First Rental Property

Hi Everyone,

I hope that you are all doing well.

Don R. Campbell, fellow real estate investor and President of The Real Estate Investment Network, a.k.a. REIN, is a wise man.  Don is a Canadian Best Selling Author of the book Real Estate Investing in Canada.

Don made a comment a few months ago that I particularly enjoyed.

His comment was…

“Fools get wealthy.”

Over the past several years, Don has been instrumental in changing the conversation on real estate investing in Canada.  In my opinion, Don provides a lot of insightful commentary on the real estate market and the key economic factors effecting the real estate market in Canada.

With regards to Don’s statement, “Fools get wealthy”,  he explained that the super successful people are often referred to as fools, by the rest of the population.  They are ‘fools’ because they are not normal people, nor do they behave like normal people. These ‘fools’ do things that normal people would never consider doing…

What I am trying to explain to you is this…

If you are a new or aspiring real estate investor, you are a fool!!!

Here is why…

Real Estate investors are a unique segment of the population.  There are not very many of us.  As an example, in Canada, it is estimated that 94% of homes are owner occupied.  This leaves us with 6% of the homes in Canada as rental properties.

Plain and simple, if you own a rental property, you are not like the rest of the population.  You are in the minority.  Since you are in the minority, many people will classify you as being a ‘fool’ for taking on the ‘risk’ of owning a rental property.

As a new or aspiring real estate investor, here is the first point you need to recognize.  The point is:

• People will think you are a ‘fool’ for owning a rental property.  Having a rental property is not a ‘normal’ thing to have.  You are a ‘fool’ for taking on the risk of owning a rental property.

Further, if you take the time to study some of the people who have achieved great success with real estate investing, you will notice some common characteristics.

Fools will have done and continue to do a lot of things different from the normal population.

Here are some examples of what ‘fools’ do differently from the general population.

• Fools study successful people, in order to find out common characteristics between these people
• Fools get up early in the morning, in order to get a head start on their day.
• Fools continue to work hard, even when they have ‘made’ it.
• Fools want to constantly improve themselves everyday
• Fools generally never focus on making money, they focus on what they enjoy
• Fools know that working hard does not necessarily guarantee success
• Fools know what they are surrounded by opportunity everyday

In your opinion, what are some other things that ‘Fools’ do differently when compared the rest of the population?

If you are a fool, be proud of yourself!  After all, “Fools get wealthy.”

Best Regards,

Neil Uttamsingh

PS: To keep up to date with my blog, enter your e-mail address on the LEFT hand side of the blog.  To receive The First Rental Property Newsletter, enter your e-mail address on the RIGHT hand side of the blog.  In the First Rental Property Newsletter, experienced real estate investors will share with you how they purchased their first rental property.  They will also share with you some tips and tricks in order to help you get started.