Get Real Wealthy podcast

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<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/curated-questions-conversations-celebrating-the-power-of-questions">Curated Questions: Conversations Celebrating the Power of Questions!</a></span>

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Curated Questions: Conversations Celebrating the Power of Questions!

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Curated Questions: Conversations Celebrating the Power of Questions Hosted by Ken Woodward, Curated Questions is a thought-provoking podcast that celebrates the art and science of asking profound questions. This podcast is for curious minds who understand that the right question can unlock new perspectives and drive personal growth. What to Expect Insightful Conversations: Experts from diverse fields share their journey in mastering the craft of inquiry, revealing how it has transformed their lives and careers. Practical Techniques: Gain valuable skills to improve your questioning abilities, applicable in both personal and professional settings. Thought-Provoking Topics: Explore how questions shape leadership, personal transformation, and societal discourse. Why Listen? In an age of abundant information, Curated Questions reminds us that true wisdom lies in asking better questions. This podcast will help you: 1. Enhance critical thinking 2. Improve communication 3. Gain new perspectives on complex issues 4. Develop a nuanced understanding of the world Join Ken Woodward and his guests as they explore the transformative power of thoughtful inquiry. Curated Questions is more than just a podcast – it's an invitation to embrace curiosity, challenge assumptions, and unlock your full potential through the art of asking better questions. Subscribe now and embark on a journey to master the craft of inquiry, one question at a time. Website: CuratedQuestions.com IG/Threads/YouTube: @CuratedQuestions

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Real estate investing in Canada can be confusing. You own your first home, but where do you go from here? How do you build your portfolio and your wealth? The confusion ends here. Quentin DSouza is your host, an award-winning real estate investor and founder ofAppleridge Homes, which started with small single-family homes in 2008 and has grown to large apartment buildings and growing towards 100 million+ in assets under management. On this podcast, you'll learn how to take your high-income, and your first home, andmove into the ultra-rich with our lessons from how Quentin and many others did it withreal estate investing. Connect with Quentin at https://linktr.ee/qmanrei

110 episoder

Get Real Wealthy

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Get Real Wealthy

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17- From $16K to $1.3M: The Incredible Appreciation of Real Estate 7:36

for 2 years siden7:36

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In this episode of Get Real Wealthy Season 4, Quentin D’Souza talks about how real estate has outperformed other investments over time and why it is a great way to build wealth. Quentin shares an advertisement from 1973 for a fully detached home in the Toronto area, selling for $16,745. If you wanted carpeting or an attached garage, the cost would increase to $18,275 and $19,495, respectively. A similar home today would sell for $1.3 million, which is 76 times its value in 1973. While the outer shell of the home probably remained the same, the interior was likely updated with $5,000 to $10,000 spent over time. He adds that the value of the home changed due to lower interest rates, high demand and limited supply, which were caused by governments adding rules, regulations and fees. When compared to other commodities, such as gold and oil, the value of housing has appreciated significantly over the years. Gold has appreciated around 20 times, oil has appreciated around three times, while the dollar itself has seen an appreciation of seven times. Quentin shares that he prefers investing in real estate for its cash flow and long-term growth potential. Owning an asset base for decades can lead to significant appreciation in value and the creation of wealth. He says that owning an asset base worth a million dollars today, which grows to $2 million in ten years, allows the debt on that asset to go down and increases the equity tremendously. Longevity is key in owning an asset base for a decade or more because it grows in an appreciating market. Quentin adds that he is growing his portfolio using multifamily apartment buildings, which have a larger asset base and grow over decades. Holding on to that asset base allows the debt to go down, just like the person who bought a house in 1973 for $17,000, whose dollar has gone down by 700% or seven times. That is why he prefers owning a hard asset in real estate to create wealth. In conclusion, he adds that while it’s tempting to talk about real estate through financial freedom and income, which can be a byproduct of owning a great asset base, the main goal of investing in real estate should be growing your asset base over decades and cash flowing on it every month. By doing that, you can create enormous wealth for yourself and your family. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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16 - The Nine Habits of Highly Effective Real Estate Investors 6:14

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza shares the qualities he has observed in successful real estate investors, and what you can learn from them. Quentin says that successful investors possess certain qualities that he has observed over the years. He has met investors who own one or two investment properties and those who own $300 million in assets. There is a big difference between the two types of investors in terms of growth. He advises that to achieve your goals, you should follow people who have already succeeded in it. If you want to own one or two investment properties, you should seek advice from people who have done so. If you want to grow a real estate empire with $300 million in assets, you need to find those who have already achieved that goal. Quentin shares that the first quality he has noticed in successful investors is their willingness to never stop learning. Successful investors are always seeking new knowledge and opportunities to grow. They know what they know, but they are aware that there is always room for improvement. The second quality of successful investors is that they do not make excuses. They take responsibility for their actions and admit their mistakes. They do not dwell on past failures but use them as learning opportunities to improve and continue to grow. The third quality that successful investors possess is their constant effort to improve upon what they have already done. They make slight tweaks or little changes to their methods to continue growing and bettering themselves. They recognize that there is always room for improvement, and they actively work towards it. The fourth quality of successful investors is that they celebrate their achievements along the way. They take time to acknowledge their progress and enjoy the fruits of their labor. Whether it's a dinner out or a vacation, they take time to celebrate their successes, big or small. The fifth quality is that they follow a vision and a process for achieving their goals. They have a clear vision and a plan to reach their objectives. They may use a vision board, quarterly plans, or 30-60-90-day goals, but they always have a process that they follow to achieve their goals. The sixth quality of successful investors is their commitment to keeping their word. They strive to do their best and follow through on their promises. They work hard to help others and achieve whatever they said they would do. The seventh quality is that they dream big and achieve bigger. They set lofty goals and push themselves to achieve them. They continuously work on their process to achieve their goals, which often leads them to achieve more than they thought was possible. The eighth quality of successful investors is that they leverage their failures throughout the process. They understand that failure is part of the journey and use it as a learning opportunity. They use their failures to grow and do better in the future. Finally, successful investors have deep relationships with others. They understand the importance of building strong, meaningful connections and leverage those relationships when needed. These relationships often help them achieve their goals faster and more efficiently. In conclusion, Quentin suggests that to become a successful investor, you should reflect on these qualities and make some changes while never stopping learning. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

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15 - Making Money in Real Estate: Investing Wisely and Avoiding Pitfalls 7:08

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses the reality of real estate seminars and the need to be careful when signing up for them. Quentin highlights that although some real estate seminars may be legitimate, many of them are merely ways to enroll participants in more expensive seminars. As a veteran of the industry, Quentin provides listeners with tips to make informed decisions and avoid scams. According to Quentin, attending low-cost or free real estate seminars that cost around $100 or $200 will likely only provide a high-level overview and not much actionable information. The majority of the time is spent discussing why you should invest in real estate, how it's important, and how you can earn more money. However, the ultimate goal is to persuade attendees to invest in a more expensive course, usually offered at the end of the seminar. This is a classic example of a real estate quick money seminar. Quentin cautions that during seminars, presenters often showcase their wealth by sharing their vacations, cars, and properties. This is done to create an association with wealth in the attendees' minds. The seminars teach how to buy a property with little to no money down, which is doable, but difficult without help and support. Even though this is achievable, it will take more than a weekend or an education course to learn the required skills. Attendees should keep this in mind. During the seminars, the presenters ask a lot of questions to which attendees are expected to respond with a "yes." This is done to soften the audience, making them more likely to agree when an incredible offer is presented. The offer is usually valued at thousands of dollars, but the cost is only a fraction of that if purchased right away. There is typically a time limit or a limit on the number of courses available, creating scarcity. This is a component of the weekend course, and Quentin warns that this technique is used to make participants more susceptible to buying the product offered. Quentin says that although he has learned a lot about real estate from various courses, including weekend courses, he suggests having the mindset to learn something from any course. However, he emphasizes that networking with other participants is the most important aspect, as they are on the same journey and can provide valuable insights. He suggests doing research on the presenter, checking out their website, references, and reviews to learn more about them, and warns against seminars that guarantee returns or once-in-a-lifetime opportunities, as there are no guarantees in real estate. In conclusion, Quentin advises caution when considering attending low-cost or free seminars that include upsells at the end. If you’re interested in learning more about him, his real estate investing career, and find free resources and learning materials, you can visit, https://EducationREI.ca and https://DurhamREI.ca . Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

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14 - Building a Strong Relationship with Your Property Manager: An Essential Guide 6:16

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses how to effectively manage your property manager. Quentin suggests that before purchasing a property, you should consult a local property manager in the area to determine if they are willing to manage it. This conversation can offer valuable insights into the various factors that may influence a property manager's decision to manage—or not manage—a specific property. Quentin emphasizes that when working with a property manager, it is vital to obtain copies of all lease agreements and addenda given to tenants, as well as any other documents completed by the property management company, such as the property management agreement. He further states that it is essential to review these agreements for a better understanding of how the property manager will charge fees. This encompasses determining whether they will charge a flat fee per month, based on gross rents or a per-door fee, tenant placement fees, and if there are any additional charges. It is crucial to discuss these fees with the property manager, especially if they are not outlined in the agreement. Moreover, it is important to inquire about the management fee for repairs and maintenance, as well as how the HST will be charged and when it will be applied. Quentin also highlights the importance of closely monitoring vacant units, particularly if they have been unoccupied for more than 30 days. Managing these vacancies thoroughly and maintaining regular communication with the management company is essential to make necessary adjustments to the units. If the property is not filling quickly enough, renovations, such as interior updates or a fresh coat of paint on the exterior, may be required. Quentin advises comparing the quality of your unit to other units in the area to ensure it meets or exceeds local standards. Additionally, Quentin says that getting to know your neighbors and establishing communication with them can be beneficial. This provides an extra set of eyes on your property and potentially valuable feedback, whether solicited or unsolicited. Keeping a few people in the area informed about your property could offer valuable insights. Regular communication with your property manager, facilitated by quarterly or bi-annual phone calls, is essential to maintaining open lines of communication. This practice is particularly important if an issue arises that needs to be addressed and you were not previously aware of it. Lastly, Quentin recommends reviewing all monthly bills and statements from the property management company and utilities to ensure there are no unexpected increases. If any changes occur, the property management company should provide an explanation. As the property owner, you remain ultimately responsible for your property, and hiring a property manager does not absolve you of that responsibility. In conclusion, Quentin suggests that if you're interested in learning more about managing your property manager, check out the full course on filling vacancies and property management at educationrei.ca. You can also find his books on Amazon, which cover the topic of property management. Furthermore, you can join Durhamrei.ca and become a member to gain access to all of the video courses. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

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13 - Why RRSP Mortgages Can Be a Game-Changer for Your Investment Portfoliomortgages 7:39

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses using registered funds for private mortgages to create an income source and the associated risks. Quentin notes that the public is generally unaware that they can use registered funds, such as TFSAs, RESPs, and LIRAs, to lend as mortgages and earn a fixed return. The reason for this lack of awareness is the mutual fund industry's focus on managing portfolios and not providing information on alternative investment options. People are not aware that this option is available. He adds that the mutual fund industry earns money based on their management expense ratios, regardless of the portfolio's performance. As a result, they prefer that people keep their funds in mutual funds instead of lending them privately and earning higher returns. Quentin recommends placing registered funds with a trustee, such as Canadian Western Bank or Olympia Trust, to lend to third parties while adhering to specific criteria, such as not exceeding 100% of the property's appraised value. For instance, $300,000 can be moved to an Olympia Trust account to lend as a private mortgage. He emphasizes the importance of transferring funds directly between registered accounts to avoid taxation. Due diligence is crucial when lending funds to third parties, and it is recommended to focus on investors. The loan-to-value ratio should not be too high, as this increases the risks associated with the investment. Mortgage brokers can help with private lending and bring together multiple investors for a single mortgage. When lending, understanding the borrower's exit strategy, the loan-to-value ratio, and the property's risk is essential. Retail properties are riskier than residential properties at the same loan-to-value ratio. The area, person's experience, and returns should also be considered. Understanding that a good return may not be achieved if the funds are returned earlier than expected and there is no other project to invest in is essential for private lending using registered funds. In conclusion, Quentin advises that there are numerous resources available to learn more about using registered funds for private mortgages. You can also contact him at quentin@getrealwealthy.com to learn about his own experiences using registered funds. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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12 - The Underutilized Housing Tax Form: What You Need to Know 7:48

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses the Underutilized Housing Tax Form. Quentine explains that property investors in Canada must complete the nine-page form, issued by the Canada Revenue Agency (CRA). Applicable to corporations, holdingc ompanies, and partnerships, it must be submitted annually by the end of April, starting in 2023. The form discloses property ownership under structures like corporations, limited partnerships, or joint ventures and is mandatory for properties with three or fewer units. Non-compliance fines are steep, at $10,000 per property. The form includes details about ownership, partnership, and vacancy, aiming to target vacant properties for additional taxation. However, Quentin notes that the form may cause confusion for investors with non-traditional ownership structures or partnerships where not all owners are listed on the title. While the CRA may already possess some of this information from annual tax filings, the new form and database create a separate compilation of data that could potentially be shared with third parties like financial institutions. This could create problems for some investors in qualifying for properties or loans. Although it is unclear whether the CRA can share this information, it is essential to be aware of potential risks and consider solutions like putting the property in your name or co-qualifying to alleviate any title issues. Quentin advises listeners to make sure to review the Underutilized Housing Tax Form if they have not completed it yet. To reduce costs and bureaucracy when completing the required housing tax forms for multiple properties, Quentin suggests having an accountant complete the forms using one property as a template. Accountants may charge $500-$800 per form, but they can ensure that the nine-page forms are filed correctly. In conclusion, Quentin emphasizes that as more bureaucratic procedures arise, fewer housing units might become available, especially for smaller-scale landlords managing three or fewer units. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com https://DurhamREI.ca…

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11 -Maximizing Your Rental Income with Accessory Dwelling Units: Tips and Tricks 7:20

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza shares everything you need to know about accessory dwelling units. Quentin says that accessory dwelling units usually refer to basement suites, or when a particular house or duplex has another unit added to its footprint. He adds that a new bill, Bill 23, has been implemented in Ontario to increase the number of units in single-family homes. The bill enables the creation of additional basement units or garden suites, thus increasing the density of existing properties. As for what you need to look for in accessory dwelling units, Quentin says that being closer to major centers is important to obtain higher rents, which could result in a larger net operating income for the asset. However, this may be offset by higher purchase prices. Quentin recommends looking at places like Peterborough, Belleville, or Kingston where you have a lower purchase price but similar rents. He further adds that you also need to be cautious when inheriting an existing tenant on a property to be purchased. To ensure the legality of the rental, a tenant acknowledgment form should be obtained and the legality of the suite should be verified before purchasing. If the accessory unit is illegal, it may lead to complaints from neighbors, and the unit may be shut down, resulting in a loss of rental income and potentially affecting the property's maintenance and cash flow. He further adds that when looking for basement suites, you should also look at the amount of natural light going into the bedrooms and living room. This is important as it can help one forget that they are in a basement. In the suburbs, it is necessary to ensure that each unit has at least one parking spot and public transportation nearby. Having separate entrances and laundry facilities for each unit can reduce tenant interactions and lower management issues. Quentin further suggests that including a bathroom with a tub in the basement is a great idea as it provides more flexibility for different tenant profiles. Quentin adds that when considering a basement suite, it's important to think about small upgrades that can make it more attractive, such as lighting and flooring. These details can affect the overall appeal of the unit. It's also essential to ensure good color combinations and sufficient lighting to prevent the space from feeling smaller. In conclusion, he says that the top priority should be to have a positive cash flow every month after all expenses, including mortgage, insurance, utility costs, property tax, maintenance and repairs, and vacancy, are accounted for. This will ensure the property continues to appreciate in value while generating income.. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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10 - The Five Golden Rules of Borrowing Against Equity: Expert Tips and Strategies 4:46

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses the five golden rules of borrowing against equity. Quentin starts by sharing that borrowing is a common financial tool for real estate investing. It is used to buy investment properties and can help grow and diversify a portfolio. Equity in one's home can be used as collateral. If you're investing to build a portfolio, it's a valid financial strategy. But whether you're considering borrowing against equity for investment or other purposes, make sure you follow these five rules. Number one, beware of low-rate offers from banks and other financial institutions. Banks and financial institutions can make borrowing appear cheaper than it is, but be wary of low-rate offers. You should check the rates, including how they could rise, to avoid any financial shock to your investment portfolio. Number two, always read the terms carefully. Borrowing can be a financial necessity for real estate investments, but it's essential to use it correctly. When considering borrowing, be wary of banks' low-rate offers and read the terms carefully. The terms may include penalties for early payment or balloon payments at the end of the term. Number three, credit could harm your credit score and reduce your score altogether. Borrowing against equity can harm your credit score and decrease your ability to get a new mortgage on an investment property in the future. Number four, remember that all borrowing is risky for both lenders and borrowers. Accessing equity in your home can reduce risk for lenders, but increase risk for the borrower as they risk losing their home. Make sure to have a safety cushion in case of any issues. Number five, examine the alternatives. Before borrowing, one should be aware of its risks and examine the alternatives. Borrowing should only be used to create assets and income, not for spending on non-essential things, adding "the risk of borrowing badly is something that I really want to you to consider. You could lose your home, your family, your livelihood; it does happen." In conclusion, Quentin says that borrowing for investment in real estate is necessary for most people but must be done carefully. Five rules to follow include: be wary of low-rate offers, read terms carefully, understand how it will affect your credit score, remember that all borrowing is risky, and examine alternatives before making a decision. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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9 - The Importance of Competitive Rental Prices in Real Estate Investing 7:41

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[thrive_2step id='834']In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses how to guarantee rental profits. Quentin says that once you've bought a cashflow-positive property and taken out long-term debt, deciding on the right rent is crucial, as a wrong decision can lead to vacancy and financial losses. You have to consider the benefits and features of the property location and highlight them to potential tenants. If the property remains empty, it may be due to an overpriced or underpriced rent. For example, setting the rent too high could discourage prospective tenants from even considering the property. Setting the rental price too low for a property in a great location can also turn off prospective tenants and attract lower-quality renters. He emphasizes that setting the right price is essential to avoid months of vacancy. Quentin further adds that staying competitive in rental pricing is crucial for minimizing vacancy, especially in Ontario's rent-controlled environment. You should use tools like rentalmeter.com and doorinsight.com to find the average rent for a property in a given area, and check rental websites like Kijiji, Craigslist, or Facebook Marketplace to see current offerings, further adding "setting the right rent will make your profit on your rental income." Quentin adds that the goals that you want to achieve from your property investment won't be the same as another investor. However, whatever your goals are, for most investors, rental income should cover the cost of their expenses, mortgage insurance, maintenance, etc. He says the first few years may be challenging, but the property value and rental income should increase as the property stabilizes. At the same time, keeping rents competitive will also maintain the property's value. Quentin continues by saying that the rent you can charge when selling a property with tenants depends on several factors, including local and state rules, the economy, and property-specific features such as appliances. If the local economy is weak, rental prices may improve due to a higher demand for rental properties. To establish a competitive rental price, compare your property to similar properties in the same area with the same bedroom and bathroom mix. The rule of supply and demand dictates the rental potential; where demand is higher, the rent will be higher. Furthermore, to increase rental potential, consider specific benefits of your property, such as appliances, flooring, layout, outside space, views, amenities, and utilities offered. These factors can influence the rent you can charge. You can also compare your property to similar properties in the area. In conclusion, Quentin recommends that to learn more about renting out a property, consider getting "The Property Management Toolbox" and "The Filling Vacancies Toolbox" from Amazon. Important Links and Resources · The Property Management Toolbox · The Filling Vacancies Toolbox · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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8 - Deflationary Cycles in Real Estate: The Good, The Bad, and The Opportunity 7:55

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses taking advantage of a deflationary cycle in real estate. Quentin says that the interest rates in real estate have risen over the past year, leading to lower real estate prices in Canada and the US. Deflation, the opposite of consumer price inflation, where prices for goods and services decrease, also has its own opportunities. People may delay their house purchase, but if selling property in a persistent deflationary environment, one could experience a decrease in equity. Deflationary effects may take six to eight months to materialize. Quentin explains that the currency supply influences deflation and inflation. An increase in the currency supply leads to an increase in prices, while a decrease in the currency supply results in deflation. For example, if the government restricts the bank's reserves, there will be less money available to lend, increasing the cost of borrowing. Deflation affects borrowers and lenders differently. In a deflationary environment, borrowers repay more expensive money. He adds that falling property values can be a disadvantage for borrowers. Quentin further says that as a real estate investor, it is important to consider the cost of interest rates during a deflationary period. He says that you should only consider purchasing properties at a discounted price if you can maintain a cashflow-positive position. He adds that deflation can become a self-reinforcing cycle and punish all except borrowers. The federal government, as the largest borrower in the country through its national debt, may also be impacted by deflation. With the recent increase in interest rates, the cost of the national debt has put the central bank in a negative position. In conclusion, Quentin says that understanding deflation and its effects is important for anyone looking to invest in real estate. By considering interest rates, currency supply, and asset prices, you can make informed decisions and take advantage of a deflationary cycle. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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7 - Uncovering Hidden Opportunities in Apartment Building Investing: Tips for Real Estate Investors 6:11

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza talks about uncovering hidden opportunities in apartment building investing. Quentin says that real estate investing offers many opportunities. To create value, you need to increase the net operating income, which is income minus expenses before debt. He adds that there are five hidden opportunities to increase net operating income. The first opportunity is to look for properties with below-market rent. He adds that taking advantage of the spread between current rents and projected rents can benefit the buyer. Rent control in places like Ontario creates a distorted market, making it difficult for new tenants and the production of new units. Therefore, when buying rental property, finding below-market rents with the potential for a rent increase is an opportunity. The second opportunity is to look for properties that have been poorly managed, leading to disorganization and lack of repairs. This can present an opening for you to acquire the building, come in with a professional management company and solve these problems. The third opportunity is to look for buildings experiencing tenant management issues, where the owners or property managers are not addressing illegal activities, such as drug dealing, and not handling late payments or evictions properly. A skilled investor can purchase the property at a lower price, solve the issues, and achieve a better return on investment. The fourth opportunity is to look for properties with poor records management. This can result in difficulty finding bills, leases, and other important documents. Quentin says you can take advantage of this opportunity by finding ways to solve the problem and make more money as a real estate investor. Lastly, he suggests looking for buildings with neglected maintenance, particularly those under rent control with low rents. The building owners have no motivation to maintain the property, leading to a rundown building. But if an opportunity arises to turn over the units and create value, it can be an excellent opportunity for you as an investor. In conclusion, Quentin highlights that these hidden opportunities in apartment building investing, from finding below-market rent properties to solving poor records management issues, present great opportunities for investors. By identifying and addressing these opportunities, investors can achieve a better return on investment. To further assist in this endeavor, he recommends two books: "Property Management Toolbox" and "Filling Vacancies Toolbox," which offer valuable insights on creating value in buildings through effective management. Important Links and Resources · Property Management Toolbox · Filling Vacancies Toolbox · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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6 - Weighing the Options: Professional Property Management vs. Self Management 7:06

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In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses the pros and cons of property management vs. self-management. Quentin says that there are several benefits to hiring a third-party property management company. Firstly, experienced companies understand problem tenants in the area and can guide the property owner through tenant selection. Secondly, third-party property managers can effectively handle uncomfortable situations and legal issues. They have knowledge of the necessary documentation and contacts for paralegals or legal lawyers. They act as intermediaries between the property owner and tenant, avoiding emotional involvement by the owner. Thirdly, professional management offers peace of mind for those who do not live near their property, as local managers can handle any situation quickly and efficiently. Fourthly, property management companies have a list of maintenance and repair professionals, saving time and allowing the owner to focus on acquiring new properties. Lastly, they have extensive experience managing tenants and assets, making them efficient in handling current properties and tenants. As for the pros and cons of self-management, Quentin says that the first advantage is that all decisions made align with your business goals as you make them. The second point is that while you save on the cost of a professional manager, you also sacrifice your time. Therefore, you have to determine if the time spent is worth the cost savings. Third, some individuals believe that a manager may not maintain the property as thoroughly as an owner would, though Quentin disagrees. He believes that some owners may have extra time and a desire to manage the property themselves. Fourth, self-managing property owners tend to search for the lowest prices and compare quotes from various sources, which saves money and keeps costs in line. Finally, he says that with self-management, you have complete control over the asset, but it also requires a lot of time. In conclusion, Quentin adds that considering the time and size when deciding between hiring a third-party property management or self-managing. Self-management may be suitable for one or two properties, but a property manager may be needed for five or more. He recommends the books, "The Property Management Toolbox" and "The Filling Vacancies Toolbox," available on Amazon, for an overview of managing real estate assets and being a property manager." Important Links and Resources · The Property Management Toolbox · Filling Vacancies Toolbox · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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5 - Understanding Apartment Buildings Listings: A Guide to Avoiding Common Pitfalls 6:05

for 2 years siden6:05

6:05

In this episode of Get Real Wealthy Season 4, Quentin D'Souza talks about five things to watch out for on real estate listings for apartment buildings and the need for due diligence. First, Quentin suggests that you should be cautious when a listing states that a building or roof has recently replaced an AC. The term "recently" can be ambiguous and should be verified with a specific date to ensure the property's true condition. Secondly, he suggests that you should be aware of listings that advertise potential rents. These potential rents may not align with the current net operating income and can affect financing options. He suggests carefully evaluating the current net operating income and comparing it to the potential rent to ensure that you are not overpaying for the property. Thirdly, Quentin adds that you should look at listings that describe a property as located in an "up-and-coming neighborhood" more closely. Such neighborhoods may have a high crime rate or be undergoing major changes, which can affect the tenant profile and the property's overall value. He recommends visiting the neighborhood, talking to the local residents, and gathering as much information as possible about the area. Fourthly, Quentin says you should be aware of listings describing a building as a "century building" or "historical building." Such buildings may be subject to stricter regulations and have to go through a Heritage Committee, which can make them more expensive to make changes to. So, you need to consider if you are willing to take on the added expenses and regulations that come with owning a century or historical building. Lastly, Quentin suggests that you should be cautious of listings that advertise "guaranteed rent." This may mean that the tenants are on social assistance, which can make it difficult to turn over the property and make it challenging to increase the rental income. He suggests carefully evaluating the risks and benefits of such property before making an offer. As a bonus tip, Quentin adds that you should also pay attention to the location of the property and its surroundings when reviewing the listings. Be aware of properties located near gas stations, former dry cleaners, or in industrial areas. A quick Google search and checking the Street View can give you a good idea of what's around the building. In conclusion, Quentin suggests that you should pay close attention to the details in real estate listings, do proper due diligence, and keep in mind the potential red flags. By doing so, they can make informed decisions and avoid potential pitfalls in the process of buying an apartment building. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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4 - Finding the Right Real Estate Investing Coach for You 8:05

for 2 years siden8:05

8:05

In this episode of Get Real Wealthy Season 4, Quentin shares tips and tricks for finding the right real estate investing coach or advisor. Quentin says that many people are eager to sell their services on social media, and it's important to be cautious when looking for a coach or advisor. There are a few steps that you can follow to find the right mentor. He suggests that the first step in finding the right coach is determining what specific topics you're interested in learning about. Joining a real estate club, like Durham REI, can help you get a general overview of different aspects of investing in the Canadian real estate market. Once you have a general understanding, Quentin advises to figure out exactly what you want to learn from an advisor or coach. The second step is to understand the track record of the advisor. Quentin suggests looking for an advisor who has invested for a full real estate cycle and has experience with different types of strategies during different parts of the cycle. He further adds, "you got to be careful who you're getting advice from because they may push you down the path that leads you into the same problems that they went into." The third step is ensuring the coach or advisor is still an active investor. Quentin says that you have to be cautious if the coach hasn't bought a property or done a flip project in the last few years, as they may not have current experience in the market and knowledge of the current rules and regulations. Quentin says that the fourth step is considering the coach's qualifications and credentials. He mentions that one red flag to look out for is if coaching is the main source of income for the coach or advisor. He suggests being wary of their past success in real estate investing, and if they are currently active in the real estate investing space. You should also be cautious of coaching programs where you pay a large lump sum of money and have access to the program forever, as you may outgrow the program, and the coach may focus on bringing in new clients instead of moving you to a higher level. The fifth step is to consider the support you will get from the coaching program. Quentin suggests looking for weekly calls, WhatsApp groups, quarterly masterminds, accountability programs, and access to videos, courses, books, and other materials. Lastly, he suggests looking for references from former coaching clients. Quentin suggests looking for pictures, quotes, and testimonials from former clients to get an idea of their experiences with the program. In conclusion, Quentin emphasizes the importance of being cautious and doing your research when looking for a real estate investing coach or advisor. These steps will help you find the perfect coach to help you in your real estate investing journey. Important Links and Resources · coach@durhamREI.ca Coaching Application · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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3 - How to Navigate the Challenges of Full-Time Real Estate Investing 9:14

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9:14

In this episode of Get Real Wealthy Season 4, Quentin talks about the challenges faced by those deciding to become full-time real estate investors. Quentin starts by sharing his personal experience of transitioning from being a full-time teacher to a full-time real estate investor. He became a full-time investor because he wanted to do more than just teaching. Quentin was a full-time teacher and consultant until 2014 and banked his income and used the income from his portfolio to pay for his expenses. He demonstrated the ability to do this for an entire year before leaving his job. Once he left his job, he could invest more in real estate, including flipping projects, rent-to-own properties, etc. He also began investing in apartment buildings and multi-unit properties in 2015, allowing him to grow his asset base while spending less time on these investments. He adds that often those who find their time totally consumed by their job struggle to earn additional income. Quentin discovered that real estate provided a means to continue earning income without dedicating hours to the task and at a pace that worked well for him and his family. He adds that while this option may not be for everyone and there is nothing wrong with having a job, real estate investing can help you create more time, location, financial, and thought freedom, adding, "those freedoms are all things that are important to me." Quentin says that one of the big challenges for individuals who invest full-time is the possibility of being equity-rich but cashflow-poor. They may have assets with significant equity but cannot access them due to borrowing regulations and practices. The cash flow from rental properties can also be unpredictable, with some months being low in cash flow and others being higher. As a result, for those who rely on a small number of rental properties for income, your income can get very distorted. He adds that, therefore, you need to prepare yourself. First, you need to figure out your true spending habits, as they may differ significantly from when you were employed. You should also consider the tax implications of your expenses and how it affects your income. Secondly, he says that it is essential to have a cash flow buffer in place. Income can be unpredictable and may fluctuate over a three to four-month period. He further adds that you should also take three to five months of income and place it in a separate account that is not easily accessible. This way, the funds will be available to cover monthly expenses during periods of instability. Additionally, it is important to periodically refresh this buffer. Thirdly, before leaving a job, you should get any financing or refinancing done as early as possible. Financing often depends on income history, and if you don't have a history of two years in your workplace, it may be difficult to get financing. Fourthly, he recommends establishing multiple income streams, either prior to leaving the job or after. He adds that having multiple income streams can add up over time and help smooth out the ups and downs. Lastly, he suggests seeking support and advice from other full-time investors can be beneficial. Joining a local real estate investment group or seeking education from groups like https://DurhamREI.ca and https://EducationREI.ca can provide opportunities to learn from and connect with other full-time investors who can offer tips and insights. In conclusion, he says that while becoming a full-time real estate investor can offer more time, location, financial and thought freedom, it also poses challenges. To overcome these challenges, it is important to prepare yourself by understanding your true expenses, creating multiple income streams, and seeking support from other full-time investors. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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2 - Win-Win Negotiation Strategies for Real Estate Investors 5:56

for 2 years siden5:56

5:56

In this episode of Get Real Wealthy Season 4, Quentin talks about powerful negotiation techniques for real estate investors who are working directly with sellers. Quentin says that to prepare for negotiations with sellers, it is important to gather as much information as possible about their motivations for selling. When working directly with a seller, you can gather more information as you do not have a realtor acting as a gatekeeper and filtering the information shared with you. Take advantage of this opportunity to ask the seller about their reasons for selling and gather as much information as possible. It is also essential to keep the conversation with the seller conversational and avoid making it feel like an interrogation. This will help establish a good rapport and make the seller more comfortable sharing information with you. He adds that by focusing on the seller's motivations and understanding why they are selling, you can position the opportunity in a way that creates a win-win situation for both parties. It is important to anticipate and prepare for potential issues or objections during the negotiation process. Coming up with solutions ahead of time makes it easier to deal with objections with a solution or a way to get a solution. For example, suppose a seller wants a quick closing on a property but the buyer needs more time for financing. In that case, the buyer can suggest offering a vendor take-back mortgage or seller financing option to speed up the closing process. This can be a win-win solution as it allows the seller to close more quickly while also providing the buyer with financing. Quentin further adds that instead of offering just one agreement, you can offer multiple options to the seller, such as one with a higher price and seller financing and one with a lower price without seller financing. This allows the seller to choose between two options rather than deciding between you and another buyer. It is important to keep the options simple and not overly confusing, as a confused mind is more likely to say no. Practice negotiating with different sellers to improve your skills and increase your chances of success. In conclusion, he says that to improve negotiating skills, it is important to practice negotiation and be willing to walk away from a deal if necessary. To learn more about negotiation tactics, consider reading the book "Finding Properties Toolbox: Buying Real Estate at a Discount" or visiting findingdiscountedproperties.com. Important Links and Resources · The Book Finding Properties Toolbox – Book · findingdiscountedproperties.com · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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1 - Creating a Strong Real Estate Investment Team: Tips and Strategies 6:31

for 2 years siden6:31

6:31

In this episode of Get Real Wealthy Season 4, Quentin discusses the different ways to build an investment team in real estate: solo investing, partnering with other investors, and general partners. Quentin starts by talking about soloi nvesting. Solo investors focus on building a team of professionals such as property managers, insurance advisors, and contractors to help them run their businesses. This approach allows them to get a higher return on their investment, but it also requires a larger time commitment. The second approach is bringing on partners. They'll take on a smaller cut of the equity, but they'll be able to scale their time more because they'll have other partners and an established team with a system and process that are working for them. General partners are real estate investors who work with other investors to build a team. Members can focus on their strengths and work together to build a larger business. This approach may result in a lower equity amount per project, but it also leads to a larger overall cash flow. Quentin adds that it just depends on your approach and how you want to do things. Quentin also offers some tips and strategies for identifying which approach to take and building an effective investment team. First, to understand your strengths and weaknesses, make a list of what you believe they are and ask three friends for their input. Secondly, building a good reputation is also important when building a team or partnering with others. To gauge your reputation, ask three friends and three acquaintances for their perception of it. This can help you understand what has been built already and decide whether to build on it or make a slight change. He further adds that It's important to plan your exit strategy when building or working with a team in real estatei nvesting. If you're a solo investor, you may simply sell the asset. If you have multiple investors, you may need to buy out some passive investors overt ime. If you're building a team of active investors to grow your portfolio,your exit strategy may involve selling to a REIT or other fund. Consider youra pproach to building a team and plan your exit accordingly. In conclusion, Quentin says that reale state investors can achieve their financial goals by following these tips and choosing the right approach for building an investment team. To learn morea bout building an investment team and real estate investing, visit EducationRei or Durham Rei.com. These resources can provide valuable guidance and helpy ou make informed investment decisions. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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10 - Buying Real Estate as a Young Adult? Here are Four Things You are Going to Need 9:31

for 2 years siden9:31

9:31

In this episode of Get Real Wealthy Season 3, Quentin talks about four important things young adults need to know to buy real estate. First, Quentin emphasizes the importance of income history, which is essential for securing a mortgage from a bank. Banks typically require at least two years of income that can support mortgage payments before approving a loan. If you don't have this income history, it may be difficult to purchase a property. However, there are mortgage products available that can help those without income history, but they often require a higher down payment. The second is a good credit score. A good credit score shows that you are responsible with credit and will be able to pay back a mortgage. It's important to monitor your credit and continue to build it by taking on loans and credit cards that you can handle and paying them off on time. The third is a down payment. These are the funds you need to purchase a property. One way to save for a down payment is through a milestone savings account, which we discussed in the previous episode. Another way is to receive a gift from a family member. You can also partner with someone who has a good income history and credit score in order to purchase a property together. Lastly, he adds that education and mentorship are critical in real estate investing. Surrounding oneself with mentors and individuals who are already investing in real estate can provide valuable guidance and help young adults make informed decisions about their investments. There are many online communities and forums, such as EducationREI.ca and DurhamREI.ca, where young adults can connect with like-minded individuals and learn more about real estate investing. They can help you understand different aspects of investing, such as the importance of understanding the difference between positive cash flow and expenses and how to analyze properties to ensure they are a good investment. In conclusion, income history, a good credit score, a down payment, and education and mentorship are four key concepts that you need to know to buy real estate as a young adult. By understanding these four things, young adults can be better prepared to buy real estate, reach their financial goals, and achieve financial freedom. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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9 - Investing Better and Saving More Using Accounts as a Young Adult 6:30

for 2 years siden6:30

6:30

In this episode of Get Real Wealthy Season 3, Quentin talks the importance of using bank accounts to save and invest better. Quentin says that as a young adult, it's crucial to take control of your financial situation and make smart decisions about how you manage your money. One of the first steps in doing this is to choose the right bank accounts for your needs. Quentin suggests using student accounts or low-cost bank accounts that offer a good balance between savings and access to your money. It's important to carefully examine the fees being charged by these accounts and negotiate with the bank if necessary. Many banks are willing to offer lower fees or other incentives to keep your business, so don't be afraid to shop around and compare offers. Quentin further adds that another strategy that can be helpful is to have at least three separate bank accounts to segment your funds into different buckets. This allows you to allocate your money to different goals and priorities, and makes it easier to track your spending and savings. He suggests having the following three accounts: • A milestone savings accounts for big purchases, such as a car or a house. • A lifestyle or social account for spending on necessities, such as food and transportation, and for building credit. • An investment account for buying paper assets, such as stocks and bonds. By using these three accounts, you can save and invest for the future while still having access to funds for your daily needs. He also suggests starting with paper statements rather than online statements, at least at the beginning. This can help you better track your spending and avoid missed payments, which can damage your credit and cost you money in the long run. For homework, he says that you should find three accounts that you can open with the same bank or institution that costs you $0 per month in order to do online transactions. So, if you do online transactions, you'll get zero charge per month. In conclusion, he says that by using student or low-cost bank accounts and segmenting your funds into different accounts, you can take control of your financial situation and reach your goals as a young adult. With these strategies, you can save and invest more effectively and build a solid foundation for your future. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
8 - Why You Should Earn More Than What You Spend as a Young Adult 8:27

for 2 years siden8:27

8:27

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about managing your time and earning more than what you spend. Quentin says that while he usually focuses on investment earnings, for people starting out, leveraging earnings from different sources, such as part-time, gig-based jobs, can be a great way of making more money. He adds, "things like the gig economy are based on how hard you want to work; you can work more and get paid more in a shorter amount of time. And therefore, you manage your time better, but you can earn more money…." He says that one of the things he wishes he had done as a young adult was to take advantage of opportunities that allow you to learn while you earn. One of the ways to utilize that is by working on something that aligns with your ten-year goals. For example, you could be working in a beginner-level position in real estate; learn the steps through the process. What is it that needs to happen? And when does it need to happen? Another thing you could do is become an assistant to a business owner or entrepreneur, where you can learn what is going on to earn some income, and then you can go off and do it on your own. Now, if you could use some of the gig economies to support you while you're learning, there's an opportunity to continue growing. The other piece that we want to discuss is when you're earning more than what you're spending every month is to have a frugal mindset versus spending what you have. This way, you can use the leftover money to invest. Furthermore, you have to watch out for the lifestyle creep. He adds, "Remember, you are at a different place than other people are; you're starting out, and you want to keep that frugal mindset, which is saving money versus spending all of what you have…." In conclusion, he says that the homework for this episode is to look at what you spend each month, and I want you to try to save at least 20% on what you spend every month. This way, you can get started on your journey of the frugal mindset. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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7 - Five Key Financial Literacy Concepts Young Adults Should Know 11:42

for 2 years siden11:42

11:42

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin shares five key concepts he wishes he had understood better as a young adult. Quentin says that the first concept is compound interest and compounding in general. He adds, "one of the things that I wish I understood was that concept between a penny doubled every day for 30 days, or a million dollars if I gave you an offer…." While a million dollars seem like a lot in comparison, the penny that doubled every day for 30 days would give you $5,368,709.12. That is the difference between compounding and compound interest. So, by compounding and having that doubling effect, we're getting that considerable value. Compounding is what you want in your investments rather than simple interest. The second concept he shares is the difference between real and paper assets. You want to own real assets. Paper assets are okay but not as good as real assets. Real Assets are durable, and they last for generations. They can continue to pay you and pay you over time. Paper assets are great, but they can suddenly increase or decrease in value. The third concept is the difference between good debt, bad debt, and opportunity debt. Good debt helps you to earn money. You would have good debt that helps you buy a rental property that creates monthly income and an asset on your balance sheet that continues to earn. Bad debt is essentially putting your money into something that is neither paying off the loan nor earning you any income. Opportunity debt could be a line of credit, not necessarily a credit card that you can use to buy good debt in the future. The interest on that debt can be written off, it's a tax deduction. So if you're taking opportunity debt, moving it to good debt, oftentimes you can write off the interest. Fourthly, you need to understand the difference between income, wealth, and net worth. Income is what you make every month. Wealth is what your value is, and it's your net worth. When you take all your assets, add them up, take all your liabilities and add them up, you have your net worth. That net worth can grow over time. If you can measure it, you can increase it whenever you want to do something. The fifth key concept he wishes he had understood as a young adult is a passive income. Passive income is earned, not per hour of your work; you continue to make that money, whether you are working or not. There are different ways that can come in. You can leverage different ways to create passive income. It requires you to think creatively, so passive income comes from business ownership, rental properties, it can come from dividends from stocks In conclusion, Quentin says that these five concepts are crucial for young adults on their journey to financial freedom to understand. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
6 - Four Life Lessons for Young Adults 11:12

for 2 years siden11:12

11:12

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin shares four things he wishes he had spent more time doing when he was a young adult. Quentin starts by saying the first thing he wishes he had done more was to take more risks and fail more often. as a young adult, that is the best time to take risks, business risks, and social risks because it's okay to fail. You should focus on your strengths and not on your weaknesses. Although we live in a culture where failure in school is considered bad, it does not equate to a failure in life. He adds that it's okay to try different jobs and quit. This way, you get to interact with different types of people and get to see different things. All those experiences can help you explore what it is that you like. He adds, "I think selling is one of the most important pieces that people forget that is necessary. Anything to do with selling, I would recommend that you get exposure to that…." The second thing Quentin says he would have done differently as a young adult was to have spent more time learning after school was done on business topics. He further adds, "I would have read more books; I would have found more mentors… audiobooks… podcasts and find other people who were moving in the same direction as me…." There are many meetups, groups, and online communities that can help you learn. So, you must continue to learn after school is done. Learning and continuing to learn is more important. The third thing he wishes he had spent more time doing was traveling independently. Traveling by yourself can be challenging. It's tough because you're forced to act and interact with other people; you're forced to talk and meet people. You need to come out of your shell to do that, but it also gives you a greater sense of independence. The fourth thing he wishes he had done more often is related to "analysis paralysis." He adds, "you must apply what you learn. Don't get stuck in learning. Learning is important. It helps you take your mind from one place to another, but then you must apply what you learn as fast as possible." In conclusion, he says homework for this episode is to reflect on those four things and see if you can plan one area in each of those four things mentioned for you. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
5-The Importance of Knowing Your "Why" in Your Financial Freedom Journey as a Young Adult 6:10

for 2 years siden6:10

6:10

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about the importance of knowing your "why" in your journey toward financial independence. Quentin says that there are many ways to achieve financial independence, but one must know "why" do they really want it, and a way to do that is to figure out your real motivation. Knowing your "why" is the key; once you figure that out, you need to permanently put it up somewhere that you can see every day. This will help you get through some of the challenging days. Talking about the importance of "why," he further states that identifying the "why" will help you continue to drive, and it will be part of your larger purpose. Most people simply don't take the time to figure that out, further adding, "it's going to be very different for you than it is going to be for me, but you need to go deeper. It requires you to take some time, maybe 45 minutes, maybe an hour, to think about this, how to get deeper into what your why is of what you're doing." Quentin says that when you figure out your "why," you need to permanently put it up somewhere that you can see it every day. This is a deep meaning for your financial independence. It's not easy for you to be able to do this every day to continue to push forward for your financial freedom. So, your "why" will help you get through challenging days and times. If you have a deep "why," deeper than money and anything else, that will help drive you to continue to grow and do these goals. He adds that it is going to help you to continue to drive, and it's going to be part of your larger purpose. In conclusion, he shares another homework, adding, "I want you to write down a list of 100 items. We can call this a bucket list, you can call it a to-do list…things you wish to do or achieve in your lifetime, 100 items, write it down. you're going to start off with the first activity. So, this is going to be part of your homework. Make sure that it's deep, not surface level." Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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4 - Financial Independence, Retire Early movement (FIRE), and How to Achieve It? 11:35

for 2 years siden11:35

11:35

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about the FIRE - Financial Independence and Retire Early movement and its relevance for young adults. Quentin says that being a part of such communities can be greatly helpful for young adults as the financial landscape these days is very different from what it used to be three or four decades ago. He adds that there are various approaches to doing this, and one of them is the FAT FIRE movement, which is having a large nest egg and being able to live off of that. It may take you five years, ten years, or 20 years to create something like this, but you live off that. There is also a LEAN FIRE community that is really about being frugal and living minimalistically. This allows you to create an environment where your monthly freedom number is so low that it becomes easy for you to have that financial freedom. Quentin says there is also another movement called the BARISTA FIRE movement, which means that you continue to work while you're retired but get additional benefits. It's like you've created the financial freedom part, but just not all of the pieces. He adds that there's the COAST FIRE movement as well, which is about investing early enough to generate income to retire later. He says that the other thing you need to understand is the difference between assets and liabilities. Assets pay you to own every month, whereas liabilities are things you have to pay every month. He further stated that this is an interpretation from Robert Kiyosaki. He also recommends reading his famous book Rich Dad, Poor Dad for more gems like this. Quentin adds that it is also important to know the difference between good debt and bad debt, and how it can be an asset or a liability. He further talks about the Golden Handcuffs. It's when you're in a situation where you get a lot of income but end up spending it because of your lifestyle. It prevents you from growing and having financial independence. In conclusion, he says that the best thing you can do is explore the FIRE acronym, and if you want to learn something, you must be around other people who are doing the same thing. Important Links and Resources · Rich Dad Poor Dad by Robert T. Kiyosaki · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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3 - What is Financial Independence and Why is it Important to Young Adults? 8:01

for 3 years siden8:01

8:01

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about financial independence from the perspective of a young adult. Quentin says that financial independence means that you are given more choice in what you want to spend your time doing. While it is different for different people, a common theme is that you need to go out, get a good education, get a good job, work for 40 or 50 years, retire, and use your nest egg to be able to live off that. Now, you can do it at an earlier age if you choose. You have to decide where you want to see your life ten, twenty, thirty years from now. So, what exactly is financial independence? Everybody has three main expenses: accommodation, transportation, and food. Now, if you can create income that comes to you without having to spend time creating it, you can create financial independence because it covers your accommodation, transportation, and food. For accommodation, transportation, and food, the only way to figure it out is to devise a plan and write it down, make a budget, and figure out how much you would spend in a month. Your needs and, consequently, the budget will differ depending on where you are now. In order to have financial independence, you need to have income coming in that exceeds your expenses. While there are different ways to achieve that, a simple way people move down this path is through house hacking, where you can rent out space in your house that you don't need or is extra. This can help you save a significant amount of money. He adds that as you get older, you will have different requirements. Things will change, and you have to change the funds that come in. He says that when you decide on having financial independence, it could be related to what you want to do in the future for a job. Perhaps, if you've created this financial independence, you can have a job because you love it. You can leave a job for another job because you have this financial independence in the background, or if you have no job and you choose to work on passion projects, instead, you'll have that ability because you have financial independence. In conclusion, Quentin says there are several creative ways we can go about doing this. The homework for this episode is to read about the FIRE movement and see if it appeals to you. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

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2 - How to Start Building Credit as a Young Adult 9:23

for 3 years siden9:23

9:23

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about building your credit and why it's important. Quentin says that a lot of the things we're going to do while investing require some credit. You can start without credit, but for growth and scaling, you need good credit. It allows banks or other institutions to track how well you repay funds you borrow. We are moving from a money-based system to a credit based economy. He adds, "If we are good with our credit, we will be able to borrow more, and if we can borrow the right type of debt, we're going to be able to create wealth from that, and if we borrow the wrong type of debt, then we're going to have to pay for that for years and years and years." Choosing the correct type of credit card and the financial institution behind it is crucial, as it builds credit with a credit history. He says that you should only borrow what you plan to pay back. So whatever you put on your credit card, you will pay it back that same month, if you can, or within two months. It's okay to carry a bit of a balance because you want to show that you can pay it back, and if you do that, you start to build credit over time. Things like car loans, and mortgages, are also great ways of building credit. Quentin says there are also services like Borrowwell or Credit Karma you can use to look at your credit. Another tip, especially if you're young or having trouble with credit, is to get paper statements, especially at the beginning, for tracking so that you can cross off what you paid back and what you borrowed in a month. He adds that little things come up, but remember, what you're doing is you're building a credit history; the better you can utilize this credit, the easier it is for you to borrow later on. In conclusion, he says that if you haven't done so, go out and apply for credit. Whatever that looks like for you, start asking questions about getting some credit, which is also your next assignment. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
1 - The Ultimate Goal Setting Process for Young Adults: How to Create a Ten-Year Plan for Your Life 8:40

for 3 years siden8:40

8:40

Episode Summary In this episode of Get Real Wealthy Season 3, Quentin talks about coming up with ten-year goals for young adults who are starting their journey toward financial freedom. Quentin says that, as Tony Robbins noted, "most people underestimate what they can do in two or three decades but overestimate what they can do in a year" we want to solve that problem by coming up with big goals for the next ten years. He says that when it comes to displaying your goals, you can use a bulletin board or a display board where you have all your plans laid out. You can also do it as a letter to yourself like you're writing a letter to somebody or writing an email to somebody from 10 years in the future. You can also do it now by describing what it looks like ten years from now to a family member. If you choose a bulletin board, get images related to different aspects, such as financial, relationship, spiritual, social, professional self, and goals. You can outline your pictures and put them into those six different areas. You can use it as your desktop background, someplace where you look at it often. You can also do a letter for yourself describing those six areas from 10 years in the future. What does your life look like now, and what have you done with those six aspects? You can also do it as a description instead of a letter. He further adds, " You want to take the time to be able to do this; the more time you spend doing this, the more detail you're going to put into it, the more effective this tool is going to be for you. Goal setting is important ." He says that the most important piece when it comes to mindset because it will take you from where you are now to get those goals sooner than you ever thought possible. Quentin adds that you should be the person who looks at their goals every month and then works towards those goals. He says that there are different tools and templates that you can use, including his The Action Taker’s Real Estate Investing Planner , which has helped him tremendously over the years. In conclusion, he says you should start developing your ten-year goals and displaying them. As for the homework, before you watch the next episode, have your 10 year goals set out, write them out, put them into a diagram, put them into a bulletin board, put them into a letter to yourself, have it ready, and then that way you'll be ready for the next episode. Important Links and Resources ● https://www.instagram.com/qmanrei ● quentin@getrealwealthy.com ● https://EducationREI.ca ● https://GetRealWealthy.com ● https://DurhamREI.ca The Action Taker’s Real Estate Investing Planner…

Get Real Wealthy

1
52 - How to Get Your First Rental Property Using Your Own House 5:21

for 3 years siden5:21

5:21

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about creative strategies to help you buy your first rental property if you own a house. Quentin says that these are out-of-the-box strategies but these creative solutions will help you get your first rental property. Number one, home financing, using your home equity line of credit to borrow against the equity to purchase the new property. Any of the lines of credit that you use to pay down the principal on the new rental property, the interest on that is tax deductible. You can use your HELOC paid and use that for the principal and then continue to own that new rental property. Number two, you can rent out your existing property, and buy a new primary residence. That way, you can usually lower your down payment. However, you will have to figure out if this will work with CMHC or not. Number three is using second mortgages to access the equity from the primary house. Especially if you're locked into a five-year mortgage, and you're not able to access the equity, you can use a second mortgage for the downpayment on the rental property. Number four is using cross-securitized lenders. What you're doing is that you’re using the equity from your house as the downpayment on the rental property by securitizing a second-position mortgage on the property with the first mortgage on the rental property. Number five is to refinance your house. Instead of getting a HELOC, just increase the mortgage on your house, and especially when mortgage rules change, it is the best thing to do. Lastly, you can use joint ventures. If you're looking at into joint ventures, take a look at The Scaling Up Toolbox book, available only on jointventurebook.com. In conclusion, Quentin says that these six creative strategies can help you leverage your primary residence to secure your first rental property. Important Links and Resources • The Scaling Up Toolbox book • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
51 -Six Tactics for Finding Off-Market Properties 7:15

for 3 years siden7:15

7:15

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about six tactics for finding off-market properties. Quentin says that these tips are taken from his book, The Finding Properties Toolbox, which can tremendously help you in finding off-market properties. He says that it's important to find off-market properties because there is little to no competition when you're dealing directly with the seller. You can get more flexibility in negotiations and different pricing as well. Finding off-market properties can be timing consuming and can cost a lot, but there are five tactics that you can employ to make things easier for yourself. Number one, you need to develop relationships with realtors to get pocket listings; listings that never make it to the MLS. If you have relationships with realtors, and they know you can close on a property, they are going to go out and provide you with these pocket listings. Number two, look for online listings on Kijiji or Property Guys are similar sites, where you are negotiating directly with the seller. You don't have the middle person, a realtor, an agent, or a broker. Number three, ‘For Sale by Owner’ signs, when you're driving for dollars. So, driving for dollars is the term for when you're driving around an area where you're looking to buy a property. You can deal directly with the owner. He adds that you should call them as soon as you see them and find out what they want to do. You want to make sure it's not somebody who's just trying to cut out the realtor but has another reason for selling the property. Number four is to look for garage sales, and dumpsters. When you see a garage sale, usually it is someone getting rid of stuff, because they’re going to sell the property. Number five is marketing directly to sellers. You can do marketing campaigns where you have fliers that are going out, door hangers, posters, etc. Perhaps you're marketing them online through Google or Facebook. Whatever marketing strategy you're using, it's going to cost you money, but the more you market, the more you're likely to be able to find a property. Number six is getting referrals. You can offer people a referral fee for leads to purchase a property. In conclusion, he adds that these are a few of the tactics that will make it easier for you to identify good off-market deals. Important Links and Resources • The Finding Properties Toolbox • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://QuentinDSouza.com • https://DurhamREI.ca…

Get Real Wealthy

1
50 - Five Ways of Increasing Profits on a Property 7:28

for 3 years siden7:28

7:28

In this episode of Get Real Wealthy Season 2, Quentin talks about increasing profits on a particular property. Quentin mentions that these tips are taken from one of his bestselling books, Property Management Toolbox. Quentin says that what we want to do is increase or get a higher net operating income, and therefore increase the value of a property. It depends on the provincial laws, as well as the municipal laws. He adds that if you need to increase the profit on a particular property, and the deal doesn't make sense, inexperienced investors usually sell the property. However, you can renovate the property and then sell the property. Secondly, you can increase the density of the asset. Whenever you evaluate a property, you want to bring it to its highest and best use, such as adding secondary dwelling units. Adding new units is a great way of increasing profits. He says that this depends on the municipality and regulations. Another option is to use the rent-to-own strategy. Although this is primarily an exit strategy, it's a way for you to collect some money upfront. You get an additional option payment alongside the rent. He adds that sometimes it can turn a negative cashflow property into positive territory. Another option is to do a short-term rental, either within one of the units or within multiple units within a rental property. However, it is time intensive. It's like running an additional business. Lastly, he shares an out-of-the-box strategy. He says that you should look at the neighboring properties and see if you can acquire the neighboring properties and rezone those properties into something different that you can build on. Quentin adds that in some places, you can take two or three single-family homes, put them together and create an envelope that you can build 20 units on, and then a developer can come in and buy that. You don't even have to do the development part, all you have to do is the land assembly. In conclusion, he adds that sometimes you can take these five strategies and combine some of them to put the property to its best use and maximize profits. Important Links and Resources • Property Management Toolbox • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
49 - Four Things to Keep in Mind When Hiring General Contractor for Property Renovation 6:39

for 3 years siden6:39

6:39

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about four steps on hiring a general contractor for your rental property renovation. Quentin says that it's really important to have a great general contractor and there are some tips and tricks that can save your time and money. The difference between hiring a general contractor and doing it yourself is time. Usually, you have to give up a lot of time in order to do a good job at a renovation. If you are giving up your time, then you are saving money. If you want to have more time however, you hire a general contractor, and they manage all the subcontractors like plumbers, electricians, carpenters, etc. He adds that there is a downside of undertaking the renovations yourself, and not going with the professionals. He says that one of the ways to find better general contractor is by talking to other investors and getting referrals. Quentin further adds “I would also ask a contractor to give me a referral from another investor. And then that way, I can talk to that investor and find out how they work with that person.” Second step is to inquire them about the nature of their insurance. Do they have WSIB coverage? Do they have any type of insurance that you can verify? Step number three is to get everything in writing. This will help you keep things smooth throughout the process and save you from any misunderstandings. If they need to negotiate something with you that that's up to you, but get it in writing. Step number four is to make sure you're reviewing the work that is being done. Don't completely pay for anything until you've actually gone on site and reviewed the work, or you've had a very trusted employee, advisor or property manager to go in and inspect the work, someone who has done inspections in the past. In conclusion, Quentin says that these tips can help the renovation process smooth and stress free for you while building a relationship with the contractor for future projects. Important Links and Resources • QuentinDSouza.com - Free 15 Min Discovery Call https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
48 - Purchase Plus Improvement Mortgage for BRRR Strategy 5:21

for 3 years siden5:21

5:21

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about the purchase plus improvement mortgage. Quentin says that this is a mortgage that you would use for the buy, fix refinance, and rent strategy or the BRRR strategy. He has highlighted this strategy in his book The Ultimate Wealth Strategy. This way, you're able to get a mortgage and get the funds for the renovation from the same bank. There are lots of banks that do this, or talk to your mobile mortgage specialist to see the options that are available for you. He says that there are a few things that you need to keep in mind. First, you need to define what the renovations are and get quotes in writing from contractors. Number two, you close on the property, and usually, you try to get the work done within like six months. Once you close on the property, and you've completed the renovations, you're going to inform the lender that you have completed the renovations, the lender may send in somebody to see that you've done the renovations, and then they are going to give you that whole back of that additional money that they're holding back for the renovations to cover your cost on the renovation. As an investor, it's a great tool to add to your toolbox. In conclusion, he says that there are different ways to look at it, depending on how efficient you can be, but the purchase plus improvement mortgage is a great mortgage for doing the BRRR strategy. Important Links and Resources • The Ultimate Wealth Strategy • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
47 - Six Numbers to Look at When Investing in a New Area 10:17

for 3 years siden10:17

10:17

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about six numbers that you should look at when you're deciding to invest in a new area. Quentin says that it is important to look at this specific information so that you can evaluate its potential for investing and the value of the properties in the future. The first thing to look at is demographics. Look at the age of the population, are they working in the area or are they commuting to somewhere else to work? In the end, you want to be in an area that's in demand, with a growing population. Secondly, you need to look at the employment statistics. Is there a diversity of employers when you look at the census data? He adds “I would avoid towns that have only one major employer, a good example would be like a mining town.” Additionally, areas with multiple schools, universities, or colleges are also good spots to consider. Number three, he says, is to look at what's happening to the population growth. Are people moving there? Number four, you want to see infrastructure. What projects are being built in the area? Are there new highways? Is there transit? What are the government initiatives in the area like an immigrant center? This means that the government is trying to push people to that area. He further adds that in such areas, what you find is a lot of demand for rentals and then a lot of demand for newer single-family or newer homes small, starter homes for families. Number five is to look at the average income of the area and do you have income that's above average. Lastly, number six is to look at what is being built in the area. Are you seeing large swaths of land with houses being developed? Or are there large apartment buildings being developed? The rampant development of apartments can impact both the demand and the prices of rental properties. In conclusion, he says that these are some of the things to keep in mind when you are looking to invest in new areas to help you make informed decisions. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
46 - Borrowing to Invest in Real Estate? Here is What You Need to Know 9:15

for 3 years siden9:15

9:15

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about five things you should know when borrowing to invest in real estate. Quentin says that these invaluable strategies are mentioned in detail in the book The Ultimate Wealth Strategies. He says that the first thing to keep in mind is that you can’t save yourself to financial freedom. Budgeting is important to learn so that you don’t overspend your income. While it's important to save some on the side, to help you to invest especially at the beginning, but if you want financial freedom, just putting money in the bank isn't going to do it. You will have to understand the power of leverage. He adds “Well, let's say you are going to invest in something... So are you going to get an annual rate of return on that asset, when you invest in it, I'll give you an example. I buy a rental property, and I buy it for $500,000. I have a mortgage on it for $420,000, I have $80,000 invested in that property, that property, remember is leveraged.” What usually happens in real estate is that property goes up 5% to 20% or even more in a year. So that 5% is what you have made on the property through appreciation. Now, on top of that, your mortgage went down. If you improve the property in some way, you are adding additional equity and that increases the rate of return. So you need to understand that rate of return. He adds “if you are working with an accountant, and I suggest you do, you can also reduce any income that you get from your rental properties by using capital cost allowance. So it's a way to reduce your taxes.” It is something to keep in mind when you are starting your real estate investing journey. Secondly, Quentin says that you need to think about when borrowing to invest in real estate is the interest rate. Are you getting a fixed rate or a variable rate? What is the term? What are the type of terms that you are getting within your mortgage, and what are the penalties? Are you able to put a second behind the first mortgage? What kind of flexibility do you have on it to refinance? All of those aspects need to be considered. Thirdly, how long are you going to hold on to the asset? If you need the money, be careful, because that may force you to sell an asset that you don't necessarily want to sell. So make sure that you understand when you're buying an asset and how long you plan to hold that asset. Be careful not to over-leverage yourself into a position where you're forced to sell that asset. Next, does the property itself support the payments or do you have to come out of pocket to pay that loan or mortgage? It's really important when you're thinking about leverage, and when you're borrowing to invest in real estate. Lastly, it's the mindset – are you able to tolerate the ups and downs when it comes to the residential market? He adds “you're going to recover in the future as long as your payments are fixed, and you're not in a variable rate product, or you're in a product that is going to get you into trouble, that you're comfortable with that. So just make sure that whatever your mortgage payments are, they're able to cover it.” In conclusion, he says that it's important to have the right mindset. By these tips in mind, you can navigate the roller coaster ride of real estate investing. Important Links and Resources • The Ultimate Wealth Strategy Book • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
45 - Four Challenges in Multifamily Properties and How to Deal with Them 6:02

for 3 years siden6:02

6:02

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about the challenges of purchasing multifamily properties. Quentin says that when you buy distressed multifamily assets, the benefit that comes with repositioning that asset is that you're buying a property, as the value is based on the net operating income and the current cap rate. This means that when you're buying a property, there is value that you can create by increasing rents, increasing the quality of the building, and therefore increasing the value of the building. So, there are a few challenges and things that you need to be aware of when purchasing multifamily properties. Oftentimes, you'll find that there are unexpected arrears that happen when it comes to a residential property. The way to mitigate that risk is by having a good reserve fund. So when you're buying a property, you want to have enough funds in the bank to cover at least three months of all your expenses, if not more for an apartment building. Secondly, expect tenant troubles. It's going to take time to get to know the building, understand the different tenants that are in there, and the type of issues that come up when you are taking over a building. Your property manager or you will have to learn how to deal with them. Number three is to dig deep into the mechanicals of the building and the roof system. Those are some of your bigger expenses and structures. The number four thing to watch out for is keys. Sometimes you'll find that you get to a building, and you may have the keys for the units, but not the keys for the washing machine, the dryer, the elevator, the electrical room, and the electrical panels sometimes have locked locks on them. So, when you're going through your building condition report, you should locate where all of the keys are. In conclusion, he says that these are the challenges with purchasing multifamily properties or just acquiring multifamily properties that you need to be mindful of to make your experience smooth and easy. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
44 - Residential vs. Commercial Real Estate Lending? Here is What You Need to Know 4:46

for 3 years siden4:46

4:46

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about the differences between getting a residential mortgage and a commercial mortgage loan. Quentin says that when you are getting mortgages for your rental properties, they're going to look at the debt coverage ratio on the actual rents that you get, your income, credit history, tax records from the last few years, etc. So, in the residential space, it involves a lot of paperwork. Commercial properties on the other hand are very different, as you would get a mortgage on commercial property because it is a business. They look at whether the building supports the loan on the property or not. If it does, they'll give you a mortgage based on how much that building can support. If you're looking at a conventional lender, like a regular bank, they can give you a loan, perhaps with a debt coverage ratio of 1.1, based on the net operating income of the building. Commercial loan-to-value ratios generally fall into the 65% to 80% range. These lenders would look at things like your credit report, net worth, etc. As different lenders have their own criteria, you should consult with your banker or mortgage broker. He adds that typically, the building takes priority in commercial, and in residential, it's the person that takes priority. In conclusion, he says that depending on what you're doing – commercial or residential, it's going to depend on either the building or more on you, depending on the type of mortgage that you're getting. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
43 - Why You Need to Build your Real Estate Power Team 9:41

for 3 years siden9:41

9:41

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about the importance of building a real estate power team. Quentin says that it's important to build the best power team possible based on your current position, and there are seven members you need to have on your team. The first ones are realtors and brokers. The second ones are lawyers and paralegals, and the third ones are bankers and mortgage brokers. The fourth ones are home inspectors. the fifth ones are appraisers and the sixth one are the environmental companies for phase one and phase two. Lastly, there are insurance brokers. Quentin adds that realtors and brokers change depending on the type of properties you're buying. He adds “ I don't suggest that you use a real estate broker who does one to four-unit properties in the five plus unit range. Because the type of contracts they use, and the due diligence that you do is very different .” Secondly, we have lawyers. Quentin says that you need to do is find lawyers that will work with you on your level. Furthermore, the lawyers dealing with residential are going to be different from the lawyers who are dealing with commercial properties. As for mortgage brokers, the same rule is valid. In the residential space, there are mobile mortgage specialists who work specifically at a bank. For commercial, you want to find a firm that specifically works on commercial properties. The next ones are the home inspectors. They are people that will help you identify issues with the property, in one to four-unit spaces. As for commercial properties, you need a building condition report, which requires an inspection company. The next member of your power team is an appraiser. Similarly, they vary depending on the residential or commercial space. Oftentimes, the process in commercial is longer than an appraisal in residential, so you need a company that can quickly carry out the project. The next power team member is an environmental company that can do a Phase I Environmental Site Assessment, to see if there are any environmental conditions in the property that will require you to do some remediation. Lastly, we have the insurance broker or insurance agent, who is going to help you reduce your net operating income and give you the best coverage possible for your apartment buildings. You want to work with somebody who has specific experience doing rental properties. In conclusion, he says that having these power members on your team can greatly help you in your real estate investing career. Important Links and Resources https://www.instagram.com/qmanrei quentin@getrealwealthy.com https://EducationREI.ca https://GetRealWealthy.com https://DurhamREI.ca…

Get Real Wealthy

1
42 - The Secrets For Writing Great Rental Listing Ads 8:11

for 3 years siden8:11

8:11

In this episode of Get Real Wealthy Season 2, Quentin talks about how you can make a great ad for your rental properties. Quentin says that these are some of the tips mentioned in The Filling Vacancies Toolbox book, which is a step-by-step guide for Real Estate investors and landlords for renting out residential real estate. He says that a great ad is important because if you don't get people into your rental units to actually take a look at them, you're not going to rent them out. The first thing you can think about is, what you see first, when you come to the website, because the days of newspaper ads are gone, and offline marketing is now limited to options like student rentals, etc. So, in an online ad, the first thing that people see is the title. The title needs to be compelling and grab the attention of the reader and make them want to click on the link. He further adds “ Now, the great thing about online is that you have an infinite amount of space, you don't have to be overly descriptive, but be descriptive, help the tenant to visualize the property, what are the aspects of the property that really make it unique and different .” Quentin says that the key here is to focus on benefits and not features. Describe the actual benefits of the area like schools, parks, malls, etc. You should also be upfront with rent numbers, and any additional utilities and or maintenance agreements or anything like that on the rental ad. Furthermore, you should have images of the property that highlight the mentioned benefits. He adds “ add lots of pictures to be to be able to show what the unit looks like show the best features .” Lastly, you should clearly mention how they can contact and reach out to you. Some apps can help you with answering FAQs as well. In conclusion, he says that these are a few of the tips that can help you make great rental ads, and if you want more tools like this, you should check out the book The Filling Vacancies Toolbox on Amazon. Important Links and Resources The Filling Vacancies Toolbox https://www.instagram.com/qmanrei quentin@getrealwealthy.com https://EducationREI.ca https://GetRealWealthy.com https://DurhamREI.ca…

Get Real Wealthy

1
41 - Demystifying Residential and Commercial Real Estate Trends 6:44

for 3 years siden6:44

6:44

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin tries to demystify the differences between what's happening in the residential market and the commercial market. Quentin says that in the residential market, you have one to four-unit properties, and they are based on what's called the comparative model. For instance, if the house next door from you sells for $700,000, your house is most likely close to the value of $700,000. He adds that in the current market across Canada, we're seeing differences. He adds “ let's use the GTA, for example, and where we're seeing is a 20 to 25% decrease in prices over the last few months. Now, you always have to ask compared to what. So if you compare that price drop to the beginning of January, or let's say March this year, you see that 20 or 25% drop, if you compare that between this year and last year, you see a slight increase .” He says that what's happening now is there's a lot of supply on the market versus demand. Now, the commercial market is very different. The way that you evaluate a commercial portfolio is based on the net operating income, and the net operating income is your income minus your expenses. Then you divide that by the cap rate, and the cap rate hasn't changed much in the last year, but there have been slight variations. He further adds that if you're a new apartment building investor you may overpay for something just to own it, whereas an experienced operator selling an apartment building would just pull it off the market if they're not willing to sell it at a particular price. Quentin says that the competition is very different between one to four residential, and multifamily apartment buildings. He concludes by adding “ You're buying a business when you're buying commercial property, whereas when you're buying a one to four-unit property, and you are an investor, you treat it like a business, but it is evaluated very differently .” Important Links and Resources https://www.instagram.com/qmanrei quentin@getrealwealthy.com https://EducationREI.ca https://GetRealWealthy.com https://DurhamREI.ca…

Get Real Wealthy

1
40 - How to Avoid Getting Caught in Mortgage Traps as a Real Estate Investor 6:23

for 3 years siden6:23

6:23

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about five mortgage traps real estate investors face and how to avoid them. Quentin says that the first trap is a fixed closed mortgage with a five-year timeframe. You may get lower interest rates, but you will have problems accessing equity. Secondly, with a fixed closed mortgage, you will have a large prepayment penalty a large prepayment penalty if you want to break that mortgage after a year or two. He adds “lowest rate isn't what real estate investors should be looking at.” The next mortgage trap is buying insurance on your mortgages. With insurance on a mortgage, where the mortgage amount is actually declining, you're paying insurance at a higher rate for a declining coverage over time. Quentin suggests “get a term life insurance policy that would cover you for the same amount of the mortgage, and then you're covered off in the same way.” Number four is trap equity and the inability to access that equity. If you have a fixed closed mortgage with a five-year timeframe, your equity will be trapped. You will have to pay higher amounts to untrap that equity. Instead of being able to refinance the property with the same lender, you'll probably have to get a second mortgage with a private lender at a steeper rate. Lastly, as a real estate investor, building a portfolio and not the lowest rate should be on your mind if you want to succeed as a real estate investor. In conclusion, Quentin adds “if you think of mortgage brokers … and lenders that are out there, those ones that look at you from your goals, versus just qualifying on the next property is the type of mortgage broker or lender or mortgage agent that you want to work with.” Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
39 - Alligator Properties and How to Avoid Negative Cash Flow from Them 7:03

for 3 years siden7:03

7:03

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about alligator properties and how to deal with them as a real estate investor. Alligator properties are negative cash-flowing properties, and they can seriously hinder your real estate career if you are trying to grow a portfolio of properties. Taking about negative cash flow, he adds “If I buy a condo in downtown Toronto, and I put 80% down, then my condo and my mortgage fee is $2,000, and my condo fees are $500, and my property tax is $300, and my insurance is $100, and my rent is $2,500. I am losing money every month because I have to bring money to the table every month in order to be able to hold on to that asset.” He says that sometimes what people will suggest you put more money down, but it is not a great strategy. You have to look at what you're investing in, and make sure that they are going to give you both cash flow, and appreciation. Negative cash flowing alligator property is a liability. It's not an asset, and we want assets. You should be able to leverage your properties as much as possible to have positive cash flow and continue to purchase assets because you have positive cash flow. Quentin adds that when you are investing in a property, you should not be betting on appreciation, and increases in rental income, adding “it's not really an investment if you're putting money into it every month. That's called a liability.” It will also make it harder for you to get mortgages. The bank is going to look at your low debt coverage ratio, they would not want to give you more money. If for every dollar they lent you, you're making $1.20 or $1.30, they are more than likely to be able to give you more properties. In conclusion, he says that if you're trying to build a portfolio of property, you need to be good with financing, and you can't be buying alligators. What you want to do is find cash flow and appreciation. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
38 - Why Genworth and Canada Guaranty Should Also Offer Multifamily Mortgages 4:44

for 3 years siden4:44

4:44

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about why Genworth and Canada Guaranty also need to offer multifamily mortgages like CMHC. In Canada, there are mortgage insurers, who allow people to borrow mortgages at a lower rate because they insure those mortgages. In the residential space, CMHC and private providers Genworth and Canada Guaranty provide these services for one-to-four unit properties. You can borrow funds up to 85% loan to value, 90% loan to value, 95% loan to value depending on your credit score. As for the multifamily space, there is only one lender – CMHC. He adds that they are a money-making machine when it comes to insurance, as defaults in this space are rare. Quentin says that Genworth and Canada Guaranty need to step into the multifamily mortgages as well. This might prompt CMHC to optimize and expedite their funding process as they would have competition. He adds “So, if you're a candidate guarantee and you're Genworth, I want to see you tell me why you're not in the multifamily space. Why would you give up millions of dollars?” In conclusion, he says that these companies are missing out on millions of dollars, and this is something they should seriously consider. Important Links and Resources • https://www.instagram.com/qmanrei • quentin@getrealwealthy.com • https://EducationREI.ca • https://GetRealWealthy.com • https://DurhamREI.ca…

Get Real Wealthy

1
37 - How to Handle Pests on Your Investment Property 6:13

for 3 years siden6:13

6:13

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about pest problems on an investment property and how you can handle them. While not a fun subject, Quentin says that taking care of bedbugs is crucial. When looking for signs of bedbugs, first of all, you want to talk to people who are staying there, and ask if they have little bites on their skin, or are there little brown spots on mattresses in different locations. He adds “when this happens, you really need to work with tenants quickly in order to identify what the problem is, solve the problem, you got to take action.” If you have a situation where you see bedbugs, you need to call a professional right away, don't handle stuff yourself, it's not worth it. It also depends on the type of treatment required to rid the property of the bugs. He adds that sometimes, you deal with tenants that have mental health issues. In such cases, you need to follow through with the forms that are required, through the landlord tenant board in your area so that you can either get the tenant out, get the tenant help, or get the tenant to help you to do what you need to do. Quentin adds that the other challenge is carpenter ants. Ants that you see often on buildings inside buildings, around wet damp wood. They eat the wood, and it can cause serious issues. If you spot any carpenter ants, you want to look for leaky areas, and moist areas, and work with tenants immediately to solve that because if you have carpenter ants for an extended period of time, it could cause structural issues to a property. In conclusion, he adds that as a real estate investor you need to take action, and perhaps work with a professional to handle bug problems before things get out of hand. Important Links and Resources · https://www.instagram.com/qmanrei · quentin@getrealwealthy.com · https://EducationREI.ca · https://GetRealWealthy.com · https://DurhamREI.ca…

Get Real Wealthy

1
36 - Key Metrics Every Real Estate Investors Should Know 8:40

for 3 years siden8:40

8:40

Episode Summary In this episode of Get Real Wealthy Season 2, Quentin talks about the key metrics every real estate investor should know about. Metrics are a way for you to use tools to identify where you are, and where you're going. Some matrix can help you when you are evaluating a property while others can help you in the investing phase. One of the first things to look at is Cash on Cash Return, which helps you evaluate how much profit you've made in a year. Another key metric that you use in real estate investing is called Cap Rate. The formula for Cap Rate is equal to Net Operating Income (NOI) divided by the current market value of the asset. It depends on three different factors: the condition of the property, the location of the property and interest rates. He adds that if you go to a different area, you may find a different cap rate. It comes in handy when you are trying to identify an opportunity. Another key metric that we use is called an Annual Rate of Return. It is the amount earned on an investment over a 12-month period, and is usually expressed as a percentage. He adds that it comes into play when we are refinancing or selling an asset, adding “ that usually happens on the sale or refinance of an asset, the shortest time that I've ever been able to do that is a year, the longest time I've been able to do that is four years in an apartment building. ” The last metric you should know about is the Internal Rate of Return. Internal rate of return (IRR) is the discount rate at which a project’s returns become equal to its initial investment. It is the percentage of returns that a project will generate within a period to cover its initial investment. In conclusion, he says that as an investor, you should be familiar with metric such as Cash on Cash Return, Cap Rate, Annual Return, Internal Rate of Return, so that you can make informed and profitable decisions. Important Links and Resources https://www.instagram.com/qmanrei quentin@getrealwealthy.com https://EducationREI.ca https://GetRealWealthy.com https://DurhamREI.ca…

Get Real Wealthy

1
35 - How to Use Registered Funds to Borrow or Lend as a Mortgage 9:33

for 3 years siden9:33

9:33

In this episode of Get Real Wealthy Season 2, Quentin talks about using registered funds to lend or borrow as a mortgage. Quentin says that a lot of people know that registered funds, such as RRSP, RSP, TFSAs, LIRA, can be put in a self directed account and lend those funds as a mortgage and get a fixed amount of return. He further says that it is a great tool to use, “ I borrowed hundreds and 1000s, from different people on our projects, and I've lent out hundreds of 1000s to different people through my registered funds …” Talking about how this works and the things that you need to keep in mind, he says “ Number one, it has to be arm's length. Now, arm's length means that it can't be my wife, or anybody that is immediate family. ” The second thing is that you will have to use a trustee, adding “ keep it in your RSP, but move it to cash inside the RRSP, then transfer the funds into Olympia Trust, into your self-directed account .” When you do that, you never removed the funds out of your registered funds, and that's how you're not going to pay taxes. Quentin adds that you should do your research about which company to use as a trustee. Once you have those funds into that account, there are going to be some fees associated with it such as a setup fee and an annual fee. Legal and realter’s fee can also incur if you use them. One of the steps of doing this, he says is getting an appraisal on the property. The only challenge with doing mortgages is the time it takes between when you have a mortgage that's finished and a mortgage that starts. He says it's really important that you're doing due diligence on the investor who's borrowing the funds and the business plan that they have. you want to see somebody who has a depth of experience, not the person who's just doing this for the very first time, because that may be a warning sign for you. In conclusion, he adds that using registered funds is a great tool for somebody who has money in registered accounts, but is not happy with the stock market. Important Links and Resources https://www.instagram.com/qmanrei quentin@getrealwealthy.com https://EducationREI.ca https://GetRealWealthy.com https://DurhamREI.ca 15 Minutes Discovery Call - QuentinDsouza.com…

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