Monthly Archives: November 2022

Working With a Real Estate Investor Focused Mortgage Broker



In this podcast episode, Brian Hogben from Mission 35 Mortgages discusses the current state of the real estate market and some things that potential investors should keep in mind. He stresses the importance of understanding the supply conversation and notes that there is currently a shortage of supply. He also encourages people to take action and build their power teams in order to invest in real estate.

Brian Hogben is the founder of Mission 35 Mortgages, a company dedicated to helping people pay off their homes in less time than the traditional Freedom 55 plan. He shares his story of becoming a mortgage broker and how his company has helped so many people in their communities.

In the interview, Brian Hogben talks about his experience as a real estate investor and how it has informed his work at Mission 35 Mortgages. He also discusses his personal portfolio, which includes a variety of properties across Southern Ontario.

He discusses his passion for vacation rental properties. He explains that he enjoys the short-term nature of the investment and the opportunity to learn about new markets.

  • The mortgage process in Florida is different than in Canada, and Royal Bank is now requiring a tax identification number in order to file an income tax return in the state.
  • The landlord-tenant board in Florida is different than in Canada, and it is possible to raise the rent by a significant amount with only 60 days’ notice.

Brian discusses opportunities for investment in the US, specifically mentioning the potential for increased taxes and down payments for small landlords in Canada. They also talk about the current market conditions and the types of deals that are coming through their brokerage, noting that more investors are interested in flips and buy-to-rent properties.

In the current market, mortgage rates are still reasonable, and there is still an opportunity to cash flow. However, many people are waiting to see what happens with interest rates, which are expected to rise in the next few months.

There is a big opportunity right now for investors to sell non-performing properties and move the capital into vacant or transition rental properties. This is a good time to buy because rents are climbing quickly and mortgage rates are reasonable.

The average person with a $500,000 mortgage has seen their payments increase by $2,600 since interest rates went up in March. This is not a large amount, but it could cause some hardship for people who are already struggling. Salemi is hopeful that rates will eventually come down again, but it is unlikely to happen in the next year.

Investors are often advised to buy when there is little interest in the market, as this is when prices are low. However, this logic does not always apply in today’s market, where high-interest rates and high debts are present. Brian Hogben suggests that instead of waiting for a crash, investors should buy now while prices are still low.

1. Social media is playing a big role in the real estate market now.

2. There is a shortage of supply now, due to the global pandemic.

3. Record numbers of immigration are expected in the next 12 months.

There is a risk right now, but if you’re buying and holding for the long term, you can’t go wrong. If you wait to try to hit the bottom, you might miss out on a good opportunity. Taking out equity from your house to buy an investment property is a good idea in this market.

Brian is saying that it is important for mortgage agents to help their clients budget properly because payments are going to go up for some people and they need to be prepared. They also say that it is important to start the conversation with payment, not with rate, in order to avoid payment shock.

He discusses the importance of budgeting and financial planning, especially in light of recent economic concerns. They emphasize that most people are actually doing okay, but that a lot of fear and anxiety could be alleviated if we just had a better sense of our finances. They encourage people to write things down and budget carefully in order to weather any potential storms.

The best advice Brian Hogben has ever received from another investor is to just do it now. He also believes that taking immediate action is key to success in real estate investing. His favorite real estate investing resource is the REITE Club.

Get in touch with Brian:
Website: https://www.mission35.com/
Email: 
Brianh@mi35.ca
Instagram: https://www.instagram.com/brianhogben/

Link to podcast in our bio or copy and paste https://www.thereiteclub.com/podcast

This episode has been brought to you in part by:
Private $ 4 Mortgages – https://privatemoney4mortgages.com/
BM Select/Butler Mortgage – https://bmselect.ca/
The REITE Club podcast – for sponsor slots contact Katherine at grow@thereiteclub.com


Great Investing Opportunities Across Calgary



Do you want to achieve:

1. Increased affordability
2. Increased flexibility
3. Increased opportunity?

Our podcast guest this week, Natasha Phipps, Realtor and Real Estate Investor, is sharing the solution.

In this episode, you will learn:

1. How COVID has changed people’s perspectives on where they want to live, and the potential for moving to a more affordable location
2. The real estate market in Calgary, and how it is different from other markets in Canada
3. The opportunities for investors in multifamily properties in Calgary

“COVID taught, I think, us a lot of different things. And people are, well, first of all, realizing they can potentially work from anywhere. So that immediately gets people’s kind of like thoughts going, right? 

Natasha Phipps is a realtor and investor based in Calgary, Alberta. She has over 10 years of experience in the real estate industry and specializes in helping investors find turnkey properties that offer a good return on investment.

Reach out to Natasha:
Website: https://phippsgroup.ca/
Email: nphipps@cirrealty.ca
Facebook: https://www.facebook.com/calgarybuyandsellrealestate/
Instagram: https://www.instagram.com/natashaphippsrealtor/
https://www.instagram.com/phippsrealestategroup/

Resources:
Please check out all our podcast episodes https://thereiteclub.com/podcast/
Loved this episode? Please leave us a review and rating.

This episode has been brought to you in part by:
Black Jack Contracting Inc – https://blackjackcontractinginc.ca/

BM Select/Butler Mortgage – https://bmselect.ca/

The REITE Club podcast – for sponsor slots contact Katherine at grow@thereiteclub.com

Chapter Summaries:
[00:00:00] – This week’s, host shares some tips on how to customize your life for Calgary. People tend to be looking mostly for buy and hold opportunities. Many of the investors they work with are not here locally.

[00:02:54] – Natasha is back on the show. Last time Natasha was on, it was around a year ago. Natasha has been attending live conferences. In Calgary, where there’s a lot of newcomers and new industry and businesses popping up here. Natasha talks to people from Ontario almost every day.

[00:04:28] – In the last year. A lot of people were interested in moving. People are seeking affordability and a different lifestyle. In Calgary, the benchmark price had only come down a few thousand dollars. The number of sales is down over last year. But the prices are holding steady. By Christmas, the market will be more balanced.

[00:07:58] – In Calgary, investors are looking for buy-and-hold opportunities. The downtown and inner city sector is starting to recover. The city is pushing for more density in suburban markets. In the last year, the downtown condominium market has started to appreciate. In Calgary, preconstruction condos are not recommended.

[00:12:58] – Natasha bought a 21-unit apartment building in Mission, a trendy, vibrant, inner city community. She also bought a two-year-old two-story multifamily building in Talgreen that was under foreclosure this spring.

[00:14:41] – In Alberta, landlords can raise their rents once per year as much as the market will bear. In Ontario they need to give 90 days notice of rental increase. Unless you’re rent controlled, anything after November 15, 2018 is not subject to control. Alberta is more landlord friendly.

[00:18:11] – In multifamily and commercial, your property valuation is based off of how the business performs in a residential home. When you go to refinance or get an appraisal done, they’re just going to look at the comps in the area. In multifamily, you have the ability to change or even your loan to value.

[00:21:53] – There are a lot of costs and fees associated with investing in multifamily in Alberta and in Calgary. Investors should be aware of all the fees and be ready to go kind of upfront in terms of Calgary, in particular in the multi-family space and what you need to watch out for in terms of location. I dive into the community’s demographics and the ratio between homeowners and tenants. I want to stand out.

[00:23:26] – There is a lot of interest in short-term rental properties like Airbnb. Calgary does not have any legislation on Airbnb, so investors are pivoting to that right now. The main thing is to be careful with the buildings. There are probably only half a dozen condo buildings in downtown Calgary that are friendly with Airbnb.

[00:25:12] – Canmore is a good market for kids, but it’s expensive. BMB invested in a couple of purpose-built short-term rentals in Canmore this year. It’s important to work with someone like BMB that is local and understands the local market.

[00:28:43] – In and around Calgary. We have erdrey Cochrane. Okatokes. High river within 30 to 40 minutes of Calgary. I have a referral partner for Canmore, someone in our brokerage who lives in Canmore and is an investor himself. Edmonton is several hours away from Calgary, and I’m not an expert there.

[00:29:51] – As interest rates go up, buyers are going to have to look for more affordable options. Long-term buy and hold, short-term rentals, condos and townhouses are all going to fare well in the long-term. The appreciation recovery in the detached market is going to trickle down to higher density property types.

[00:32:19] – Calgary Legalized Secondary suites in March 2018. The deadline for cleaning up basement suites is ending in December 2023. Carriage houses fall into the same category as secondary suites. A builder is building a couple of these from scratch in Calgary. Now, garden suites and carriage houses are going to be the next thing investors are looking to do in Calgary.

[00:35:12] – The best advice from another investor is to only work with people that you genuinely like. Calgary economic development website is her most used resource for Calgary particular staff. she likes the data and the numbers, and she uses it most for Calgary real estate investing.

Connect with The REITE Club:
Instagram: https://www.instagram.com/reiteclub/
Facebook: https://www.facebook.com/groups/thereiteclub
YouTube: https://www.youtube.com/channel/UCKPoaUTDRdCx9-Db-aI0ehg
Twitter: https://twitter.com/thereiteclub
LinkedIn: https://www.linkedin.com/company/the-reite-club/
Website: https://thereiteclub.com/


Deep Dive Education Helps You Learn and Scale



 In this episode, you will learn the importance of:

1. Not skipping steps when getting into real estate investing, in order to avoid dangerous mistakes.
2. Continuing to educate oneself in real estate investing, in order to stay ahead of the game.
3. Knowing how to exit an investment property, in order to maximize one’s return.

“The best investment you can make is the investment in yourself.”

Dylan Suitor is a Realtor, real estate investor, entrepreneur, and coach. He is the founder of Elevation Realty and Suitor Enterprises and is passionate about helping others achieve their real estate investing goals.

This is Dylan Suitor’s story…

When I was 18, I bought my first investment property – a student rental near the University of Waterloo. I had no idea what I was doing, but my mom thought it would be a good way to teach me responsibility. I went on to buy a few more properties, including a condo and a house that I flipped. In 2017, I missed the market peak by a month or two and ended up renting the house out on Airbnb instead. I started educating myself on real estate investing and quickly realized that the best investment is in yourself. I joined forces with my business partner, Robbie Clark, and we started buying properties, renovating them, and flipping them for a profit. We’ve now built a portfolio of over 1000 units, including our largest apartment building of 88 units.

Connect with Dylan Suitor:
Website: www.elevationrealty.ca
Email: info@elevationrealty.ca or dylan@elevationrealty.ca
Tel: 905-592-4220
Instagram: @dylan_suitor
LinkedIn: https://www.linkedin.com/in/dylan-suitor-realtor/

Please check out all our podcast episodes https://thereiteclub.com/podcast/ – Loved this episode? Please leave us a review and rating.

This episode has been brought to you in part by
Legal Second Suites – https://legalsecondsuites.com
BM Select – https://bmselect.ca/
The REITE Club podcast – for sponsor slots contact Katherine at grow@thereiteclub.com

Connect with The Reite Club:
Instagram: https://www.instagram.com/reiteclub/
Facebook: https://www.facebook.com/groups/thereiteclub
YouTube: https://www.youtube.com/channel/UCKPoaUTDRdCx9-Db-aI0ehg
Twitter: https://twitter.com/thereiteclub
LinkedIn: https://www.linkedin.com/company/the-reite-club/
Website: https://thereiteclub.com/

Chapter Summaries:
[00:03:58] – Dylan Suitor has been investing in real estate since 2000. He bought his first investment property when he was 18. He closed his first property in the corporation with his business partner Robbie Clark four years ago on, October 3 and they have added 1000 units to the portfolio in the last four years. His largest apartment building is 88 units.

[00:09:36] – When he first started investing in apartment buildings, he couldn’t use 100% financing. Now he has a team of professionals working in real estate, property management, construction and asset management. He has launched three new businesses to go along with the real estate acquisition side.

[00:15:54] – Dylan Suitor gives advice to someone new to real estate investing and someone who wants to get into it full-time. He’s always goes deep on figuring out the strategy, getting all the details and understanding it inside and out. 

[00:17:14] – If someone has a lot of time and money, he advises them to focus on education, mentoring, and building a strong team. If they don’t have the time, he suggests working as a joint venture partner or working with asset management.

[00:20:40] – Dylan Suitor made some mistakes in his real estate business. A 32-unit purchase he didn’t go through the proper due diligence. He didn’t have an environmental. He did not talk about capex Improvements, the roof, the main stack, the HVAC, the plumbing and the electrical updates. Dylan Suitor’s team of seven full-time agents is in the office every morning at 8:45, they have a meeting at 9:15. They do a half an hour of what are their clients looking for? They try to pair them up and then they regroup four to 430 with a third party coach.

[00:25:58] – Nomad Capitalist is a book that talks about freedom, lifestyle and finances. It’s important to have multiple locations in the world and to have somewhere safe to go. The Fourth Turning talks about the 20 year cycles of the economy. And it’s 80 years total, but it’s 20 years seasons.

[00:32:27] – Half of the basement of his new house is dedicated to board games. Strategy is a big part of his game strategy. If he promises something to someone, he’s going to follow through on it. 90% of people in his organization don’t follow through with promises.

[00:34:19] – On Sunday, Dylan Suitor is usually in a bar watching football. Dylan Suitor works 80-100 hours a week. 

[00:35:54] – Real estate investing is rewarding, but dangerous if you skip steps. Find the right people in your ecosystem and connect yourself with the right power team and the world is your oyster. 


From Pizza Door Delivery to a 47 Door Portfolio



Start your real estate investing journey with house hacking.

“Go for the ugliest home. And you do those improvements and go for the cheapest possible price so that you can put less money of yours into the deal.”

Our podcast guest this week, Aditya Soma, is a real estate investor and entrepreneur based in Canada. He started his real estate journey in 2016 and has since built a portfolio of 47 rental units. He is also the owner and operator of a successful real estate sales business.

He came from a lower-middle-class family in India, his Father had to borrow money from friends and relatives to enable Aditya to come to Canada for his education. He worked various odd jobs to make ends meet and eventually found his way into the real estate industry. He now owns 47 units and has quit his software job to focus on his real estate business full-time.

In this episode, you will learn the following:

  1. How Aditya Soma went from being a poor student with debt to becoming a successful real estate investor with 47 rental units
  2. The importance of building credit and having a good credit score
  3. How house hacking can be a great starting point for new real estate investors

Other episodes you’ll enjoy:

Reflections on Last 2 Years and Where Are We Heading (Ep. 200)

https://thereiteclub.com/en/podcast/reflections-last-2-years-and-where-are-we-heading-ep-200

Scaling your Portfolio – Success is in the Details (Ep. 177)

https://thereiteclub.com/en/podcast/scaling-your-portfolio-success-details-ep-177

Investing in Real Estate as a Couple and as a Team (Ep. 170)

https://thereiteclub.com/en/podcast/investing-real-estate-couple-and-team-ep-170

This episode has been brought to you in part by
Black Jack Contracting Inc – https://blackjackcontractinginc.ca/
BM Select – https://bmselect.ca/

The REITE Club podcast – for sponsor slots contact Katherine at grow@thereiteclub.com

Loved this episode? Please leave us a review and rating.

Please check out all our podcast episodes https://thereiteclub.com/podcast/

From being an immigrant with over $100K in debt to becoming financially independent at 30,

Aditya Soma is a software engineer turned real estate agent in Canada making over a million dollars in commissions. He has not just built a dream life for his family but is also helping people create FREEDOM. It all started with one YouTube video; today he has 20,000+ Subscribers, with over 1 million views, and in 2021 he and his company (WincityReal Estate Team) sold $75million of real estate.

Aditya comes from a humble background in India and has had a tough childhood. He has seen his father hustle into odd jobs to get the food on the table. And now, finally, he helped retired his father, paid away all his debt, and is living the Canadian dream with his family.

Aditya has been rated as #1 real estate agent in Windsor, ON, and is among the top 40 Real Estate Agents in Canada. In his personal portfolio, he has accumulated 47 doors and counting

Aditya Kumar Soma’s contact info:

Email: aditya@wincityre.com

Website: https://adityasoma.com/
Instagram: @adityakumarsoma
Facebook: https://www.facebook.com/adityaksoma
Youtube: https://www.youtube.com/c/AdityaKumarSoma
Linkedin: https://www.linkedin.com/in/aditya-kumar-soma-755679109/

Connect with The REITE Club:
Instagram: https://www.instagram.com/reiteclub/
Facebook: https://www.facebook.com/groups/thereiteclub
YouTube: https://www.youtube.com/channel/UCKPoaUTDRdCx9-Db-aI0ehg
Twitter: https://twitter.com/thereiteclub
LinkedIn: https://www.linkedin.com/company/the-reite-club/
Website: https://thereiteclub.com/