YOUR RELATIONSHIP WITH YOUR FINANCIAL FREEDOM
OK, this is a very unusual Valentine’s weekend. Celebrating and enjoying relationships takes on a whole new meaning in a socially-distanced Covid world!
But then we realized, investing in a property can sometimes be a little like investing in a relationship. You start off by shopping around a little. Then you might try a few different options, before you commit to a property or another human being.
When you “take the plunge” it often starts with a honeymoon phase. You often start with what you think is a good house in a good location, and you’re probably convinced that you have a good tenant(s). Maybe your property is even a new build that is truly a “shiny, sparkly object.”
As time passes, issues arise—in every relationship, and in almost every property. (If you have a property that has never had a problem—we’d love to hear your story!) As the challenges show up, the relationship is tested.
When 2 people truly love each other, they figure stuff out. Most of the time, they find a way to work through or with or around the problems. Properties aren’t much different.
Real estate investors are being tested all across Canada. Maybe it’s because of declines in home value. Possibly it’s because of tenants who have stopped paying rent during covid. And some investors have faced any number of increases to their expenses (condo insurance, property taxes, utility prices in winter, …)—without any rise in rental income.
It’s easy to invest in shiny objects, with rising rent rates and good property appreciation forecasts. Many Canadian real estate investors are not in that situation. And many of the problems are very real.
So what do you LOVE about real estate investing? Rarely is it the houses! Also rare are the people who love the bank balance, or the number of doors.
But usually, what we really LOVE about real estate investing is something about our future, or our vision for what real estate will ultimately provide for us. What is your financial freedom vision? What do you really LOVE about buying those doors today, or 5 years ago, or 5 years into the future?
Some people say they love the cash-flow, mortgage paydown, and appreciation—plain and simple. But we’re not fooled. There is always more to the story than that. True love runs much deeper.
Do you love being able to retire 10 years earlier than your job would allow? Do you love sending your kids to college—and knowing they won’t have huge student loans? Do you love the idea of returning to travelling—all of your trips financed by your real estate profits?
What you LOVE about real estate investing is just another way of saying WHY do you invest in real estate. And it matters. Especially now. That strong bond is what is helping Canadian investors solve problems, figure out creative solutions, and work hard to weather the storms of Covid.
Sometimes, the relationship really isn’t working anymore, and it is time to move on. Sometimes literally closing that door can lead to other open doors in the future. As difficult as that process is, that’s not the end of the world. Do what is most right for you in this moment.
But, if your financial freedom with real estate investing is really one of your “true loves,” then it is worth fighting for. And one day, we’ll be celebrating a special occasion, made possible through your hard work, dedication and commitment to your relationship with your Financial Freedom.
