First, Happy Thanksgiving to all who are reading this.
Second, since it is Thanksgiving...what the heck are all of you doing here today! LOL?
Third, This is a great topic, and I think it must strike home with many here. There's a reason why so many of us are here, unpaid, so often, answering questions for others...and getting answers too. It isn't only for business reasons, since everything any entrepreneur does has business somewhere connected (not that it is the first reason for doing).
That "giving back" is so important to everyone's "internal acceptance system". When you see, or in this case read, the success stories of others that you/we have had a hand in, there is a gratification that goes beyond the dollars we have made (and lost) doing the same things the "others" have or are going to do. There's a piece of us that extends into them, and we are a part of their success. Personally, and I know many others here feel the same way, once our "financial" need has been achieved, there is no greater satisfaction, no greater success, than in the success of others we have had a hand in...the "internal" need.
Our personal net worth is not, and can never be measured, by "$$$$"...We can't take it with us.
Our net worth is measured, in the end, by what we've left behind...and in "who" we've left it. It's our legacy. It's the "equity" of our lives...and if it has any true value, long after we're gone, it continues to appreciate, and is appreciated, by everyone we have meet.
Sorry about bringing my soapbox to work today (LOL), but this question made me think, and...
Again, Happy Thanksgiving to one and all.
I'm thankful for the community in which I live.... the people as well as the place I call home.
"We strive to provide safe, clean, affordable, comfortable, and quiet housing, for responsible renters in the the neighborhoods of west Vancouver."
That's our mission statement.... the operative word is "responsible". We rent to people who are inherently good, who we see as having value, who we respect. They show us respect in return and are not apt to cause trouble. We have 17 rental units and have only had to do three evictions in over 22 years of landlording. We have a strong rental agreement and the moxie to enforce it. We gently guide tenants to perform well. Not only do they benefit by being able to continue to rent the places where they now live, but they are building a good rental history for the future.
But affordable is also key. Housing prices have skyrocketed in recent years and many people are being forced out of their homes. We are one of the few refuges where tenants can live without fear of being pushed to the brink. By renting our places below market, many people tell us we are leaving money on the table. But we see it differently. We see it as investing in our community. The extra money we could make per unit is quickly regained by longer tenancies and less money lost by vacancies and turnover costs. We establish a good relationship with our tenants over time and we are able to manage the units with ease.
Safe, clean and comfortable is important too. Many of our tenants are seniors, aging in place. Others are single moms with kids. Many single folks in their middle years of life as well. People of various ethnic backgrounds too, some who are multilingual. Those who live at our 8-plex have the opportunity to meet and become acquainted with others different from themselves. It all supports a grander sense of community.
We also partner with law enforcement to keep our communities safe. We've taken classes they've offered and have incorporated aspects of CPTED...crime reduction through environmental design. We partner with housing programs too to help the less fortunate. I've even taught classes to low-income folks who needed to learn how to be successful as a tenant... "Money management matters." "The inquiry and interview". "Establishing and maintaining good landlord-tenant relationships."
Lastly, giving back means sharing what I've learned over the years with others. I'm very active in our local rental association and with the mentoring program here. I'm active on Bigger Pockets too! Being able to share tips and strategies with others has been mutually rewarding. It benefits not only us, but also the people we serve.... our tenants... our community.
Happy Holidays everyone!
Happy Thanksgiving! Giving is interesting to me. In the beginning of my real estate business journey we gave a lot of our time that was closely related to Church activities. We really didn't have a lot of money to give. Now it is easier to give money more than time, and my wife and I certainly give back to the community. My late mother instilled this in me. The things that drive me to succeed, are the desire to increase what we can give back, working with my kids to possibly build them some real estate assets and learning to build my business in a manor I start to get some time back. More time will enable me to work on charity that requires my time more. I truly believe one needs to giving to succeed in this business.
@Joe Villeneuve no need to be sorry. It was very well said. Thanks for your post.
@Marcia Maynard this is great. I can totally relate. I have a retired senior widow tenant and has been there going on 5 years. She has never been late in fact most of the time pays early. The yard is always in tip top shape. I could have raised the rents over the years but have choose not too. I would rather keep the great tenant.
It is like you said a respect thing. She respects me and our property. I in turn respect her to not raise the rent and keep it affordable for her. This helps the neighborhood by keeping the good people in.
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