And we've met all types of "wanna be" investors.
Here's an observation for you...
Many people want to be rich and believe that buying a piece of real estate will make them wealthy.
They truly believe that Toronto rental properties
are the key to wealth.
Now, in our humble opinion, real estate is a great vehicle to creating wealth. But it's not the real estate that makes you rich.
It's the stress, pressure, creative problem solving, emotional intelligence, people skills, communication skills, "never say die" attitude that makes you rich.
Let me share a story...
We were working with one individual who wanted to buy a piece of investment real estate and wanted us to take care of everything for him. And I mean everything.
Getting the tenants, negotiating positive cash flow, changing over the utilities, placing ads, dealing with lawyers, mortgage brokers, home inspectors, everything.
We've done it so many times now that's its pretty easy for us.
He's never done it. He's looked at a lot of Toronto rental properties but he's never really managed to get his hands dirty.
Well, we managed to get him a positive cash flow property.
Easy as pie.
We have been working with another member who has four investment properties. All purchased in the last 12 months. She is doing this all by herself.
She has negotiated the leases, she has dealt with home inspectors, she has handled mortgage problems as they popped up, she has dealt with several lawyers at closing, she has contacted contractors and she has evicted one tenant and put another one in the same house... earning her even more cash flow.
And during that process she found another tenant, bought them a house and made another cash flow investment out of a bad situation.
Now let me ask you something...
If both of the above people lose all their real estate tomorrow because Martians land on earth and take all their Toronto rental properties away from them....who will build their wealth back faster?
Well the guy in situation #1 has the ability to call people. And that is a valuable skill. He should be commended for getting into real estate investing.
But we both know that the answer is obvious.
The lady in situation #2 will build back her wealth much faster.
She has the ability to handle anything. Nothing scares her any more. She knows opportunity comes out of adversity. She has experienced it herself. She has battled through. Her brain is now wired differently...she's not scared of very much any more. Even Martians.
The process of investing in four real estate investments and handling issues as they popped up have made her a warrior.
We're not sharing this to convince you to buy real estate properties.
This lesson applies to anything. Not just buying Toronto Rental Properties.
The person who battles adversity to get through law school, or beats the odds to start their own business is also a warrior.
It's the process that makes people rich. It's experiencing the emotional roller coaster of any worth while achievement that makes you strong.
We've all read how lottery winners lose all their money a few short years after winning it.
Ever wonder why?
They haven't battled through the process of earning it.
Recently I read about a lucky family who had a dream home built for them. They were part of the ABC TV show "Extreme Home Makeover".
The mayor of the city and thousands of volunteers even raised money to pay off their mortgage.
Guess what they did?
They took a $400,000 mortgage on the property and have been served with foreclosures papers because they have defaulted on the mortgage.
They didn't earn the money.
They didn't go through the process.
When you really decide that you are going to create wealth in your life. When you have 100% conviction about it.
You will welcome the obstacles. You will welcome the things that others are fear.
Because that's what makes all the difference.
The process makes you rich. And not just in monetary terms.