I like a lot of aspects of working in real estate, but if you asked me to narrow it down to my favourites, I would have to say that there are two really great things about my job.
The first is that I get to meet great people.
People I wouldn’t otherwise get a chance to know, because we work in different industries, live in different neighbourhoods, do different types of fun activities.
I meet these people when they are looking to buy or sell real estate, or when they are looking to rent out or find a rental property, or when they are looking for investors or to invest.
In short, I meet people who are looking for other people.
Which leads me to the second great thing about my job.
I get to connect people.
Sometimes it is straight forward and sometimes it involves using what I know of one person and realizing they might benefit from an introduction to someone else I’ve met. Some examples include:
- Connecting the seller of a home with the buyer who appreciates and values it.
- Connecting an investor with the right partner to allow both to grow their wealth through real estate.
- Connecting a past client with a current client so they can have a coffee and talk about job opportunities in the industry they share.
With that in mind, I’d like to see if I can connect one of my current clients with someone.
I’ll start by being specific about the connection.
I need an investor who wants to buy a condo downtown to rent out. They should be interested in having a tenant pay down their mortgage while the property appreciates. No tenant issues, no vacancies, just growing their wealth through real estate investment.
Purchase price will likely be between $400 to $450K, with somewhere between $50 to $100K available for the downpayment and the rest mortgaged at a great rate through my mortgage brokerage. The goal is to hit neutral cashflow or even a small positive cashflow. The tenant’s rent will allow you to pay off about $1,000 a month in principal of the mortgage and should cover property tax and maintenance fees fully.
Sounds too good to be true? It’s not. I have a top-notch prospective tenant who I would l love to connect with an investor.
I’m working with a client right now who is looking to rent a condo downtown near Peter and Adelaide. She’s an absolutely fabulous tenant, with a great salaried job that she’s had for a number of years and an amazing credit score. I will eventually help her buy her own place and while she could afford it now, she likes the flexibility of renting for another couple of years before she decides where she wants to buy.
The rental market is quite competitive right now and despite her income, references and credit score, she’s running into a challenge because she has a dog. Well behaved, house broken and hasn’t done any damage in a year in her current rental. Lots of landlords say no to pets because of fears of damage and it’s a shame as she is a fantastic tenant and the dog has not been an issue at all.
She needs a place that she likes and I’d like to connect with an investor who wants a great tenant.
I’ll find the condo that fits the tenant’s needs AND the investor’s requirements, negotiate the purchase at a great price, then set up the lease with the tenant.
My tenant client gets the home she wants for the next couple of years. My investor client gets the income property they want with the immediate occupancy and worry-free tenancy. It’s a win-win and I want to make it happen.
If you or someone you like might be interested in being the investor in this situation, please let me know. I’d love to be responsible for what comes next.
FRONT DOOR BENCH
People like to watch the street.
This lesson made me laugh in its simplicity. The explanation goes a bit deeper and includes the idea that we like to see activity without having the responsibility of being part of it. A porch with a bench where you are somewhat removed from the street but can still watch is very appealing to buyers. If the porch is too exposed, consider how you can shelter it and make it feel more hidden.