In this episode, Mandy discusses subsidised housing and dealing with tenants on subsidies.
– Where they get there income is not a determining factor of renting to someone.
– Some types of housing lend themselves to subsidised renters.
– Who is the person in front of you, who are they becoming and how can you help them.
– Different types of property have different tenant profiles.
– Those with support worker are another check on your property.
– Tenants on subsidies are often long term, stable renters.
– Not all low priced housing is low income pricing.
We began our real estate journey in April 2001. We purchased our first home after penny pinching for three months to save for the down payment! We bought a house in Midland knowing it was small but comfortable for our upcoming family. After having our daughter, we moved up to a larger, new home in Victoria Harbour in 2004. We sold our starter to my brother, allowing him to join the home ownership world with a very nice family discount.
Our family grew, and so became busier and busier. In 2006, Larry’s employer went through some hard times, as did our financial investments. We felt it was a good opportunity to create our own safety net. We took a second mortgage and purchased our first rental property. It was a very large learning curve, being landlords for the first time, paying two sets of bills, and collecting monthly rents. We enjoyed learning so many new skills. In 2007 we moved our family back to Midland to a fixer-upper home. We did all the renovations ourselves and were very happy with the end results. Larry always said it was 5-year flip, but I felt differently. We were both correct. In early 2012 we started down a path to personal development, both as individuals as well as a Power Couple! We started to look into the further and set goals: where we saw ourselves in five years, ten years, and our family generational legacy.
We made our largest move to our current home at the end of 2012, retaining the fixer-upper with tenants arranged prior to us leaving. That transaction situated us owning three properties. Our Cash Flow had started.
We have audacious goals to help and invest in 1000 families. We want to share our experiences with others.
We read books, we are purposeful, we are grateful, and we reaffirm our dreams and goals daily. We attend workshops, seminars, webinars, work with coaches, and surround ourselves with like-minded, goal oriented people. We have traded our car radio for a Success audio library, listening to instructional and motivational CD’s.
We work hard. We may have some great results, but those results have been the outcome of sacrifice, and time!
There is still a long way to go, but the journey is the beautiful part.
2016 has been the craziest year so far. We accumulated 15 new properties, 11 as Joint Ventures, 4 on our own. Many Duplexes, 2- Triplexes, 2-4plexes and an 8plex!