Welcome to the Truth About Real Estate Investing show, where we talk to real people with real results, and we reference-check guests before coming on the show!
Funny thing about reference checks, as a benefit of being one of the old farts of the investment real estate community since 2008 when I joined REIN and attended hundreds of other networking events, I’m lucky to have many friends in the community hence reference checking is easy as making a phone call.
Another benefit of my advanced age is I’ve seen many investors and investments come and go, including when many lost their shirts in 2009.
I know many of those investors personally, and their lessons will always stay with me and be shared with our coaching clients. Yes, my team at iWIN Real Estate are licensed real estate professionals who provide coaching services to our clients.
For all you budding Realtors out there who want to service investors, in my experience, the sooner a client is successful in renovating and/or renting out their property, the sooner they buy their next property and send referrals. It’s just good business to have lots of successful investor clients.
I remember back in 2008, during the financial crisis, we were worried about the recession. Major banks in the US were going bankrupt then the news got worse, a tenant in our duplex gave notice they were moving out.
This was early in our investing journey, and without a mentor, or coach, we thought we were in trouble, but we posted our ad on Kijiji, and the interest just poured in. After a week of showings, we had four applications; three were super solid.
What we learnt from that experience is when people can’t get a mortgage, this was the credit crisis after all, plus a devastating crash in the financial markets, fear was at a high, and there were more tenants as people still needed a roof over their heads.
As we were rather novices, we actually asked for a $200 cash or certified deposit to accompany the rental application, which people provided.
We did away with this process as it became a pain to return the money for declined applications…
In the end, our fear was for nothing, we signed a great tenant at a higher rent than the previous, and we had no other vacancy in our portfolio.
Our biggest regret is we only bought one house during that recession which barely put a dent in the market with rates still being low and immigration so strong.
We could buy bungalows those days under $200k in our target markets which would sell for over 600k even pre-pandemic.
Our strategy survived that generation’s recession, and we’ve only improved upon it since then if this market keeps going down for the next 6-12 months, I welcome the opportunity to buy for cheaper as Canada, and the golden horseshoe still offers us tremendous opportunities. This may be our best and last opportunistic dip in the markets.
What to buy on the dip?
With economic winter upon us, I’ve asked all our special guest speakers to speak on the subject at our upcoming Wealth Hacker Conference on Nov 12th, 2022, at the Toronto Congress Centre.
For example, our stocks expert Derek Foster who is net positive on the year and holding 60% of his portfolio in cash, is waiting for a bottom to back up the truck to buy boring stocks.
Derek nailed his picks back in 2020: Suncor, Enbridge, Berkshire, Disney, etc. I can’t wait to grow my income stream from Stock Hacking.
Dalia Barsoum of Streetwise Mortgages, a financial wizard, has a brand new presentation to detail a beginner to advance an investor’s journey to maximize mortgage ability while weathering an economic storm like the one we’re in.
Jordan Anderson, COO of Bitbuy, Canada’s largest and first registered crypto exchange. Jordan tells me he’d rather buy cryptos on the dip than an investment property.
We’re like complete opposites, but I can’t deny the future of blockchain and decentralized finance and want more education on the subject from one of Canada’s leading experts in crypto and blockchain.
All this and much more. www.wealthhacker.ca for details and my discount code for you is the five-letter word “truth”.
If you want the truth about where the world is going, what the experts are investing their own money in and when, and how to avoid financial devastation, then the Wealth Hacker Conference is for you!
On a personal level, Cherry and I had our first quarterly one-on-one meeting with no electronics or screen time with the most important stakeholders, investment partners, and business partners in our lives. Our kids, Robin and Bruce.
At Robin’s request, Cherry took Robin to a pottery class, followed by a manicure and pedicure. At Bruce’s request, I took him to a video arcade called Dave and Buster’s, followed by virtual golf. I don’t think I got it right as I failed to budget enough time for dinner as we didn’t end up eating till 8:30 pm but done is better than not done, and we’ll get it right next time.
The kids had a blast and can’t wait for the next quarterly meeting.
Robin has already requested I take her to Lego Land as she’s never been, and that’s what we’ll do.
For me, putting my phone away is difficult to do as I’m a serial multitasker but quality time with the kids while they still want to hang out with us is short.
A good friend of mine warned me his 12-year-old daughter flipped like a switch. She refuses to be seen in public with him and shares how their text message exchanges consist of the daughter asking for money to go to Starbucks with her friends.
If you would like to do some reading on the subject of scheduled quality time with the kids, I recommend “the Family Board Meeting” by Jim Sheils, who happens to be a super successful real estate investor in Florida. Link in the show notes: https://www.amazon.ca/Family-Board-Meeting-Connection-Children-ebook/dp/B07GJ6SQYX
Once the conference is over, I will be booking quarterly meetings with my mom, dad, brother and sister as well. Date nights, too, with Cherry!
Enough from me, on to this week’s show!
Sept Market Update: Detailing Deals in Belleville, ON. With Coach Stephen
Our Market update two weeks ago with Coach Tammy DiTomaso was a hit.
FYI to our 17 listeners, the vast majority of real estate investors are investing as a side hustle.
The truth about real estate is the folks who successfully make full-time careers as investors are a small minority.
I remember asking a mortgage broker friend who focuses on investors tell me only 1% reach 10 or more properties. That number has gone up a lot since then, but my point is, do what’s right for you.
No need to compare yourself to folks with hundreds of doors.
The other truth is several investors are in financial distress right now who were over-leveraged and had challenges executing their flips or BRRRs of simply speculated and can no longer afford their investments at the current interest rates.
Boring, cash-flowing starter homes is the bread and butter of our team since 2010.
Starter homes with renovations to increase cash flow, such as basement suite conversion or student rentals, worked pre-pandemic and still work in this declining market hence we have Coach Stephen Phillips to talk about the towns east of the GTA in terms of the deals and the numbers behind what properties investors are buying right now in today’s market that make sense.
Coach Steve has extensive experience in real estate, having owned and operated a kitchen and countertop business. Their stuff was so nice they caught the attention of HGTV’s Scott McGilvray, and his business was part of 20-something episodes on Scott’s shows.
Steve grew up in the Durham area, East Greater Toronto Area and now focuses on the areas East in the investor-friendly towns from Oshawa and Kingston but primarily the sweet spot of Belleville.
The most common request we receive from new clients is “I want a deal,” so as a service to you 17 listeners, we’re here to provide context to what a deal looks like, so have your pens, paper, and spreadsheets ready as we’ll talk to current opportunities and the analysis behind them.
Please enjoy the show!
This episode is brought to you by me! We don’t have sponsors for this show. I only share with you services owned by my wife Cherry and me. Real estate investing is a staple in my life and allowed me to build wealth and, more importantly, achieve financial peace about the future, knowing our retirement is taken care of and my kids will be able to afford a home when they grow up. If you, too, are interested in my systematic strategy to implement the #1 investment strategy, the same one pretty much all my guests are doing themselves, then go visit www.infinitywealth.ca/events and register for our next FREE Online Training Class. We will be back in person once legally allowed to do so, but for now, we are 100% virtual.
No need for you to reinvent the wheel; we have our system down pat. Again that’s www.infinitywealth.ca/events and register for the FREE Online Training Class.
This episode is also brought to you by www.stockhackeracademy.ca, where everyday real estate investors learn the best practices in stock investing to earn cash flow in about 15-30 mins per day from their mobile phones. After real estate, Stock Hacking is the next best hustle, as you’ve heard from many past guests on this show. Among our students last year, 31 trades were shared with them. 30 were profitable for an over 96% success rate and 12% return on capital. I will be giving free demonstrations online, very similar to the one I gave my kid cousin, a full-time musician who just made a 50% return in 2021. Past, of course, does not predict the future, but if you’d like a free demonstration, go to www.stockhackeracademy.ca in the top right and click FREE Demo. At the demonstration, I’ll have special bonuses. We do not advertise publicly for all my favourite listeners, and I only have two more demos to give in the next few weeks.
Don’t delay www.stockhackeracademy.ca, what I consider the future of side hustles with real estate so unaffordable for many.
Just a friendly reminder that we are hiring more investment Realtors who want a full-time challenge to help our clients, regular everyday people, mostly from the GTA, invest in the top investment towns west of the GTA.
This is for driven folks who want to multiply their current incomes.
APPLY HERE: https://www.infinitywealth.ca/hiring
To Follow Stephen:
HELP US OUT!
BEFORE YOU GO…
If you’re interested in being a successful real estate investor like those who have been featured on this podcast and our hundreds of successful clients please let us know.
It is our honour to give back and educate others on how we build cash flowing real estate portfolios using all the best practices shared on this podcast, from the lessons of our hundreds of clients and of course our own experience in owning investment real estate.
If you didn’t know already, we pride ourselves on being the best of the best real estate coaches, having the best property managers, contractors, handy people, cleaners, lawyers, accountants, everyone you need on your power team and we’re happy to share them with our clients to ensure your success.
New investor or seasoned veteran investor, we can help anyone by providing our award winning coaching services and this isn’t all talk.
We have been awarded Realtor of the Year to Investors in 2015 by the Real Estate Investment Network, 2016 by the Canadian Real Estate Wealth Magazine and again in 2017 because no one told the judges no one is supposed to win the award twice but on merit, our peers deemed us as the best. In 2018, we again won the same award by the Real Estate Investment Network.
Hopefully being the most decorated team of Realtors in Ontario will make you consider us for your first or next real estate investment. Even if you don’t invest in our areas, there’s a good chance I know who would be ideal for you.
I’ve been around for a while, some Realtors are talented at servicing investors there are many with great ethics. The intersection of the two, talent and ethics is limited to a handful in each city or town.
Only work with the best is what my father always taught me. If you’re interested, drop us an email at email@example.com.
I hope to meet you at one of our meetups soon.
Again that’s firstname.lastname@example.org
Infinity Wealth Investment Network – would you like to know how our investors returned 341.8% on positive cash flowing real estate over the last five years? On average, that was 68.4% per year.
Just imagine what winning in real estate could do for you.
If you would like to know how we did it, ask us how by calling 289-288-5019 or email us at email@example.com.
Don’t delay, the top markets we focus in are trending upward in price, so you can pay today’s price or tomorrow’s price.
Till next time, just do it because I believe in you.
Hamilton, St. Catharines and Toronto Land Development, Real Estate Investor, and soon to be builder.