New (sort of) in Canada

[Roy N.]

These introduce yourself fora always give me the sensation I am standing up at a meeting for some 12-step programme - though I've never actually been to such a meeting and it is most probably my perception does not match reality.

So, it begins ....

Hello, my name is Roy and I am a real estate investor.

It started a few short years ago when "test sites" for new software being developing. We originally planned on approaching other landlords/owners to use their properties to test our software, but in the end decided such arrangements would be too cumbersome in the early development. So we went out an purchased two properties - a single family home & a duplex.

Then we bought another property and then {you know where this is going} ... then, somewhere along the way the idea of rental properties became interesting. We are about to close on property number 4 and are cultivating three other potential acquisitions.

I few things I have learned during our short life as real estate investors and landlords:

1) Running a real estate / {residential} rental business is a lot like running any business ... and it is also very different than other businesses.

2) Purchasing rental real estate - at least the small 1-4 residential properties we've acquired thus far - is surprisingly far more difficult (for empirical geeks) than acquiring another business. We have been amazed how few owners/vendors appear to treat their properties as a business - requests for basic information like financial statements, operating costs, vacancy rates, turnover rates, etc. is frequently met with blank gazes. Perhaps, we still are not speaking the correct language? My gut tells me that as we grow-up to larger (8,12,16+ unit) properties things will become more business like and familiar.

3) Contractors ... let's just say, your average contractor in this industry is much different than in the software / IT sector.

We funded this real estate "startup" using an investment from our software company and, to date, our acquisitions have all been financed through a combination of our own funds and conventional lending. I know well, from running other businesses, that to grow this venture at anything more than a snails pace - or to make the leap to a larger multi-unit residential or commercial building - we will need funds other than our own.

I've been lurking on this site for {quite} a little while now, gleaning what information I can. Now it is time to step out of the shadow and begin asking questions and better tap into the wealth of experience and talent resident at BiggerPockets.com.