In this episode, Susan talks about the process she uses for turning a single family home into a multi by adding a basement apartment.
– managing your property can be the fastest way to get out of the business.
– The legal process for building a secondary suite.
– Once you’ve done one, it’s pretty simple.
– The name of the game is move my money around.
– If you build it yourself, you know it’s done right.
– What to look for in a home that you want to add a suite to.
– Why a gross or unfinished basement is better than a nice one.
– The good and bad of splitting utilities.
– If you’re going to do it, do it right…and than collect the rewards.
Susan started investing in real estate in 2006, five years after watching her younger brother of 5 years achieve great success in the student property market in Hamilton, Ontario. Wanting to learn from her brothers experience she jumped on her brothers lead and bought a student property in Barrie within 6 months she bought a second. She admits that the initial interest was all ego, stepping out on her own and accomplishing something most talk about but rarely do. The problem for Susan was that… well they got boring, no sharp rise in prices, no massive growth in rents, just chugging along paying down the mortgage, collecting some cashflow and acquiring small bits of appreciation. After the second purchase in 2007 she stop purchasing properties and starting throwing money at the stock market and mutual funds where she could see a daily finite number of what she had made. That excitement lasted until 2008 at which point she stuck her head in the sand as far as her stocks were concerned. Suddenly, the boredom of the student properties had a new appeal… they continued to chug along in a positive direction. It was at this point that she determined that venture she took on for the ego’s purpose, had true value.
Looking for a new career and to venture out on her own Susan threw herself into understanding this beast of real estate investing. She attended any and every opportunity to learn about real estate investing from many Rich Dad programs, to REIN (Real Estate Investment Network) to hiring a 2 mentors. She read every book associated with real estate investing she could get her hands on.
This time around she took the necessary time to get here ducks in a row with building her team and setting up financing. By the time she joined REIN in the spring of 2011 she was ready to jump in, in full force which she certainly did. She acquired 13 properties in 20 months achieving her the “New Comer of the Year Award” from the Real Estate Wealth Magazine’s Investor Forum. She continued her growth in 2012 achieving a “Top Player Award” from REIN awarded to the top 10 membership action takers in each province. In 2013, she added Calgary to her portfolio by building another team of lawyers, property managers, contractors, and realtors in this new and exciting market.
Today, Susan and the Liberty Property Solutions team are focused on building wealth for her investors and her family refining the strategies she has focused on over the last 5 years.