Taking Action Towards Success
Why would I have an old CRT TV pictured here? Read on and I’ll explain later.
The past month has been very hectic since my latest real estate investment property closed last month and I was finally the legal owner of the building. I knew in advance that there was much repair work to do and when the closing date finally came, I called in my renovations team from Montreal. During the renovations, I was driving back and forth from Mississauga where I live to Hamilton daily to oversee the work and help wherever I can.
This was taking action towards a successful investment property. It was frustrating at times since it seemed that quite often when the renovators took something apart, other issues came up that needed to be addressed. This meant more time and money required for yet more repair work.
But in reality, these were all routine to my contractors since they were common issues although to me, there were little surprises that popped up here and there to my inexperienced eyes. However, it turns out that I will actually come significantly under budget for all renovations done!
I shot some of the renovations being done on video when the crew was there. I figured this was a great opportunity to get footage for a future Motivational WebTV episode especially when I’ve been talking and writing about real estate investing lately. I got more video footage of some of the completed renovations too for contrast.
Towards the end of the repair work, I also started to do my work in marketing the vacant apartments of this latest property, a triplex, to potential tenants. I held a few rental open houses which were like the usual real estate open houses except these were for rental units.
Much to my delight, the ads I put up generated a lot of interest for both apartments and I got to choose the best tenants from more applicants than I had units available for. I basically secured new tenants for both apartments within a week of promoting them to the market.
Both sets of tenants also wanted to move in rather quickly so this also helped my rental income as I got half a month’s rent for both units in advance of the usual start of the month rental period.
Needless to say, I was pretty pleased with how everything turned out and there is a deep satisfaction when taking action towards success. I was well on my way to securing my financial future as all of my properties are now at full occupancy.
I also realized that what I did this summer was action that most people out there for some reason are not willing to do. In my opinion, real estate investing is the most feasible and doable route towards achieving financial freedom but most people will never take this route. As a result, most of them will never see financial freedom.
I have been getting some interest on this topic from a few people now that I’ve been blogging about my real estate investing activities. I can sense that some of these folks might be good potential candidates as joint venture partners in the future where I will help them invest in properties too.
In the meantime, I’m not resting on my butt. I’ve already started my search for my next property, number seven. I hope to nail another property by year end.
But I will reward myself a bit for a hard summer’s work by going on a short scuba diving vacation to the Domincan Republic in November as well as finally dump my old cathode ray tube TV that’s dying on me (and pictured above). I’ve had this same TV for probably 15 years or more as it’s already been through two relocations with me. It will be time to shop for one of those new flat screen TVs (finally) – a reward for taking action!
By the way, if you missed my last episode of Motivational WebTV where I talked about taking action while on location at one of my earlier real estate investment properties, a condo townhouse, see it at Taking Action On Location.
