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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/
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Legal Second Suites – https://legalsecondsuites.com
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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.