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Practicing The Property Manager Mindset with Gary Spencer-Smith

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Practicing The Property Manager Mindset with Gary Spencer-Smith

In this episode, RevNYou with Real Estate Partner and property management expert, Gary Spencer-Smith, shares the tactical tips and techniques that he’s used to manage his portfolio of real estate, as well as the rental properties of many others through the development of his own property management business.

With 6+ years running his property management business, which he’s recently sold, and many more years of being an active real estate investor, Gary has released his new book:

The Property Manager Mindset – Reduce Stress, Save Time, Earn More Money to share his toolkit for succeeding in the property management game.

Tactical talking points include:

Property management is really about people management – properties are straight-forward, people are not Viewing your tenants as clients, and yourself as a rental housing provider (not a landlord) Shifting your mindset from what you tenants do to you vs what you do for your clients Seeing your property management as a business…because it is! Simple shifts to put minor property management headaches in perspective How to avoid nightmare tenants and situations by screening effectively What to do when a tenancy trends in the wrong direction Seeing your property management experiences as opportunities for education and growth Stories and personal experiences from Gary to illustrate the property manager mindset in action

Whether you plan to manage your own properties, end up doing it out of necessity, or are making the jump from DIY property manager to hiring out a 3rd party, this is going to be an incredibly valuable conversation to learn from.

And if you’re interested in buying Gary’s book, The Property Manager Mindset, you can do so on Amazon here:

CANADA: https://www.amazon.ca/Property-Manager-Mindset-Reduce-Stress/dp/1777162106

USA: https://www.amazon.com/Property-Manager-Mindset-Reduce-Stress-ebook/dp/B088D4BP9Z

Thank you for listening to the show and we look forward to welcoming you to our RevNYou with Real Estate Community!

Connect with RevNYou with Real Estate

FB: https://www.facebook.com/revnyou/

IG: @revnyoucanada

YT: https://youtube.com/revnyou

A Practical Raising Capital Conversation with the RevNYou with Real Estate Partners

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A Practical Raising Capital Conversation with the RevNYou with Real Estate Partners

At one point or another, all real estate investors are going to have to raise capital for their deals. It’s not a question of if, but when!

Knowing this, what can we do as real estate investors to become exceptional, ethical raisers of capital within our own networks?

Join RevNYou with Real Estate Education Partners, long-time joint venture expert Gary Spencer-Smith and host Doug Meyers, as we discuss the ever-important subject of Raising Capital on this edition of the show.

Conversation points include:

Why raising capital is about relationships Building trust and integrity People need to know that you’re looking for capital! Sources of capital – both traditional and creative Educated real estate investors can always find the money Takeaway exercises to help you identify where capital potential exists in your network

If you’ve got any questions about this episode, please e-mail us at info@revnyou.com.

Thank you for listening and we look forward to welcoming you to the RevNYou with Real Estate community!

– The RevNYou with Real Estate Team

IG: @revnyoucanada

FB: Rev N You With Real Estate

YT: Rev N You With Real Estate

Life, Real Estate, and Creative Financing Strategies with The Real Estate Investor Dad: Wayne Hillier

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Welcome back to another edition of The RevNYou with Real Estate Podcast!

We know, it’s been awhile, and the silence around the mic has been defeaning….but we’re back with a great new show with The Real Estate Investor Dad: Wayne Hillier.

Investing since 2013 in Edmonton, Alberta with his wife Gabrielle and 5 year old daughter, Wayne is the owner of Prairie Home Investments which specializes in investment properties in Edmonton. A creative financing expert, Wayne has used his abilities to help investors and partners get into deals that make sense for everyone.

His newest venture, Murabaha Homes, combines his expertise in creative financing strategies to offer members of the Islamic community financing opportunities that are Sharia compliant.

Wayne is also the Host of the Real Estate Investor Dad Podcast, a show which RevNYou host Doug Meyers recently appeared on!

In this free-flowing conversation, Doug and Wayne discuss:

Wayne’s elevator pitch (and why he’s not a fan) The origin story of why I got into investing Investing in yourself Taking seller financing strategies and building Murabaha Homes, which offer Sharia-compliant zero interest Islamic financing Intentional real estate portfolio building: lifestyle comes first What it means to be a real estate investor dad Initial takes on Wayne’s new life as a full-on entrepreneur in real estateThank you Wayne for coming on the RevNYou with Real Estate Podcast!

If you want to get in touch with Wayne you can do so via e-mail to prairiehomeinvestments@gmail.com.

If you’re interested in learning more about Murabaha Homes and how to get involved, visit murabahahomes.com.

Wayne’s REI Cabin Retreat and Mentorship Program is November 20-22nd in Alberta Beach, so if you’re interested in that you can send him an e-mail as well.

Connect with Wayne:

Online at Prairiehomeinvestments.com Online at Murabahahomes.com On the social medias @real.estate.investor.dadThank you for listening and we look forward to welcoming you to the RevNYou with Real Estate community!

– The RevNYou with Real Estate Team

IG: @revnyoucanada

FB: Rev N You With Real Estate

YT: Rev N You With Real EState

 

Small-Scale Flipper To Private Equity Firm CEO: Dave Seymour

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Real Estate Investing Education, Mindset, and Investing South of the Border

Welcome to another edition of the RevNYou with Real Estate Podcast!

We are incredibly excited to welcome to the show Dave Seymour, former host of the Reality TV show Flipping Boston on A&E and current CEO of Freedom Venture Investments.

In this episode, Doug and Dave (as Dave likes to put it) “are just a couple of dudes having a conversation about real estate!”

But within the conversation lie a number of nuggets and key learning points to take away from Dave’s decades of experience in the real estate investing space, as well as his refreshing take on real estate investing from an American perspective. These include:

The pursuit of financial intelligence Why the outdated model for financial security doesn’t work in today’s world Not everyone is going to believe in you…in fact most people will think you’re nuts! Sifting your way through the education space to get what you really need The investor mindset Making mistakes (and learning from them) The early days as a small-scale flipper – all the way up to leading a private equity firm What’s different, and what stays the same, as the size of your operation increases Dave’s #1 key to growing from a mom-and-pop shop, to running a true real estate investing business An introduction to Freedom Venture Investments and the opportunities available south of the border to investors Why Dave believes investing in multi-family in the next 18 months is the way to go Opportunities to be realized from the COVID-19 falloutBio:

Based out of Massachusetts, Dave is currently focused on opportunities to invest in high-yield multi-family assets along the Eastern United States including Florida and the Carolinas.

After 16 years as a firefighter and paramedic, Dave launched his career in real estate, rapidly becoming one of the Nation’s top real estate investors. Within his first few years, Dave had transacted millions of dollars of real estate and had become one of the Nation’s leading experts in both residential and commercial transactions.

His unabridged passion for business and real estate put him on the radar of A&E television network as well as multiple news organizations like CBS, ABC, CNBC, FOX News, and CNN. New York Times reported the Dave Seymour’s series “Flipping Boston” posted the highest ratings ever for the A&E network at the time of airing.

Dave has been sought after as a ‘tell it how it is mentor’ and motivator in the real estate world with a track record of success everywhere he reaches. He is well known for doing business alongside investors of all experience levels, and has partnered with investors on their very first real estate deals as well as guided some of the largest investments firms in the nation through complex transactions.

Find out more about Dave Seymour and Freedom Venture Investments:

https://www.freedomventure.com/

dave.seymour@freedomventure.com

Thank you for listening to the show and we look forward to welcoming you to our RevNYou with Real Estate Community!

Connect with RevNYou with Real Estate

FB: https://www.facebook.com/revnyou/

IG: https://www.instagram.com/revnyoucanada/

YT: https://youtube.com/revnyou

Halfway through 2020 – Are you accomplishing your goals for the year?

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Returning to the process of goal setting, tracking, reviewing, and planning

We made it!

It’s officially past the half-way point of 2020 and what a wild year it has been:

Coronavirus and a global pandemic? Interest rates slashing Immigration stalled, planes grounded Home sales silenced in some areas before taking off once again (GTA, anyone?)

These are just some of the bigger events that have been happening around us this year. But how are WE doing amidst all this change in relation to the accomplishment of our goals? As we’ve gotten to this point, we’re taking a look back from the lens of revisiting those ever so good intentions: New Year’s Resolutions….or in other words…the goals we set at the start of the year.

How are you doing in the accomplishment of what you set out to do in 2020?

Are you crushing it, or are things stagnantly staying the same?

Did you set goals for 2020, or is goal setting something that’s completely new to you….something that feels like a daunting task?

In this episode, RevNYou with Real Estate Educator and podcast host Doug Meyers shares the importance of goals setting, including setting the RIGHT TYPE of goals that force us to expand, his process for goal setting, tracking, reviewing, and planning, and how to systematically follow-up with our goals to stay on track, adjust if needed, and keep moving in the direction of our desires.

As mentioned in the show, if you are interested in seeing the template for the process that Doug uses on a yearly, quarterly, and weekly basis, please send an e-mail to info@revnyou.com and we will get it out to you. You can also request an invitation to set up a call to work through the process directly with us. That’s how important we believe this process is – a process that we use in our own lives.

Thank you for listening and we look forward to welcoming you to the RevNYou with Real Estate community!

– The RevNYou with Real Estate Team

IG: @revnyoucanada

FB: Rev N You With Real Estate

YT: Rev N You With Real EState

Happy Canada Day! Come Together, Canada

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A Message For Investing in this Great Country

Happy Canada Day from all of us here at RevNYou With Real Estate!

We hope you celebrate Canada’s 153rd birthday with those who matter most to you, and that you take some time to appreciate what Canada means to you.

In this shortened edition, RevNYou with Real Estate Podcast Host Doug Meyers shares a message about coming together, as Canadians, amidst all the uncertainty and the many divisive messages that are being championed within our country (and around the world for that matter) right now.

One thing is for sure – we are all proud to be Canadian here at RevNYou with Real Estate. We are invested in Canada for today, tomorrow, and beyond.

The question is…are you invested in Canada, too?

Happy Canada Day our friends in Real Estate!

IG: @revnyoucanada

FB: Rev N You With Real Estate

YT: Rev N You With Real Estate

Managing Focus Over Managing Time with Kunal Mohindra

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BRRR Strategy Expert, Father, and Full-time Pharmacist

Born and raised in India, Kunal Mohindra is a Pharmacist, who moved to Canada in 2009 as a student and went to Halifax to complete his Masters in Health Informatics. He is currently working on a project to implement a provincial computer system, which will have a massive impact on Healthcare delivery in Alberta.

In addition to his full-time pharmacist role, Kunal is the founder and CEO of Divergent Homes. He has transacted over $7 million in real estate, starting as a fix and flip investor in 2016, and now focusing on helping friends and family unlock the power of real estate by investing in legally suited properties in Edmonton.

Kunal loves to give back and inspire others to invest in Real Estate. He is the host of the Edmonton Real Estate Mastermind, which offers a safe place for investors to bring questions and challenges. You can also find him hosting family friendly Open Houses at his projects to facilitate networking within the real estate community.

In our conversation, Kunal and I discuss a number of topics that I’m sure many of our listeners will relate to:

The inspiration, or in Kunal’s case, the desperation that got him started in real estate The journey of becoming a “seminar junkie” Growing and getting over the “employee mindset”…this was a big roadblock for Kunal Adopting an open mindset toward partnerships and sharing Tips on how to network as an introvert Moving from education mode to action mode Approaching COVID as a time to grow your network Managing focus over managing time Mitigating risks in real estate and lifestyle Choosing your partners is like a marriage – think long-term Reasons to start investing in real estate Kunal’s First 3 Steps to get started in real estate investing

We also dig into the real estate investing strategies that Kunal has specialized in, covering in depth the BRRR strategy, and why he made the transition from house flipper to the BRRR strategy expert to build wealth through real estate.

A passionate husband and a super dad to 2 lovely daughters, Kiara and Inaya, Kunal is committed to creating a life by design and aspires to be an enthusiastic life coach to his kids.

Please enjoy this conversation with award winning real estate investor, Kunal Mohindra.

Connect with Kunal on Facebook:

Kunal Mohindra

Thank you for listening to The RevNYou with Real Estate Podcast – we look forward to welcoming you to the RevnYou with Real Estate community!

The REInvestors Randy Molland & Steve Arneson

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Raising Money During A Pandemic & Going Big to Give Big

Vancouver Island based Randy Molland and Steve Arneson make up The REInvestors, a real estate investing duo committed to working with investors that are looking to grow their portfolio, have a passive investing approach, and achieve greater returns on their investments.

They also host a monthly community meetup to help educate those looking to learn about real estate as an investment. At these meetups the most experienced professionals in each real estate investing field present their expertise and teach the best ways to successfully create a wealthy lifestyle by investing in cash-flowing real estate.

In this episode, the young, energetic and passionate Randy & Steve provide some incredible insights into:

Investing in your real estate investing education, specifically not being afraid to invest the money into close mentorships  Gaining a financial education through real estate  Leveraging the experience of mentors & coaches to raise money from joint venture partners  Betting on yourself: determine the worst case scenario and if you can handle it, it’s time to go out and do what you want  Maturing over time in real estate investing – trusting the process and enjoying the challenge  Raising capital in the middle of a pandemic  Structuring unique joint-ventures for educational purposes, not just for financial reasons  The details of their investment portfolio  The start of The REInvestors and what their mission is moving forward  Moving on up! Transitioning from single family homes to multi-family to land development investments

The process of self-development has become a major part of Randy and Steve’s lives. They pride themselves on getting high returns but also on helping you get in the right mindset to go along with it.

At the beginning of their career they were told by a mentor, “If you want to make a million dollars, help a million people first”. This led to their “Go Big To Give Big” movement.

Go Big To Give Big is a mission to inspire one million people to go bigger in life and unlock their full potential so that they can create abundance in as many ways as possible to allow them to give back on a larger scale!

The REInvestors are leading this action by hosting a variety of events where proceeds are given to charities, plus they donate their time helping others achieve financial freedom!

If you are interested in creating a for-purpose business, these guys have a community around them to help you network, grow your idea, and increase market share so you too can start Going Big To Give Big!

Thanks to The REInvestors for coming on The RevNYou with Real Estate Podcast!

You can connect with Randy & Steve, the REInvestors at:

info@thereinvestors.ca

www.thereinvestors.ca

FB: The REInvestors Community

Thanks for listening and we look forward to welcoming you to the RevNYou community!

Team Member and Young Gun Investor Karysa Brossoit

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In this episode, RevNYou team member and host Doug Meyers interviews a fellow RevNYou Team Member and young-gun real estate investor: Karysa Brossoit.

At the youthful age of 25, Karysa has worked her way into an ownership position in a multi-million dollar portfolio based on Vancouver Island in Port Alberni, with a couple more properties outside of Edmonton as well.

From sports, to painting, to being outdoors, Karysa enjoys everything life has to offer. She credits the power of real estate investing for allowing her to live the lifestyle that she has created and continues to refine. To quote Karysa “The best thing about being a real estate investor is when the weather is beautiful I can head outside, chase the sun and enjoy it, even if it’s a Wednesday!”

Karysa knew right out of high school that she didn’t like the idea of picking a career, working a 9-5 job, with set hours to get paid a set amount of money for the rest of her life. After analyzing the lifestyle associated with a typical career, she realized she didn’t want to work her life away and not have time to do all the things she truly wanted to be doing.

She was observant enough to discover real estate investing through the action of friends and family close to her and decided to dive into it, becoming a skilled renovator, property manager, and investor herself.

It is with that background that we’re excited to interview her for this episode of the podcast, as we discuss:

Karysa’s real estate investing story and how she got started tips for what kinds of renovations are the best return-on-time and money for do-it-yourself renovation investors the importance of continually educating yourself the power of networking pushing through the inevitable ups-and-downs and trying times in real estate insights on developing the mindset of an investor resources for aspiring new real estate investors
Sharing her story in the podcast platform was certainly a step way outside of Karysa’s comfort zone, which itself is a testament to her willingness to push herself to try new things even if they may be a little intimidating. This willingness to push the boundaries of the comfort zone is something we can all take note of and apply in our own lives.

Having created and now experiencing the results and lifestyle she has, we hope you enjoy and learn from this conversation with another successful real estate investor and RevNYou team member: Karysa Brossoit.

Thank you for listening and we look forward to welcoming you to the RevNYou With Real Estate Community!

YXE Real Estate Group Founder Michael Bugg

Michael Bugg

YXE Real Estate Group Founder Michael Bugg

Using Real Estate to Leave his Full-Time Job & Multi-family Investing

 

Michael Bugg is a full time Real Estate Investor based in Saskatoon, Saskatchewan. He began buying properties in 2010 while working full time as a Veterinarian. Over the years, as Michael expanded his buy and hold real estate portfolio, he continued to cut down on the amount of time he spent working as a Veterinarian. In July of 2018, he officially hung up his stethoscope to focus full time on real estate investing. One of Michael’s greatest passions is helping others take control of their financial future through real estate investing. He is currently launching several initiatives to help the Veterinary community lead more balanced and purposeful lives. He believes that real estate investing is really just the start of the journey; it’s more about the impact you can have on people’s lives.

In our conversation, Michael and I discuss:

How he got started in real estate investing The early days of building his portfolio while working full-time as veterinarian The day he realized he was DONE working as an employee! How he moved from being a full-time employee to a full-time real estate investor entrepreneur The importance of having a support team in making the jump  Hiring and working with a coach, and why it was the right move for him Tactical real estate conversations around multi-family apartment investing What are the similarities, and difference, between multi-family investing and single-family investing Michael’s tips for any real estate investor who wants to grow their knowledge and portfolio Michaels’ risks & rewards that he believes every real estate investor should be aware of

Enjoy this educational, engaging conversation with the genuine founder of YXE Real Estate Group: Michael Bugg.

Connect with Michael in the following ways:

Facebook: https://www.facebook.com/YXERealEstateGroup/

Direct: mike@yxerealestategroup.com

 

Questions, comments, feedback, or just want to get in touch? Send us an e-mail below.

Thank you for listening and we look forward to welcoming you to the RevNYou With Real Estate Community!

Real Estate Achievement Program (R.E.A.P)

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Our one of a kind investors training opportunity.

We believe in getting the right education to set up your real estate portfolio based on the life you want to live.

We have a Real Estate Investing school designed to educate students and graduate with knowledgeable skills and confidence. Go to our school to find out more about our Real Estate Achievement Program.

Top 5 Tips for Finding Awesome Tenants

5 tips for finding awesome tenants

Top 5 tips for finding Awesome Tenants

Property Management Tips

The horror stories we could tell you from selecting the wrong people to occupy our investment properties. It can cause you too much time, headaches and way too much money! It is so important to learn how to pick the right tenants.

#1 – Buy the right property.

That means by buying the property for the type of tenant that you want to have. It’s no good buying a student house and then wanting to find a family to live in it. Likewise, you don’t want to buy just a single family home and then have students rent it out.

#2 – Buy in the right area.

Does the type of tenants that you are willing to deal with want to live in an area that you are going to buy houses in? Don’t just buy in an area because it’s cheap and it looks great. Ideally you want to be buying in the right area, but you want me buying a house that will add value in that area.

#3- Match the tenant to the property

Watch the video Grading your tenants A,B, and C for more depth detail to understand what that means. For the purpose of finding awesome tenants, you want to match the tenant to the property, which means if your looking for students, you want to make sure you’re looking for a student type house in the affordability that a student can afford. You don’t want to get the single family home that is a 20-30 40- 50 minute drive from home. Most likely they will want to live five minutes away. They might be choosing your property for the wrong location.

#4- Properly screen your tenants.

We can’t stress this enough. If you want to find awesome tenants, screen out the bad tenants. It’s as simple as that. It starts from the way you communicate with them, from your type of advert that you write, it starts with the property that you have, and the area that you’ve got. That’s where the screening process starts.

#5- Communication.

You really want to continue communicating with your tenants as you’re finding them.What is the communication like? You want to be firm but fair. If you want to find awesome tenants, that means they need to know that you know the rules and you will be a fair person, but you’re going to abide by those rules. If they’re aware that you know the rules and they’re going to try and bend the rules, they’ll be less likely to want to become your tenants. So you want to get rid of those bad tenants and make sure that you just ended up with all awesome tenants.

Property Management Resources

Next Video – Grading your tenants A,B and C.

See what $50,000 damage looks like on a rental Property.

Brad Price Specializing in Joint-Ventures

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Brad Price is a Real Estate Investor specializing in Joint Venture Real Estate Acquisitions and Investment Management in the residential sector.

Brad has a number of real estate related businesses which he has either co-founded or founded, including Calgary based Commonwealth Home Ownership, a Canadian real estate investing education company that hosts networking events and provides tools and resources to help real estate investors build profitable portfolios. He is the President & CEO of REIBS Canada, a cloud-based bookkeeping company specifically designed to simplify and automate bookkeeping and accounting processes for real estate investors. Brad also manages BCP Coaching, a One-on-One coaching service for people looking to take that next step towards financial freedom. He highly values positive high-performance habits, a desire to breakdown the status quo, and an unwavering commitment to all of his clients.

In addition to Brad’s real estate related companies, Brad has extensive residential and commercial construction knowledge with over 17 years of experience in the industry. Brad’s most recent projects include two $100 Million commercial construction projects in Calgary and the development of $3.7 Million of residential investment properties in Edmonton. Brad’s next project is a $2.5 Million residential investment development in Calgary, commencing in the spring of 2020.

In our conversation Brad and I discuss:

The inspiration behind his start in real estate investing: “How much do you earn while you’re sleeping?” Educating yourself with the drinking from a fire-hose approach How to decide what real estate investing strategy is right for you Why he loves the joint-venture strategy for building a real estate investment portfolio Understanding what you are an expert in (as an investor) and communicating what your market has to offer Why it’s NOT all about market appreciation (in fact, why you should be hedging against downturns by holding strong cash-flowing assets) The basics of being a successful joint-venture working partner Advanced joint-venture working partner keys Highlighting the operational side of real estate that people often overlook, don’t know about, or just simply struggle with (bookkeeping, reporting, managing, systematizing) Finding joint-venture money partners – how to attract, communicate, and build relationships that lead to successful investments over time What Brad means by “people buy into you before they buy into a deal Telling, not selling, what you do The Joint-Venture Associate Program through Commonwealth Home Ownership Tips for investors looking to get started or take their investments to the next level

I hope you enjoy this comprehensive conversation with Brad Price!

Commonwealth Home Ownership: www.cwho.ca

Connect with Brad:

IG @brad.c.price

brad@cwho.ca

Connect with RevNYou with Real Estate

 

Questions, comments, feedback, or just want to get in touch? Send us an e-mail at info@revnyou.com

Thank you for listening and we look forward to welcoming you to the RevNYou With Real Estate Community!

Gary Spencer-Smith & The History of RevNYou

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Welcome to the first interview episode of The RevNYou With Real Estate Podcast! Thank you for tuning in!

In the show’s inaugural episode, Doug catches up with fellow RevNYou team member and award winning investor Gary Spencer-Smith.

Gary was born in the UK and started investing in his native country during his time in the Royal Navy, He emigrated to Canada after 11 years of service, which saw him travel all over the world before settling on Vancouver Island. Investing on the island for over ten years now, Gary has won awards from Canadian Real Estate Wealth Magazine and The Real Estate Investment Network for his strategies and success, and been nominated for countless others. Gary enjoys the lifestyle investing in real estate affords him and has a passion for helping others change their financial futures by using real estate as the catalyst. “When I see people finally realize they can totally change their lives, it’s like a light goes on, then they know what is truly possible for their lifestyle and the future of themselves and those around them. That’s why I teach!”

Joint-Venture Investing

After getting to know Gary and his background story, the conversation shifts towards providing listeners with a primer on joint-venture investing before getting into the tips, techniques, strategies, and ways of being that have made Gary such a successful joint-venture working partner in his many years as a real estate investor.

Gary shares his knowledge and experience on:

  • How to screen your joint-venture partners to work with the right type of people, creating win-win relationships
  • Identifying opportunities to match with the right joint-venture partners
  • Communicating with various personalities and different communication styles from your own
  • Developing, managing, and strengthening relationships with your joint-venture partners for long-lasting success

Investor Resources

As the conversation winds down Gary also shares some great resources for investors looking to get started or for those looking to take their investing journey to the next level!

Resources mentioned in the show:

  • Julie Broad – More Than Cashflow: Understanding The Real Risks & Rewards of Profitable Real Estate
  • Robert Kiyosaki – Rich Dad Poor Dad
  • Don R. Campbell – Secrets of The Canadian Real Estate Cycle
  • CashFlow Game – https://www.richdad.com/products/cashflow-classic

Did you enjoy the podcast? If so, please let us know by clicking the subscribe button on the podcast platform of your liking.

Want to become a part of the RevNYou Community? We’d love for you to join our following on YouTube, Facebook, and Instagram for real estate investing resources, and to stay up-to-date on what’s happening in the RevNYou With Real Estate World.

Introducing The RevNYou With Real Estate Podcast

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RevNYou With Real Estate – helping you understand the real risks and rewards of profitable real estate investing so you can lead a life you love! RevNYou With Real Estate is your partner on the path to success in real estate investing. Through hearing the stories of in-action real estate investors at different stages of their investing journeys, to practical conversations surrounding specific aspects of real estate investing, to personal development and improving your investor mindset, we look forward to having your ears tuned in to the show. Enjoy! – The RevNYou With Real Estate Team Connect with us!

5 Secrets on Finding Money to Buy Rentals

5 secrets to finding people with money

5 Secrets to Find Money to Buy Rentals

Raising Money

Have you ever wanted to invest in real estate but you don’t have the funds to start? We are here to tell you its no excuse! There are many ways to get started in real estate without using your own money.

#1 – Use the equity in your own home.

If you’ve owned your home for a while and you’ve paid down your mortgage and perhaps the house price went up a little bit, you might have some equity sitting there. Use what you’ve got to get what you want. You already have it, so why not put that to use? Otherwise the equity is sitting there doing nothing for you. It might giving you peace of mind, but it’s not helping generate anything for your life. So use what you’ve got to get what you want.

#2 – Do you have RRSPs?

There are two ways of using RRSPs if you have your own. You can lend it out as a mortgage through a soft direct account. And the other one is if you’re an investor, you can use other people’s RRSPs. Now there are a few rules behind this. They can’t be a parent or sibling. There’s various rules and we’ve got a video that explains about RRSP mortgages on our YouTube Channel, but you can also use other people’s RRSPs and you can have that as a first or a second mortgage on your property.  Typically we will do 8 to 10% on a RRSP for someone and that’s secured against an asset. This makes sure people are happy when they’re doing it and they’re happy to lend it. We usually do that for shorter term lender, not for long term lenders, but that’s what we use RRSPs for.

#3- Private Money.

This is sometimes called hard lending, but basically that’s somebody that has cash and they’re willing to lend it to you for a guaranteed rate of return. This can be high. I’ve done 50 to 60% of the deals that and we’re finding people that have money but they don’t necessarily have the time to put into a real estate deal. So we’ll use their money, we’ll put it in our time, and then together we will create a joint venture, then give them a return on their money. It’s secured against a solid asset. It’s in real estate. Most educated people don’t want to just put it in the bank, they don’t want to put it into a mutual fund. When the market crashed in 2007 2008 people saw the money just disappear. An example of who people may want to take it out and put it in a solid asset.

#4 – Be a Joint venture Partner.

If you might not be able to qualify for a mortgage, then we shall find my “friend Bob.” Thankfully, Bob has great credit and his ability to borrow to get the mortgage is possible.  Now you and your “friend Bob” with create a joint venture agreement for a real estate deal! There are many ways of getting into a joint venture. A joint venture is you and at least one other person are going into a venture together to partner up to go purchase some real estate and it’s gotta be a win-win.

You want to make sure everybody’s happy and you want to make sure that everybody has different benefits that they’re bringing to the deal. Someone might be bringing the experience, someone might be bringing the money, someone else might be bringing the ability to borrow from a lender, are a few to name. If someone has money for example, which you may hear the terms; a private money lender or a hard money lender would be one person in the deal. Someone with no money may borrow this persons money because they’re self employed or cannot qualify. Its kind of like fitting the pieces into the puzzle or the different people into the same deal. Usually if your the one borrowing the money your skill will have to be putting in your knowledge and managing of the project. If you need investor training go to Rev N You School and see our real estate investing courses.

#5- Presenting a Good Deal. 

And the final way, and this is probably one of the most important. One of my mentors said this to me very early on, they said, “Gary, if you find the right property and the right deal, the money will come to you.” Now I didn’t really understand what that meant. And then as I got further into the process of looking at properties, looking for deals, I then realized that you can’t say the wrong thing to the right person if your deal makes sense on paper and is simply a good deal! So what I mean by that is it, if you came up to me now and you were showing me the numbers on a piece of paper of this deal, and it’s a great investment. There’s lots of people I know, friends of mine, people in my narrow, they’ve all got great deals and when they show me on paper, I’m like, I would find the money for that.

For example, if I had a Porsche that was worth $150,000 you know it’s a really good one. And I said, Hey, you can have this push for $10,000 you might not have $10,000 in your pocket, but you’d find $10,000 pretty fast because you know that is worth $150,000. It didn’t matter if I was giving you the wrong information about the statistics of the brakes. It doesn’t matter how good the deal is, if it’s not the right person to invest and then not the right mindset, you could talk to them for three days. They will never invest. But if you have the right house and the right property, then the money will find you.

 

Finding Money Resources

BONUS TIP: Go to local real estate meetings and start to network and meet people! People are constantly connecting and finding joint venture partners by taking the extra time to go to events. It’s beneficial if you have a great deals ready to show people or talk about then follow up with them with more information.

Watch this video before you head to your next meeting.

Commercial Real Estate Investing vs Residential Real Estate Investing – a Video Series

Commercial Vs Residential

Commercial Real Estate Investing vs Residential Real Estate Investing

A Video Series

You know the saying, the grass always looks greener on the other side, right?

As you deal with another tenant turnover, surprise repair request or increasing tax and insurance costs, it’s easy to think that a five year triple net lease* is a better way to invest in real estate.

But, there are some really significant costs and risks associated with doing commercial real estate deals.

As we just closed on the biggest deal we’ve done to date (a multi-million dollar medical services building), we thought we’d put together a video series to help you decide if commercial investing is right for you, and how to handle some of the common pitfalls if you do it.

If you’re staring longingly at that green grass on the other side of residential investing, we hope these videos help you decide what investment vehicle is right for you today.

*a triple net lease is basically where the tenant is responsible for most of the costs of operating and maintaining the property including taxes, insurance, maintenance, and property management

 

Real Estate Strategy Resources

Check out More Videos on our YouTube Channel.

Should You Allow Pets in Your Rental Property?

Julie broad and dog

“It should be illegal to turn away someone because they have a pet”

It was the start of a hot headed debate in a local rental Facebook group I use for promotional purposes when we have a vacancy.

Landlords chimed in with horror stories of damage while tenants shared their tragic stories of having to give up their beloved four legged family member because there was nowhere to live that would accept the animal.

Personally I am not a fan of the government telling me what I can do in my rental business so I would MUCH prefer the choice. And, my advice to the tenants on the forum was to make themselves the best possible applicant for a property and they will find that there are more opportunities to live with your pet than you think there are. The problem isn’t always the pet – it’s the tenant’s application.

My experience is that a great tenant is a great tenant … if they have a pet it just means they will probably stay longer and pay me a little more rent.

But there is a lot to consider when you make this decision, including whether you are even allowed to say ‘No Pet’s’ in your state or province (sorry Ontario landlords – you can’t actually say no pets!).

Here are my thoughts on whether you should allow pets in your rentals (thanks for the great question Christine).

If you do decide to make your rental pet friendly, you’ll definitely want to write a great rental ad that sells that benefit. You’ll also want to focus on ensuring you screen your tenant and ask great questions to ensure get the best one.

 

What is a Sandwich Lease?

Julie Broad

It sounds more tasty than it is … a sandwich lease is a creative real estate investing strategy that you’ll usually hear about when someone talks about no money down and no bank required type deals.

The advantage is that you, the investor that puts the deal together, can earn a bit of upfront cash along with pocketing some monthly cashflow and profit when the final sale on the property occurs.

If you are able to pull it off, it really is a strategy where you can do real estate deals without going on title, without talking to a bank, and without having much money of your own.

Sounds pretty good … so what is it? And are they as tasty fun as they sound?

I had some fun shooting a video to give you an overview of what exactly is a Sandwich Lease and how does it work in Canada.

Bottom line – you can’t eat paper as I found out in the video – and Sandwich Leases are possible in Canada, but are they worth the work? You’ll have to decide for yourself. For us to create the life we wanted with real estate, we found that it was much better to focus on financing our deals with private money, joint ventures and vendor take backs. That allowed us to do deals where they fit our Properties with a Cause model, attracted great tenants and grow our portfolio with fewer hassles than we were finding with the creative strategies like Sandwich Leases.

If you liked this, you’ll probably enjoy the following articles and videos as well:

>> 7 Ways to Be a Mediocre Real Estate Investor

>> Someone You Must Add to Your Power Team

>> 5 Things Every Real Estate Investor Should Know About Money and Credit

>> How to Be the Smartest Real Estate Investor You Know

>> How to Use RRSP Mortgages to Finance Your Real Estate Deals

What is a Sandwich Lease?

1st Image Credit: © Kicsiicsi | Dreamstime.com - Beauty Girl And A Handsome Boy Eating Sandwich Photo

How to Set Up Your Bank Accounts with a Growing Real Estate Portfolio

Set up bank account for real estate invesing

How to Set up Your Bank Accounts with a Growing Real Estate Portfolio

Business Systems

We answer a submission from Gary around banking and what we do with our bank accounts when our real estate portfolio is growing. When you have multiple properties and you have multiple joint venture partners, there’s lots of different things going on. In Gary’s case, he actually has what I deemed as a fairly complicated system of sub accounts of the sub accounts. And it got rather confusing for me. So this is for anybody out there that has more than one property and in most cases, if you have joint venture partners that you own the property with. We will be following the system that we use and that we generally recommend to most people.

A disclaimer, this does not include anybody that manages other people’s properties. They are only for properties that you own or you co-own with other people. I just want to make sure that you’re aware of that its not for property management.

What we do with our bank account systems:

It’s a main business checking account with a bank. It could be any kind of bank that you can do checks with, email, money transfers, that sort of thing.

Then we set up specific property accounts for each property. Example; property one, two, three, four, as many as you want. Each of those property specific accounts are just basic personal checking accounts.

I am personally on the account and his joint venture partner is on that account. We both have access. The key is making sure you explaining to your joint venture partner that they’re not to do anything with that account without checking with you first because you’re the managing partner, I assume you are in most cases. It’s not an account for you guys to play around with to transfer money whenever. You want to specifically only give them access to it so they can see what’s going in, what’s going out.

Any bills coming in and money going out. Each property specific account you put your rent check into, transfer the money in or however it works for that specific property. The mortgage comes out of that account, whether the mortgage is in your name, a business name or your joint venture partners name. The money comes out of that account.

To write a check for a tradesman or some somebody that doesn’t take a a visa card, we’ll write the check from our main account. We’ll track what the bill was for, right on the receipt, which property it’s for, and then we will transfer the funds from that property back to pay ourselves back. And we just track that with, QuickBooks, Excel spreadsheet, whatever you use to track your expenses. For instance, if there was some job that had to be done at this property, say some plumbing went and I had to pay a plumber with a check, I’d write the check from my main business account that go to him or her, the plumber, and then I would just transfer the funds from our property that we did the work on to pay myself back.

I have a business credit card and that business credit card basically acts like this as well. So the business credit card, I’ll pay for any number of these things and then I just pay directly online from the specific properties account to pay back that credit card.

That is how the flow of money works. The key thing to all of this is that these are just personal checking accounts and you set them up, you get your joint venture partner added on with you so they have access to it too. When it’s time to pay them out, your  going to pay them cash flow from it, what I do, I don’t write them checks. I tell them how much money they can take out of the account and then it’s on them to take that money out. This is the system that works for us, we control everything, but our JV partners do have access to it.

In terms of banks, there’s no one bank that’s better than any others. We actually have several accounts with one bank. We have another several accounts with another bank. We have about four different banks that we deal with. There’s no one bank that’s better than any others, but that’s our system. That’s how we work. We found it works really, really well. It’s great for tracking purposes and I highly recommend you do something similar with your own system. I hope this gives some advice to a variety of other people that are looking for how do you do your banking when you have multiple properties and partners.

 

Business Systems Resources

Turn your business around with a business systems section in the Real Estate Achievement Program.

 

How to Get It All Done as a Busy Real Estate Investor

julie explaining

Six years ago, on November 1st, I left my job to focus on real estate investing and building Rev N You.

It feels like a lifetime ago that I had to be at work by 8am. I don’t even use an alarm most mornings unless I am going to an early morning class at Crossfit.

But it really feels like yesterday that I was begging for extra vacation time, sneaking off to handle real estate stuff mid-day, working all weekend on a deal or a renovation, or meeting with Dave for hours at Starbucks discussing what our next move was.

I don’t remember feeling there wasn’t enough time, but I do remember feeling exhausted a lot. I was working hard – putting in a lot of hours but many of my hours were wasted.

The crazy part is that since leaving my job I actually work more hours than I did as a full time employee. There is no such thing as paid vacation time, so turning off completely is more difficult than it ever was when I was working for someone else. The big difference for me has been in understanding what takes energy, and what doesn’t. And, using the hours I am working as best as possible. I still waste time and procrastinate sometimes, but I am never just waiting for a day to end like I did when I was working for someone else. There’s too much to do and if I am not working smart, I could be doing something else!

That feeling of, if I am not using my time smartly right now, I could be visiting with friends or family, working out, or playing with my dogs keeps me focused. It’s never about putting in the hours, it’s about getting results.

And since every week someone writes us asking how to manage a full time job, a growing real estate portfolio and family obligations, I thought I would give you 4 ways to get it all done with the time you do have (And still have energy left for fun).

 

President Obama sits down for a family dinner at 6:30pm most nights. If the President of the United States can organize his day and his priorities so that happens, there’s no reason why you can’t create your ideal typical day using real estate while you hold down a full time job and a great family life. Yes, he has a lot more support than most of us do, but he also has a lot more obligations. It’s about priority and focus.

If you haven’t read the article on time management, you should check that out. As I mention in the video, I think time management sells a lot of courses (like the idea of passive income) but it isn’t really possible. There are, however, some things you can do to better use your time.

What’s your best tip for getting more done? Share it with us on Facebook or Twitter!

 

Source: http://blogs.hbr.org/2014/03/if-president-obama-can-get-home-for-dinner-why-cant-you/
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