Sometimes it’s a pain to be on this truth journey.
Sadly, I learnt that a young man in his late 20s recently went bankrupt despite having a five-figure coach.
My socials were on fire as I posted a picture of me interviewing Alex Solga, who, along with his business partner, declared bankruptcy last August.
They both invested heavily in education and coaching but ego and greed drove them to some terrible investment decisions.
It is unfortunate to see lives being destroyed.
Theirs and those of their investors, especially the promissory note holders who are owed millions and no one knows when they’ll see their money returned.
There’s a reason we do not recommend flipping to novice clients. However, the topic always comes up with new investors thanks to reality TV and social media.
The truth about real estate is the successful flippers I know all have a “buy and hold for the long-term” portfolio. All the veterans know there is a lot of money to be made in just holding.
I spoke to a friend this past weekend who’s been holding onto land for 20, 30-something years and still hasn’t built anything.
Thankfully his property keeps going up thanks to the pandemic and the loosening of zoning restrictions, but there is no cash flow.
Let me repeat, Donato’s own words are, “There is no positive cash flow until he either sells or actually builds something to sell or rent out.”
The truth about real estate is it’s not all that sexy, but the returns to my clients and me are worth it.
As I continue to conduct strategy and portfolio reviews with my clients, they reinforce for me how life-changing investing in real estate has been.
Our conversations are about growth, how to improve cash flow, and the path to six-figure cash flow per year. RESPs: real estate savings plans for their children.
The longer a client has been with us, the greater their success, as time in the market is a profitable factor in my experience.
It’s slow, boring, and earning my clients millions of dollars who are everyday, hard-working Canadians.
Please don’t make mistakes; all you coaches out there listening, please don’t give bad advice.
I spoke to a new investor on the weekend who also pays five figures for coaching, yet they invested in a non-legal duplex with students living in the basement.
In their Realtor’s opinion, “it should be ok,” though no one’s told this investor the property in the new rental licensing area, which requires a fire inspection and a fire inspector will not be happy with what they see.
How this subject did not come up before she bought the house, I do not know, and just a reminder, ignorance of the law is not a legal defence.
How do I know she has a problem?
I’ve met with the now head Fire Inspector at the Hamilton Fire Department and asked him how to operate safely.
I understand building and fire codes well, having been part of hundreds of renovations between my portfolio and clients.
Plus, my own morals and ethics wouldn’t allow my client to operate a rental with the potential of someone getting hurt in a fire.
Do you know how a fire or city inspector shuts down a rental property? It’s not like they bar the doors or change the locks.
One time, as part of an inspection condition on a commercial property, I had a fire inspector from the local fire department inspect the property with written permission from the seller.
The next day they left a notice on the door of improper use of an extension cord; the notice stated the fine would be $1,000 if not remedied and $1,000 each month after that.
So investors beware, operate above board or live with the consequences. Comparison-shop your coaches.
If you can believe it, I was asked what to ask a coach as part of due diligence.
I suggested asking how many bankrupt past coaching clients they have as part of a longer list.
There are a good number of great operators in this industry who both care and can deliver results, but a lot more who are unproven, leaving disaster in their wake, and some have already disappeared.
Choose wisely and comparison-shop.
Feel free to attend any of our events where we take investors inside our clients’ properties and share numbers.
You can network with them, and they’ll tell you how it is to be coached by us at no out-of-pocket expense as we are licensed Realtors, and we get paid via a Realtor’s commission.
Best in-class coaching at no extra cost, delivering results that suit most investors, most of the time since 2010.
Speaking of events, our next iWIN meeting is a hybrid event of online and in-person.
Our presentations will be delivered live via Zoom, and recordings will be available, followed by a boots-on-the-ground educational tour in Hamilton on Saturday, April 22nd.
We’ll all meet at the #1 ranked coffee place in all of Hamilton, tour inside and out an income property or two, followed by a mastermind lunch with like-minded folks, including some of my clients.
The vibe is friendly and sharing as that’s the crowd Cherry and I tend to attract, and sharks know to stay away.
If you’re looking for a place where theory meets reality, you’ve found it.
Keep an eye out for the invite in our email newsletter. If you’re not on it, you’re welcome to join the over 10,000 hard-working Canadians already on it.
Go to www.truthaboutrealestateinvesting.ca, enter your name and email address on the right, and let’s go!
This market is gaining momentum, with fixed mortgage rates starting to come down.
My neighbours are selling within a week, and it’s just as fast for the good properties we identify as income opportunities.
The Conference For Multifamily Investors With Seth Ferguson
On to this week’s show!
Today we have the host of the mega-conference, the Multifamily Conference, Seth Ferguson, on the show.
If you were at the event headlined by Kevin O’Leary last year, you know it was a really great one. This year, Seth has been inspired by 10X with headline speakers Grant Cardone and Alex Rodriguez, who is best known for his successful baseball career.
At one time, being Baseball’s highest-paid athlete, more recently on television’s Shark Tank, and he’s a mega apartment building investor himself.
The event will be big, with around 2,000 attendees from all over North America expected for a three-day event.
I’ll have a booth there, so please come by and say hi or I’ll see you at one of the evening events or lunch or breakfast.
I enjoy networking, and if networking is your thing, you’ll likely want to be at Canada’s largest investor conference of the year.
Seth is here today to share what it takes to run a successful conference, what one can expect, and how there is something for everyone, both beginner to mogul.
There’s even a whole day dedicated to beginners on Friday, and if you like VIP treatment, then Seth has you covered with exclusive networking events at exclusive venues, but I’ll let Seth explain them to you.
Seth is also working on some investment stuff he’ll announce at the conference, but you’ll get a sneak peek on today’s show.
The information and opinions expressed in this podcast are solely for educational and informational purposes and should not be considered investment advice. The hosts and guests of this podcast are not licensed financial advisors, brokers, or registered investment advisors, and their comments should not be construed as recommendations or endorsements of any specific investment, security, or strategy.
Me personally, my team of coaches, and I are licensed Realtors of Rock Star Real Estate Brokerage Inc. and proud to be. While easy to obtain the same licence, not all are the same, our rates are in line with the market, but we’re four-time winners as Realtor of the Year to real estate investors with 50 or so self-made millionaire and multi-millionaire clients.
Investing involves risks, including the possible loss of principal or worse. Therefore, before making any investment decision, you should conduct your own research and consult with a licensed financial advisor to determine the suitability of any investment for your specific financial situation and investment goals.
The hosts and guests of this podcast make no representations or warranties as to the accuracy, completeness, or timeliness of any information discussed in this podcast. The podcast is not responsible for any errors or omissions or the results obtained from using this information.
Listeners are advised to use their own judgement and seek the advice of professionals before acting on any information provided in this podcast. The podcast shall not be liable for any damages, including but not limited to direct, indirect, special, or consequential damages arising out of or related to the use, inability to use, or reliance on any information provided in this podcast.
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.
To learn more about the Multifamily Conference:
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.