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Joshua Laye is the president of the Kamloops Triathalon Club (www.TryTri.org), and shares how mental toughness translates from triathlon training (Joshua recently completed an Iron Man race) to entrepreneurship. Joshua is a real estate investor in Kamloops BC, and can be reached on Facebook or LinkedIn.
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Marcy is simply the best business partner anyone could hope for. Take a look at the secret sauce to success in real estate!
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Show Notes:
01m:20s – Jon’s bio: 150+ RTO projects, $32M+ private capital raised including RSPs. Jon is the President of the Canadian Association of Rent To Own Professionals.
03m:50s – Jon will work outside RTO framework when structuring deals if they look good. He customizes his approach to the situation.
05m:40s – Jon does everything in integrity due to martial arts background (double black belt). Jon’s experience starting and growing a martial arts gym.
08m:00s – Tenants of Taekwondo and Jon’s core values: courtesy, integrity, perseverance, self control and indomitable spirit.
11m:30s – Real estate investing is not a passive business. More details about selecting a location for Taekwondo club.
13m:00s – Jon’s backgrounders growing up. Jon is very adverse to consumer debt, worked very hard, 3 jobs at a time. Jon took an architecture degree, and shortly after graduating did his first real estate deal as a JV in 2006.
17m:10s – Jon is lured to Fort McMurray by his friend Jeff with very high wages. Jon saved 80% of his wages.
19m:40s – Jon gets more education to replicate the success of his first deal. Download audios to listen to while driving truck, audio books, courses. Decides on Rent To Own as his primary strategy.
22m:55s – There are a lot of slime balls in the RTO sphere.
24m:30s – The origins of the Canadian Association of Rent To Own Professionals. Benefits of membership: credibility, support, ongoing learning, connections.
32m:40s – Jon’s parents and siblings. Jon and Sam talk about being the oldest child.
35m:40s – More detail about Jon’s architecture degree and how expensive it was to complete.
39m:40s – Jon is very adverse to bad debt and explains his mindset around that. Uses a car example to articulate the problem with bad debt, explains his strong background in math. Holidays as a child every summer would be on a line of credit, and then his dad would work hard after to pay for it which seems backward to Jon.
45m:30s – Advice from a “Rich Uncle” mentor was and is invaluable.
46m:45s – What Jon is working on now and how he spends his time. Just spent 3 months in Europe and just got back, he managed to do a couple deals while he was away.
48m:30s – Raising capital and making / growing your list as a deal maker. Get your newsletter going, stay in touch, build your investor list from your newsletter list (10% of readers will eventually invest with you). Jon had a hard time getting a deal funded. 50 people said no to Jon and he had the perseverance to keep going. He paid 6 investors 20% to get $140,000 total when he was just starting out. Jon then got serious about getting capital in place. He now has more money than deals.
56m:10s – Jon got invaluable advice and questions from “Rich Uncle” when he was pitching the first deal, and their relationship got a lot closer even though they didn’t do that deal together.
58m:05s – Even though all 50 people said “no”, they all knew Jon was seriously investing in real estate. Many of them now are investing with Jon now that he is full time as a real estate investor. Being full time adds credibility.
1h:04m:15s – Jon talks about how he manages his deals, and how he is scaling his business by bringing on help. Jon is now free to live away from his properties.
1h:10m:00s – Having the time to invest in real estate when you have a job and kids and a family.
1h:12m:00s – Sam talks about how he manages his time with a young family. Tools, mindset, cutting time wasters. The challenge of shift work and long hours at a job to building a business.
1h:15m:40s – The value of a mastermind group and an accountability partner. Letting yourself down vs letting an accountability partner down. Goal setting and vision boards to keep motivated.
1h:24m:20s – Rapid fire questions. What are you afraid of? How do you overcome that fear? What would you tell your younger self? How many trust companies are there to do RSP loans with and who are they?
1h:27m:30s – 9 applications for RSP money to invest in real estate. What trust company will allow 100% financing, including lawyer fees. True no-money-down investing will be discussed at the next RENTS Meeting Nov 29, 2018.
Real Estate Investors, Books and Mentors mentioned:
Stefan Aarnio
Rich Dad Poor Dad
Don Campbell
Dave Dubeau
Malcom Setter
Paul Blacquiere
Canadian Association of Rent To Own Professionals
Links:
www.jonsimcoe.com
lionopportunities.com
Things to do before quitting your job: https://youtu.be/T8vamV7cUAs -
Podcast Show Notes:
03:10 Introducing Russell Westcott as the foremost authority in Authentic Real Estate Education
06:20 Sam’s memory of Russell’s teaching shattering a limiting belief
08:00 Russell’s comments on Sam’s goal setting (brief audio glitch)
08:20 Russell thinks a good coach should have students that far exceed their accomplishments, and that Sam’s outrageous goal has inspired Russell to up his game too.
08:50 Russell’s recent investing activity
10:30 #JVJedi origin story
12:40 Russell’s use of stories and how he constructs stories to help his audience understand and learn
13:15 The Art of Storytelling
15:00 Using stories to be a leader and show another side of things
16:15 Sam has a made a list of real estate educators, and there was a real gap while Russell was on his multi year break
19:00 The Raising Capital Academy origin story – so many people were reaching out to Russell so he decided to digitize everything he knows, and interview everyone who is currently raising capital,
20:45 Quality Real Estate Education is tough to deliver, it takes a real professional
22:20 Bootcamp giveaway – Top 10 List of Canadian Real Estate Educators
23:30 Is real estate a moral business model? (Profit isn’t a four letter word.)
30:12 After mentoring real estate investors for years, can you pick the people who will “make it” vs those who won’t?
31:52 How to shift your thinking to understand what is possible. “My best investment was a massage table.”
35:25 How Russell is working to be the ambassador of possibility. “You never know what is going to resonate with somebody.” Keep sharing authentically and be yourself, and something might just stick that will transform someone’s life.
38:00 Everyone is so interested in the “how” but the truth is the “how” to invest in real estate is different for everyone. More important is your reason “why” you’re investing.
40:00 Real estate is a hard to mess up, there is no “sell button” which makes it hard to quit once you start.
41:40 The hazard of buying your time back. Dark times will come.
43:30 Real estate investing is a vehicle for fulfilment.
44:10 It’s good to talk about the tough times in real estate investing. It provides support when “real life happen”. If you want to be successful and long term in this business, you need to deal with the tough stuff: bankruptcy, audits, loneliness.
47:10 Russell compelled to bring out the real life in real estate and document them for people.
48:30 How Russell became a real estate educator, and a story Russell has never before told in a public format. “The teacher’s parking lot and watching Opera.”
52:40 Russell loves teaching, inspiring, coaching and presenting on real estate as well as doing deals and his schedule is jam packed!
54:30 Russell is looking forward to the RENTS Bootcamp and sharing his expertise on raising capital, with a brand new presentation just for us in Kamloops. He is also looking forward to learning from Thomas as well, and it will be a great day.
55:40 www.RussellWestcott.com is the best way to reach Russell. His domain name was purchased 15 years ago and the website was only live last year. “You can teach an old dog new tricks.” -
Thomas Beyer is a “Christian Capitalist”, a family man, a multimillionaire, and has been a real estate investor for over 20 years. We talked about life, real estate, syndicating deals, raising millions of dollars, and the recovering from the pain of failure. If you're interested in learning how to syndicate large deals, you will be thrilled to learn from someone who purchased over 40 buildings so far in his career.
Show Notes:
00:00 - Intro and Thomas Beyer’s track record.
03:20 - "Thanks for being brave enough to talk about your faith publicly."
04:00 - Thomas talks about the pain of failure.
05:40 - "For us there is only trying, the rest is not our business."
06:30 - How to become a best selling author in Canada.
07:25 - Sometimes you work with partners or employees who don’t turn out as you thought a few years prior
08:00 - Thomas shares how he got to a place where he bought 2000 units. He started buying in his late 30s with one condo
11:20 - Thomas had an epiphany that EVERY building you see is owned by someone. That starts an awareness which leads to the thinking “how can I own that one.”
15:00 - Thomas discovers after buying three condos that you can buy the entire building for half the price of purchasing individual units.
16:30 - The evolution from JVs to Offering Memorandums using Corporations, Trusts, and Limited Partnerships
19:30 - Why Thomas moved to Canmore, it was near Calgary and Thomas needed to travel for his work with IBM. (His son grew up with Sam’s cousin.)
20:50 - Canmore house cost $400,000, ten years later sold for $1M. Real estate did very well there thanks to Olympics. Then the 2008 crash
22:15 - On the topic of the financial crisis, an example of timing being out of our hands came up. The difference between massive success and catastrophic failure can be slim. Being forced to take a 10 year mortgage term at 7% interest was a blessing in disguise.
25:00 - Selling a building in the US - Sold in Denton TX for a large profit.
27:10 - How to raise funds: answer questions. MyREINSpace, Twitter, Facebook
27:50 - Thomas enjoys intellectual debates: abortion, same sex marriage, politics, and of course real estate
29:05 - Thomas believe in “earn, learn, return”, that is why he spends his time helping others with free answers to questions.
29:45 - Debate on overpaid public servants: “20% less salary means 25% more people working”
33:15 - Thomas’ take on putting on seminars and real estate training. (Says RENTS memberships are way too cheap). Thomas was more active and travelling more in the past when he was actively raising money.
37:15 - There is a season for everything. Pruning the portfolio, stretching yourself too thin trying to be in the education / event management business. RENTS meetings should be quarterly for the price, or charge $200/mo like REIN. Story about a networking group Thomas ran when he was in the software business.
41:20 - When is enough enough? Thomas gives his definition of success. Talks about life throwing you wrinkles. 1 house paid off, 1 second location paid off, and enough of an income to lead a good life. Is $1M in portfolio value enough? $10M? Perhaps much less if you choose to live abroad.
45:00 - Thomas chose to not take his company public, and decided to do more smaller projects instead. You can buy 10 buildings a year, or one per quarter, or one a year, or sit back for two years and do nothing. That’s what great about real estate: it’s project based.
47:00 - "People have drowned in rivers one foot deep, on averageTM”
48:20 - Next Saturday will be a great event and there will be lots of stories to share. Oct 6th at Thompson River’s University is the RENTS Bootcamp.
You can get registered for the Bootcamp and a recording of it at https://app.greenrope.com/events/Bootcamp2018 -
Angus Glasgo Show Notes
0:00 - RENTS INTRO
1:12 - Introduction of Angus
- Entrepreneur, Investor, Car Enthusiast, Devoted Husband
2:15 - Story of Angus
- Born in Lytton, BC
- Studied Elementary to High School in Kamloops
- Joined Military at 17 years old for 3 years
- Moved up to Fort McMurray to do heavy duty mechanic apprenticeship and worked for Finning
- Started dental practice together with his wife, Cindy
- Had someone managed the dental practice, started investing in Real Estate
- Staying full time in Kamloops for 4 years now
7:50 - Talks more about how life when you started affects how you grow older
- How to have the mindset “I can do it”
10:55 - Angus talks more about life in Military
- Talks about different posts in Military, submarines & supply ship (also the HMSC Algonquin)
- Talks about different jobs in Military
14:40 - Talks about being a car enthusiast
16:00 - How Angus met wife, Cindy
- When Angus came home to Kamloops while working in Fort McMuarray to race
- First met at a closed coffee shop
18:40 - Angus talks more about Family
- Has 2 brothers & 1 sister
21:15 - At what point did Angus decide to quit his will paying job and start a practice
22:07 - Angus’ thought process moving from employee to entrepreneur
- Decision was not easy because it was Angus’ dream job to work at Finning
- Really have to prepare because the earnings did not come in early
- Hard work and more hours is invested when starting to open the practice
27:45 - How Angus started Real Estate Investing
- Met Joe at a car show
- Started to purchase a foreclosure with Joe and after purchased, agreed that they work well together
30:45 - Angus talks about some of their Real Estate Investments with Joe
34:30 - Talks about techniques in Real Estate Investments
36:30 - Angus purchased a gym, The Heavy Metal Gym
- Expanding the gym to having a boxing facility
40:30 - Angus talks about Rentals they bought
41:40 - Where do Angus gets information on how to deal with his business and how he implement this?
- Angus follows successful people like Elon Musk and Silicon Valley companies
- Likes how to implement that everyone’s idea/opinion matters
44:10 - What would Angus say to people who are not sure in Real Estate Investing
- “You should be involved in real estate because it’s gonna be the single largest purchase of your life”
- Hang out around Real Estate people to learn and to know some experiences of successful Real Estate Investors
- Get out of your comfort zone
47:10 - More information about Angus, where to contact, where to find
48:20 - RENTS Outro
Website: https://heavymetalgym.ca/ -
Show Notes:
1:12 - Introduction of Kirsten Powell and how she found out about the RENTS Club
4:03 - Story of Kirsten Powell
- Born and raised in Kamloops
- Lived for Calgary for 6 years
- Studied Meteorology but then wanted to be more creative and switched to Interior Designer
- Family of 4 with 2 little boys
11:25 - As an Interior Designer, Kirsten’s tips for Real Estate Investors
- How to make your property more attractive on a budget?
- Learn more about Home Staging
- Paint - Least expensive and the number 1
- What kind of budget should you set aside if you want to clean up the house before selling?
- Talks about a highlight of the Fix & Flip event and something she will share there!
21:50 - Kirsten’s discuss about how she found out that Entrepreneurship is her line
- Shares how she started and plans for the future…
- Strategies on how to become both an entrepreneur and a parent while working at home
30:00 - What is Kristen’s afraid of and how does she overcome her fears?
- Her biggest fear is not being perfect
- She is a perfectionist
31:00 - As an entrepreneur, Kirsten shares her support system. People who she listens to and things that inspires her
- Marie Foleo is one of her inspirations
- Subscribes Designer podcasts
- Subscribes to Marketing Programs
- Kirsten is more into not just improving her business but also improving herself
33:18 - Kirsten talks about her personal experience about the diverse nature of who you service
36:25 - Question to Kirsten: “What would you tell your younger self?”
- “You can dream, but you should take action on that stuff.”
38:22 - Question to Kirsten: “What is the one thing in designing your business that drives results?”
40:35 - Question to Kirsten: “What is a book that you can recommend to our listeners?”
41:20 - Question to Kirsten: “How important is the smell of the property and some remedy tips on that”
- Open windows and let fresh air in
45:00 - Kirsten gives last advice for our listeners
“Spend the money to at least get a consultation”
You can reach Kirsten at https://www.decoratedinteriors.ca/ -
Melissa Dube Podcast
1:15 - 2:10 - Introduction of Melissa
2:11 4:10 - How did Melissa learned about Real Estate Training Society. Found R.E.N.T.S. on Facebook and joined Bootcamp
4:11 - 7:35- Story of Melissa Dube - 24 years old from Kamloops. Traveled for over 4 years after graduation and then went back to Kamloops and started working for a Local Development Company for 2 years now.
Melissa’s Employment
7:40 - 8:40 - Talks about Granite Developments Inc where she worked.
8:45 - Melissa’s role in the company - Her position is Operations
10:40 - 11:40 - Melissa’s Family
11:50 - Melissa’s experience investing in Real Estate
Started looking for properties as she realized she is not into renting space
Purchased first property last February 14, 2017 - 2 doors, split, 2 bed upstairs, 2 bed 1 den downstairs. At this moment, she’s working on getting her third property which is her goal this year, 2018.
15:20 - Melissa about struggles entering Real Estate e.g. Researching to find the right place, dealing with the right people and how she succeeded. More story about she started on Real Estate Investing.
18:40 - Melissa talks about Taxes
20:15 - Turning point in Melissa’s life
- Struggled about university choices
23:50 - Melissa talks about her goals and how she stays on top of it. She have a board of her weekly, monthly, yearly goals
26:50 - What Melissa learned about traveling
She loves to do “free walking tours”
Visited Europe, Iceland, New York, Denmark and Australia
Unforgettable and exciting experiences
33:35 - Melissa talks about how or when she realized that Real Estate Investing is for her
35:30 - What made Melissa decide to enter Real Estate Investing?
36:15 - Melissa’s advice for somebody who’s just starting out - “Just do your homework”
40:50 - Melissa’s steps into reaching her goals this year and the future
41:50 - Is Melissa ready to go bigger with Real Estate Investments?
Finale
Outro -
Mike Everett’s Podcast Show Notes
1:12 - Introduction of Mike
2:36 - Story of Mike - Life and how he started Real Estate: Bought a few houses around 2010, sold some and bought their first multifamily building shortly after. Recently purchased 7 multi family buildings (in 2017).
5:25 - Mike & Wife’s Ventures & about Family. Newborn baby 3 weeks ago.
7:10- More on Mike’s family and some benefits of Real Estate to Family
9:30 - Mike’s Beginnings
11:46 - Mike’s First Investments: Surrey and Langley BC. Prices tripled in 9 years. First multifamily purchased was in Prince George (12 suite building), this was after walking away from a deal in Edmonton that they spent $15,000 in soft costs investigating. Mike wishes he bought it, it was only a $50,000 difference and he would have made a lot of money he could have made. It was a good lesson learned.
15:30 - More about Mike’s Multi-family Investment: the first refinance he got all his money back and improved his cashflow by $5. He used the return of his capital to go buy more, and started raising capital as well. He just closed on 3 buildings and did 3 residential refinances all at the same time. It took a lot of coordination and organization to pull it off.
18:30 - Mike’s Legal Background: Mike's reports are very detailed, it helps with getting funds from JV partners and from the banks.
21:10 - Mike’s Due Diligence Process: Mike's new real estate analysis app. Coming soon!
26:50 - Mike’s current property/investments: currently own 80 suites, the building under contract will bring them up to 95 units. How Mike saw a Billionaire raising capital.
28:30 - How Mike started raising capital: Friends and family was the start, then people learned what he was doing and asked to join him. Learning how to raise capital is the most important skill - it's a mistake to try to earn more money to invest. Better to learn to raise capital and practice.
30:50 - Mike’s perspective about the economy and why Real Estate is important: Financial Darwinism and Economic Species. Most people are in financial quicksand, this is how to get out.
35:40- The workforce these days: Used to be 1 person working in the household working. Lifestyle creep happened and prices raised faster than income. The result was women joining the workforce to that people could get ahead. Now 2 parents working is the norm, kids stay at home well into their adult years, and we are seeing parents moving in with their kids. Terms like "boomerang kids" and "sandwich generation" now describe many families. Financial Darwinism means the strong survive. How you can be financially strong.
38:20- How to get ahead the next financial crisis.
40:30 - Real Estate Investors are an economic subspecies in the world of Economic Darwinism. Apex predator.
42:10 - Question to Mike: What would you tell your younger self?
42:20 - Question to Mike: What are you afraid of and how do you overcome it?
If you'd like to join a group of high achievers, check out our real estate investment meetings. We meet every month, the next one is all about how to buy apartments buildings. Learn more at www.RENTS.website. -
This interview went way longer than the 45min alloted on the RENTS Spreaker account, so the video call (unedited) is available here: https://wp.me/p7ZLAq-cx. Enjoy!
Show notes:
02m05s - Pierre-Paul Turgeon has been publicly education multifamily investors for about 10 years
03m10s - How Pierre-Paul started in real estate investing
04m00s - started working for the Canadian Mortgage and Housing Corporation (CMHC)
05m20 - Pierre-Paul worked for Default Management Real Estate department at CMHC (DMRE), he would liquidate properties when things went bad for investors (he knows what risks to look for!)
06m15s - boring job because there wasn't many defaults in multifamily buildings, so he moved to underwriting deals, he's analysed more deals than almost anyone, witnessed investors making lots of money and decided to quit his cushy government job and do it for himself
08m30s - Pierre-Paul now owns $23M, about 160 suites ("doors")
09m10s - grow up in a mining town (small town, large family), limiting beliefs around money that he needed to overcome
10m30s - travel was and is a big part of Pierre-Paul's life
11m30s - Pierre-Paul collected a law degree and a teachers degree in between trips overseas, then met his lovely wife of 21 years, they have three children (2 in university), they love to travel together as a family
13m40s - Pierre-Paul is an early riser!
14m15s - Pierre-Paul carries his gratitude rock everywhere he goes, it's a great tool to overcome fears (more on that later). Lifestyle, travel and family is Pierre-Paul's reason to, his company name is Matterhorn which is a metaphor to life: if you're not climbing/evolving, you're dying. Switzerland is a special place for Pierre-Paul. "you find meaning in everything you want" His company name is a reminder of his love story with his wife.
16m35s - Pierre-Paul's journey from employee to entrepreneur. He saw MILLIONS being refinanced in multifamily, even during the recession! He decided to join the party. It's hard and there is risk, but also large rewards.
18m40s - Multifamily investing and entrepreneurship has allowed Pierre-Paul to enjoy much time with his family and kids, wonderful experiences traveling the globe, taking many ski days and hunting days with his kids.
19m42s - Dealing with regret about leaving a good job with a government pension.
21m05s - Single family home investing and why Pierre-Paul left it behind in favour of multifamily buildings. (beter lifestyle)
23m30s - Overcoming mental blockage and emotions. If you want to achieve the lifestyle you are dreaming of, GET OVER IT!
25m22s - Great book: "The Obstacle is the Way". It's about Stoicism. Other great podcasts and how they can help us guess the future (lessons from the past), how to prepare for the coming revolutions, or a change in the world reserve currency. Musings on the possibility of violence against the rich by the masses...
28m15s - Talking politics and pipelines. Also that Mr. Hamilton has a great podcast: http://www.truthaboutrealestateinvesting.ca/ RENTS members will recognize his wife from our newsletters (Cherry Chan featured tax articles)
32m00s - Tony Seba on Clean Disruption of Energy and Transportation
34m00s - Bitcoin and Blockchain technology by Don Tapscott
37m30s - Rapid fire questions: Pierre-Paul fears NOTHING :) (and how he manages that). Pierre-Paul's advice to his younger self.
40m00s - Mindset, philosophy, the Full Focus Planner, inspirations quotes every day. "I choose my thought process."
42m21s Pierre-Paul has a brand new free video series, link below: https://wp.me/p7ZLAq-cx -
Felisha Martin was raised in southern Ontario and moved to Kamloops in 2016 after living in San Francisco, England, Taiwan, and Vancouver. Felisha has been living her life in fast forward, forced to grow up fast ever since her mother went missing when Felisha was six years old. From traveling the word, earning her Masters degree very young, managing a severe illness for both herself and her husband, paying off debt super fast, to getting screwed by a contractor on one of her first real estate deals, you'll be inspired by Felisha's tenacity and resilience .
Through hard work, and by having a very positive and optimistic worldview, Felisha has navigated through personal and professional hardship, and managed some amazing success.
Felisha loves travel, the outdoors, kayaking, learning about other cultures, and spends a lot of time volunteering in the communities she lives in. Felisha's career (and life) have taken quite a few twists and turns: she's worked in insurance; lived with a pro hockey player as a personal assistant; and then found her place in the work world as a teacher; academic director, and summer school director. Felisha also spent some time as a schools manager for an EdTech company supporting schools across BC with implementing new technology into existing curriculum. Felisha is one of those lucky people that truly loved her work- it was both inspiring and rewarding every day. Felisha is currently on a work hiatus as she is pregnant with her first child and looking forward to being a full time mom for a while.
Felisha and her husband Spencer fell into real estate investing as a side effect of our desire to move around. He bought their first property in Vancouver and then on a whim while considering a move to Kelowna they bought a condo there, but eventually decided Kamloops was a better fit. Instead of selling their existing properties they rented them out and purchased a home in Kamloops that they added a suite to. Now they have a place to live, and one to rent out in Kamloops. This is just the beginning for Spencer and Felisha as they now have a taste of what real estate investment can offer and look forward to creating more opportunities for themselves this way.
RENTS Podcast Show Notes:
1:13 - Introduction of Felisha Martin
2:00 - More about Felisha
2:40 - Career
3:38 - How Felisha became a member of RENTS (Syrian refugee family sponsorship)
4:19 - Experience investing in Real Estate, bought first place in Vancouver, next place in Kelowna, then up/down suite in Kamloops
5:48 - Tiny homes, how to make it happen in Kamloops
8:25 - A crooked contractor (Jason McDowell) stole $58,000 from Felisha
10:10 - Investment over the last few years has been great for equity gains, to get screwed for that much money and still be able to break even is incredible
12:45 - Felisha’s Family, growing up with a mother who went missing when Felisha was 6. See the Lapse Storytelling Podcast in the reference below.
16:40 - Police car driving by interrupting the podcast :)
17:22 - How Felisha met her husband (online dating can work!) Married after 8 months
21:10 - New husband's kidney disease got really serious, she stuck through it
23:25 - Felisha got sick two years later, was misdiagnosed with infertility, early menopause
24:50 - Malta's medical system and how wonderful it is. More doctors in Malta (400,000 people) than all of Western Canada. $70 to spend 1.5 hours with an endocrinologist.
26:30 - Felisha and Spencer are expecting their first child in June
27:28 - Next Real Estate purchase plans is in Croatia, buy a property to Airbnb and then have a place to vacation to and eventually retire
29:05 - It's possible to live there for $1000/mo CAD, minimalism lifestyle and living with less is very happy
31:40 - It's a safe place with laws that protect property owners, there is no property tax!
33:15 - Turning point in life and how she moved on. Felisha's fist marriage and bouncing back from that, travel to Taiwan to hit the reset button
39:30 - What are you afraid of and how do you overcome that fear?
40:40 - What advise would you give your younger self?
44:40 - Outro
Reference:
Jason McDowell stole thousands from Kamloops residents:
https://infotel.ca/newsitem/customers-of-crooked-kamloops-contractor-still-reeling-from-financial-losses/it48906
http://cfjctoday.com/article/563416/kamloops-residents-say-contractor-scammed-thousands-dollars
https://globalnews.ca/video/3313591/kamloops-contractor-leaves-clients-in-lurch
https://globalnews.ca/news/3313598/kamloops-contractor-leaves-clients-in-lurch/
The Lapse Storytelling Podcast, Where's Violet?:
http://www.thelapse.org/wheres-violet-felisha-martin/ -
0:00-1:13 - Rents Introduction
1:14 - Intro of Donna Gibson as the Senior Manager at BDO’s Kamloops Office
1:22 - What does BDO stands for?
1:42 - Donna Gibson’s Employment History
3:08 - Donna Gibson’s Bio
3:45 - Career
5:15 - Family Background
6:08 - How did Donna come to joined the RENTS Club
7:28 - Turning point on the path
8:17 - Tuning point to set a path in life
10:15 - More about busy budget
11:55 - Is it better to hold real estate already inside a corporation with passive income
13:50 - Would it be better to buy a property inside of a company or personally?
16:00 - More about GST
17:22 - Being a GST member
18:40 - Should I depreciate my property?
21:38 - What does the future holds for Donna
22:22 - Evolution of Donna’s career
25:00 - What will you tell your younger age?
25:40 - Clients with Real Estate in their portfolios -
What would you do after 36 years working? For Mel Johnson the answer to that has been real estate investing, volunteering, golf, travel, cycling, spending time with kids and grandkids, and nurturing his 44 year long marriage!
Show notes:
- Mel decided to form a company with his son and wife. - 12:03
- They ended up calling the company MCH (MELCRAIGHETHER) Development Ltd. - 12:20
- They ended up forming 5 shareholders including 2 more of his children.- 12:33
- Splitting the revenue 10% to Mel and Heather and 90% to the 3 Children - 12:50
- The main objective is to get his children involved in real estate. - 13:27
- They also got other options which they have 11 share classes so they could have other investors come in to the company and wanted to do bigger deals. - 13:37
- The appeal of doing a build is a shorter period of hold to earn - 22:11
- Mel talks about what he is afraid of and how he'd overcome his fears - 25:57
- Mel also emphasizes why we just need to be simply authentic and honest with people, he thinks that to be able to be successful in business- personal rapport is really important and Always like the job you are into.- 26:40
- Have a good relationship with the boss and colleagues which you should treat fairly.-26:55
- If you don't have a good boss, life could really be tough. So Mel tries to always become a good boss. - 27:05
- You have to be firm but fair.- 27:12
- Treat everybody the same. 27:14
- Volunteering is also an interest for Mel and his wife because it is like connecting and sharing with people which they find very satisfying. - 27:33
- Volunteering is good for the soul. - 27:48
- Mel also gives advice to people who are asking if the business of real estate is for them.-30:00
- We have to connect with people who have done it themselves, to get some important insights, but probably to make the first deal and overcoming fear is the biggest challenge. - 30:05
- You have to write down everything into steps. so you can identify, do or complete and show progress and get yourself ready to have the resources in place whether it's financing, or the legal advice or realtor have all those people. all the connection that can support you. - 30:22
- "Get the best advice you can and take the plunge" 30:42
Mel's Bio:
- Batchelor of Science in Forestry
- 33 years with Weyerhaeuser in various Managerial roles (Kamloops, Lumby, Vavenby)
- 3 years with Domtar as Fibre Supply Manager at the Kamloops Pulp Mill
- Retired in 2010 at 62
- First Real Estate Investment in 2005
- Have invested in Real Estate Limited Partnerships
- Currently have interests in 4 rental properties, recetly sold 2
- Started a Limited Company in March 2017 to invest in Real Estate and recently completed a build in Kamloops, looking for the next oportunity.
Visit us at the next meeting or view meetings online at www.RENTS.website -
Bernard Immel is a BC Chess Champion, and bought his first duplex at age 20! A TON of knowledge is shared here, so enjoy!
Show notes:
- from 100 Mile House, worked while in high school 2:05
- Rich Dad Poor Dad impact on Bernard 2:45
- parents immigrated from Germany and Philippines 3:37
- worked at Cactus Club learned good customer service skills 4:50
- worked for a drilling company to qualify for his first mortgage at age twenty! 5:15
- Bernard's family, personal tragedy as a tool to push for success 6:10
- Growing up in foster care and the danger of becoming a statistic. You need to "Be The Exception" and "Success is Your Duty"
- How to live for free 9:15
- Low Contingency fund, Problem Tenants 10:00
- The importance of support in real estate investing 12:00
- Sometimes you earn, sometimes you learn 12:12
- Working as a financial advisor and a mortgage broker 13:18
- BC Provincial Chess Campion, being a nerd and a jock at the same time 13:47
- Mortgages changes to lending rules in Canada 16:15
- Affordability remains unchanged over the last decade 17:30
- This most recent change will now affect even people with lots of equity (20% or more), people who don't need a government insured high ratio mortgage (CMHC). It will also affect people who wanted to refinance their house, and will hurt those who want to consolidate high interest credit card debt into their mortgage. Those who want a HELOC will also lose some purchasing power. Get your refinances and HELOCs done BEFORE Jan 1st, 2018!! 20:52
- How many mortgages can one person get? "AS MANY AS YOU WANT"
- TIP: Be careful about setting up a "Collateral Charge." Structure your finances among many banks for one major (and potentially dangerous) reason 24:52
- Rule of thumb for income out of your principal residence: how much more can I borrow if I rent out part of my home? 26:08
- Q: Should I stick to a mortgage broker or should I work with the banks as well? A: It's best to "spread around" your consumption of financial products between many different companies. (Dangers of a collateral charge) 29:46
- Creating systems for your business 32:38
- Ways to build your net worth: "The Four Quadrants" 34:40
- Have a job AND invest. Have a job AND build a business 40:07
- Systems exist for each part of your business, use them! 41:00
- "Your tenant is someone who pays all your bills, does all the upkeep, opens up shop in the morning, closes it up at night, then when you sell the property they leave you with all the profits, they are the best business partner you could ever have." 41:07
RENTS Christmas Party 41:40
Visit www.RENTS.website to learn more about real estate investing! -
Dean Ablitt show notes:
- Used Student loan to buy a condo in Burnaby 02:49
- Started investing in real estate market 03:50
- started own business in 2004 and moved back to Kamloops in 2007 04:00
- houses converted into basement suite 04:15
- is in the transportation business, dispatch for owner operator, and broker freight 04:55
- has been growing the real estate business 05:13
- family man and supporting has supporting wife (Shannon) working in the business 05:20
- needed to be more involved in growing the real estate, advertising and marketing so Shannon managing the trucking business is great 05:50
- enjoying with his kids and some hobbies 07:00
- Collecting rents with kids has been great exposure to the business for them 07:02
- sharing of thoughts that would be helpful raising kids in the business 08:16
- started Facebook group to sharing tenant stories, good experiences, resources such as contractors 08:49
- called the group Kamloops BC Residential Landlords, to be distinct it's not commercial 09:10
- advertising on facebook page 09:12
- experiencing tenants 10:12
- good and bad tenants and landlords 011:10
- sharing their name of the tenants in facebook page 011:44
- public shaming and slander concerns 12:14
- Background check of the tenant or landlord 012:44
- rent control, what happens if landlord raise their rent, where does the tenant find places to live 13:46
- fixed tenancy agreements, concern of this ending, Dean spoke with Todd Stone about this 15:19
- terms and agreement of the tenancy agreement changing 16:02
- breaking the law and breaking the rules of the landlord, fixed term agreement are one of the few tools landlords have to keep control of their property 16:19
- the political arena and philosophy of property rights 17:10
- paying the rent 20:15
- the trouble of collecting rent 21:05
- the importance of a good application process and setting expectations 20:20
- the work and risks involved to owning rental property 21:50
- contact information for Dean in the audio, dean (a) b-mak.com and cell number 22:50
Visit www.RENTS.website to learn more about real estate investing! -
Joe Doyle is a full time real estate investor and family man in Kamloops and had been producing extraordinary results renovating in Kamloops. You'll love to hear his story from rough beginnings to success in business through hard work and determination, and his drive and passion are easy to admire.
- Tough Beginnings (2m:22s).
- Built and sold a bar and moved to Kamloops(3m:10s).
- The pub industry, how Joe grew a fledgling Vancouver bar from zero to $2.4M in sales, $1.75 at a time (4m:15s).
- Grew up in Kamloops foster care but left in grade 8 to live with aunt/uncle, worked as a "petroleum transport technician" every day, (6m:10s).
- "When people are waking up I am working, when people are going to bed I'm still working. It's the inevitable way to get ahead, 8 hours aint gonna do it!" (7m:00s).
- Moved to Vancouver and worked in service industry, became an expert in the area, built a bar. (7m:30s).
- Working 18 hours/day wasn't good for the family (8m:20s).
- Several other business ventures: transport truck wash, pizza shop, car wash, drainage company, mortgage broker, ice cream shop (11m:15s).
- All these business required Joe to be there trading time for dollars. Real estate investing doesn't, it's far more passive, so it's way better because he can spend more time with wife Stacy and 4yr old daughter Zaria (12m:20s).
- Joe is proud of his wife who is very supportive, one of the most important things to an entrepreneurs (15m:05s).
- Joe has done three renovation deals this year, is trying to hold as many as possible. (17m:00s)
- Joe's best friend and business partner Angus is also into real estate and cars. Sam and Joe talk cars for a bit. (18m:02s).
- Joe recounts a childhood story where an adult tried to stomp on his dreams about owning a Porsche. "I looked at him dead straight in the eye and said to him - I will have one!" (22m:45s).
- How to make business relationships by sharing your interests with others (23m:55s).
- How Joe found a successful mentor for the past 15 years - Eitan Sharir: www.dynamicachievement.com - by knocking on doors of an affluent neighborhoods for 3 hours looking for advice! ( 27m:01s).
- "If you want something, go get it!" (30m:57s).
- "The harder you work, the luckier you get." (31m:00s).
- Deal example in Kamloops: huge cashflow in Kamloops, flipping a house for $72K net profit in 46 days (32m:30s).
- Stats Can research in areas for Elementary School Grade 1 Enrollment drove the decision, Joe has a great ability to identify the up and coming area through research like this (35m:25s).
- How to flip a property before work is even completed, and how much good and profit can come from a single flip. (36m:19s).
- Why join a real estate club? (41m:55s)
Off the record Joe said he made 15 offers/day when he is looking for a deal, so he certainly knows how to take massive action, we're looking forward to having him on the R.E.N.T.S. Podcast again!
Contact Joe:
[email protected]
c 250.572.7070
Joe's Bio: "When people are doing what they are passionate about and have a true joy in creating value where once was lack of, everybody in and around are lifted up and inspired, there just seems to be that element of pure joy when revitalization takes place. My great passion is to bring that element of revitalization in and around my city in regards to my real-estate investment aspirations.
I know that there is no single approach in regards to the rehabilitation of real-estate and most if not all are a case by case basis. I pride myself on sourcing out the project , negotiating the deal , building a solid plan and executing that plan to its entirety. As well as solid EXIT strategies. I have personally rehabbed and flipped many properties in and around my city as well as rehabbed and held ( rentals ) adding to my portfolio. All while building strong communities and economic growth in the area. With all this said I feel everybody benefits: Puts skilled labours to work : Revitalizes the neighborhood : Lawyers , accountants , real-estate professionals, sub trades, hardware stores, home inspectors , appraisers , all benefit from a single rehab. So in life very few careers offer an almost ‘everybody wins scenario ‘ so in regards to this one most if not all boxes seem to be checked.
My education background includes; Mortgage Broker for Dominion Lending Centres through the Sauder School of Business UBC. Successfully completed “ Negotiation Training Institute ‘ Vancouver BC. Owned and sold over 5 businesses in and around the Vancouver Area.
I chose this career for many reasons , first and foremost the freedom and flexibility it offers as I am a father of a beautiful little girl and a husband to an amazing wife , it enables me to walk alongside them and be present in many if not all of life’s stages.
Visit www.RENTS.website to learn more about real estate investing! - Показать больше
