manager will save you time and money. Mine have internal staff for handyman stuff, so turnaround time is fast and often cheaper as we don’t need a licensed professional, e.g. a plumber for a leaky sink.
To save us all time, I’ve instructed my PMs if the cost is under $300 and makes the tenant happy to go ahead. This saves me from having to approve pest control, gas leak, broken door locks service requests. I tell my PM in no world can I say no to these requests, and if I did, I would expect to be fired as a client.
On a Monday morning, we received a text from my handyman stating, “there was a mice problem at X property and gas leak at Y property on the weekend, but I took care of them.”
Providing basic services to one’s tenants does take time and money, but my weekends are packed with kids’ stuff, so I don’t have time to deal with low-paying tasks I don’t have skills for.
I hope that helps Duncan a couple of you out there.
If you enjoyed this episode, kindly leave me a review stating so, and I’ll keep doing these episodes between our regular weekly interviews!
Till next time. Hard Assets FTW!
This episode is brought to you by me! We don’t have sponsors for this show, I only share with you services owned by my wife Cherry and I. Real estate investing is a staple in my life and allowed me to build wealth and more importantly, achieve financial peace about the future knowing our retirement is taken care of and my kids will be able to afford a home when they grow up. If you too are interested in my systematic strategy to implement the #1 investment strategy, the same one pretty much all my guests are doing themselves, then go visit www.infinitywealth.ca/events and register for our next FREE Online Training Class. We will be back in person once legally allowed to do so but for now we are 100% virtual.
No need for you to reinvent the wheel, we have our system down pat. Again that’s www.infinitywealth.ca/events and register for the FREE Online Training Class.
This episode is also brought to you www.stockhackeracademy.ca where everyday real estate investors learn the best practices in stock investing to earn cash flow in about 15-30 mins per day from their mobile phones. After real estate, Stock Hacking is the next best hustle as you’ve heard from many past guests on this show. Among our students last year, 31 trades were shared with them. 30 were profitable for an over 96% success rate. I will be giving free demonstrations online, very similar to the one I gave my kid cousin, a full time musician and he just made 50% return in 2021. Past of course does not predict the future but if you’d like a free demonstration go to www.stockhackeracademy.ca in the top right, click FREE Demo. At the demonstration I’ll have special bonuses. We do not advertise publicly for all my favourite listeners and I only have two more demos to give in the next few weeks.
Don’t delay www.stockhackeracademy.ca, what I consider the future of side hustles with real estate so unaffordable for many.
Just a friendly reminder that we are hiring more investment Realtors who want a full-time challenge to help our clients, regular everyday people, mostly from the GTA, invest in the top investment towns west of the GTA.
This is for driven folks who want to multiply their current incomes.
APPLY HERE: https://www.infinitywealth.ca/hiring
HELP US OUT!
BEFORE YOU GO…
If you’re interested in being a successful real estate investor like those who have been featured on this podcast and our hundreds of successful clients please let us know.
It is our honour to give back and educate others on how we build cash flowing real estate portfolios using all the best practices shared on this podcast, from the lessons of our hundreds of clients and of course our own experience in owning investment real estate.
If you didn’t know already, we pride ourselves on being the best of the best real estate coaches, having the best property managers, contractors, handy people, cleaners, lawyers, accountants, everyone you need on your power team and we’re happy to share them with our clients to ensure your success.
New investor or seasoned veteran investor, we can help anyone by providing our award winning coaching services and this isn’t all talk.
We have been awarded Realtor of the Year to Investors in 2015 by the Real Estate Investment Network, 2016 by the Canadian Real Estate Wealth Magazine and again in 2017 because no one told the judges no one is supposed to win the award twice but on merit, our peers deemed us as the best. In 2018, we again won the same award by the Real Estate Investment Network.
Hopefully being the most decorated team of Realtors in Ontario will make you consider us for your first or next real estate investment. Even if you don’t invest in our areas, there’s a good chance I know who would be ideal for you.
I’ve been around for a while, some Realtors are talented at servicing investors there are many with great ethics. The intersection of the two, talent and ethics is limited to a handful in each city or town.
Only work with the best is what my father always taught me. If you’re interested, drop us an email at firstname.lastname@example.org.
I hope to meet you at one of our meetups soon.
Again that’s email@example.com
Infinity Wealth Investment Network – would you like to know how our investors returned 341.8% on positive cash flowing real estate over the last five years? On average, that was 68.4% per year.
Just imagine what winning in real estate could do for you.
If you would like to know how we did it, ask us how by calling 289-288-5019 or email us at firstname.lastname@example.org.
Don’t delay, the top markets we focus in are trending upward in price, so you can pay today’s price or tomorrow’s price.
Till next time, just do it because I believe in you.
Hamilton, St. Catharines and Toronto Land Development, Real Estate Investor, and soon to be builder.