The interesting thing about this show is that I never know what episodes will perform well, and Ben Bergen’s episode did indeed surprise.
Who knew you, our 17 listeners, would be interested in a newer investor who almost lost it all even though they’d spend around $50,000 in real estate investor coaching?!
Please allow me to reiterate… Based on my observation, what allowed Ben to survive was:
A) He was local to the investments, so he had a team and could be hands-on.
B) Ben’s construction background and full-time involvement allowed him to control his renovation costs.
For an out-of-town investor who doesn’t understand renovations, how to work with contractors and has no income coming in as they already quit their jobs due to promises of retiring on real estate?
That investor is flirting with disaster!
I’m not saying don’t go big, just go about it slowly, ideally have deep pockets from a quality portfolio of properties for security and have better mentorship/coaching than those who went bankrupt recently.
I’ve had several guests on this show who followed this exact path: Charles Wah, Steve Kulakowsky, Ken Bekendam, Victor Menasce, Ryan Carr, Sarah Coupland, Quentin Desouza, Hussein Kudrati, Denise and Stuart, my wife Cherry Chan.
All of the above investors benefited from the market, time in the market; they are skilled investors, already made good incomes before investing, and some have extensive renovation and construction experience.
In addition, some benefitted from intergenerational wealth.
The whole point of this show is to share with you, my 17 listeners, what has worked and what didn’t.
None of the above investors went as highly leveraged with expensive debt as the folks losing their shirts right now.
Back to our last guest Ben Bergen, what surprised me was how many folks DM’d Ben and me their approval in sharing the truth about real estate investing, including near bankruptcy.
One said it was refreshing to hear an episode that was not all cheerleading Ra-Ra, getting rich quickly with high leverage in real estate.
Ben is hearing the same, including some big names in the industry sending along positive messages.
It’s as if investors derive value from learning from loss, so they may avoid the same, which is why I don’t understand why some of these networking/coaching groups are not open about the losses going on within their own four walls.
Even Warren Buffet shared his lessons from the Kraft-Heinz merger and why his airline investments were losers.
I do believe all the educational groups mean well, but teaching excessive risk, not sharing about losses in my experience… note that I’ve seen all this before, excessive greed, ego investing in 2008 and those who fail to teach history fail to prevent their clients from repeating history.
Shout out to professional coach Elizabeth Kelly for referring Ben Bergen to me as a guest on this show!
On a personal front, Cherry and I had a fantastic March Break. It wasn’t without bumps, though.
We found out last minute that our short-term rental, STR for short, has a max limit on occupants, so we had to borrow a friend’s cottage while our friends stayed in the STR.
We skied for five days… well, at least the kids and I did, as they were in March break camp.
The other parents are mostly Accountants, so they couldn’t ski much as it is tax season, including Cherry, so I booted around hills checking in on everyones’ kids.
I hung around my kids’ camp group for a bit as well as 80% of the time; I had no one to ski with.
I was welcome as I stayed out of the way, and I had some use as the kids were just learning to lower the chair lift’s restraint bar. That’s their seat belt when riding the chair lift.
By midweek the kids had learnt how to lift and raise the restraint bar, so I was getting ditched, which made me emotional.
This small moment is a reminder that the kids are growing up and need me less and less.
I know they won’t want to be around me next season as my dad jokes that I tell their friends are terrible, and soon enough, this old man won’t be able to keep up with them.
I’m grateful to provide and enjoy these experiences with my kids as my parents immigrated here when they were 17 from the tropical climate of Hong Kong.
With no money and anyone to teach them, they had never skied before, so I only ever skied on school trips growing up.
To this day, I remember seeing my friends at school collecting ski lift passes attached to their ski jackets and as silly as it is.
I do the same today, so if you see me in my winter coat with lift tickets still attached to me, that is why; I’m making up for lost experiences 😊
The SingleKey to Screening and Insuring Tenants Thanks to Technology With Founder Viler Lika
On to this week’s show!
We have the founder and CEO of Property Technology company SingleKey, Viler Lika, on the show.
SingleKey is the largest tenant screening service out there with their recent acquisition of Naborly.
If you haven’t heard of them yet, you will want to pay attention to this show as in my experience, they provide us, investors, with a ton of value at affordable prices.
The majority of the professional investors I know are already using their tenant screening, AKA credit checking online software, as it’s fast, cheap, encrypted, and the reports are written in plain English.
Even our big local REIT uses SingleKey.
Viler is super smart, having degrees in Engineering and an MBA from the same Business school I graduated from – Western University in London.
On today’s show, Viler shares his journey of starting up a real estate technology business that brought us small investors the same tools the big corporate REITs use.
SingleKey will even underwrite insurance on the tenant, which the landlord OR the tenant can purchase. How amazing is that?
The rental market is highly competitive in most medium/major cities.
If I had to enter a bidding competition to rent a place, I would insure my rent to set myself apart from the others.
Viler is also kind enough to share what features are coming in just a few months to forever change how we screen non-Canadians and report tenant rents on their credit/Equifax.
This is not an episode to be missed; Please enjoy the show!
As a bonus, Viler was kind enough to provide us with a discount code “erwin” my name, a five-letter word for 20% off a tenant screening background report that also works on Americans.
20% off discount code: https://platform.singlekey.com/screen/request?promo_code=erwin
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.
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.