Julie: My Real Estate Story - Part 4

Continued from part 3 

Within 3 weeks we had all the units ‘lipsticked’ and rent was 34% higher than when we bought the building. The place became a cash-generating machine, with almost $1600 per month alone, on a $22,000 initial investment.

Amazingly, after a whole lot of sweat equity and $6,000, the building I had paid $192,000 for 8 months earlier was now worth $300,000. In the bank’s eyes, that is. They based their evaluation on a short list of the upgrades I had done and the increase in rent, that’s all they required. I just remember thinking how unbelievable it was that the bank was willing to cut me a cheque for $90,000. Time to go shopping again. I had no more money, but that wasn’t about to stop me from looking.

It didn’t take long for me to realize that I was having to teach the Realtors I was working with how to analyze the numbers and see some not so obvious potential in the investments properties. Some gurus said that I should have a business card that says “Professional Real Estate Investor” though I wasn’t one. They thought it was a good idea to fake like I was, which I wasn’t about to do. Go to every Realtor you can get your hands on and tell them you are looking to buy a rental property, others would say. I quickly realized that by doing that, the only Realtors who would be willing to work with me were bottom feeders who NEEDED the business, so I quickly realized that I certainly didn’t need them.

 I’d like to break up this story to tell you all that I love the smell of a campfire.  Not to mention Akon’s silky smooth voice.

At that time, I had learned over the past year or so of reading every business and real estate book I could get my hands on, attending real estate seminars and the real life experience viewing building after building was not an education that any Ottawa Realtor had, nor wanted to have. I was sick of getting burned, so I decided to become licensed for my own buying purposes. Word quickly spread, and I’ve been fortunate since day one to not have to make outgoing phone calls, they seemed to come to me.