OSEYE COHEN, A.I.M.A - Toronto's Expert on Vacant Properties
Welcome! I am Oseye-Patricia Cohen, the author of the upcoming book; The Vulnerability of a Naked Property. I am an Associate Member of the Institute of Municipal Assessors, and Toronto's Expert on Vacant Properties, where I help prevent deterioration, mitigate risk and maintain property values.
Having graduated from Seneca College of Applied Arts and Technology, from the Real Property Administration Program, along with a certificate in Real Property Assessment from the University of British Columbia, I am a Real Property Administrator and Project Manager by trade. I am a Real Property Administrator and Property Manager at 12 Gates Property Services, providing preservation services. I work with independent contractors who are the best at their trade, and together we manage, maintain, and restore properties as they are waiting to be sold or tenanted.
12 Gates Property Services is a property management company that offers property maintenance, field reporting, and real property administration services to real estate investors, private lending institutions and real estate investment companies, and providing a wide range of support services designed to minimize financial loss and maximize cash flow performance of residential property investments.
My goal as an entrepreneur is to build positive relationships and partnerships with other like-minded investors and entrepreneurs in the Toronto and Greater Area to encourage abundant growth and prosperity in real estate.
Contact me to request a free strategy call to discuss the needs of your investment property:
Oseye Cohen, A.I.M.A
Property Administration Strategist | Business Growth Mentor
Toronto's Expert of Vacant Properties
Upcoming book release
Watch out for my upcoming book! The Vulnerability of a Naked Property
How to Protect Your Real Estate Asset as it Sits Vacant for 30 Days or Longer.
Join the waiting list for the upcoming release.
my start in real estate-My Story
I was in my twenties when I first began investing in Real Estate. Watching infomercials late at night got me excited of the thought of using "Other Peoples Money" to build my wealth and be financially free! I eagerly got out there and searched for properties to flip, hold, and rent. I was making offers left, right, and center!
The good part of it was that I took immediate action and gained a lot of experience. The problem, however, was that I didn’t have the patience that is required when investing in real estate. Instead, I took short cuts and didn't do careful due diligence on every potential investment. I made the mistake of only relying on what real estate agents and mortgage brokers told me, rather than analyzing the numbers for myself. Don't get me wrong, Realtors and brokers could be key players when it comes to purchasing property, however, as a business owner in real estate the onus is on you to make sure the numbers are right.
During my start in real estate investing, I didn’t have a mentor or adequate support and I struck out with my third investment property. I experienced a Power of Sale that completely devastated me. I had a student housing rental that had a good location, nice layout, however, the numbers were off...way off. I purchased it based on inaccurate information and during the purchasing process, I was forced to follow through on possession after the agreement was already accepted. A few years passed and when I needed to sell, the Current Market Value (at that time) did not jive with my outstanding Mortgage Balance and the result was a Short Fall Sale.
Although the situation was both devastating and humiliating for me, it was an experience that changed my life for the better. Instead of living in defeat, it became my motivation to keep going. I decided to study and learn real estate from many different perspectives. When I went through my Power of Sale experience, I was introduced to the flip side of Real Estate investing; The Recovery Process. The Property Management company that handled my case did a terrible job; they came a day early to change the locks and clear out all my tenants leftover debris. I didn't expect them until the following day, and they showed up banging on the door as though they were trying to knock it down. The worker was very rude and somewhat intimidating. I had already felt defeated and his presence only made matters worse. I told them that I didn't expect them until the next day, because I needed more time to move furniture out. Grudgingly, they left.
I had already had the property listed for more than 5 months, and it was several months later after losing possession that I learned that the house finally sold...having a significant shortfall. It was then that I realised very little effort on behalf of the Property Management company to clean and fix my 5-bedroom student house to be able to show well, instead, they sold it “as is”, which was below Fair Market Value and a significant loss to me. No effort was made on their part to improve its marketability what-so-ever. Later I discovered that in the Mortgage Act. that a mortgage lender has a duty to the borrower to accept an offer that provides the highest value possible. That didn't happen in my case, and instead, there was a shortfall that was a gain for the Property Management Company, Legal Team, Realtor and the Homebuyer who scored with a 10-15% property below market value! And nothing left over for me.
After this experience and I had a new awareness about the process that occurs after a mortgage default, and I made a decision to gain a formal education in real estate; more than just late-night tv infomercial real estate investment tricks and methods, I wanted to learn how to go deeper and analyze property values, cash flow strategies. I studied and obtained certificates in; Property Management; Mortgage Financing, Real Property Assessment, and Administration. All of this, combined with my previous training in Real Estate Investing, and Cash Flow Financing, I got the behind the scene picture of real estate investing.
It is true what they say about hindsight being 20/20. I was able to understand the role of the property management company that evicted me from my investment property, and I knew that I could do better than them, and provide better services in my own property management company. Today I am a Property Administration Strategist at 12 Gates Property Services. What we do is protect properties while they sit vacant due to Power of Sale, evictions, abandonment, while in probate, or simply in between tenancies or new ownership. I work with local independent contractors in various trades and with specialized skills and as a team, we provide vacant property management services also known as Property Preservation. We provide real estate support services with integrity and care, for both the mortgage lender and borrower. As a strategist, I analyze, manage, and increase the value of properties with improvements that will help you to sell or rent much faster in any market.
Do you have an investment property that is sitting vacant? Request a free strategy session with me to see how I can help!
We protect properties while they sit vacant with All-in-One Property Services:
Management, Maintenance, Restoration and Presentation
of residential properties, helping you to rent or sell faster.
Request a copy of our Organizational Capability Profile:
Property Preservation is the action taken to preserve and protect a property. The act of property preservation is intended to prevent or lessen deterioration of the property that may result from vacancy, abandonment, or the neglect of bad tenants.
Market Analysis Advisory/Consulting Services
We provide our clients with qualitative and quantitative research and reports of local policies, projects and special phenomenon related to zoning, planning, and development. We seek out opportunities using Highest and Best Use Practices for future developments; determining the full potential value of new construction or improvements on land.
Our primary role is to provide Landlords, Property Managers, and other individuals with investments in real estate with support in managing their properties. Our property administration services include comprehensive report writing; Residential room by room condition evaluations and photos, Insurance procurement, Inspection Reports, Current Value Assessment (CVA) Analysis and Property Tax Valuation Appeals for Assessment Review Board hearings, Preparation of annual financial statements for Canada Revenue Agency, and analysis and abstractions of lease for the purpose of implementing revisions. Our day to day operations includes: maintaining physical integrity and implementing property improvement systems.
Short Term Property Management
We provide short term property management services for unexpected situations that include: Away from home vacant property management services for travelling homeowners, extended landlord absences, and short term tenant services for properties going through a transition, property management for with vacant properties due to Power of Sale, evictions, divorce, abandonment or while in probate.
Mortgage Field Services
We provide Private Mortgage Lenders with beginning to end processing and management of your mortgage secured investments by protecting properties and minimizing further loss. Walking with you through the Power of Sale process, our system is designed to provide timely recovery services that include: field reports, current market value reports, occupancy verification, weekly Realtor sales progress reports, and other as needed information or status reports based on client guidelines and request.
Restoration Services/Project Management
We help in the restoration and presentation of residential properties after natural weather events, and deterioration. Renovating homes to update surfaces, fixtures or other aspects of each property to modernize and increase the quality of construction with more durable and resistant materials and construction techniques. This includes planning, equipment and material acquisition, area preparation and protection, setup and cleanup.
I Work with independent contractors and small business ownerS
The Handyman's Helper
I work with independent contractors who are experienced and the best at their trade, and also those who are just getting started. Independent contractors and small business owners in trades face many challenges when it comes to administration, marketing, and customer service. That's where I come in. I provide support with your business administration tasks that you don't have the time to do, or you might not know how to do it. I am the Handyman's Helper, your virtual assistant during busy times, and working in the background helping to look like a Superhero to your customers!
Virtual Administration Services
The Handyman's Helper is Your Virtual Assistant and Business Coach. I keep you up to date on the latest information about products, tools, and resources to help you on the job and how to market and grow your business.
For the Contractor Pro, I offer administrative support services to help you solve the problem of the extra expenses involved when hiring office staff and how you can earn more profits by reducing excess overhead costs in your business with Virtual Administrative Assistance.
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To DO, or Not To DO: A contractors guide to outsourcing
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