It feels like last year flew by. We had so many things happen within our lives. On a personal level, we welcomed our son Beckham to this world, which is our pride and joy. Also, our eldest son Theo is now 2.5 and he is growing at lightning speed. Our family is growing, and we are so fortunate for everything that we have.
On a professional level we bought two properties and grew our units from 8 to 21. We also, did our first VTB (Vendor Take Back) with 68% financing of the purchase price by the seller. Stay tuned for our blog on this creative financing strategy – we will post it soon. Overall, it’s been an exciting year and we are looking forward to what 2022 has to offer.
As we look forward, there are a couple things that we want to achieve as a couple, family unit and real estate investors.
Time – how do we get more time with our family? Throughout 2021 there were a couple things that we did as a family unit to take our time back and we will continue to explore other ways to do it. First, we found that we were spending 2-3 hours in the grocery store every single Saturday which was our time together, so First thing that we did was get grocery delivery. After trying pickup and delivery from several different companies we found that the service from Voila has been incredible in our area (we highly recommend them). Second, we started using a lot more Amazon for our daily, weekly requirements to ensure that we don’t spend too much time running around hence, spending more time with family. Third, we started getting lawn maintenance for our personal residence. We found that the only time that we could do it ourselves was on weekends (due to our busy work week) and with the kids nap time it really became a bit of a logistical nightmare. In addition, we started looking for a part time handy-person and a super intendent for our properties. Since we manage the properties in house, this bought us a lot of time, and passed on our involvement with the tenants on the day-to-day to someone else. As we look towards, 2022, we are also looking at getting cleaners come to our personal residence on a re-occurring basis. There are a 2 main reasons for this 1) allow us to spend more time with our family 2) we are not really that great at cleaning – why not hire the professionals. We are busy individuals, and our time together is sacred. By the way, if you have any solutions for laundry – please let us know, we would love to know how you manage this. It’s the last annoying thing we would love to get off our plate.
Scale - we want to grow and grow fast. What this means is investment in process and people today to ensure that we have the right foundation to grow tomorrow. It is much harder to switch over mid-growth and it becomes a very painful exercise. To make sure you’re set up for success, you need to work backwards. Where do you want to be in the next 5-10 years? What type of infrastructure do you need to have in place at that point in time? This will dictate what you need to do today. Essentially you should be set up for that growth today not in 5-10 years from now. This means having the right legal and accounting structures to help you get there. Also, what is the process of acquiring and managing the properties? This is super important as you scale. The last thing you want to do is get bogged down with daily maintenance calls vs working on closing on multi-million-dollar deals. For example, we are trying out the superintendent and handy person structure for now, but eventually want to transition to full time staff for our Ontario properties. As we transition to other markets, we believe this model can be replicated given the right scale. Its all about building out and creating a continuous cycle. How do we get away from constantly being in 1 part of the cycle in the brrrr strategy and instead constantly have 2, 3, 4, 5 properties in every single stage? These are the things that are top of mind as we head into next year. Stay tuned for more blogs – don’t forget to leave us a comment and share with others.
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