It was the year the Devils won the Stanley Cup for the third time in franchise history, Lance Armstrong won his fifth Tour De France and Eminem’s hit song Lose Yourself topped the charts, yes it was 2003. If I remember correctly the epiphany of investing in real estate did not happen while reading an economist report from the Globe and Mail but instead laying on the couch watching the same highlight for the third time on TSN of the Oilers losing again to the Stars. I believe what I said was, “f*&king Oilers….hey Krista, I’ve been thinking for a while about this and I feel we should start investing in real estate, what do you think?”. I believe Krista said sure why not, we know a bunch of people that own rental properties, why couldn’t we? There you have it, the idea was born.
We heard somewhere that almost every millionaire around the world invested in real estate so we thought this was a no-brainer opportunity. Not quite. We didn’t know it at the time but we were starting down a path, although lucrative in the long run, did not go without its bumps and bruises…ah…more like crashes and bangs.
I think it was one night when I was elbow deep in a tenants toilet and Krista was steam cleaning another property because the old tenant lied about not having pets when she was actually “The Cat Lady”. We got on our Motorola flip phones and promised to each other 5 years of this and we’re out. However as we forced ourselves past those crazy tenants problems we started to build our own systems, hire great staff and relentlessly continue to grow our business (LLR Canada) despite some major pitfalls. Looking back we are very glad that we did suck it up as we have learned that the best returns are the long term returns and boy are we winning now because of that.
We call it the “10 Year Reward”. We have found that the real money in this game comes around the 10-year mark. The problem is that most investors or people for that matter just don’t have the patience to wait it out. For those who do have the patience, will attest that it is truly worth the wait.
Are you looking at getting into Real Estate Investment or building upon your current portfolio with ease? Come meet me at the FREE REIN event in Edmonton where I will be presenting on January 18 at the Double Tree Hilton. (register here)