how we earn our money

At Prestigious Properties provides an easy, low-risk, yet tangible asset/investment vehicle that has a number of benefits. We do all the legwork to reduce your risks and increase potential returns. We think it's appropriate that if you're going to pay someone to look after your money, you should know exactly how it is they are earning it.
Most importantly, it should be money well spent.

checklist of events

  • Investigate location/area of North America to invest in
    (recently we bought in Powell River on BC’s Sunshine
    Coast due to low prices and expected upside due to baby boomers retiring – we’re also buying in Saskatchewan and Texas right now).


Investigate location once city or metroplex is selected (we like “B” areas where value can be created fast... as opposed to “A” locations that are often too pricey or “C” locations where rent increases are tough to realize due to bad tenant profiles and management problems).

  • Screen/filter potential investment properties using realistic rents and/or expenses.

  • Write offer on selected property (this may involve
    multiple offers and multiple iterations since typically not all offers will be accepted).

  • Negotiate terms and conditions of offer.

  • Finalize offer.

  • Set up the legal structure/corporation, and co-investor
    structure usually via a joint venture or limited partnership
    agreement.

  • Select property manager, onsite manager and other
    professionals (such as tax advisors, inspectors, appraisers,
    bankers, engineers, roof experts, boiler mechanics)
    that may be required to inspect the property initially
    and operate the property on a day-today basis.

  • Will market, rent, fix up, repair, paint, landscape and/
    or enhance said property to standards that Prestigious
    Properties sees fit to achieve appropriate rent and/or
    resale value.

 

 

  • Will keep a record of such fixtures, repair material
    and/or landscaping material expenditures and/or of all
    other expenses, such as property management fees, subcontractors, onsite managers, taxes, insurance, realtor,
    legal, advertising and/or related expenses to market,
    upgrade, rent and later sell said property.

  • Set up WCB (Workmen’s Compensation Board),
    contractor, Rona, Home Depot or supplier accounts.

  • Negotiate and set up preferred vendor, supplier and
    contractor list.

    Negotiate with financial institution to obtain, initially
    and/or later, re-finance using 1st, 2nd and/or CMHC
    or FannieMae insured mortgages.

  • Manage all relationships with banks, realtors and/or
    3rd parties.

  • Set up reporting and e-payment mechanism to investor.

  • Act as the primary interface to property manager, or
    may manage properties inhouse.

  • Adjust rents frequently with market realities.

  • Invest frequently (but not always) personally into
    the venture.

  • Review and sign all necessary legal documents.

  • File annual or quarterly statements/documents that
    may be required by various jurisdictions.

    Sign required personal guarantees for required
    mortgage(s).


> Next page in Business Model section: Typical Property Improvements