Step On It: Growing

It's easy to stop and stick to a strategy we have mastered when learning real estate investing. It takes a constant commitment to continue to grow.

What A Life: Out With A Bang

For the last week of summer vacation before the boys go back to school we camped at the track. The boys got to ride their dirt bikes. They loved it! It was great to enjoy some quality family time before the hectic schedule of school starts again.

Rich Dad Radio: Misty Hyman

This week on Rich Dad Radio, Robert and Kim are discussing what it takes to be successful with Olympic gold medallist Misty Hyman.

You can't accidentally reach the level of an Olympian without an large amount of dedication and work. Her trainer, JD Rosania who was also on the show explained that she succeeded because she believe what she was doing was working to get her to the goal she wanted to reach. If she had doubt in the process she would never have reached her goal.

Being adaptable was also a big part of her success. Misty had her advantage in the underwater kick off. She could remain a very long time underwater giving her a lead. However part way through her training the rules where changed limiting the time allowed under water forcing her to adjust her technique.

They also discussed the importance of setting new goals when you are about to reach the one you have set for you. Many who reach a goal that they had set for themselves, lose all momentum since they do not have an other goal to drive them.

Hope you enjoyed this week's radio show.

Inspirational Corner: Single Parents

I am very fortunate! I have great kids and an amazing husband. But even though my kids are great, they are time when motherhood gets difficult. My oldest love to have things his way, and loves to argue when he doesn't get it. It's been great to have my husband to back me up or to be tagged in if I need a break.

Single parents, like my sister, do not get that option to tag out. Unless the kids are sleeping, there is no downtime. I tip my hat to all of those men and women.

Some single parents out there are also dealing with the added stress that is thrown at them from the other parent. Some parents, although could not make things work out with each other still make a great team when it comes to parenting their children. But sometimes we have a parent lash out to the other through the child. I've seen single parents that although are been put through hell by the other parent, only speak well of them in front of their children. To those single parents, I bow down to you.

To my sister Jinny, my friend Leslie and to all single parents out there, I bow to your strength.

Good To Know: Property Management

For father's day, my oldest son brought home a school project as a gift for his dad. It was a "newspaper" with the headline of my husband being recognized at the #1 dad.

"What I like about my dad:

• He rides dirt bikes
• When he's not working, he plays with me

Things to know about my dad:

•  He's a mechanic
• He works a lot
• He's a farmer"

People get involve with investing in real estate for different reason but always to improve their current situation. We are doing to have more time, so that we can dedicate it to our children. Because freeing up our time is our goal, we are choosing to use to services of a property management. Of course for our property that are not located in the same province where we live, a property management is also a necessity.

In real estate investment, many people get dazzled by the extra money self-managing can bring. There is also a lot of tired landlord that give up on the financial benefit real estate investing can provide because the cost of their time was too high.

It is important however to select the right property managers. Here are questions I ask my potential property managers. 

• What is their process for rent collection and delinquencies?
• What can they say about the local rental market?
• Are they up to date with current rental laws and building codes?
• What's their plan to market your properties?
• What is their schedule for inspection of your properties? How often do they inspect it? (I require that the property is viewed at least once every three months. Potential tenants should be made aware at the time of the application, we will be checking the batteries of all fire alarms at that time)
• Do they have established relationship with suppliers and tradesmen?
• What are their fees? (normally I plan for about 10% but I've seen them vary from 5 to 15)
• How do they screen their tenants?

Using the services of a property manager will mean that it will be that little bit harder finding properties that will be able to support the extra expense. It is my feeling that the piece of mind and freedom of your time is well worth that hassle.

If you are currently self-managing and utilizing the services of a property manager is not an option for you, be sure to catch next week's good to know for some tips on making that task easier.

What Are You Reading? Why "A" Students Works For "C" Students - Part 1, Chapter 3

Chapter's three action steps for parents is: Use Money Problem As Opportunity To Learn.

Most parents try to shelter their children from the money problem they are facing. Growing up I never knew why we where having money issues, I just knew we didn't have any. The only thing I learned about money was not to ask for it. I remember turning down school trips when there was a fee involved. My parents never knew there was an event coming up. So really, I wasn't truly sheltered, I just didn't understand the concern. I handled it by avoiding the topic best I could.

Your child may be too young to handle serious money issues, in such a case, Robert suggest that you instead discuss budgeting for grocery shopping and take them along. 

We all have money problems, no matter how wealthy we are or how wealthy we are not. See your money issue as an opportunity to grow your child's financial IQ.

Tools Of The Trade: Empower Network

I am just back from working a Rich Dad Event in Ontario and after that a week of camping. We wanted to finish summer with a bang and we are now ready for back to school.

This week for Tools Of The Trade, I wanted to talk about Empower Network. I first came across some of their videos just before I started this blog. In fact it was those videos that inspired me to start and provided me with some training on how to get started and to maintain. I've just recently signed up with them following a fellow Rich Dad students lead and advice.

I am looking forward to getting further education with Empower Network and can't wait to put it into practice. Monetizing my efforts don't hurt either.

So please take the time to check out my first Empower Network post. If you are a business owner no matter how small or big, you should be putting these great marketing tools to work for you today.