I Thought I Was Dying

Personal blog by our founder, Brent Mondoux

December 15th 2011

7:00 AM

My familyJust as any other work day, I awoke to the sound of the alarm clock. Sleeping on the opposite side of a king-sized bed, I was forced to crawl across to silence the irritating buzzing. As I went to move a sharp jarring pain radiated from the center of my back outwards. I couldn’t move, I was frozen in pain. I tried to breathe through it, assuming I had just pulled a back muscle as I had done previously, but the pain wouldn’t subside. I forced myself across the bed, struggling through the pain and silenced the damn alarm.

It felt like it took forever to get myself out of bed and into a vertical position. Getting dressed that day felt like the most tormenting ordeal I have ever endured. Far worse than an abscess tooth; far worse than a broken wrist; it was awful. I made my way downstairs to face my wife (Nat) and my son (Aiden). They knew right away that something was wrong. Visibly anguished, I bemoaned that I needed to go to the hospital. Nat looked at me and asked in concern “What happened? What did you do?” to which I confirmed “I don’t know. I must have pulled something in my back while sleeping but I can’t take this pain. I need to get it checked”. She acknowledged my comments and proceeded to get Aiden ready to drop off at school.

We drove up the street to drop Aiden off. Not wanting to alarm him, I put on my “big boy” face and grimaced through the pain as I got out of the car to hug him before he headed in. And then we were off. While heading to Ottawa, Nat was making small talk trying to comfort me from my pain, I could tell that she could sense my concern as well. She looked over at me and said “I think you should go to the medical center first. You won’t wait hours to be seen.” I agreed that it was a good idea.

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Financial freedom: Where Do I Begin?

Steps to Financial FreedomThe first step is to consider what area interests you the most; it’s always easier to choose something that you have some degree of interest in because you will be more likely to best absorb the materials and take action.

If you’re a beginner and not sure what area interests you most I recommend you read one of the following blogs I’ve written that are geared for beginners on these topics:

Blogs

Financial freedom

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How to Make Realtors Want to Work With You When Buying Investment Real Estate

Relationship with realtorTaking the time to inform a realtor that you will not bid on a real estate investment opportunity and presenting him / her with the reasons why is an important step in the communication process for a number of reasons.  It helps you to create a relationship with the realtor based on trust, transparency and shows a respect for his / her time.

Showing a realtor that you are experienced and have a set of investment guidelines that you follow while also informing that the property doesn’t cashflow provides the required information for him /her to discuss with the seller and assess their flexibility.

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Due Diligence: The Difference Between a Successful and Failed Investment

Performing your due diligence when considering a real estate investment opportunity is the single most important step to ensuring an investment that meets your expectations.Due diligence

Unfortunately most real estate investors that I’ve mentored have shared with me countless tales of errors and assumptions that have cost them severely. For this reason I am sharing an email that I sent this morning to help novice investors to learn.

The following email with attached cashflow analysis asks the questions required to ensure that I can make an informed decision without assumption. It also shows the realtor that I am serious, experienced and respectful of his time.

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Can you keep great tenants from leaving in the first place?

So can you keep great tenants from leaving in the first place?
Keeping Good Tenants
“Definitely,” says Brent Mondoux, who has been investing in the Ottawa area for a number of years. “Some of the keys to holding on to our great tenants are by going back to the basics and simply treating them with respect.”
Moudoux has had a relatively low turnover in properties himself, and has forged good relationships with most of them, although he’s quick to point out that business is business when it comes down to things like missed or late payments. He recommends having a preventive system in place that will make payment a straightforward process for tenants and yourself, such as collecting post-dated cheques ahead of time and accepting rent via direct debit or e-transfer. So what are some other tips?
Key Tips
  • Be present. Tenants are unlikely to renew a lease for an absentee landlord, and they’re unlikely to be very quick to report breakages and structural issues as well. If you neglect your tenants, chances are your property will pay the price.
  • “Respond to all reported issues within an hour,” advises Mondoux.“Set expectations in terms of estimated resolution timeframe, and don’t lie. If it’s urgent, don’t delay. Set the wheels in motion immediately to resolve the problem in a timely manner.”

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How to Perform a Real Estate Cashflow Analysis

This is what a real estate cashflow analysis looks like. It informs you of your up-front costs, assesses cashflow positivity with current and potential future scenarios, budgets appropriately for vacancy/repair/contingency and accounts for overhead costs even if they may be unrealized (e.g. property management, accounting, bookkeeping, etc.). It is also vital to highlight any assumptions and verify them in writing, absolutely no exceptions.

real estate cashflow analysis

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