In this episode, Mat discusses investing in single family home, finding the right contractors and become a realtor.
– It’s hard to grow your business when you’re fixing toilets.
– You have to work on the things that make you the most money…finding money and finding properties.
– The ups and downs of investing in single family homes.
– Every property must cash flow including property manager, vacancy fund and repairs.
– How to select the neighbourhood to invest in.
– How to simplify your renovations by using a system.
– The number one thing that can ruin your business is contractors.
– Take the time and don’t underestimate the importance of finding a good contractor.
– The pros and cons of being a realtor to help your investing.
– How to choose your investing strategy…start with the end goal.
Coming from a long line of carpenters, Mat has always had an interest in building and renovations- you could even say it is in his ‘blood.’ Combine this with his passion for real estate investing and his desire to achieve financial freedom for both himself and his clients and together you have one motivated real estate agent!
As a child, Mat’s family struggled financially like many others and early on, he knew that there was more to life than just ‘living to get by.’ After graduating from high school, he began his carpentry apprenticeship with a small renovations company, working alongside two senior employees who soon became his mentors. With the help from his mentors, Mat soon became a skilled carpenter in residential renovations. A contract with Ontario Housing solidified these skills as he gained both hands on experience and knowledge of residential homes early in his career.
Nearing the end of his apprenticeship, Mat began to question his future as a company-employed carpenter. While he loved the work, he found himself caught up in the never-ending ‘rat-race’ they call life- waking up at 5:45am to be at work by 7:00am, racing home at 5:00pm to eat dinner and go to bed, just to start the cycle again the next day. As a 20 year old, this is something he had never envisioned for himself and he delved into a journey of self-reflection and analysis. While for some this type of self-reflection comes later in life, for Mat this type-A mentality was nothing new.
Knowing he needed to take control of his life, Mat quickly shifted his focus to real estate investing. He constantly studied the ins and outs of how to purchase property like a sophisticated investor. Much of his knowledge and guidance came from his membership to REIN (Real Estate Investment Network), a network he is still actively involved with today.
With his new arsenal of knowledge, Mat took control of his life for the first time and bought his first investment property on his 22nd birthday. This purchase marked a major turning point in his life, giving him the confidence he needed to quit his job and start his own renovation company strictly for other investors. Mat’s innovative renovation methods for saving client’s money set him apart from his competitors and earned him the respect of many local investors, allowing him to build strong relationships and connections with them. Being in control of his schedule was something that he appreciated, especially the freedom that came along with it.
As he continued to meet investors at networking events such as REIN, he noticed that their complaints were all the same- “I can’t find a realtor who KNOWS the business of investing and the analysis that is required.” With this in mind, Mat began to wonder about a future in selling real estate.
When he analyzed the pros and cons connected to his current career path, he found that he was not completely satisfied. While he had a passion for renovating and helping his clients achieve their goals, he no longer appreciated the backbreaking, labour-intensive work involved in making a living this way. He thought to himself, “There has to be a better way!”
Once he put the pieces of the puzzle together becoming a real estate agent seemed to be a perfect fit. But he did not want to be your average, cookie-cutter agent rather he wanted to carve out a niche specializing in single-family investment properties in KWC. The first step was enrolling in OREA (Ontario Real Estate Association) and signing up for his first course- ‘Real Estate as a Professional Career.” While the average person completes the three courses necessary to receive their licence in 1 year, Mat completed the courses in just four short months.
Being an established expert in single-family investment properties has allowed Mat to be in control of his life and financial future- two central tenants of his philosophy of ‘success.’ By working with only ten serious and motivated investors at one time, Mat is able to focus on their specific criteria and provide superior service. This kind of dedication sets him apart from other realtors and he is now the agent he envisioned when he first realized he wanted to move forward on this career path.
If you are interested in investing in real estate with a realtor who truly understands and appreciates the business of real estate investing, feel free to contact him.
“I look forward to helping you achieve your goals and setting you on the path to financial freedom.” – Mat Piche