Hello wealth hacker nation!
As our regulars know, I converted one of my single family homes from being rented to students to AirBnb after an awful experience with one tenant and then dealing with the pro tenant, Landlord Tenant Board Tribunal.
Good friends of mine who have much experience with short term rentals told me how great the tenant profile is vs. long term tenants. Guests of short term rentals or STR’s for short are happy because they have vacation, they have budget otherwise they wouldn’t be taking vacation. My property is inspected more frequently as my cleaners are there every week to inspect of maintenance and damage plus damages are paid for by the guest via their damage deposit vs. a long term rental landlord has to collect themselves, come out of pocket, possibly go to small claims court, put the tenant into collections, possibly not get paid, etc…
So is the grass greener on the other side? We will see but so far in less than 72 hours we have $3500 expected revenue for the month of June. Note that’s inclusive of HST, our first guest arrive yesterday and we had our first complaint already, LOL. Our grass is too long as the grass growing conditions have been perfect and as a student rental, we had the house mowed every two weeks.
Note I raised the rent for this weekend from $250/night to $850/night because the Canadian Golf Championship is in town so the rent is high but the lesson is to be aware of your market!! Many of my friends with STR’s did not adjust their rents as they weren’t aware of this major tourist event. Fun useless fact of the day, my guests who booked golf week are from Florida.
FYI - the upfront investment is significant for time and capital to prepare a house for rent but I outsourced it all from renovations, cleaners, Property Management, furnishing the house, all of it and I’ll be sharing how we did things from beginning to end at a future iWIN members meeting plus all the technology involved to make the process completely automated.
This episode is sponsored by our Wealth Hacker Conference on November 9 and just announced is our venue: the Toronto Congress Center - North Building next to Pearson Airport in Toronto. We also announce Pierre Paul Turgeon as one of our many Wealth Hacking Speakers. Pierre Paul is an old friend, the best teacher of apartment building investing and he grew his own portfolio from zero to 22 million in only a few years. He walks the walk and talks the talk and he’s a good person as he donated several of his apartments to those who lost their homes in the Fort McMurray Fires in Alberta just a few years ago.
Our keynote speaker is none other than New York Times Best Selling Author and leader of the 10X movement, owner of Cardone Capital with over $1 billion in real estate under management, our #1 pick and ultimate Wealth Hacker Grant Cardone.
To register go to www.wealthhacker.ca, the sooner you register the better the ticket and better the price so please don’t delay, like many iWIN events, this one will sell out too.
On to this week’s guest who is less experienced to investing. This all started when I posted on Facebook that we can make any investor who is ready and willing successful as we have 15 millionaire clients who we directly assisted with their investments. They seriously come from all walks of life. I’ll detail in a future episode some interesting statistics and observations of these millionaires.
Anyways, Joel Arndt sent me a direct message or as the young people call them, DM’s, if my statement was true and if he could ask me some questions. He shared his back story, Joel actually goes to Church with one of our super star clients and past guest of this show Evelyn and though they knew each other have taken completely different paths.
Anyways, I asked Joel if we could record our Ask Erwin Anything session for all to share as I know we have many young listeners and folks looking to switch careers or learn about investing for a side hustle and he agreed and here is the interview.
I give you Joel Arndt.