Earlier this week we unveiled the before and after pictures of our character home renovation project. And last year we shared pictures of a major renovation project we did where we added a legal suite. One of the best things about being a real estate investor is the opportunity to add value through improvements. And, done right, renovations can add more value than you put in, increase cash flow and attract better tenants or buyers. The only problem with renovating rental property: IT COSTS MONEY!
Read more on Real Estate Investing: How to Pay for Renovations…
We’ve begun the eviction process on one of our tenants. He’s bounced a few rent cheques and then failed to show up with the certified cheque he promised us.
We tried to track him down at home and at his work but we couldn’t find him. He might be avoiding us or he just has lucky timing.
Read more on Why It Might Be a Mistake to Joint Venture with a Friend or Family Member…
I don’t mean to alarm you but HAPPY LAST DAY OF AUGUST!!! Yep – it’s September TOMORROW. Where the heck did summer go??
Today I want to hit on something that came up on our Rev N You Facebook page last week.
Read more on Reader Question: Why Would Anybody Lend Money to Me?…
Just about every deal we’ve ever done in our ten years of investing together has involved a joint venture partner or private money.
In fact, we’ve used JV investors or private money on every single investment property we’ve ever purchased … and even our own personal homes. The only exception is our most recent purchase of our office and home which we’re moving into soon – we are using our own cash + bank financing to get that deal done.
Read more on Why Your Attempts to Raise Money for Deals are Failing…
The main reason my husband and I were able to build a multimillion-dollar real estate portfolio in less than eight years is because we found a few trustworthy partners.
After we made two purchases, one of our partners became preoccupied with a rapidly growing business he had recently started. It got to the point where it would take weeks to get in contact with him. After a few years of struggling to make the partnership work, we agreed to split up. We figured it would be an easy split. We owned two rental units, so we each could take one. Except we both wanted to own the same unit, and we couldn’t agree on how much more that unit was worth!
Read more on Why Real Estate Investing Partnerships can be like Chocolate Bars…
