51 Success Stories from Canadian Real Estate Investors chronicles the incredible successes -- and near-misses -- of Canadian investors who employ strategies designed by Canada's best-selling real estate author, Don R. Campbell. In his first two best-sellers, Real Estate Investing in Canada and 97 Tips for Canadian Real Estate Investors, Campbell shows what it takes to succeed in real estate investing. In his third book, Campbell casts a spotlight on the success stories of investors as well as exploring examples of occasions when investing initiatives do not go so well. In his assessments, Campbell illustrates how to avoid these circumstances and what to learn from them. The end result is further proof that Campbell's time-proven techniques and in-depth knowledge are essential reading for every real estate investor in Canada.
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At first, I minimized what I did as the deal-maker and manager in a joint venture partnership. We may not be putting up the money, but we are doing the work. I get that now.
It wasn’t the wear and tear of a nine-to-five job that kept Donna Hamilton up at night. A waitress married to a refractory bricklayer whose high-demand job kept him on the road and away from his young family, Donna saw a future that looked lonely and financially insecure.
Money was an issue, but time was even more scarce. It was nearly impossible to work any of her shifts around Luke’s schedule, especially since he was exhausted on rare days off. “We never even had so much as one weekend off,” Donna recalls. “It was just work, work, work.”
In 2000, just days before their second daughter was born, Donna bought her and Luke’s first investment property, a condo. “We inherited good tenants,” she says. “We put up $10,000 [the property cost $65,000] and in September of 2006, it sold for $165,000. It would have gone for about $250,000 if we’d held onto it for a few months longer.” She utters the last sentence without a hint of regret. Frightened people may try to move forward while looking back. But Donna Hamilton is no longer frightened.
Soon after buying that first property, Donna followed a suggestion made by two trusted friends and enrolled in a Quickstart program. The program’s message was powerful, but the Real Estate Investment Network’s (REIN) $200 monthly fees sounded astronomical. Instead, she set out on her own, buying two more properties before realizing that $2,400 a year was a cheap way to strengthen her business with some of the real estate investment community’s best economic data and support.
Six years later, the 41-year-old mother of six- and nine-year-old daughters is glad she made the investment. “I would not have 15 properties if it wasn’t for REIN,” she says. “REIN has helped with everything. That’s where I learned to screen tenants, it’s where I learned to set up joint venture partnerships, it’s where I learned how to find quality tenants.”
Quality tenants turn the wheels of Donna and Luke’s investment business. Most of their tenants are families, young couples or young executives who want to live in the settled communities of West Edmonton. That clientele tends to stay put, meaning fewer turnovers and more opportunities to develop positive relationships.
In the early days of their investing, Luke kept his day job. When his job slowed over the winter months, he renovated houses. That boosted cash flow, but had a negative impact on their family life. “Luke was never really home,” says Donna “If he wasn’t away working, he was home—but logging long hours on renovations.”
This year, her husband of 17 years took a giant step back from his job, freeing more time for renovation deals and more of the hands-on details of property management. Best of all, he’s now able to drop what he’s working on and go get the girls from school if Donna needs more time with a deal, or to look at property. “Honestly, I’m good at finding good deals. But I figure I’ve looked at 300 to 400 houses. It definitely takes a lot of my time.”
Looking ahead, Donna estimates they have more than $100,000 in equity in every property they own. It’s money they’ll use to finance more purchases. They’ll also bring in more joint venture partners, a business decision that brings its own set of due diligence.
Early experience with JVs showed the value of clarity. When one partner saw the money that could be made flipping a particular property before others thought it was time to put it on the market, they bought him out. Their planned renovation of that property took more than six months. “But we were focused on the bigger deal. By the time it goes on the market, we figure our profit will be a couple hundred thousand.”
One of her first JV deals taught a bigger lesson. Here, eyes wide open, Donna used her partner’s money to finance the deal. In return, Donna and Luke handled the renovation—and took a cut of the profit. Before that, she wondered why investors who put up the JV money often took only 50 percent of the profit. Once she’d worked through the process, she realized her time was worth a 50-percent share!
As time goes by, she’s learning new ways to value her own time. Luke now shares more of her parenting responsibilities and property management. She’s also hired cleaners to get property ready to rent. “What took me two full days, they do in a few hours,” she says. “With the girls at school, that’s time I now spend visiting property or talking to lenders.”
What she won’t change is her commitment to making sure her offers include a cover letter specific to the deal on the table. The letters, which introduce her and Luke, as well as their business plan, lay the groundwork for what she hopes will be a working relationship with a vendor. “I know it’s got me deals. One time, I didn’t get a for-sale-by-owner property. But the guy phoned me to tell me why. I think he read my cover letter and felt like he owed me a personal explanation. That’s pretty incredible.”
With plans to buy more single-family homes in the Edmonton area, Donna is honing her knowledge of investment and refinancing options. She’s also kicked up her “get it in writing” approach to due diligence. That happened after a recent deal was complicated by a lender’s reluctance to meet terms she thought had been firmly negotiated. The big lesson there: Lenders can and do change their minds. And it can cost you, so make sure everything is in writing
Another time, she was shocked when a lawyer asked her to sign papers saying she was not refinancing her principal residence to buy investment property. Determined to stay out of the grey area, she marched back to her mortgage broker to make sure everyone understood that was exactly what she was trying to do (and she wasn’t going to lie about it!).
Donna’s the first to acknowledge she’s got a lot to learn about real estate investing. But she’s equally quick to say that what she does know about the business she genuinely enjoys. She likes the mental challenge of the purchase. She likes the creative side of renovations and the relationship side of landlording. She likes knowing it’s the reason she, Luke and their girls have taken wonderful family vacations to Hawaii, Phoenix and British Columbia. She likes knowing real estate is the reason her husband is at home nights (and volunteers at the kids’ school during the day).
Describing herself as someone who’s “gone through life always chasing a dream,” Donna admits it’s tough to talk about what this business means to her family. “It makes me feel like crying,” she confesses, her voice cracking with emotion. “Truly, I never thought life could be this good.”
Don Campbell’s Observations
Donna’s family story is a heartwarming look at what real estate can do for you over and above any financial rewards. Money was obviously not the main result of Donna’s focus; it was the lifestyle that the money would help to provide.
Donna had to overcome quite a number of roadblocks, many of them based in old beliefs. Once she broke through these old patterns, through sheer determination, her positive results began to appear. Donna, like many of those in this book, could have easily hidden behind her adversities, but her family was too important. Nothing was going to deter her.
Another insight that is unique to Donna’s story is the admission that she has looked at up to 400 potential properties to find the few that fit her portfolio. Many beginning investors stop in frustration after looking at as few as 10 properties and not finding any that work. They hide behind the easy and completely inaccurate excuse of “All the Good Properties Are Taken.” These investors are usually those who have a money focus. Finding gems takes some effort, and having a long-term focus not on money, but lifestyle, will help keep you focused.
The third lesson Donna provides us is a system lesson. She has adopted the “Cover Page” strategy full on. For every offer she submits, she attaches a cover letter addressed directly to the vendor. In it she explains her deal in simple, easy-to-understand language and gives them reasons to choose her offer over someone else’s. This direct line of communication to the vendor makes it easier not only for the realtors in the deal, but also easier for the vendor to say yes, even if there are competitive bids for the property.
ACTION STEPS
1. Who in your life can you positively influence by becoming successful in real estate investing?
2. Do you currently use the Cover Letter Offer Strategy? If not, what is holding you back from using this proven deal maker?1
3. If you ever find yourself frustrated by not being able to find properties that fit your investment system, it is important to change your perspective. Finding real estate is like finding the perfect flat skipping rock on a beach that has been visited by thousands of people before you. The rock is there, but on a busy beach it just takes more time to find it. You would find it more quickly if you had a few people working with you on the hunt. The same is true for a busy real estate market; there are deals to be found in every market condition. However, in an active real estate market it takes more time (and more relationships) to find the gems. Who do you have helping you? Realtors? Relatives? Current tenants?
4. Re-read Chapter 7 titled “Skipping Stones to Success” in Real Estate Investing in Canada.
SUCCESS STORY #2
VETERAN PASTOR USES REAL ESTATE TO MAKE A DIFFERENCE IN THE COMMUNITY
Scott Lewis and Laurie Lewis
Ours is not a rag-to-riches story. It’s about a slow and steady journey towards increased resources for our family and for those whose needs we can meet through our abundance.
When young couples show up at the door of his church for premarital counselling, pastor Scott Lewis likes to talk to them about money. He knows financial issues are behind a lot of failed marriages, precisely because few people really know how to talk about money. From where he sits, that’s a mistake. “If you think about it, money really is more important than a lot of the other stuff,” he suggests. “Not only because you need it to secure food, shelter and clothing, but also because of what it lets you do in the world.”
A pastor and teacher in church settings for almost 17 years, Scott currently leads a fledgling non-denominational Christian congregation in Sarnia, Ontario, a city of about 72,000 people nestled on the banks of Lake Huron. He and his wife, Laurie, bought their townhouse-style condo in 2000. A year later, calculating that their church work would not necessarily be the only source of income they would need, they launched into real estate investment and bought a duplex with two semi-detached units.
The thrill of that purchase was soon masked by the raw angst associated with their new role as landlords. The first tenants came with the property—and gave notice a month after the deal went through. Given that one never cleaned and the other had a large family that left considerable wear-and-tear in its wake, Scott and Laurie made the best of things and used the break to spruce up the units.
The litany of tenant issues continued to grow. One tenant had a pit bull and never cleaned up after the dog. Another had caused a kitchen fire that left smoke damage. One used such foul language that her phone calls left Laurie exhausted, and sick with stress. Add to that late-night calls over maintenance issues and tenants who moved without notice and it’s little wonder Scott and Laurie questioned the wisdom of ...
