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How you should manage your rental property

How you should manage your rental property

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 Sylvia Ho talks to two J.O.M.P. clients about managing their out of town properties in today’s episode. The first are Gem and Drex, who purchased in Kingston. The second is Mick, who purchased in Peterborough. Each of them has a different way of managing their property, and they each share their experiences and why their chosen strategy works for them.Drex and Gem searched Toronto properties before realizing they were priced out of Toronto. So they bought their first investment property in Kingston because that was Drex’s home town and he knew the city well. They use a property management company to run their property and are extremely happy with that decision. Sylvia discusses how the property management company works and why it suits them.Mick searched Toronto for a condo before realizing that was out of his price range. He bought his investment property in Peterborough because, as he explains, that’s where his agent found the right property. Mick made the choice to renovate the basement of his new property so he could have two separate units in the one house, and two rents coming in. Mick does not use a property management company and he shares with Sylvia exactly why he prefers to do it himself. The tips and honest financial talk shared in this episode will be valuable to everyone considering an investment property. And both clients say to do it now, not to wait. –Sylvia Ho: schedule a call | facebook | linkedin | youtube | instagram_TranscriptSylvia Ho: [00:00:05] Hey, friends, have you ever wondered how you could pay off your mortgage faster? Or maybe you like to help your kids get into the real estate market. Or better yet, retire with some passive income. Well, you're in the right place. Welcome to the Sylvia Ho Mortgage Podcast. My name is Sylvia. I'm here to teach you how to achieve your goals simply by owning just one more property. Hey, friends, it's Sylvia here. Welcome to the J.O.M.P. podcast. Today we are joined by two different J.O.M.P. clients. One is Drex and Gem and how they share their story on how they're handling the negative cash flow with the rising rates and stuff. It's been more difficult and we're talking about how they're handling the cash flow on their rental property and on their owner occupied property and how they manage their property. Their property is out of town, out in the Kingston area. So for them it's like how do they manage it when they live here in Toronto, they have a little one and they have a property out in Kingston. We also hear from Mick, and Mick also purchased a property out of town and he has a different way in managing his property that's out of town as well as we're going to hear from him about handling negative cash flow. Sylvia Ho: [00:01:17] Drex and Gem are J.O.M.P. clients. They purchased their first investment property a few years ago and we're here to talk about what their experience is in regards to being a landlord. Why did they want to go in to J.O.M.P. in the first place? And what their beliefs are in regards to building wealth. So Gem, Drex, thank you so much for coming on to the podcast. So I'm just going to ask you the first question. Did you ever think that you would be a landlord? Drex: [00:01:40] Yeah, it was actually always part of our plan. Since early in our relationship before we married, we had always planned on investing in real estate. I remember many years ago saying, Let's let somebody else pay the mortgage sort of thing, and we got delayed on it. We've been married five years now. We just invested in real estate this year, but we got delayed on it just because of the circumstances of life. We had a kid in the meantime, things got busy. We felt the markets weren't good, but we kind of ended up trying to get away from just timing the market and just trying to get in as early as we can stay in as long as you can, you know. Gem: [00:02:14] It's always been something I'd hoped for, but I didn't know how to get started, how to do it. So, and you've actually helped us tremendously with that. So thank you. Sylvia Ho: [00:02:24] Okay. The biggest objection when it comes to owning their first property is like it took me so much effort to get into my first property. You're telling me I can buy a second property? Like, is that actually possible? And a lot of people just don't know how to get started in this whole process, right? So that's awesome. You guys have a dream, realized it, made it happen, right? So now you own another property. Talk to me a little bit more about why did you want to get into real estate investing. You said that you've always wanted to. Why? What are the reasons? Gem: [00:03:00] Because the money is there. Drex: [00:03:02] Yeah, we understand that real estate is where the money is. And for average people like us, I mean, in our parents time, you could work your job and pay your mortgage and pay down your mortgage and get it paid off and then you're set. But in our time, that doesn't work anymore....
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