Even for a remarkable business owner like you, from time to time, you may still loose motivation in continuing the expansion of a service or product line. At time, you may seem to have a hard time figuring out why this once fantastic business that got you so excited every morning is making you feel like a heavy weight now.
If this was true, only businesses that charge cheap prices would exist. Some people buy where they get the cheapest price. But most people are more interested in getting value for their money than in getting a bargain.
As you may have already guessed, all of these things happened to me, after I had amassed 26 rental properties. In fact, oftentimes, all of these problems happened in the same month. Now, for awhile (when I had about 10 houses), if one person failed to pay rent, I could cover it with the nine other payments. But when two, three and sometimes even five tenants didn’t pay in the same month, it was devastating to my business. I had to go to my business account and pay up to $3,000 at a time in mortgage payments, with no income to cover it. Plus, I had to pay a property management company to get my tenants to pay or to evict them.
After all it’s all about people selling (or recommending) products they USE to their own network of friends and acquaintances. To people who TRUST them.
Canada has what you might call a national sales tax or a value added tax VAT This Goods and Services Tax G.S.T of five percent as catalytic converter price guide at January is applicable to many Canadian transactions.
When the hair recycle O2 sensors on your scalp grows by a couple of millimeters you hardly notice it. When freshly shaved hair grows by the same amount you immediately notice it as it reappears above the surface of the skin.
I simply could not think of anything to write about. I felt like I just did not have the experience and the knowledge I needed, because I was still learning.
In 10 years of being a landlord, I lost thousands of dollars and likely took some years away from my life with all the stress I had endured. So, whatever you do, avoid the No Money Down Trap. There are much better, still inexpensive ways to make money in real estate.