How to Read Your Property Insurance Policy

15% ROI”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/05\/large_Extra_large_logo-1.jpg”,”imageAlt”:””,”title”:”SFR, MF & New Builds!”,”body”:”Invest in the best markets to maximize Cash Flow, Appreciation & Equity with a team of professional investors!”,”linkURL”:”https:\/\/renttoretirement.com\/”,”linkTitle”:”Contact us to learn more!”,”id”:”60b8f8de7b0c5″,”impressionCount”:”308577″,”dailyImpressionCount”:”676″,”impressionLimit”:”350000″,”dailyImpressionLimit”:”1040″},{“sponsor”:”The Entrust Group”,”description”:”Self-Directed IRAs”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/11\/TEG-Logo-512×512-1.png”,”imageAlt”:””,”title”:”Spring Into investing”,”body”:”Using your retirement funds. Get your step-by-step guide and learn how to use an old 401(k) or existing IRA to invest in real estate.\r\n”,”linkURL”:”https:\/\/www.theentrustgroup.com\/real-estate-ira-report-bp-awareness-lp?utm_campaign=5%20Steps%20to%20Investing%20in%20Real%20Estate%20with%20a%20SDIRA%20Report&utm_source=Bigger_Pockets&utm_medium=April_2022_Blog_Ads”,”linkTitle”:”Get Your Free Download”,”id”:”61952968628d5″,”impressionCount”:”530696″,”dailyImpressionCount”:”433″,”impressionLimit”:”600000″,”dailyImpressionLimit”:”1662″},{“sponsor”:”Walker & Dunlop”,”description”:” Apartment lending. Simplified.”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/03\/WDStacked512.jpg”,”imageAlt”:””,”title”:”Multifamily Property Financing”,”body”:”Are you leaving money on the table? Get the Insider\u0027s Guide.”,”linkURL”:”https:\/\/explore.walkerdunlop.com\/sbl-financing-guide-bp-blog-ad”,”linkTitle”:”Download Now.”,”id”:”6232000fc6ed3″,”impressionCount”:”199970″,”dailyImpressionCount”:”498″,”impressionLimit”:”200000″,”dailyImpressionLimit”:”6500″},{“sponsor”:”SimpliSafe Home Security”,”description”:”Trusted by 4M+ Americans”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/yard_sign_100x100.png”,”imageAlt”:””,”title”:”Security that saves you $”,”body”:”24\/7 protection against break-ins, floods, and fires. SimpliSafe users may even save up to 15%\r\non home insurance.”,”linkURL”:”https:\/\/simplisafe.com\/pockets?utm_medium=podcast&utm_source=biggerpockets&utm_campa ign=2022_blogpost”,”linkTitle”:”Protect your asset today!”,”id”:”624347af8d01a”,”impressionCount”:”168541″,”dailyImpressionCount”:”466″,”impressionLimit”:”200000″,”dailyImpressionLimit”:”2222″},{“sponsor”:”Delta Build Services, Inc.”,”description”:”New Construction in SWFL!”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Image-4-14-22-at-11.59-AM.jpg”,”imageAlt”:””,”title”:”Build To Rent”,”body”:”Tired of the Money Pits and aging \u201cturnkey\u201d properties? Invest with confidence, Build To\r\nRent is the way to go!”,”linkURL”:”https:\/\/deltabuildservicesinc.com\/floor-plans-elevations”,”linkTitle”:”Look at our floor plans!”,”id”:”6258570a45e3e”,”impressionCount”:”151487″,”dailyImpressionCount”:”333″,”impressionLimit”:”160000″,”dailyImpressionLimit”:”2163″},{“sponsor”:”RentRedi”,”description”:”Choose The Right Tenant”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/05\/rentredi-logo-512×512-1.png”,”imageAlt”:””,”title”:”Best App for Rentals”,”body”:”Protect your rental property investment. Find & screen tenants: get full credit, criminal, and eviction reports.”,”linkURL”:”http:\/\/www.rentredi.com\/?utm_source=biggerpockets&utm_medium=paid&utm_campaign=BP_Blog.05.02.22&utm_content=button&utm_term=findtenants”,”linkTitle”:”Get Started Today!”,”id”:”62740e9d48a85″,”impressionCount”:”136173″,”dailyImpressionCount”:”338″,”impressionLimit”:”150000″,”dailyImpressionLimit”:”5556″},{“sponsor”:”Avail”,”description”:”#1 Tool for Landlords”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/512×512-Logo.png”,”imageAlt”:””,”title”:”Hassle-Free Landlording”,”body”:”One tool for all your rental management needs — find & screen tenants, sign leases, collect rent, and more.”,”linkURL”:”https:\/\/www.avail.co\/?ref=biggerpockets&source=biggerpockets&utm_medium=blog+forum+ad&utm_campaign=homepage&utm_channel=sponsorship&utm_content=biggerpockets+forum+ad+fy23+1h”,”linkTitle”:”Start for FREE Today”,”id”:”62bc8a7c568d3″,”impressionCount”:”89476″,”dailyImpressionCount”:”351″,”impressionLimit”:0,”dailyImpressionLimit”:”1087″},{“sponsor”:”Steadily”,”description”:”Easy landlord insurance”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/facebook-business-page-picture.png”,”imageAlt”:””,”title”:”Rated 4.8 Out of 5 Stars”,”body”:”Quotes online in minutes. Single-family, fix n\u2019 flips, short-term rentals, and more. Great prices and discounts.”,”linkURL”:”http:\/\/www.steadily.com\/?utm_source=blog&utm_medium=ad&utm_campaign=biggerpockets “,”linkTitle”:”Get a Quote”,”id”:”62bdc3f8a48b4″,”impressionCount”:”85963″,”dailyImpressionCount”:”418″,”impressionLimit”:”300000″,”dailyImpressionLimit”:”1627″},{“sponsor”:”MoFin Lending”,”description”:”Direct Hard Money Lender”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/mf-logo@05x.png”,”imageAlt”:””,”title”:”Flip, Rehab & Rental Loans”,”body”:”Fast funding for your next flip, BRRRR, or rental with MoFin! Close quickly, low rates\/fees,\r\nsimple process!”,”linkURL”:”https:\/\/mofinloans.com\/scenario-builder?utm_source=biggerpockets&utm_medium=cpc&utm_campaign=bp_blog_july2022″,”linkTitle”:”Get a Quote-EASILY!”,”id”:”62be4cadcfe65″,”impressionCount”:”91516″,”dailyImpressionCount”:”334″,”impressionLimit”:”100000″,”dailyImpressionLimit”:”3334″},{“sponsor”:”REI Nation”,”description”:”Premier Turnkey Investing”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/REI-Nation-Updated-Logo.png”,”imageAlt”:””,”title”:”Fearful of Today\u2019s Market?”,”body”:”Don\u2019t be! REI Nation is your experienced partner to weather today\u2019s economic conditions and come out on top.”,”linkURL”:”https:\/\/hubs.ly\/Q01gKqxt0 “,”linkTitle”:”Get to know us”,”id”:”62d04e6b05177″,”impressionCount”:”84136″,”dailyImpressionCount”:”303″,”impressionLimit”:”195000″,”dailyImpressionLimit”:”6360″},{“sponsor”:”Zen Business”,”description”:”Start your own real estate business”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/512×512-1-300×300-1.png”,”imageAlt”:””,”title”:”Form Your Real Estate LLC or Fast Business Formation”,”body”:”Form an LLC with us, then run your real estate business on our platform. BiggerPockets members get a discount. “,”linkURL”:”https:\/\/www.zenbusiness.com\/p\/biggerpockets\/?utm_campaign=partner-paid&utm_source=biggerpockets&utm_medium=partner&utm_content=podcast”,”linkTitle”:”Form your LLC now”,”id”:”62e2b26eee2e2″,”impressionCount”:”66403″,”dailyImpressionCount”:”301″,”impressionLimit”:”80000″,”dailyImpressionLimit”:”2581″},{“sponsor”:”Marko Rubel “,”description”:”New Investor Program”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/DisplayAds_Kit_BiggerPockets_MR.png”,”imageAlt”:””,”title”:”Funding Problem\u2014Solved!”,”body”:”Get houses as low as 1% down, below-market interest rates, no bank hassles. Available on county-by-county basis.\r\n”,”linkURL”:”https:\/\/kit.realestatemoney.com\/start-bp\/?utm_medium=blog&utm_source=bigger-pockets&utm_campaign=kit”,”linkTitle”:”Check House Availability”,”id”:”62e32b6ebdfc7″,”impressionCount”:”116031″,”dailyImpressionCount”:”357″,”impressionLimit”:”200000″,”dailyImpressionLimit”:”1858″},{“sponsor”:”Follow Up Boss”,”description”:”Real estate CRM”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/FUB-Logo-512×512-transparent-bg.png”,”imageAlt”:””,”title”:”#1 CRM for top producers”,”body”:”Organize your leads & contacts, find opportunities, and automate follow up. Track everything and coach smarter!”,”linkURL”:”https:\/\/pages.followupboss.com\/bigger-pockets\/%20″,”linkTitle”:”30-Day Free Trial”,”id”:”630953c691886″,”impressionCount”:”56302″,”dailyImpressionCount”:”379″,”impressionLimit”:”150000″,”dailyImpressionLimit”:”1230″},{“sponsor”:”Walker & Dunlop”,”description”:”Loan Quotes in Minutes”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/WD-Square-Logo5.png”,”imageAlt”:””,”title”:”Skip the Bank”,”body”:”Financing $1M – $15M multifamily loans? Competitive terms, more certain execution, no strings to personal assets”,”linkURL”:”https:\/\/explore.walkerdunlop.com\/better-than-banks\/bigger-pockets\/blog\/quote”,”linkTitle”:”Learn More”,”id”:”6318ec1aeffc3″,”impressionCount”:”66291″,”dailyImpressionCount”:”435″,”impressionLimit”:”200000″,”dailyImpressionLimit”:”2334″},{“sponsor”:”Nada”,”description”:”New way to own real estate”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/10\/Nada-512-logos_Artboard-2.png”,”imageAlt”:””,”title”:”Start investing today”,”body”:”Cityfunds makes it possible for any investor to buy & sell fractions of a\r\ncity\u2019s real estate market with just $250″,”linkURL”:”http:\/\/www.nada.co\/biggerpockets”,”linkTitle”:”Get the Nada Finance App”,”id”:”6348763e299ad”,”impressionCount”:”20355″,”dailyImpressionCount”:”408″,”impressionLimit”:”89181″,”dailyImpressionLimit”:”2121″},{“sponsor”:”Kiavi NMLS ID #1125207″,”description”:”Hard Money the Easy Way”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/11\/kiavi_logo_for_bigger_pockets.png”,”imageAlt”:””,”title”:”Reliable Capital for REIs”,”body”:”Scale your real estate investment portfolio with high leverage, quick-to-close loans, and an easy lending platform.”,”linkURL”:”https:\/\/www.kiavi.com\/biggerpockets?utm_source=biggerpockets&utm_medium=content%20partner&utm_campaign=blog&m_mdm=content%20partner&m_src=biggerpockets&m_cpn=blog&m_prd=direct&m_fs=lead&m_ct=html&m_t=promo&m_cta=get%20started “,”linkTitle”:”Get Started with Kiavi”,”id”:”636d70737a1ed”,”impressionCount”:”16122″,”dailyImpressionCount”:”365″,”impressionLimit”:”50000″,”dailyImpressionLimit”:”1087″}])” class=”sm:grid sm:grid-cols-2 sm:gap-8 lg:block”>

2022-11-30 17:48:34

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Common Questions About Medium-Term Rentals—Answered

15% ROI”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/05\/large_Extra_large_logo-1.jpg”,”imageAlt”:””,”title”:”SFR, MF & New Builds!”,”body”:”Invest in the best markets to maximize Cash Flow, Appreciation & Equity with a team of professional investors!”,”linkURL”:”https:\/\/renttoretirement.com\/”,”linkTitle”:”Contact us to learn more!”,”id”:”60b8f8de7b0c5″,”impressionCount”:”307901″,”dailyImpressionCount”:0,”impressionLimit”:”350000″,”dailyImpressionLimit”:”1040″},{“sponsor”:”The Entrust Group”,”description”:”Self-Directed IRAs”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/11\/TEG-Logo-512×512-1.png”,”imageAlt”:””,”title”:”Spring Into investing”,”body”:”Using your retirement funds. Get your step-by-step guide and learn how to use an old 401(k) or existing IRA to invest in real estate.\r\n”,”linkURL”:”https:\/\/www.theentrustgroup.com\/real-estate-ira-report-bp-awareness-lp?utm_campaign=5%20Steps%20to%20Investing%20in%20Real%20Estate%20with%20a%20SDIRA%20Report&utm_source=Bigger_Pockets&utm_medium=April_2022_Blog_Ads”,”linkTitle”:”Get Your Free Download”,”id”:”61952968628d5″,”impressionCount”:”530264″,”dailyImpressionCount”:”1″,”impressionLimit”:”600000″,”dailyImpressionLimit”:”1662″},{“sponsor”:”Walker & Dunlop”,”description”:” Apartment lending. Simplified.”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/03\/WDStacked512.jpg”,”imageAlt”:””,”title”:”Multifamily Property Financing”,”body”:”Are you leaving money on the table? Get the Insider\u0027s Guide.”,”linkURL”:”https:\/\/explore.walkerdunlop.com\/sbl-financing-guide-bp-blog-ad”,”linkTitle”:”Download Now.”,”id”:”6232000fc6ed3″,”impressionCount”:”199472″,”dailyImpressionCount”:0,”impressionLimit”:”200000″,”dailyImpressionLimit”:”6500″},{“sponsor”:”SimpliSafe Home Security”,”description”:”Trusted by 4M+ Americans”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/yard_sign_100x100.png”,”imageAlt”:””,”title”:”Security that saves you $”,”body”:”24\/7 protection against break-ins, floods, and fires. SimpliSafe users may even save up to 15%\r\non home insurance.”,”linkURL”:”https:\/\/simplisafe.com\/pockets?utm_medium=podcast&utm_source=biggerpockets&utm_campa ign=2022_blogpost”,”linkTitle”:”Protect your asset today!”,”id”:”624347af8d01a”,”impressionCount”:”168075″,”dailyImpressionCount”:0,”impressionLimit”:”200000″,”dailyImpressionLimit”:”2222″},{“sponsor”:”Delta Build Services, Inc.”,”description”:”New Construction in SWFL!”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Image-4-14-22-at-11.59-AM.jpg”,”imageAlt”:””,”title”:”Build To Rent”,”body”:”Tired of the Money Pits and aging \u201cturnkey\u201d properties? Invest with confidence, Build To\r\nRent is the way to go!”,”linkURL”:”https:\/\/deltabuildservicesinc.com\/floor-plans-elevations”,”linkTitle”:”Look at our floor plans!”,”id”:”6258570a45e3e”,”impressionCount”:”151155″,”dailyImpressionCount”:”1″,”impressionLimit”:”160000″,”dailyImpressionLimit”:”2163″},{“sponsor”:”RentRedi”,”description”:”Choose The Right Tenant”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/05\/rentredi-logo-512×512-1.png”,”imageAlt”:””,”title”:”Best App for Rentals”,”body”:”Protect your rental property investment. Find & screen tenants: get full credit, criminal, and eviction reports.”,”linkURL”:”http:\/\/www.rentredi.com\/?utm_source=biggerpockets&utm_medium=paid&utm_campaign=BP_Blog.05.02.22&utm_content=button&utm_term=findtenants”,”linkTitle”:”Get Started Today!”,”id”:”62740e9d48a85″,”impressionCount”:”135837″,”dailyImpressionCount”:”2″,”impressionLimit”:”150000″,”dailyImpressionLimit”:”5556″},{“sponsor”:”Avail”,”description”:”#1 Tool for Landlords”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/512×512-Logo.png”,”imageAlt”:””,”title”:”Hassle-Free Landlording”,”body”:”One tool for all your rental management needs — find & screen tenants, sign leases, collect rent, and more.”,”linkURL”:”https:\/\/www.avail.co\/?ref=biggerpockets&source=biggerpockets&utm_medium=blog+forum+ad&utm_campaign=homepage&utm_channel=sponsorship&utm_content=biggerpockets+forum+ad+fy23+1h”,”linkTitle”:”Start for FREE Today”,”id”:”62bc8a7c568d3″,”impressionCount”:”89125″,”dailyImpressionCount”:0,”impressionLimit”:0,”dailyImpressionLimit”:”1087″},{“sponsor”:”Steadily”,”description”:”Easy landlord insurance”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/facebook-business-page-picture.png”,”imageAlt”:””,”title”:”Rated 4.8 Out of 5 Stars”,”body”:”Quotes online in minutes. Single-family, fix n\u2019 flips, short-term rentals, and more. Great prices and discounts.”,”linkURL”:”http:\/\/www.steadily.com\/?utm_source=blog&utm_medium=ad&utm_campaign=biggerpockets “,”linkTitle”:”Get a Quote”,”id”:”62bdc3f8a48b4″,”impressionCount”:”85545″,”dailyImpressionCount”:0,”impressionLimit”:”300000″,”dailyImpressionLimit”:”1627″},{“sponsor”:”MoFin Lending”,”description”:”Direct Hard Money Lender”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/06\/mf-logo@05x.png”,”imageAlt”:””,”title”:”Flip, Rehab & Rental Loans”,”body”:”Fast funding for your next flip, BRRRR, or rental with MoFin! Close quickly, low rates\/fees,\r\nsimple process!”,”linkURL”:”https:\/\/mofinloans.com\/scenario-builder?utm_source=biggerpockets&utm_medium=cpc&utm_campaign=bp_blog_july2022″,”linkTitle”:”Get a Quote-EASILY!”,”id”:”62be4cadcfe65″,”impressionCount”:”91185″,”dailyImpressionCount”:”3″,”impressionLimit”:”100000″,”dailyImpressionLimit”:”3334″},{“sponsor”:”REI Nation”,”description”:”Premier Turnkey Investing”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/REI-Nation-Updated-Logo.png”,”imageAlt”:””,”title”:”Fearful of Today\u2019s Market?”,”body”:”Don\u2019t be! REI Nation is your experienced partner to weather today\u2019s economic conditions and come out on top.”,”linkURL”:”https:\/\/hubs.ly\/Q01gKqxt0 “,”linkTitle”:”Get to know us”,”id”:”62d04e6b05177″,”impressionCount”:”83834″,”dailyImpressionCount”:”1″,”impressionLimit”:”195000″,”dailyImpressionLimit”:”6360″},{“sponsor”:”Zen Business”,”description”:”Start your own real estate business”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/512×512-1-300×300-1.png”,”imageAlt”:””,”title”:”Form Your Real Estate LLC or Fast Business Formation”,”body”:”Form an LLC with us, then run your real estate business on our platform. BiggerPockets members get a discount. “,”linkURL”:”https:\/\/www.zenbusiness.com\/p\/biggerpockets\/?utm_campaign=partner-paid&utm_source=biggerpockets&utm_medium=partner&utm_content=podcast”,”linkTitle”:”Form your LLC now”,”id”:”62e2b26eee2e2″,”impressionCount”:”66105″,”dailyImpressionCount”:”3″,”impressionLimit”:”80000″,”dailyImpressionLimit”:”2581″},{“sponsor”:”Marko Rubel “,”description”:”New Investor Program”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/07\/DisplayAds_Kit_BiggerPockets_MR.png”,”imageAlt”:””,”title”:”Funding Problem\u2014Solved!”,”body”:”Get houses as low as 1% down, below-market interest rates, no bank hassles. Available on county-by-county basis.\r\n”,”linkURL”:”https:\/\/kit.realestatemoney.com\/start-bp\/?utm_medium=blog&utm_source=bigger-pockets&utm_campaign=kit”,”linkTitle”:”Check House Availability”,”id”:”62e32b6ebdfc7″,”impressionCount”:”115674″,”dailyImpressionCount”:0,”impressionLimit”:”200000″,”dailyImpressionLimit”:”1858″},{“sponsor”:”Follow Up Boss”,”description”:”Real estate CRM”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/FUB-Logo-512×512-transparent-bg.png”,”imageAlt”:””,”title”:”#1 CRM for top producers”,”body”:”Organize your leads & contacts, find opportunities, and automate follow up. Track everything and coach smarter!”,”linkURL”:”https:\/\/pages.followupboss.com\/bigger-pockets\/%20″,”linkTitle”:”30-Day Free Trial”,”id”:”630953c691886″,”impressionCount”:”55924″,”dailyImpressionCount”:”1″,”impressionLimit”:”150000″,”dailyImpressionLimit”:”1230″},{“sponsor”:”Walker & Dunlop”,”description”:”Loan Quotes in Minutes”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/WD-Square-Logo5.png”,”imageAlt”:””,”title”:”Skip the Bank”,”body”:”Financing $1M – $15M multifamily loans? Competitive terms, more certain execution, no strings to personal assets”,”linkURL”:”https:\/\/explore.walkerdunlop.com\/better-than-banks\/bigger-pockets\/blog\/quote”,”linkTitle”:”Learn More”,”id”:”6318ec1aeffc3″,”impressionCount”:”65856″,”dailyImpressionCount”:0,”impressionLimit”:”200000″,”dailyImpressionLimit”:”2334″},{“sponsor”:”Nada”,”description”:”New way to own real estate”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/10\/Nada-512-logos_Artboard-2.png”,”imageAlt”:””,”title”:”Start investing today”,”body”:”Cityfunds makes it possible for any investor to buy & sell fractions of a\r\ncity\u2019s real estate market with just $250″,”linkURL”:”http:\/\/www.nada.co\/biggerpockets”,”linkTitle”:”Get the Nada Finance App”,”id”:”6348763e299ad”,”impressionCount”:”19947″,”dailyImpressionCount”:0,”impressionLimit”:”89181″,”dailyImpressionLimit”:”2121″},{“sponsor”:”Kiavi NMLS ID #1125207″,”description”:”Hard Money the Easy Way”,”imageURL”:”https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/11\/kiavi_logo_for_bigger_pockets.png”,”imageAlt”:””,”title”:”Reliable Capital for REIs”,”body”:”Scale your real estate investment portfolio with high leverage, quick-to-close loans, and an easy lending platform.”,”linkURL”:”https:\/\/www.kiavi.com\/biggerpockets?utm_source=biggerpockets&utm_medium=content%20partner&utm_campaign=blog&m_mdm=content%20partner&m_src=biggerpockets&m_cpn=blog&m_prd=direct&m_fs=lead&m_ct=html&m_t=promo&m_cta=get%20started “,”linkTitle”:”Get Started with Kiavi”,”id”:”636d70737a1ed”,”impressionCount”:”15757″,”dailyImpressionCount”:0,”impressionLimit”:”50000″,”dailyImpressionLimit”:”1087″}])” class=”sm:grid sm:grid-cols-2 sm:gap-8 lg:block”>

2022-11-26 17:46:00

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How to Achieve HUGE Goals This Year

Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without goals and a plan to achieve their goals. Tony and Ashley, two investing tycoons in their rights, use today’s episode to reflect on their goals from 2022 and start thinking about goals for 2023.

One of the most important parts of goal setting is the plan to get your goals accomplished. A goal without a plan is just an unattainable dream, but with a plan, your dreams can become your reality. So how do you intentionally set a goal? You turn your goal into a SMART goal. SMART goals are more achievable since you measure them, and when you start seeing results, it encourages you to keep going and accomplish them.

Goals give you something to work towards, but sometimes you don’t meet them, and that’s okay. The beautiful thing is that they can roll over. Missed your goal this year? Try again next year! Tony and Ashely both fell short on a few of their goals for 2022, but that didn’t discourage them. Develop a growth mindset, and a missed goal can turn into an opportunity. So join Tony and Ashely, pull out a notepad, write down your goals and make 2023 the year that everything changes.

Ashley:
This is Real Estate Rookie, Episode 239-er.

Tony:
It’s easy to be busy, but it’s harder to be productive. And in order to be productive, you need to make sure that the activities, that the busyness you have is in pursuit of a bigger goal. But if you are just doing a bunch of things that may or may not be tied to this goal that you have around your business, around your life, then you’re just busy. You’re not being productive. In order to be productive, it has to be in pursuit of that thing that you wanted. And that was a big realization that I had this year. Man, I love that definition of having a plan versus just kind of dreaming.

Ashley:
My name is Ashley Kehr. And I am here with my cohost, Tony Robinson.

Tony:
And welcome to the Real Estate Rookie podcast, where every week, twice a week, we’ll bring you the inspiration, information, and stories you need to hear to kickstart your investing journey.
And I want to start off today’s episode by shouting out to someone in our rookie audience, they go by the username Mighty Paul. And they left us a review on Apple Podcast, a five star review. And it says, “Such great information listening every week and most times on repeat. I work as a medic, and in now in my downtime I can focus on researching rental properties. I started listening in July of 2022, and I’m about to close in my first long-term property that already cash flows $250 per month after all expenses. And the process of researching for my first short-term rental, couldn’t have done it without you guys. This is going to change my family’s life. Thank you so much.”
Man, Mighty Paul, that is amazing and congratulations to you on starting in July. And we’re in October, or I guess November now in this recording, and you’ve already got your first property and looking on your second, man. So congratulations that’s amazing.
If you haven’t yet, leave us an honest rating and review on whatever podcast platform it is you’re listening to. The more folks we reach, the more folks we can help. All right. So Ashley Kehr, what’s up? How are you doing today?

Ashley:
Good. I’m excited for today’s episode. It’s just me and Tony today, one on one. And we’re going to be talking about goal setting and what happened in 2022, what were our goals, where did we succeed, where did we learn, what were the lessons, and how were we going to change our goals for 2023. Are we going to be pivoting? And we’ll talk a little bit about the reason for goal setting and what a goal is and how to create a SMART goal. So Tony, do you have your goals ready?

Tony:
I do. And I’m excited to get into this conversation as well. I think so many people in real estate investing, and rightfully so, but they focus on the mechanics of being a real estate investor. But they don’t focus on the foundational pieces, which is literally their own mindset, their own… Just like how they’re positioning themselves mentally to action all those things that they’re learning.
So being able to take the time to focus on what the goals are and how you can start pursuing those things that are important to you is a step that I think a lot of people miss. They just start listening to the podcast or reading the books or watching the YouTube channel, but with no real clear picture around what it is that they’re working towards. We can get into to 2022, but one of the big realizations that I had this year is that I was building a business that wasn’t necessarily in support of the life that I wanted for myself.
We had been scaling so fast that we almost had no time. And I’m chuckling because Eric, before this call, he was like, “Hey, I sent you guys an email. Did you guys get it?” I was like, “Yeah, I read it.” And I was like, “I have no idea what email you’re talking about because I’m so backed up on everything.” And when I think about how my business has started to overtake certain parts of my life, it’s kind of making me pause and say, “Okay, wait. The reason why I wanted to pursue entrepreneurship was because I wanted to be in control.” And right now it feels like my business is in control of me and not me in control of my business.
Anyway, the reason I say that is because if you don’t have those conversations with yourself early on, when you’re at the beginning phases of your business, you can end up in a situation where you’ve built this business that is almost taking away from the life that you wanted and not necessarily supported in the life that you always wanted to live.

Ashley:
Yeah. I think that’s actually one thing that I’m pretty good at, is making sure that I don’t get overwhelmed to a sense where I don’t have the time. I will definitely procrastinate things, I will take on too much. But I do know certain times to say no and to not do it. I’ve definitely missed a lot of deadlines. I’ve definitely been behind on things, for sure. But I’ve been very careful as to how I’m scaling because I know for sure that I don’t want to work 24/7. I know that. I love working, I really do. But if I’m forced to work for many hours a day and to just grind nonstop.
I did that as a property manager and I hated it. And that’s why I wanted to build my own rentals because there’s lots of flexibility as to how you can outsource them, what you can choose to do. I want to be spontaneous and I want to be able to choose what I want to work on. And one of the things I love to do is build a business and then just hand it off to somebody else to kind of take over. And for the other investor that I’ve worked for a lot, I’ve done that for him multiple businesses. And that’s my favorite thing, I build it up and then I give it to somebody else. So I want to be able to do more of that too, even for myself.
But before, Tony, before we even get into talking about last year or this year’s goals, let’s talk about what a goal is. So I love this example from Tarl Yarber. I was on a webinar with him once and he said this, and I repeat it constantly to people, where if you have this dream of building this beautiful house, you imagine the white cabinets, the granite countertop, the walk-in closet with custom shelving and drawers, you have this vision in your head. Are you going to go and hire a home builder that has a dream of building your home? He wants to do it, it’s a dream. Or are you going to hire a builder that has a plan?
He has drawings. He has contractors. He has a timeline of when it’s going to be completed. He has a budget built out for you. So look at that as an example right there. You want to build that home. You’re going to go after the builder that has the plan, not the dream to build your home. So if you have a goal, if you have something that you want, you have to figure out a plan to actually get you there. Because if not, that goal’s just a dream. If you don’t take the time to implement these steps and take these action items to actually get to that destination you desire, whatever that may be.

Tony:
And first, I love that example and Tarl’s such a smart guy. I was actually chatting with him last week for a little bit. Every time I talked to him I learn something new about real estate or business or whatever it is. He’s such a smart guy. But I think what you said, Ashley, about a dream versus a plan, ties back into the issue that I was having around. It’s like if you don’t have a clear… I guess let me say it this way.
It’s easy to be busy, but it’s harder to be productive. And in order to be productive, you need to make sure that the activities, that the busyness you have is in pursuit of a bigger goal. But if you are just doing a bunch of things that may or may not be tied to this goal that you have around your business, around your life, then you’re just busy. You’re not being productive. In order to be productive, it has to be in pursuit of that thing that you wanted. And that was a big realization that I had this year. Man, I love that definition of having a plan versus just kind of dreaming.

Ashley:
Okay. So as you guys are figuring out what you want in life, and this can be you want this dream car, you want that dream house, you want a certain amount of money that’s coming in each month maybe passively so you can go and do whatever you want. You want to travel, you want some sort of lifestyle. You want to get married on in Mexico, this dream destination, whatever that goal is. Or maybe it’s not even something as an experience or an object. It’s more of just, “I want to be the number one home flipper in Buffalo, New York,” or wherever that is, “and I want to have the largest volume of sales as the real estate agent is in my area.” Things like that.
And I think it’s really important to not keep it all business and career-oriented. It makes you have a personal goal in there too. And I love it when people actually do a family goal. So you figure out something for your family, what does your family as a whole want to do by the end of the year? And maybe that’s a vacation or maybe that’s some kind of experience that your family wants to have together. Or maybe it’s just every Sunday for this whole year we want to sit down at the table and have dinner together. Something as little as that. But having that career business goal, your personal goal, and then even a family goal too.

Tony:
Yeah, I’ve heard it… First, I totally agree, Ashley, that I think oftentimes people focus maybe too much on just the money goals that they have. But it was actually Brandon Turner that had me kind of do a deep dive around the wheel of life. And it’s your health, it’s faith or spirituality, it’s your family, it’s your finances, it’s your business. And there was one other one that I’m thinking of. But anyway, it’s like this holistic kind of view of your life.
Now, I do think at times it can get challenging to try and tackle all of those categories at one time. To have one massive goal in every single category. I think what might be more impactful is what is the area that you feel needs the most attention and that will have the most impact. And maybe for some people, coming in 2023, it’s fitness. And maybe for someone else it’s family, they want to reinvest more time back into their family. But I do think having that holistic view and making sure that all of your goals aren’t just focused on your real estate business will definitely help you in the longer run as well.

Ashley:
And reaching that goal and building that strength in one category is just going to go and help you achieve those other categories or be better at them. So think of how you mentioned a fitness goal. If you go and start working out five times a week at the gym every morning, you’re going to feel better about yourself, you’re going to have more energy. People probably may even respond differently to you.
I mean, Tony, look at all the attention you got when you did your body building competition. And it’s not even about attention, but it’s people that maybe didn’t even know what real estate investing was about, but they saw Tony doing these body building competitions and his wife, Sara, posting his poses and flexing, and started following because of that. And they’re like, “Oh wait, short-term rentals? What’s this? I want to learn more.” So it could have brought value in so many different ways by having that goal, by going to the body building competition. But yeah, so I think they kind of all play a role in assisting each other.

Tony:
Let me ask you your opinion, Ashley. When you think about goal setting, do you believe in setting the BHAGs, the big hairy audacious goals? Or maybe these moonshot type things that people probably think you’re crazy for saying out loud? Or are you more on the side of where, “Hey, I want to set a super reasonable goal that I know I can hit.” Where do you tend to fall on that spectrum?

Ashley:
I’m setting a goal for the week. I have a very, very hard time seeing 5 years, 10 years down the road. I’m not that type of visionary. I can see a vision but not very far down the road. And that’s where I always struggle is because I don’t know what I want down the road I guess. I can picture what I want the next month, the next year, how I want things to be, but as far as down the road. So I think that that really hurts me setting these big goals is because I can’t see, I can’t picture that vision.
I was just having this conversation with Darryl the other week. He is such a great visionary where he actually can talk all day long about what this property that we’re building out as the compound is going to be like. And he just sees this vision and I’m like, “Wait, okay. Yeah, that’s awesome. That sounds great.” But we have to do this this week on the property and I can’t see past it. And I think part of it is I don’t want to get my hopes up and I feel like that really kind of hurts me as a detriment to me.
I think about it when I was younger and we would be going to Disney World, we would be going on a vacation. Or it’d be my birthday or Christmas coming up, and I would be so excited I could not stand it. So I started training myself to not think about it, not get my hopes up because I couldn’t stand that excitement. And I would wait until the morning of or the day of and I would just let it all burst. So that’s definitely been something that has really made it hard for me to set goals in the future is because it’s hard for me to get excited about something so far away I guess.

Tony:
That’s such an interesting dynamic, Ashley, because I feel like I’m almost the opposite, right?

Ashley:
Yeah.

Tony:
Where I am so focused on 5 years from now, 10 years from now, a year from now, that sometimes I have a hard time focusing about today. It’s like today is so boring to me because the possibility, the opportunities are all tomorrow. And that’s where I need the people on my team, obviously, Sara’s my wife, and our business partners to help ground me in reality.
But just for as long as I can remember, and you went back to your childhood and I think back to mine as well, one of the first businesses that I started was a car washing business over the summer. And over the summer I would wash my neighbor’s cars. And I vividly remember, Ashley, telling myself and I had an Excel sheet open on my dad’s laptop and I said, “Okay. If I’m washing one car a day and I’m charging this much, this is how much I’ll make. If I can hire five other kids to wash cars for me, this is how much I’ll be making. And if I can hire 30 kids, this is how much I’ll be making.”
My mind just always goes to the extreme. And it’s always been the same way for everything that I do. So when we talk about our real estate business, cool. What we’re doing today is awesome, but I always find so much more thrill out of thinking what can we do five years from now.

Ashley:
See, I can do it with numbers. So when I paid off our personal debt, so we had a HELOC, we had farm equipment and then we had our two vehicles. That was the debt I wanted to get done, and that would be all of our personal debt. And I had my Excel Spreadsheet and I would just track. And the same thing, I would think about, “Okay. If I came up with this much more money a month, how much [inaudible 00:16:09] off?”
So number wise, I can play with numbers all day long. And that’s where the lady in the street but freaky in the spreadsheet comes in. That gets me excited looking at it that way. But for it to not be a numbers goal or monetary goal, then I can’t just picture that like, “Oh, I want my life to look like this.”

Tony:
Why is it? Or I guess maybe not why do you think that is. But is there a way, Ashley, for you to maybe take some of these other goals and reframe them or rephrase them in a way that is more how you paid down your debt? Have you thought through that?

Ashley:
Oh yeah, definitely. And that’s something that I’m working on for this next year as to do it. But yeah, I’ve definitely thought about that a lot. It’s like how I was so motivated to do that and that just pushed me so much. And I’m definitely somebody like set it and forget it, so I have to have this goal in front of me all the time to actually go forward and try to achieve it.

Tony:
Yeah. So I guess just one piece of advice for our rookies that are listening. When you start thinking about your goals for next year, I would encourage you guys to pick a goal that is a little scary. If you say the goal and you don’t second guess your ability to achieve it, I would assume that it’s probably too small of a goal.
You want to say the goal and you get a little bit of chills because you’re like, “I don’t know if I can actually do that. I don’t know if I can actually make it happen.” Because here’s what’s going to happen is. You’re going to start reframing your mind to say, “Okay. That goal seems big, that goal seems scary. But if I were to achieve it, what kind of things would I need to start doing? Who would I need to meet? What kind of things would I need to learn?” And you’ll start training your mind to think just a little bit bigger, just a little bit bigger. And if you do that over and over and over again, your capacity for dreaming big will dramatically increase.

Ashley:
So one thing that we have also learned from Brandon Turner is when… So this is probably four years ago now maybe. And you know what’s so funny is I found a screenshot of this on my phone the other day. And it was Brandon’s Instagram story. It was him in front of this huge framed fake newspaper article where he wrote this article of what his business was going to be in five years I think it was. And he ended up doing it in two years, I think, whatever that was.
So Brandon did this based off of the book Vivid Vision by Cameron Herold. And this book talks about writing out what you see for the future, for your business, for yourself in a detail. It’s almost like a story when you’re reading it. So Brandon had done this and he went through and implemented and did way beyond what he had even written in this article. So Brandon talks about a lot is doing SMART goals, and this is all part of his intention journal. You guys can get it at the BiggerPockets bookstore, and use code Ashley for 10% off.
But with the intention journal, he talks about SMART goals and then also MINS, your most important next step. A SMART goal is something that is specific, measurable, attainable, realistic, and time-oriented. So when you are setting your goal, you should have these five things be a part of what that goal is. So an example would be, “I am going to run two miles every day for the next three months.” Okay, that’s attainable. It’s immeasurable, it’s two miles. It’s time-oriented, it’s for a certain amount of months. And it’s specific, I’m going to be running.
So setting your goal using the SMART thing, it gives you, I guess, an extra layer of success. I guess it’s more achievable because you are implementing it this way. Where if you just said, “I’m going to run. That’s my goal. I want to run.” Okay, you’re most likely… You can’t measure how well you’re doing. I mean, you could run from your couch to your bed and say that you check mark, you did your action item for the day.
And then there’s MINS, the most important next step, which is what are things you’re going to do to be able to make sure that you’re doing those two miles every day. So the first thing is maybe you’re time blocking. Every Sunday night, you’re sitting down and time blocking when you’re going to be doing your run every single day, something like that.

Tony:
Yeah. Ashley, just to piggyback off of that. So before I became a full-time real estate investor, I worked in supply chain. And supply chain is all about productivity. In the world of productivity there are these phrases called lead measures and lag measures. So a L-A-G, lag, and then lead measures. And I love to apply the idea of lead and lag measures to everyday life because it is a fantastic way to make sure that you are continually making progress in the achievement of your goals.
I love to give the example of losing weight because it’s the best way to kind of explain this difference between lead and lag measures. So if your goal is to lose 20 pounds next year, that would be your lag measure. That is the metric that you take note of at the end of the year. However, there are actions that go into or that support your goal of losing 20 pounds. So when I was training for my competition, I’ve shared this before, I wasn’t necessarily tracking my weight or how much I could bench press or any of these other things.
What I was tracking on a daily basis were the lead measures or the lead activities that would get me toward my lag goal of winning at this competition. So the things I was tracking on a daily basis was, was I doing cardio twice a day? Fasted cardio and then post workout cardio. Was I eating all of my meals on time and not cheating and sneaking a cookie here or there? Was I drinking a gallon and a half of water every day? Was I taking creatine and BCCAs two times a day? These were the things that I was tracking.
And I said, “If I can do my cardio, drink my water, weightlift, take my supplements, and I do that consistently, then I know as long as I stick to that plan, eventually I’m going to get to my lag goal of winning that competition.” And that’s exactly what happened. So when you think about your real estate business, if your goal is to purchase that first property, you need to start working backwards and identify what are the lead measures that I can track on a daily basis that will move me closer towards that goal of getting that first investment property.
So the investment property is a lag. Good lead measures would be something like, “I want to analyze 20 deals a week. I want to submit at least one offer every week. I want to meet at least one wholesaler every month. I want to attend one real estate meetup every month.” And just start to think of the different activities that if you do those consistently will almost guarantee your success in that field. I know it’s easy just to have that big goal at the end, but also think about what are those things you should be doing on a daily basis and how can you track those.

Ashley:
Tony, do you want to take that great explanation of an example and lead into what some of your other 2022 goals were besides your fitness goals?

Tony:
Yeah. No, I’m excited too. That was actually one of my personal goals. And I actually wrote, “I want to get in the best shape of my life.” That was the goal that I wrote down. And the competition was one way to get me there. But on the business side, I’m going to share a four, a couple that I missed and a couple that we actually achieved.
So first, one of our big goals was that we wanted to get to 40 Airbnb listings, 40 owned Airbnb listings. We’re going to come up just shy of that number. I think we’re going to miss it by six or seven. We got a couple more properties coming online here right at the end, but we’re going to be just shy of getting to 40 there. Was it a bad thing? Not necessarily. I think 40 was a bit of a stretch for us. I think we started the year at 12 properties.
So getting to 40 we knew was going to be a big lift for us. But I mean, we’ve purchased almost two properties this year so we still made really tremendous progress. Another goal that we failed at this year was buying a hotel. I was very open with you guys that we were pursuing a hotel over the summer, ended up getting beat out by another buyer. It was a really tough pill for us to swallow, but a lot of lessons learned there that we’re going to apply to next year’s goal. So those were two things we missed out on.
Two goals we actually did achieve were both around hiring and people. So we had a goal to hire a finance manager. We’re actually just hired that person. She’s actually a bookkeeper, but she’s like a bookkeeper on steroids. And she’s really good friends with our CPAs. They’ve got a really good working relationship together and she’s just doing a really phenomenal job around helping us get our financial picture in order for next year. And then the other goal that we had around people was hiring an operations manager to help with the day-to-day management of all of our properties. So we did that.
And we hired three virtual assistants to support hers. Now we’ve got a team of four that runs the majority of our day-to-day operations. And those two hires have been super, super critical and helpful and just taking away some of that stress that I talked about earlier around the business taking up so much of my time. And specifically those goals are put in place with the idea that we don’t want this to be an 80-hour week job for us forever. So those are my goals. Two that we missed, two that we were able to make happen. What about for you, Ashley?

Ashley:
Yeah. So I’ve some that are along the same lines. One thing was that I really wanted to take on a new business partner in 2022. I wanted to have somebody take half of my workload or at least take a part of the business over, but I didn’t want to hire someone for this role. I wanted somebody who was going to be so motivated by it because they have equity into the deals, they’re going to learn along with me.
I really enjoy working alongside somebody, but there’s always that employee-boss kind of, I guess, scenario. And I wanted to give equity to somebody who was going to be committed to the job and that they were going to, I guess, not learn what we were doing and then just leave and go do it on their own because they’re already doing it with me. So I found that person and they became my business partner.
We started getting stuff under contract last year and then we ended up closing winter and spring of 2022 on the properties that we purchased together. So part of my goal was that I didn’t want to do any more hands-on rehab, and I also wanted to outsource all of the rehab and I didn’t want to manage the contractors. And I wanted to talk to as little people as possible. So I reached that goal. My business partner handles all of that. He does that whole side of things for me.
Okay. My next one was for him to be able to come on full-time. So he used to work construction in the Bricklayers Union. He was laid off in the winter. So that’s kind of where we went through this trial period. And it was like, “Okay. Are the properties that we’re going to purchase, that asset management I do, is there going to be enough work for me to put onto him where he can have an income that’s going to replace his Bricklayer’s Union job?”
So luckily, he lives very below his means, and he also is a veteran so he doesn’t need health insurance supplied to him. And we were able to make that happen where he was able to quit his job. I think it was in April when he got that call that they were going to call him back to work and he was able to say that he’s not coming back to work. One thing that I’m way better at is if something is for somebody else, I’m way more likely to achieve it than if it’s just a monetary goal for myself too.
So us pushing forward for him to have this life-changing event happen, that motivated me more than being like, “Oh, I have this much money now on my bank account,” or anything like that. So that was really exciting. So who wants to do that with me this year and take on another partner? We’ll do it again with somebody else.
But the goal that I did fell on actually, and I pivoted towards focusing on this a lot. So I like to stay steady and keep my foundation of doing BRRRRs, but also I really wanted to buy a campground. And I ended up getting one under contract. And we had our earnest money deposit and we had quite a while actually to do our due diligence on it. You ended up backing out the last minute because you cannot get title insurance on the property because it was a foreclosure and all these things had happened. And we were going to raise the money for it. Nobody wants to invest in a property that you can’t get title insurance on it. So we did not get that campground.
We got a second one where we received a letter of intent signed. We still have not received the executed contract back signed. We keep getting red line changed from his attorney and then back to our attorney. So I don’t know if the deal will go through. If we will actually have, we definitely won’t close by the end of the year. But if we will be able to have an executed contract. But just something that has come up that we’ve had to pivot is that we did this LOI with him back in the spring. Interest rates were a lot different then. So we actually put into our LOI that if the interest rate on our bank financing went above 7%, the deal was contingent on that. Our interest rate had to be below 7%.
So right now, it’s kind of hindering right there if when we get this executed contract, if our interest rate is going to actually be above or below 7% too. So that’s something we’ve been trying to work with is how do we go and renegotiate if that is the case. Because it’s definitely going to change our cash flow a lot the higher the interest rate, and do we need to decrease our price now, things like that. So maybe reach that goal in 2023 with this campground, but we’ll see.

Tony:
Yeah. I can feel it as we’re both going to get it. You’re going to get your campground, I’m going to get my hotel. I’m manifesting that for 2023. So I just want to talk a little bit about our 2022 stuff, grow a little bit deeper before we move on to next year about what were the steps we went into, I guess, kind of coming up with those goals and how we actually executed on those.
So for me, I’m going to talk about my operations team because that was the one that I think had honestly the biggest impact on us this year. When I talk about why that goal was important to me, again, it goes back to the fact that I know that I want to continue to scale, but I also know that I don’t have the bandwidth to manage 40, 50, 100 different properties. And our long-term goal is to own a billion dollars worth of real estate with our company. And obviously, if we want to get that big, me, Sara, and Omid, as the three amigos, can’t possibly manage that.
So we knew that we need to start putting the people in place to absorb that kind of growth. And we got really, really lucky finding our team. Our operations manager, her name’s Kellen, she actually attended one of our events, the first event that we threw, our first short-term rental ride along we did back in March. She attended that event. She actually attended the BiggerPockets STR Bootcamp that I hosted earlier this year. So I knew her. I knew she was eager to learn. She had her first short-term rental herself and I knew she was looking for new job opportunities. She wasn’t necessarily happy where she was at. We approached with this opportunity, she said yes. And it was amazing.
We had this idea of we wanted to hire and then we kind of stumbled upon the perfect person. But before I even reached out to Kellen with this job opportunity, earlier in the year, Sara, Omid, and I all sat down together and we created an org chart for our business. And we identified all of the different positions that needed to exist within this business. And at the time, it was all of our names plugged into those slots on your chart. And I went through and I actually created a job description for every single one of those positions. But remember, it was all of us doing all the work.
But as we started to reach out to people to step into some of these roles, I was able to share the job description with them and then they already knew what the expectation was. And I would take my name off of the org chart, Omid’s name off of the org chart, Sara’s name off of the org chart, and replace it with the person that we hired. So we did that I think three times throughout the year. We hired an acquisitions person, operations manager, and all of our virtual assistants and our bookkeeper and our finance manager actually a few times last year. But that was a process we followed to try and find the right person.

Ashley:
I guess I can kind of go into the campground one as to the steps that we took to get these campgrounds under contract is first we let brokers know that we were looking for a campground. I talked about it on the podcast constantly. Any event I was at, I talked about it. And we actually got a ton of campground sent to us. And that’s where we were like, “Oh, we really need to define our criteria because this is going to be overwhelming analyzing all of these campground deals that are coming in.”
So that was kind of our next step and that wasn’t even part of the plan. We didn’t even have that in place. So it just shows that your goal, your path to that goal probably is going to have to pivot change, and you’re going to learn things and you grow off of it. And also, analyzing a campground, that’s like a whole different animal. I mean, there’s so many different revenue streams. So many different expenses, permits, all these things.
And we actually ended up finding on Upwork, which is a virtual assistant job task board, I guess, where you put the job description out there of what you need and you can hire someone virtually to complete it. We actually found someone to do the deep deal analysis. So we would go through the financial statements and I would run an analysis on it, but then we’d actually have this guy go even further and do the market research on it and implement that. So that was definitely a learning experience as to using who, not how and not taking tons of time to actually build my own Excel Spreadsheet.
I mean, I think we paid him maybe a couple hundred bucks and he built out this huge phenomenal Excel Spreadsheet for us to used to analyze these type of deals. But then we did direct mail too, and that’s how we actually got the second campground that we got. The LOI was doing a direct mail campaign. So we made sure we wanted two deal sources and one was brokers. And when you’re doing commercial real estate, brokers are a huge resource and really beneficial for you.
And then doing direct mail, a lot of campground owners are mom-and-pop. So I think it was maybe two years ago this statistic came out that 88% of campground owners only owned one campground. So it kind of showed to me that it’s not these huge syndicators coming in and buying campgrounds yet. I think it’s on its way definitely there, but it’s still a lot of mom-and-pops that are owning them, which was a huge attraction to me. So that’s what we did. We sent out the direct mail campaign to them.
So that was our action items was. We made sure to send out 500 mailers, while it ends up there’s not 500 campgrounds in the area that we were looking for. So that’s when we decided to pivot a little bit and say to look at lake houses too. And to kind of add into that mail campaign in the area where we were looking at too. But that’s kind of the steps we took to actually get it under contract.
And we had our different roles and responsibilities. So Darryl was in charge and that was like fine-tune. We want the campground, who’s going to do what to get that? And so Darryl would be, his name was on all the mailings, the postcards. And so he was the contact person. He would get all the information from the person and then I would go behind the scenes and I would go on to PropStream GIS mapping systems and I would do my data research on that.
Then we would decide yes or no, we want to pursue it. And then he would go back to them and he would set up the showing and we would both go together, tour the campground, get the information, and then we would go into our deep dive analysis and I would build up the offer. So the one that we did get under contract and go into due diligence, that’s where Darryl came in with the actual onsite due diligence. And then I did all the work of due diligence that can be done on the computer, such as pulling the property taxes, getting an insurance quote, things like that.
But just how you had said about doing the org chart and defining what the roles were, we had done that for ourselves for that specific goal. Because in our business now it’s mostly doing BRRRRs, doing rehabs, and he’s the project manager and overseeing that. So actually going after the campgrounds was very different in a sense I guess too.

Tony:
Yeah. I think it’s interesting that we both set these goals to go off these larger commercial properties and both of us failed at that. And I think so often the people look at Ashley and Tony as the cohost of this big real estate podcast and think that we can’t do no wrong and that everything just goes right for us all the time. But just everyone who’s listening, we are rookies in that space.
You are a rookie in the campground space, I am a rookie in the hotel and motel space, and we’re both rookies at raising syndication funds and doing all those things and creating these complex models. So once you get to a certain point, it’s almost like you have to start over again to reach that next level. I’d just like to point it out because we run into challenges and issues just like every other real estate investor.

Ashley:
Yeah. If you want to purchase a BRRRR property or a long-term rental or even a short-term rental in the rural area of Buffalo, New York, I am your expert. Other than that, I am a rookie at all other things.

Tony:
[inaudible 00:40:37].

Ashley:
Even on the podcast, I still can’t form words correctly. So Tony, let’s talk about our new goals going forward for 2023. What are yours? And do you even have them defined and written out yet? I can’t say that mine are totally ready.

Tony:
Yeah. I mean, definitely we have it on the calendar for us to get away for a day and a half really to plan 2023. So that’s coming up here shortly. But I can say I have a good idea of what some of the big themes will be for next year. A big one will be, like I said, purchasing at least one commercial asset. So we do have a goal of buying at least one hotel or motel next year. I think our goal will probably be to target maybe a smaller market. We went into a big primary vacation destination that’s first go around. I think next time we’re probably going to target maybe a secondary, tertiary vacation market that’s maybe not as competitive as what we were this first go around. So that’s one big goal for us.
We want to continue to build out our team. We need a property launch coordinator that we’re looking to hire. So basically someone that flies from city to city, to get all of our properties set up. We’ve kind of been managing that remotely and sharing the responsibilities amongst the team. But if we’re setting up two properties a month, we need someone whose full-time job is to just focus on ordering everything and managing the shipments and getting the design squared away and all those things. So that’s a big hire for us going into next year.
And then the biggest goal that we have is we want to change the way that we are currently purchasing real estate. So right now, a lot of our deals are one off partnerships with different investors. But our goal is to probably transition into more of a fund model where we just raise a bunch of money all at once and then deploy those funds over three to five months, buying up a bunch of properties at one time. So I think that’s the next iteration of our business is going from Alpha Geek Capital that’s just this one off deal to Alpha Geek Capital that’s a fund buying multiple deals at once.

Ashley:
I’m glad you mentioned that you guys have a day set aside for you guys. Because I didn’t want to forget to talk about this is meeting with your partners and even your guys as significant others, and talking about what the goals are for the company as a whole and making sure that you guys are all in alignment. That you’re aligned, that you’re taking in the company in the same direction.
Because the worst thing that could happen is Tony could say like, “Yes, in five years I want to be at a hundred billion.” And Omid could say, “What do you mean? I thought next year we’re going to sell everything. We’re just going to live off the money we’ve made off of it. No, I only want to work one more year, not five more years.” So I think making sure that your goals are aligned with your business partners is super important.
So actually next week I’m taking my kids to Florida and Darryl’s taking his son to Florida. And we are going to use the time to not have to work at all and we’re going to have a nice vacation with the kids, have fun, but we’re also going to do it as our goal setting. So the airplane rides or just hanging out by the pool or whatever. And what we’re going to do is we’ve set kind of limitations as we can’t talk operations.
So nothing that’s going on and the day-to-day now, what problems are or any things like that. It’s just going to be what our goals are and what we want, and then how to get there and kind of planning it out and talking it out through that. Not like, “Oh, I just got this email. Let’s do this.” Or talking about anything that’s happening right now in the business only down the road. So kind of putting that limitation.
We’ll see how that goes if that actually works. But I think if you definitely try to do that is don’t talk operations or the day-to-day because it’ll just derail you from actually seeing that vision and setting those goals too. Because you want to set those goals with a clear mind that there’s nothing impounding that right now.

Tony:
We’ll get into the resource here in a bit, but I think that’s an important thing that a lot of people miss is that you need some sort of regular cadence to review your goals. Because most people set their goals at the beginning of the year and then they never look at them again. But you need to have some kind of mechanism in your life and in your business to constantly remind yourself of what your goals are.
So for me, my life goals not my business goals, my personal life goals, I have them as a screenshot on my iPhone. It’s like every time I open my phone, I can see what my goals are on a personal side every single moment that I pick my phone up. On the business side, every time we meet on a weekly basis, we have our goals listed there as well. We could do a better job of reviewing them and then we meet quarterly to reset goals for the next quarter. So you’ve got to find that rhythm in your business to circle back when on those goals. Otherwise, everyone will forget about them by the time the end of January rolls around.

Ashley:
Yeah. Every Tuesday, we either do a Zoom call and it’s just me and Darryl. We do a Zoom call or we sit down in person, but every Tuesday we do it, changes its time or whatever. And sometimes it’s even late at night after I do my bootcamp call we do this. But it’s helped us so much tremendously implementing this, where every Tuesday is where we’re going through the weekly agenda, what are we each doing, how did last week go. And that’s where we’re talking the day-to-day stuff and everything like that.
But you’re right, there needs to be that separate meeting for your goals and staying on track for that. So I think if you’re doing that weekly meeting, just aligning with each other, seeing what each other’s doing, taking care of that, you can mention your goals and keep each other accountable. But I think that your operations has become such a distraction to actually focusing on your goals.
Because something in your operations, your day-to-day is going to seem so much more important or impertinent than something that’s farther down the road and you’ll get distracted. So setting a quarterly meeting or maybe a monthly dinner or something, or even a breakfast meeting where it’s just like, “Okay, here’s our goals. Where are we at?” And then having those action items to actually track them to see where you are at meeting those goals.

Tony:
Ash, do you have any other goals you want to highlight for 2023 or should we keep rolling with the resources?

Ashley:
Yeah, I don’t think I actually gave any of mine. I just said that-

Tony:
Oh yeah.

Ashley:
… I’m going to do the meetings. So a goal would be to keep those Tuesday meetings. Okay, for 2023 is really going to be about building out my systems and processes even farther. So last year there was definitely a lot of that with the rehab is, using monday.com to build out these Monday boards. So this year, I’ve actually hired a consulting company and they’re going to help me even take my Monday boards to the next level.
So this year, I am going to be spending money on other people doing things for me. Me, I know how I want things. I just don’t want to sit down at my computer and build it out. So that’s really been something that’s been holding me back is because I don’t want to take the time to sit down and actually do it. It’s all in my head. And that’s kind of where me and Darryl and even me and Joe butt heads sometimes because it’s like, “I have it all in my head. What do you mean you’re not understanding or you didn’t do it this way?”
So this way it’s all drawn out and it’s all planned out, plus I want to hire my own property manager. So I used to have run two property management companies, one for another investor and one for my own properties. Then I gave it all to a third-party property management company and it’s just not working out well. So I’m going to be hiring, by the end of February, in-house property manager that’s going to be running all of this. And so I need to build out my property management systems. Again, this is something also that the consulting firm is going to help me.
So the consulting firm is going to be doing a lot of work for me, but also this is holding me accountable to getting it done. So I’m paying them money to do this, and that is motivation for me to follow through with this and get it done. Because it would be very easy to just be like, “You know what? I’m going to hire my friend who I think would make a good property manager just because I’m introverted and I don’t want to interview people or talk to people or read resumes or anything. So I’m just going to do that because it’s easy.”
Well, I’ve done that before and that doesn’t work out well. So that’s part of my new goal is like, “Okay. If I want to do something, I need to find the person who can do it.” So I’m finding somebody who can hire me a property manager, train them, and put in the systems and process in place that I want. So that’s a big thing right there. And then hire some more key people. I definitely need an assistant, so that’s somebody else that they’re going to be hiring for me too.
And then I don’t really have any of my business goals yet, just because we’re going to be doing that together. But one thing I do want to do is when I become the property manager again and self-managing and have this property manager in place, I want to have a better grasp in maximizing my cash flow on my properties. Because with this property management company, I’ve felt like I have had no control over the expenses and just the rental income and the amount of time the vacancies are like. I’m super excited to see how, in 2023, I can just blow this property management company out of the water by being more efficient and effective with running my own properties again. So that’s another big goal.

Tony:
Well, let’s finish up, Ashley, talking about just some resources that folks can use, people in the rookie audience can use to help them as they think about setting goals for the next year. I’m going to share… The first thing is we’ve talked about cadence. I think everyone needs to set some kind of cadence for regularly reviewing their goals, otherwise you will lose touch with what those goals are. But the second, I guess, multiple resources or a few books that I would love for all of our rookies to read. So the first book is called Traction by Gino Wickman. A lot of investors and business owners that I look up to have recommended this book and preached by the benefits of following its system. So if you guys haven’t read Traction, definitely go pick it up.
Another fantastic book is called Clockwork, and this book is by Mike Michalowicz, who was a guest on the Real Estate Rookie podcast. He’s also the author of Profit First, which I’ve spoken about a ton. He’s also the author of Get Different, which is the book that we had him on the podcast for, about marketing. But Mike is just a fantastic entrepreneur. And the book Clockwork works really well with Traction to give you systems and processes to have a goal, but then have the systems in place to continually take action towards those goals. So both those books I think were really big for me at the beginning of 2021 that kind of helped set me up for success in 2022.

Ashley:
Yeah. The author of Traction also wrote Rocket Fuel, which is also a good one to read too, in addition to that. And then we had talked about Vivid Vision too by Cameron Herold that you guys should look into reading. And then The Intention Journal by Brandon Turner, which is on the BiggerPockets bookstore. I think are all great resources to help you build that momentum.
The only thing I will caution you guys about is don’t spend so much time focusing on getting your goal perfected and how you’re going to reach it that you’re actually in analysis paralysis, where you don’t actually take action on anything because you’re too busy trying to define your goal or to figure out how to pivot it or anything like that.
So pick your goal, create your action items, and then just start doing it. Just start doing it that next day, that same day, whatever those action items are. You don’t have to wait until January 1st, start doing it now. Propel yourself, get going. And then also think about what type of person you are too. So if you’ve never taken a DISC profile or an Enneagram test… And Tony, what’s another one that you do? The…

Tony:
Myers-Briggs is another one.

Ashley:
Myers-Brigg. Yeah. And find out some information about yourself because you may actually learn what is the best way for you to actually achieve something, like how does your mind work? And there’s people… I look at James Stenard and AJ Osborne, where it’s just like get up and work. They don’t need to go to Mindset Retreats. They don’t need to do all these different… I don’t even know what to… I guess mindset stuff.
Because they just get up and work and that’s how their brain is wired and that’s what works for them. But then there’s other people like Brandon Turner who talks about… And even Tyler Madden, where it’s a lot of mindset for them where that actually helps them so much. Where if they just went and grinded constantly, they would get burnt out. And so this mindset stuff helps them. So try to figure out different ways that may work better for you.
There’s also the Miracle Morning by Hal Elrod. So if you are someone that needs to that time to clear your brain to actually think of things, the Miracle Morning would be great for you. For me, I found it just like I was wasting time. It did not work well for me. It was basically procrastination from actually getting my work done. And so I could not do that. I probably tried to do it three times and it’s not helping me at all. And it was just like, “I want to get up and I just want to start my work and do it.”
I’m definitely not a grinder as far as AJ and James’ level for sure. I do like to sleep a little bit and do other things on vacation or do whatever. But yeah, so think about that about yourself too, is to what actually works for you. Because what works for me, what works for Tony, what works for other people may not work for you. So don’t think that you have to follow someone’s specific goal setting and achievement lifestyle. There is no perfect recipe. Doing a cold plunge every single day isn’t going to make you a millionaire overnight. So make sure that you’re just figuring out what are the things that you and your body needs.

Tony:
Great breakdown, Ashley. I love that. I love that. I mean, I think those are all the big resources I have. We talked about cadence, we talked about the books. I guess the last thing I would say, and Ashley, you touched on this a little bit earlier today but it might be worth reiterating, is as you think about your goals for this next year, don’t just think about what you need to do. But also think about who you need to become and who you need to meet or hire to help you achieve those goals because I think those are two things that are often overlooked.
People just look like, “What book do I need to read? What property do I need to buy?” But if you want to build a massive business, maybe you need to become a better leader. Maybe you need to become a better people manager. Or if you don’t want to do that, you need to find someone who is a people manager who can lead people. Ashley, you said that you didn’t want to do rehabs anymore, so you needed to find someone who had the skill set to manage the rehab crews. So as you think about your goals for next year, also think about the who component, around either who do you need to become or who do you need to hire or partner with to help you achieve those goals?

Ashley:
Yeah. And also look at what you enjoy and what you’re good at. Can you make more money doing that more of the time than trying to teach yourself these other skill sets? So for example, cleaning my house. It would take me all day Sunday to clean my house. I have a house cleaner that comes in and it takes her about three and a half to four hours. The money I pay her, I can make in maybe two hours, one hour. One hour probably even. And she does it way faster than I could do it. I would waste a whole day.
So I think looking at that time trade off, is it more beneficial to you to go and work so many hours and hire some of those things out you don’t like to do or you’re not good at? And I think a very easy one is giving out household chores. My friend has somebody come, I think it’s a high school student, comes and folds her laundry every week. I mean, she might even come twice a week and she just pays her to do that. And that’s like one less thing she has to worry about, and that’s more time she has to put into her real estate business. And the same with me for cleaning.
If I had to worry about keeping my house clean, then that would take up more time that I have to enjoy my family and I have to work. So say, I know that I have to work this amount to pay the house cleaner. Okay, that’s easy. Let’s go ahead and do that. So kind of play out those scenarios and see if your time is actually more beneficial, doing what you’re good at and what you enjoy. And then it just becomes affordable and easy to hire these things out that you are wasting time at and it’s actually costing you more money because you’re not even doing a good job at it.

Tony:
Love that advice, Ashley. I mean, I feel like we’ve given our rookies a pretty solid foundation for making this next year a super successful one. Any other final thoughts or ideas from you?

Ashley:
No, I don’t think so. Thank you guys so much for listening this week. And we hope that you guys are getting ready to set your goals for 2023. Send us a DM or chime in on the Real Estate Rookie Facebook group, or make a comment below if you’re watching on YouTube and let us know what your goals are for 2023. We would love to hear them. I’m Ashley, @wealthfromrentals. And he’s Tony, @TonyJRobinson. And we’ll be back on Saturday with the Rookie Reply.
(singing).

 

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

2022-11-30 07:02:34

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York Region Housing Market Outlook (2023)

Lydia McNutt

Senior Public Relations & Content Manager | RE/MAX Canada

Lydia McNutt is an award-winning writer, editor and public relations professional, with a focus on all things real estate. At RE/MAX Canada, Lydia translates market data and trends into educational and entertaining content for homebuyers and sellers, while furthering the RE/MAX brand’s reach, nationally and globally. Explore timely news articles, market trend reports and thought-leadership on blog.remax.ca. Lydia has been published nationally on topics ranging from real estate to architecture, design and decor, finance, business, technology, entertainment and lifestyle topics. Email Lydia at lmcnutt@remax.ca

2022-11-29 06:01:34

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Kingston Housing Market Outlook (2023)

Kingston housing market to favour sellers in 2021, prices expected to rise 10%

The Kingston housing market is in store for another seller’s market in 2021, thanks to continuing challenges in housing supply, growing demand and rising prices. Low inventory has been a common trend across many Ontario housing markets, putting upward pressure on prices.

Indeed, single-detached homes in Kingston saw prices rise to an average $464,083 in 2020 (Jan. 1-Oct. 31) compared to $417,578 in 2019 (Jan. 1-Dec. 31). During the same period, the average price of condominium properties in the region declined to $330,768, from $339,867 in 2019 (Jan. 1-Dec. 31). Low supply and rising prices are expected to be a continuing factor in 2021 market activity. Thus, the RE/MAX outlook for Kingston real estate is a 10% increase in average price to $510,491 across all property types, with sales expected to remain on par with 2020 levels.

Kingston currently has 1.3 months of inventory – a number that has been dropping every month, with more of the same expected for 2021. RE/MAX expects 2021 sales to remain on par with 2020 activity, and days on market will likely decline due to high demand in the region.

kingston housing market outlook 2021

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Who’s driving the Kingston housing market?

The Kingston real estate market has been experiencing a lot of “move-over” activity in 2020, with Kingston locals moving further out into more rural regions, and out-of-towners leaving larger urban centres in favour of Kingston’s lower price point. Move-over buyers are expected to continue driving the market forward in 2021, commonly seeking out two-storey detached homes, which is the prominent building type in the area.

First-homebuyers entering the Kingston housing market are typically young couples seeking townhomes in the $300,000 to $400,000 price range. These buyers are being challenged by low inventory and rising prices, which are being further exacerbated by increased demand from out-of-town buyers. These conditions are expected to continue into 2021.

Move-up buyers in Kingston, typically families, are showing some hesitation due to lack of inventory and the risk of not finding a home to move into once their existing home has sold. Limited supply and rising prices will continue to be an obstacle for move-up buyers in 2021.

Due to the inventory shortage, many homebuyers in Kingston have adjusted their expectation and are willing to accept minor defects if it means securing a home.

Kingston’s condominium market is expected to see some new supply coming on stream in 2021, however condos are generally not a significant market segment in the area, although this property type is beginning to increase. The biggest market driver for condominium properties in Kingston has been investors who are using their units as rentals for students attending Queen’s University.

The luxury property segment in Kingston is being driven by out-of-town buyers, who are able to buy more home for less money. Low supply, high demand and rising prices have characterized the luxury segment in 2020, which is expected to be a long-term trend.

Kingston new-home construction

Rising demand for Kingston’s resale housing market is spilling into the new-homes segment, which cannot seem to build fast enough in order to satisfy current demand. This is expected to continue into 2021. New-construction starts are up, but so are sales, with too few homes being built to meet current demand. New homes are generally priced higher than their resale counterparts, due to the rising cost of construction in the wake of COVID-19. Condo, townhome and semi-detached developments have increased in a move for higher-density housing, however single-detached homes remain in highest demand in the area.

Canadian housing market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

Canadian Housing Market Outlook REMAX 2021 Data Table

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”

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2022-11-29 06:01:35

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Greater Vancouver Housing Market Outlook (2023)

Vancouver housing market to continue as a seller’s market in 2021, prices expected to rise 4%

Vancouver real estate is expected to continue as a seller’s market in 2021. A healthy supply is anticipated for the downtown core and low interest rates will continue to impact housing activity. Buyers are anticipated to seek larger properties in suburban areas, rather than buying in the downtown core in 2021. The average sales price in Vancouver increased by 11.4% to $1,270,000 in 2020 (Jan. 1 – Oct. 31), compared to $1,140,000 in 2019 (Jan. 1 – Dec. 31). The RE/MAX Outlook for Vancouver real estate in 2021 is an increase of 4% in average price to approximately $1,320,800.

Who’s Driving Demand for Vancouver Real Estate?

Move-up buyers are currently driving demand in the Vancouver real estate market, which is expected to continue into 2021. Single-detached homes are the most popular property type with move-up buyers.

First-time homebuyers in Vancouver are typically single homebuyers looking for condominiums. These properties range in price from $400,000 to $500,00. Condominiums that are situated outside of the downtown core are drawing more first-time homebuyers than the condos located in the downtown core. It is expected to be a bit more difficult for first-time buyers to enter the market in 2021 due to rising prices for condominiums in Vancouver.

Move-up buyers in the Vancouver housing market are typically young couples and families. Move-up buyers have encountered some difficulties when looking to purchase a new home in 2020, as it is a strong seller’s market in Vancouver currently, so you must go in subject free. In many cases there are multiple offers, up to 10 in some cases, which is always a struggle for move-up buyers looking to purchase.

The condominium market in Vancouver is most popular with single homebuyers. The average price for a condo in Vancouver is $802,591. Overall, the Vancouver condo market has not been as strong, especially in the downtown core. This is due to the demand for condos having been reduced, even since before COVID-19.

Vancouver’s luxury market is currently driven by foreign buyers with a typical starting price for a luxury condo in Vancouver being approximately $2,000,000, while starting price for a luxury detached home is approximately $4,000,000. The demand for luxury home has increased in 2020, due to the interest rates being low. This is expected to continue into 2021, as long as rates remain low.

Vancouver’s Hottest Neighbourhoods

Vancouver’s top-selling neighbourhoods in 2020 were Kitsilano, Fairview and Mount Pleasant. The neighbourhoods are expected to remain popular in 2021 as they are well accessed neighbourhoods in great locations.

Vancouver New-Home Construction

Vancouver’s new-home construction has been softer over the course of 2020, with it being stronger over the past 4 months, benefiting from the seller’s market. New-construction homes in Vancouver are on the high end in terms of pricing. The new-construction market in Vancouver has been firming up over the past couple of months, so overall the housing market has been stronger. This is expected to continue into 2021.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.”

2022-11-29 06:01:39

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Windsor Housing Market Outlook (2023)

Seller’s market to prevail in 2021, prices expected to rise 15-20%

The Windsor housing market is likely to continue in seller’s market territory in 2021, with expectations for an active year ahead characterized by growing demand from move-over homebuyers and locals, low housing inventory and rising prices. Low inventory has been a common trend across many Ontario housing markets, putting prices on an upward trajectory. Indeed, the average selling price of homes in Windsor increased to $406,861 in 2020 (Jan. 1 – Oct. 31), up from $335,697 in 2019 (Jan. 1 – Dec. 31). With similar conditions expected next year, the RE/MAX outlook for Windsor residential real estate in 2021 is an increase in average price of 15-20%, to approximately $478,062 across all property types.

Wondsor Housing Market Outlook 2021

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Who’s driving the Windsor housing market?

Windsor has seen an influx of move-over buyers from in and around the Greater Toronto Area, popular among those seeking larger homes at a more-affordable price point. Move-over buyers are expected to be the primary driver of market activity in 2021.

First-time homebuyers in the area are typically young families seeking single-detached and semi-detached homes ranging from about $350,000 to $450,000. First-timers who had a difficult time buying real estate are unlikely to find any relief in 2021, with growing demand and multiple-offer scenarios expected to continue due to the housing supply shortage.

It’s not been uncommon in 2020 for first-time and move-over buyers to offer $20,000 to $100,000 over asking in an attempt to secure a property in this seller’s market. This is expected to persist in 2021 as well.

Move-up buyers in the Windsor area are typically young families. There has been some hesitation from them due to the strong seller’s market, with some buyers waiting to see if prices will fall (which they have not) or buying before selling their existing home, which is adding pressure to the limited inventory. Their work-around has been to increase their budget or lower their expectations. This is expected to continue into 2021.

Condominium apartments are very limited in Windsor, with a slim gap between the price of condos and townhomes in the area, reducing buyer demand. The few condos that do exist here are typically popular among retirees and downsizers, thanks to the convenience they offer.

Meanwhile, Windsor’s luxury real estate market is driven by move-over buyers from the Greater Toronto Area and surrounding regions such as Hamilton. Homeowners from these areas have recently seen their home values increase substantially, with many opting to sell and trade up for brand-new luxury homes in Windsor.

Windsor’s Hottest Neighbourhoods

Windsor’s top-selling neighbourhoods in 2020 were Lakeshore, LaSalle and South Windsor, based on the number of transactions. High-demand properties include one- and two-storey detached homes and townhomes, but anything competitively priced in the Windsor area has generally been quick to sell.

Windsor New-Home Construction

Windsor’s new-home construction is booming, popular among retirees and move-over buyers in search of more home for less money. The current rate of construction is barely meeting demand, which is expected to continue in 2021. Brand new homes are prices higher than their resale counterparts, impacted by the COVID-19 related shortage in building materials. However, homes in brand new developments are fairly priced, which eliminated multiple offers and allows buyers to negotiate fairly.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

Canadian Housing Market Outlook REMAX 2021 Data Table

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”

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2022-11-29 06:01:41

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Georgian Bay and Collingwood Housing Market Outlook (2023)

Collingwood housing market to favour sellers in 2021, prices expected to rise 8%

The Collingwood housing market was a strong seller’s market in 2020 – conditions that are expected to continue into 2021 as low inventory and rising prices continue to challenge homebuyers in the area. The housing supply shortage is a factor that’s been playing out across many Ontario housing markets, resulting in widespread rising prices. Indeed, Collingwood saw the average price of single-detached homes rise to $773,813 in 2020 (Jan. 1 – Oct. 31) compared to 2019’s average price of $607,831 (Jan. 1 – Dec. 31). Meanwhile, average condo prices also increased to $506,763 in 2020, up from $459,276 in 2019. The unusually hot 2020 condo market saw sales surpass 2019 levels by 43% by the end of October. RE/MAX expects this seller’s market to persist in 2021, with an 8% increase in average price across all property types, to $694,919, and sales expected to rise by 10%.

Collingwood currently has 2.6 months of inventory, with similar levels expected through most of 2021. Days on market are also expected to hold steady, with multiple offers on most listings expected to continue, as inventory levels lag. These conditions should carry through into 2021 and for the foreseeable future.

Collingwood housing market outlook 2021

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Who’s driving demand for Collingwood real estate?

It’s expected that move-up buyers will continue to drive the Collingwood housing market forward in 2021, with two-storey detached homes in greatest supply and in highest demand.

Move-up buyers in the Collingwood area – typically families – have not showed any hesitation on their part, but rather panic. The biggest obstacles to buyers in 2020 have been limited supply, rising prices, competing offers and difficulty finding a lawyer to handle their closing, thanks to the busier-than-usual market. Move-up buyers’ initial home-hunting criteria has not changed, however due to multiple-offer situations, many have had to adjust their expectations with regard to purchase price and offer conditions.

A general trend in the wake of COVID-19 has been growing interest in properties with easy access to natural amenities. As people are increasingly able and encouraged to work from home and perhaps home schooling their children, putting larger homes with offices and yards in high demand. Walkability to stores, parks, trails and proximity to Georgian Bay, Blue Mountain, and other recreational amenities have always been popular, but with the advent of a global pandemic, they are increasingly so. Prior to COVID-19, neighbourhoods were very important to Collingwood homebuyers, but due to low housing inventory and high demand, this is less of a factor now.

Looking ahead, COVID-19 and its effect on the needs and wants of homebuyers will have the greatest impact on the market in 2021, coupled with the demand on low inventory levels.

Collingwood’s condo market is stronger than usual, driven by single homebuyers and investors. Rising demand, increasing prices and declining supply have all contributed to brisk market activity in 2020. This is expected to continue into 2021, with low inventory prompting price increases.

Demand for luxury homes strengthened in Q3 and Q4 of 2020, driven by move-up buyers and second-home buyers. Rising demand and low inventory levels have impacted Collingwood’s luxury market, leading to a reduction in days on market, and upward pressure on prices. This is expected to continue into 2021, with higher-end luxury properties showing no signs of letting up. Competing offers for luxury homes are the norm, across all price ranges.

Collingwood’s hottest neighbourhoods

Collingwood’s top neighbourhoods for sales in 2020 were Wyldewood / Brandy Lane, The Tree Streets in Central Collingwood and Mountain Croft subdivision. This trend is expected to continue in 2021.

The Tree Streets in central Collingwood boasts large lots, with many older homes in the area being purchased and demolished to make way for very large, modern homes. Mountain Croft and Georgian Meadows are large subdivisions that are popular with families and have enjoyed brisk sales year-over-year. Mountain Croft has expanded in recent years, so this community is likely to see resales of the new product in 2021. There have been recent high sales with multiple offers, so it’s likely neighbours may jump in on the solid market. Georgian Meadows homes are older with larger lots than found in newer subdivisions, ideally located for ease of travel to Blue Mountain. Wyldewood / Brandy Lane condos are popular because they are newer and in close proximity to area amenities.

Canadian housing market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

Canadian Housing Market Outlook REMAX 2021 Data Table

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”

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2022-11-29 06:01:43

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Saint John Housing Market Outlook (2023)

The Saint John housing market experienced a decline in sales activity at the onset of the COVID-19 lockdowns in mid-March, however home sales quickly resumed in the second week of April. According to the RE/MAX Fall Market Outlook Report, sales activity is still going strong in the region and is expected to continue into the fall market. Prices have continued to climb and are anticipated to increase 7% through the remainder of 2020, due to lack of inventory, pent-up demand and high cost of building materials all impacting the bottom line.

Recreational markets within Saint John, such as Rothesay and Kingston, have experienced normal levels of activity that are common throughout the summer months. Waterfront properties in these regions have always been in demand from local buyers, this interest is expected to remain the same, even during the pandemic.

Atlantic Real Estate Market Trends

Other Atlantic Canada regions that reported low case counts of COVID-19, such as Halifax and Charlottetown, also experienced reduced market activity in March, however these Atlantic housing market declines were less pronounced than those experienced by some Ontario and Western Canada regions. Activity here returned to pre-COVID-19 levels by May 2020, and like many sellers’ markets in Canada, multiple offer scenarios continue to take place.

Canadian Housing Market Heat Map Fall 2020

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Canadian Housing Market Trends

Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. This is compared to the 3.7% increase that was predicted in late 2019.

Canadian Housing Market Data Table Fall 2020

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The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.

Canadians equally split on their confidence in the housing market

Canadians are almost equally split in their confidence in Canada’s real estate market, with 39% as confident as they were prior to the pandemic, and 37% slightly less confident. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell. “The classically hot spring market that was pushed to the summer months due to the COVID-19 pandemic created a surprisingly strong market across Canada and across all market segments,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Looking ahead, government financial aid programs may be coming to an end in September, which could potentially impact future activity; however, the pent-up demand and low inventory dynamic may keep prices steady and bolster activity for the remainder of 2020. Overall, we are very confident in the long-term durability of the market.”  Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey:

  • 48% of Canadians would like to live closer to green spaces
  • 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics
  • 33% of Canadians would like more square footage in their home and have realized they need more space
  • 44% of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)

About the 2020 RE/MAX Fall Market Outlook Report The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments.

READ THE FULL REPORT

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2022-11-29 06:01:45

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Calgary Housing Market Outlook (2023)

Calgary to continue as a balanced market in 2021, prices to increase 3%

Calgary real estate is likely to continue as a balanced market in 2021, with ongoing economic factors related to the oil and gas sectors, as well as COVID-19, expected to impact market activity. Further lockdowns due to COVID-19 will impact housing activity as open houses will likely stop. The average sales price in Calgary increased 0.03% to $458,742 in 2020 (Jan. 1 – Oct. 31), compared to $458,600 in 2019 (Jan. 1 – Dec. 31). The RE/MAX Outlook for Calgary real estate in 2021 is an increase of 3% in average price to approximately $472,504.26.

Who’s Driving Demand for Calgary Real Estate?

Move-up buyers and first-time homebuyers are currently driving demand in the Calgary real estate market, which is expected to continue into 2021. The most popular property type among these buyers are single-detached homes.

First-time homebuyers in Calgary are typically single homebuyers and young couples, looking for single-detached homes. These properties range in price from $350,000 to $475,000. While first-time homebuyers were initially hesitant to buy, many have decided to purchase due to low interest rates.

Move-up buyers in the Calgary housing market are typically families who have been in their home for a number of years, and whose jobs haven’t been affected by COVID-19 or the economy. There has been no real hesitation from move-up buyers who are looking to purchase a new home due to the current climate in 2020. Many of those who are buying have gone through a 5-year recession and have jobs that have been unimpacted by COVID-19.

The condominium market in Calgary is most popular with single homebuyers and retirees/downsizers. The average price for a condominium in Calgary is $226,220. There is currently 7 months of supply for condominiums in Calgary, and this is not expected to improve in the next 1-2 years due to the large number of used properties, as well as lots of new construction.

Calgary’s luxury market is currently driven by move-up buyers with the average starting price for a luxury home in Calgary being $750,00. While COVID-19 has not directly impacted the luxury market in Calgary, it has impacted the economy, which is expected to be a long-term impact.

Calgary’s Hottest Neighbourhoods

Calgary’s top-selling neighbourhoods in 2020 were North Central, South Central and North West/Central West. North Central is popular due to its proximity to both the airport and downtown, which South Central is a newer area that is close to the hospitals. These neighbourhoods are expected to continue to be in-demand in 2021 because of their access to amenities and transit.

Calgary New-Home Construction

Calgary’s new-home construction sales are down currently, with many developers currently looking for land to build on. There was a project that was turned down a few months ago, as the developers did not want to take on more expenses due to COVID-19 and the current economy. The number of homes currently being built in Calgary is sufficient to meet the current demand, and new-home sale prices are very competitive compared to the resale market.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“Despite the tragic impacts of the pandemic, our optimism in the strength of Canada’s housing market has always remained,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While we’ve seen a significant shift in buyer preferences this year, we believe factors such as the supply issue, pent-up demand and historically lower interest rates will continue to fuel activity in 2021.”

2022-11-29 06:01:49

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