First Rental Property

Hi There!

I hope all is well on your end.

Here is a short video I recorded that explains why:

Property Values Keep Rising In The Greater Toronto Area.

Please watch my short video, and please remember…

Not only am I the Creator of FirstRentalProperty.com, I am also a Real Estate Broker with RE/MAX.  I help people buy and sell real estate in the Greater Toronto Area.

If you have any questions regarding the video, or if you are buying or selling real estate in the Greater Toronto Area, send me an email at:

neil@firstrentalproperty.com

I look forward to hearing from you!

Best Regards,

Neil Uttamsingh | neil@firstrentalproperty.com

Real Estate Broker | RE/MAX Aboutowne | 1235 North Service Road West, Unit 100, Oakville, ON. L6M 2W2

“>

Hello Everyone,

A long time ago, I wrote an article series called:

How To Buy Your First Rental Property

It quickly became the most popular article series on my blog.

The entire article series is now available in a PODCAST.

By clicking the link below, you can listen to Part 2 of the podcast called:

How To Buy A Rental Property Audio PODCAST Step Two

If you are new to real estate investing and are interested in buying a rental property, I highly recommend that you listen to the PODCAST.

Happy Investing!

Best Regards,

Neil Uttamsingh.

Hi There,

One of the most popular posts on First Rental Property  was a post in which I outlined step by step How To Buy Your First Rental Property.

This post was called:

How To Buy Your First Rental Property

Now, this entire post can be heard in a PODCAST.

The name of this PODCAST is:

How To Buy Your First Rental Property Step One

If you are new to real estate investing, I highly recommend that you listen to this PODCAST.

Happy Investing!

Neil Uttamsingh

Hi Friend,

I hope you are doing well.

If you are looking to buy your first rental property, you need to understand very quickly the importance of finding great tenants.

By far, your tenant is your greatest asset, and not necessarily the rental property itself.

Having respectful tenants that pay you rent every month will make your life as a real estate investor much easier.

Not all landlords are good at attracting quality tenants.

That is because, not all landlords are good!  🙂

There are a lot of horrible, confrontational landlords out there.

Being confrontational with your tenant, in a destructive way is one of the worst things that you could do as a real estate investor.

Starting conflict with your tenants when problems arise is not a good strategy, because this will never benefit you.

As the saying goes, “You attract more bees with honey”.  Try it!

Let’s now address the question you are asking yourself:

How do you find quality tenants that pay rent every month?

Well my friend, there are quite a few strategies to achieve this.

However, the one strategy that I would like to share with you is:

Obtaining referrals from existing tenants

This is a strategy that very few landlords every try, but it is a strategy that works great.

Your existing tenants are a great source to tap into in order to obtain referrals for other great tenants.

This is also a great method in reducing the length of vacancy you may have with a given rental property.

For example, let’s assume that you have 2 rental properties.  You have great tenants in both of the properties, and one of the sets of tenants have decided to move.  You are now in need of new tenants.

The first step that you should take is simply asking both your sets of tenants if they know of anyone who is looking to rent.

In the majority of cases, your tenants would be thrilled to refer you someone they know who may be looking to rent.

In addition, if you have treated your tenants with respect and been kind to them over the course of the tenancy, they will serve as an advocate for you in helping you find another quality tenants.

There you have it!

The best way to find quality tenants that pay you rent on time is by asking your existing tenants for referrals!

Happy Investing!

Neil Uttamsingh

ps: If you are looking to buy your first rental property, please sign up for the First Rental Property Newsletter, by entering your name and email address in the top right hand corner of this blog.  By doing this, you will receive tips and tricks from experienced real estate investors on how to buy your first rental property.

pps: I am a Licensed Realtor in Ontario and I help people like you buy their first rental property everyday! If you need help purchasing your first rental property or your next rental property, write to me at NEIL@FIRSTRENTALPROPERTY.COM. I will help you negotiate the best price, terms and conditions on your rental property. Buying in the US? No problem!  I will refer you to one of my trusted partners.  Happy Investing!  🙂

Hi Friend,

I hope you are doing well.

I have been helping people buy their first rental property for many years now.

During these years I must say, I have seen it all.

I have witnessed people buy multiple properties at once, become extremely successful at investing in real estate and never look back.

On the flip side, I have seen people take the plunge into investing in real estate, become overwhelmed, lose money, and quit by selling their rental property shortly after they purchase it.

By a simple conversation with a prospective real estate investor, I can usually tell if that individual is going to be successful or not at owning and managing a rental property.

I have noticed one trend over the years that usually determines whether or not someone is going to succeed or fail as a real estate investor.

The trend is…

How Long The Person Owns The Rental Property

Simply put, when someone buys a rental property and sells it after around the one year mark, this person is going to fail as a real estate investor.  These individuals may end up buying properties again some years down the road.  Even if they purchase more properties years after, this trend still holds true.  They will more than likely sell off their rental property again shortly after purchasing it.

The reasons as to why someone would sell their rental property around one year after purchasing it could be many.

The most common reason is that people find the management of tenants the most difficult part.  In turn, they end up selling the property at the height of their frustration.

On occasion I will meet former real estate investors who have owned properties in the past.  They may be in the market to buy rental properties once again.  The moment I find out that they owned their former property or properties for about one year, I know that they will end up failing again if they purchase more properties. This is what the trends have shown me time and time again.

Another important threshold is the…

5 Year Mark

I have witnessed real estate investors own and manage rental properties for a 5 year time frame and then sell their property or properties after the 5 years elapse.

The reason why some investors do this is because their mortgage term expires after 5 years.  Instead of renewing their mortgage or obtaining a new one, they decide against doing both and end up selling their rental property.

For these types of investors, the decision to sell the property does not happen all of a sudden.  I have noticed that these investors are either not pleased with their investment or not pleased with their tenants for a period of time.

The expiration of the mortgage term gives them a great opportunity to throw in the towel and sell off their ‘troublesome’ property.

So there you have it.

This post is short and to the point. However, it gives you valuable advice on how to avoid failure as a real estate investor.

Don’t sell your property.  That is the bottom line.  Despite what other people may tell you, don’t do it.

No matter how challenging the management of tenants become, don’t sell your rental property.

If you sell your property, you fail.

The objective of owning real estate is to generate cash flow and generate wealth.

Cash flow and wealth generation are not created by giving up.

Happy Investing!

Neil Uttamsingh

ps: Learn tips and tricks from experienced real estate investors on how to buy your first rental property by signing up for the First Rental Property Newsletter.  All you need to do is enter your name and email address in the top right hand corner of the blog!

pps: I am a Licensed Realtor in Ontario and I help people like you buy their first rental property everyday! If you need help purchasing your first rental property or your next rental property, write to me at NEIL@FIRSTRENTALPROPERTY.COM. I will help you negotiate the best price, terms and conditions on your rental property. Buying in the US? No problem!  I will refer you to one of my trusted partners.  Happy Investing!  🙂

Hi Friend,

I hope you are doing well.

Yesterday I received an email from a blog reader.

In the email, the reader provided some feedback as to why they had unsubscribed from  the First Rental Property blog.

With a blog readership in the thousands, I get messages from people all the time that have chosen to unsubscribe.  This is just the nature of having a blog with a large readership.

Some of the common reasons that I get from people who have chosen to unsubscribe are listed below:

• I am no longer interested (in general)
• I am no longer interested in buying a rental property
• I am getting too many emails
• No reason stated

These are the standard reasons as to whey people unsubscribe and I hear them all the time.

However, the most recent explanation that a reader gave me, struck a cord with me.

The reason they had stated, as to why they unsubscribed from First Rental Property was because:

• They wanted more VALUABLE information

Hi Friend,

I hope you are keeping well.

One of the biggest mistakes that new real estate investors make when they buy their first rental property is:

Failure to communicate with their tenants.

Failure to communicate with your tenants ALWAYS results in a poor relationship with them and potentially future Landlord and Tenant issues.

If you are a regular reader at First Rental Property you know that I always talk about some of the fears that hold people back from purchasing their first rental property.

A couple of the major fears that people experience include:

• The fear regarding managing tenants, and
• The fear regarding the repairs and maintenance of a rental property

Far too often I see new real estate investors purchase a rental property, and then outsource the management of their rental property to a property manager.

There is a constant debate regarding whether or not new investors should hire a property manager or not for the management of their first rental property.

After you finish reading this article, click here to learn how to overcome your fears about purchasing rental property.

I personally am an advocate for new investors to manage their first rental property themselves.

The implications that arise when an investors does not manage their rental property themselves is severe.

When a new investor outsources that management of a rental property to a third party, a property management company, the investor becomes removed from the management of the property.

When you are removed from the management of the property itself, you are no longer communicating directly with your tenants.

Ideally, the property management company that you have hired is communicating with your tenants on a regular and ongoing basis.

Unfortunately, this is not the case in many scenarios.

Due to the nature of property management companies, their time is limited as they are managing hundreds of properties.

When a company is managing hundreds of properties, they often have no time to make warm and fuzzy calls to tenants.

The warm and fuzzy calls is what builds relationships with your tenants.  

As a new real estate investor, you need to be making contact with your new tenants once a month.

I recommend that on the first of each month, you call your tenant in order to touch base.

Do not hide behind email or text.  Actually call your tenant.

Email and text messaging is not as good of a tool when you are trying to build a relationship with your tenant.

Calling them is the way to go.

So there you have it!

As a new investor, you need to be calling your new tenants once a month, on the first of the month.  Touch base, say hello, and see how they are doing.

You will be amazed at how beneficial these telephone calls are in the long run.

This is because very, very few landlords actually do this…

Don’t be afraid.  Call your tenants every month.

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: If you are serious about buying your first rental property, sign up for The First Rental Property Newsletter.  In the newsletter you will read about tips and tricks from experienced real estate investors on how to buy your first rental property!

Hi Friend,

I hope you are doing well.

The most important part about owning a rental property, is not the property, but rather the tenants that live in the property.

Having good tenants that live in your rental property can be a contributing factor to whether you succeed or fail as a real estate investor.

If you have bad tenants that live in your property, it makes your life as the real estate investor and landlord very stressful as you are constantly dealing with unnecessary tenant issues.

If you are a new real estate investor and you want to learn how to buy your first rental property, you must first learn how to find tenants.  One of your goals as a new real estate investor is to find out how to attract the best tenants to your rental property.

Before you learn how to find tenants, let’s take a look at the two types of tenants.  The bad tenants an the good tenants.

Bad Tenants

• A bad tenant is someone who does not treat your property with respect and causes damage to the property
• A bad tenant is someone who has no regard for the neighbours that surround your rental property.  They may do things like leave piles of garbage on other people’s property, or have late parties at night which causes noise and disturbance to the people that live close by.
• This is also someone who has no intention of paying rent
• They will start conflict with you, the landlord.
• A bad tenant is someone who will make major alterations to your rental property without consulting you first (i.e.: change locks to the house)
• Bad tenants are generally poor communicators, and shy away or intentionally avoid communication with their landlord.
• Bad tenants breed and often bring other bad tenants to come and live in the rental property without your permission
• Bad tenants don’t have jobs or are underemployed for long periods of time
• Bad tenants feel that they are always the ‘victim’
• Bad tenants will also do nothing to change their current circumstances

Good Tenants

• Good Tenants treat your rental property with respect
• Good tenants often have the desire to buy their own home
• Good tenants repair minor things in the rental property on their own accord
• Good tenants pay their rent on time
• If they are going to be late with rent, they give you advanced notice of when they will be providing you with the rent.
• Good tenants are effective communicators.  They express themselves well and stay in contact with their landlord.
• They give you the landlord, the occasional gift (at Christmas)
• Good tenants do not want to leave your rental property (if you have treated them well)
• Good tenants appreciate you

In part 2 of this post, I am going to explain in detail for you how to find tenants and how to ensure that the tenants you find are the good ones.

Happy Investing!

Neil Uttamsingh

ps: I am an experienced real estate investor and a Licensed Realtor.  I help people like you purchase their first rental property everyday.  If you are a new or experienced real estate investors and are looking to buy a rental property, send me an email at NEIL@FIRSTRENTALPROPERTY.COM and I will help you get started!

pps: If you live in the Toronto area, consider attending my FREE monthly real estate workshops titled Landlord Bootcamp For Beginners.

Hi Friend,

I hope you are doing well.  If you are from the Toronto area and happen to be a Baseball fan, this is an exciting time for you.

The Toronto Blue Jays have made some serious moves this off season in order to bolster their lineup for the 2013 season.  It has been 20 years since Toronto’s World Series Back To Back Championships.

With some serious off season acquisitions, the fans of the Toronto Blue Jays are excited more than ever and ready for a long awaited playoff run! Also, Las Vegas made the Blue Jays World Series favourites for 2013.

As a new real estate investor looking to purchase your first rental property, there is a lot that you can learn the The Toronto Blue Jays Front Office.

This Winter the Blue Jays Brass went for it!

They took a shot and said that this year was going to be THEIR year.

They made a decision that the year 2013 was going to be the first of many winning seasons…

The Blue Jays Front Office made a massive decision.  They made the decision that they were going to WIN!

When it comes to real estate investing, you also have to make this very same decision.

You have to make the decision that in 2013, you are going to WIN by buying your first rental property.

Sometimes in life big things happen when big decisions are made.

I would like to see many of you make the decision to finally take the plunge and buy your first rental property.

Why wait?  The Blue Jays didn’t.

If the only Canadian Major League Baseball Team can make a run at he World Series this year, anything is possible!

Happy Investing!

Best Regards,

Neil.

ps: I am an experienced real estate investor and Licensed Realtor.  Every day I help people just like you purchase their first rental property.  If you would like me to help you purchase your first rental property, and you are in the Toronto area, send me an email at NEIL@FIRSTRENTALPROPERTY.COM, and I will help to get you started.

pps: Don’f forget to check out the following post which gives a detailed breakdown of How To Buy Your First Rental Property

Hi Friend,

I hope you are doing well.

Investing in real estate is a long term strategy.  Most new real estate investors who are just starting out think that they are going to become rich by investing in real estate.  They feel that they will become wealthy the moment they purchase their first rental property.

The reality is that you can become wealthy by investing in real estate, however, becoming ‘rich’ does not happen overnight.

To become wealthy through investing in real estate takes a life time of  focus and commitment.

When I bought my first rental property in Oakville, Ontario, Canada, I did not know much about real estate investing.  All I knew was that I wanted to make money by investing in real estate.

I first thought that I would only own the property for between 3 to 5 years.  As time went on, and the more I discovered about real estate investing, the more I realized that I should own my first rental property for as long as I possibly could.

By speaking to and studying the habits of many veteran real estate investors, I discovered that wealth is created through real estate investing over the long run.

Further, buying and selling rental properties without a clear action plan does not help you to become wealthy.

What I Did Last Year…

This past year I was attending a real estate event in Toronto called The Property Show.

A prominent real estate broker and developer was speaking at the event.  The individual was Brad J Lamb, aka, Brad Lamb.

Brad was addressing a question from an audience member on the topic of real estate investing.

Brad said something to the audience member that has stuck in my mind ever since.

Brad was explaining the to audience member that real estate investing was a long term strategy and that you:

“Don’t count your money every six months”

These were very wise words. Experienced real estate investors know that  a trap that you can fall into is to closely reevaluate your real estate investments over and over again.

The point that Brad was making was that if your investments are performing well, don’t constantly monitor them.  The action of over monitoring them is not a productive one.  Just let the be, and just let them to continue to grow through mortgage pay down, appreciation and cash flow.

This was a short post today, but real estate investing in NOT a short term game.  For a detailed breakdown of how to do things properly, visit my most popular blog post to date:

How To Buy Your First Rental Property

Happy Investing!

Best Regards,

Neil Uttamsingh

ps: Remember, I am an experienced real estate investor and Licensed Realtor.  I help people like you everyday purchase their first rental property.  If you are looking to purchase Toronto real estate, Ottawa real estate, Brampton real estate, Hamilton real estate, Richmond Hill real estate, Oakville real estate, Mississauga real estate, North York real estate, Kitchener real estate, or Brantford real estate, please send me a message at NEIL@FIRSTRENTALPROPERTY.COM and I will help you get started !!!