A Landlord Who Has Owned Rentals Since the 1980’s Speaks Out
Thank you ALA for agreeing to post my message “edit free” so I can talk “real talk” about my experiences as a long term landlord/investor who is now a millionaire thanks to owning residential rentals.
Time Are Super Tough Now…But They Were Even Worse Before
Just about all of us are dealing with non-payers or vacancies and it looks like being a small private landlord is a hopeless investment.
It’s not. You can succeed and make a lot of money.
As some who bought his first rental property in 1981 I’ve seen it all.
Our province is the golden land and the problem is the federal government often makes some poor polices which hurt our economy.
And we rely on oil prices and access to sell our product.
Bad Times Can Change To Good Times Fast
Keep confident because it’s always a cycle.
We get low oil prices and a bad government and it hurts us…but then we get a pro-Alberta government and high oil prices and it’s like 2014 when landlords could charge applicants $50 just to see our rentals!
Hold On And Good Times Always Come, You Lose If You Don’t Hold On.
Like I said, our economy is cyclical. We are up and down due to who is running the country and oil prices.
Things could be improving soon and then your rental industry will boom!
Remember it wasn’t so long ago Calgary Mayor Nenshi was blaming us for high rents when there was a huge migration of people to come to work in our province.
Become An Expert Landlord To Hold On During Bad Times, And Thrive During The Good Times.
The up cycle is on the way. Landlords will see our property prices appreciate and a huge influx of people into our province for jobs.
Stay Positive
It’s always like this. We have an up and down economy and things are soon going to get better.
How To Succeed?
(1) Market Your Properties The Right Way
Remember, when good tenants have lots of choices you can stand out with the prettiest property and consider a lower rent for the first years.
(2) Always Run Credit and Criminal Checks
The ALA offers huge discounts so you can make sure you know you are renting from a good tenant…and not a pro who has ripped people off before.
(3) Get Help From Successful Alberta Landlords To Fix Problems
Join our forum to get help and advice. Don’t listen to the media, don’t listen to the government…learn from people like me who have been in this industry for decades.
I’ve been through it all, all the ups and downs. The most successful landlords know we have a cyclical economy and when times are tough you just ‘get through it’ and carefully screen tenants.
When times are good you raise rents to build a nest egg (and you might even sell some of your rentals at the top of the market!)
Discuss this at the Alberta Landlords Forum