Tracey Fines is a real estate investor who has been flipping houses for 27 years. She is passionate about helping others achieve their real estate investing goals. In her recent presentation at a real estate investing event in Ottawa, she impressed Daniel St Jean and Victoria Cluney so much that they invited her to be a guest on the podcast. During the podcast, Tracy shares her story and some tips on how to be successful in real estate investing.
Tracey Fines spoke about her journey from being a nine-to-five employee to an entrepreneur, and how emotional the transition can be. She also talked about how she made the leap and what propelled her to continue doing what she loves.
She started off “accidentally” in the property business 15 years ago. She was able to buy her first property and then took advantage of the opportunity to buy a luxury flip property. She talks about how she found these properties and how the financial situation in North America allows people to own their own property.
Beginning her career as a corporate interior designer in 1990, six years later, she transitioned out of the nine-to-five job and into flipping homes. She did this for a number of years until she was finally able to leave her day job and pursue design full-time.
When taking a break from her career to have a baby, she then decided to continue flipping properties full-time.
She is always looking to challenge herself and grow, which has led to the success she has had with more complex flips. She has done up to three multimillion-dollar flips at a time in the past but prefers to focus on one big project at a time now. Her biggest project to date is a 10 million-dollar house in Yorkville.
Tracey Fines talks about how people can get stronger and grow from challenges, and how viewing challenges as opportunities for growth can lead to more success. She also talks about her own journey with personal development and therapy, and how she has used her challenges as opportunities to learn and grow.
She attributes her success to her ability to think creatively and see potential where others might not, as well as her willingness to take risks.
Daniel St Jean and Sarah Larbi interview Ryan Carson from Carson Law. They discuss common mistakes people make in real estate investing, and how to prevent them.
Ryan discusses the importance of estate planning for real estate investors. They say that it is often neglected or put on the back burner, but it is actually very important. Right now is a great time to do this kind of planning, because there are fewer deals being done.
They also talk about opportunities in the market today.
There has been a decrease in business volume due to the sharp increase in interest rates. However, prices have also come down correspondingly, so people can still have a good cash flow.
They discuss how the current market conditions present an opportunity for investors. They note that prices are lower and there is less competition from other buyers, making it a good time to invest.
1. Even though interest rates have gone up, there are still many benefits to buying a property now, including lower prices and,
2. Ryan recommends that buyers include conditions in their contracts, such as inspections and finance approvals, in order to protect themselves.
This episode discusses the importance of having a proper inspection done on a property before finalizing the purchase, as well as how the inspection can be used to negotiate a lower price.
The question is whether it is better to buy a property with existing tenants in order to have the immediate cash flow or to buy a property intending to renovate it and then re-rent it at a higher rate. If the latter, the buyer needs to make sure that the seller agrees to terminate all existing leases prior to closing.
It is better to have a vacant property when selling, as it is more marketable. If there are tenants in the property, they may try to stay even after being given notice, which can be a problem for the new buyer.
The best way to deal with tenants in order to sell a property Ryan suggests giving the tenants a cash-for-keys agreement or terminating the tenancy so that the property can be listed empty. There is a risk that the tenants could come back if they are not given proper notice, but the speaker suggests that this is a risk worth taking in order to get the best possible price for the property.
Ryan discusses the importance of ensuring that all paperwork is in order when terminating a tenant’s lease in Ontario. They mention that the process can be tricky, and it is important to make sure that all notices are served correctly. Finally, Ryan Carson advises that anyone expecting to get vacant possession should leave themselves a buffer in case the tenants have not yet started packing.
They also cover Joint Venture agreements. The number one tip for setting up a successful joint venture is to document the potential problems that could arise and how to exit the venture if those problems occur. Other important factors to consider include each partner’s expected rate of return and what will happen if the project is unsuccessful.
It is important to have well-documented and signed agreements in place from the beginning of a joint venture in order to avoid arguments and legal issues down the road. Additionally, all parties should have independent legal advice to ensure that the agreement is binding and enforceable. It is also important to have a plan in place for how to deal with additional capital needs that may arise during the course of the venture.
The biggest mistake investors make when hiring a lawyer is waiting until the last minute to do so. This can often lead to missing out on potential opportunities to save money and protect themselves from legal issues down the road.
It is important to involve a lawyer early on in the process of negotiating and closing a deal, as they can provide valuable input and help prevent any last-minute issues. It is recommended to pick a lawyer who specializes in real estate, rather than using a family lawyer or someone who has handled a previous divorce, for example.
Always work with an experienced real estate lawyer who is familiar with investing. This will ensure that they are knowledgeable of the law and can relate to the investor’s situation.
Carson Law would like to invite listeners to follow them on social media or their website to learn more about their services in law. They specialize in working with investors and offer advice for those just getting started or in growth mode. Contact https://www.carsonlaw.ca/
In this podcast episode, Daniel St Jean and Victoria Cluney talk with Jacqueline Marshall, a real estate investor. Jacqueline covers her background and shares how she got started in real estate investing, despite not knowing anything about it at the time. She talks about how she is the poster child for someone who can be successful in real estate investing without having everything figured out beforehand.
Jacqueline got into investing in real estate accidentally, but after a few years, she decided to make it intentional. She realized that the passive income from her rentals was replacing her income from dental hygiene, so she decided to focus on real estate investing full-time.
She shares her experience flipping houses, and how she got into the business with no prior knowledge or experience and used YouTube to teach herself DIY skills. She emphasizes the importance of finding an investor-friendly real estate agent and shares her strategy for flipping houses in the current market landscape.
Jacqueline has been investing in real estate for over 7 years and teaching others how to do the same for 2 years. She believes that anyone can be successful in real estate investing, regardless of experience or resources, as long as they have grit and determination. This was instilled in Jacqueline Marshall from a young age by her mother. Even after facing challenges, she has persevered and achieved a great deal of success in her career as a real estate investor.
She recommends that new investors focus on one asset class and gain knowledge about that area before moving on to other investment opportunities. Successful people have to be prepared to face challenges and setbacks. They also have to be willing to work hard and be tenacious.
The conversation also covers the importance of confidence for women in male-dominated industries. It cites Jacqueline as an example of a woman who has been successful in real estate despite not fitting the stereotype of what a “successful” investor looks like. She emphasizes the importance of taking control and doing research in order to be knowledgeable about what you are hiring for.
2022 has been quite the year for The REITE Club podcast with us hitting over 200 episodes since we started and now identified as one of the top 1.5% most popular shows out of almost 3 million podcasts globally as ranked by Listen Score.
We have also been recently recognized by Zolo.ca as one of the best Real Estate podcasts in Canada and one of the Top 28 in North America to listen to – check out their list here The Top 28 Real Estate Podcasts You Should Add to Your Queue
This podcast features a conversation with two real estate investors and realtors from Calgary, Anthony Therrien-Bernard and Santosh Nathan. They discuss their own real estate investing experiences and strategies, as well as the market in Calgary.
Santhosh Nathan started investing in real estate while he was still a student at university in order to become financially independent. He did this by saving up money from his military service and using his mother as a co-signer on his first mortgage.
In 2012, Anthony Therrien-Bernard started buying property in Calgary. Despite the oil and gas crash of 2014-2015, their properties performed well. They attribute this to their investing strategies.
The speakers discuss how they got started in real estate investing and the changes they’ve seen in the market over the years. They mention that prices have gone up, but they both feel that it’s still a good time to invest.
The two realtors met randomly and decided to work together because they both have experience with real estate investing. They help investors find properties that fit their needs and budget.
They are both investors first and realtors second, and they feel that this gives them a unique perspective on the real estate market. They enjoy working with investors and feel that they are able to provide a valuable service to their clients.
The pros and cons of being a realtor and a real estate investor are discussed. The overlap between the two professions is also discussed. Strategies for getting started in real estate investing are recommended.
The Real Estate Investing Academy helps people by providing guidance on what strategy may be best for them, depending on their goals and risk tolerance. They also have a Facebook community where people can ask questions and connect with other investors.
In the Calgary real estate market, there has been a shift in prices due to seasonality. Properties are no longer selling for significantly above market value, and investors are more cautious about making purchase decisions. Real estate agents are working to provide more accurate projections and information to their clients to help them make informed investment decisions.
It seems that many buyers in Calgary are looking for properties with a “vendor takeback” option, where the seller holds the mortgage for a few years while the buyer makes the payments. However, sellers are often reluctant to do this. There is also less inventory on the market, which is keeping prices high.
The content discusses how it can be difficult to find financing for real estate investments, especially when the economy is struggling. However, things are beginning to improve, and investors from outside of Alberta are starting to show interest in the market again.
Santhosh Nathan and Anthony Therrien-Bernard discuss their favourite resources for real estate investing and the attributes that have made them successful. They both recommend podcasts and books as great resources for learning and emphasize the importance of having a long-term perspective in real estate investing.
They discuss the importance of getting into the market quickly and offer advice for those considering investing in real estate. In order to be successful in real estate investing, it is important to be analytical and have perseverance. Additionally, it is important to treat tenants more like customers than friends in order to stay firm with lease agreements.
Brooke Shang is a real estate investor who has only been investing for five years but has already done numerous deals and adapted her strategies to the market.
She started investing in real estate in order to create wealth and reduce taxes and as a side hustle while working a full-time job. She was able to be flexible with her job in terms of hours and location, which allowed her to invest more time in real estate.
Brooke took weekend courses and studied during the week, and also had a mentor who was already experienced in the field. She advises other investors to build up a power team of supportive people, including a network of other investors, a realtor, a lawyer, and a mortgage broker.
Her first investment property was her previous home, a condo in Toronto. Brooke has since converted a few duplexes into income properties and focuses on strategies that generate cash flow.
In this week’s podcast conversation, Brooke discusses different real estate investing strategies and how new investors can choose the right one for them. She recommends setting goals first and then learning about different strategies and how to properly execute them. She also says that it is possible to focus on more than one strategy at a time. She also discusses the importance of mindset and education when it comes to real estate investing. She also stresses the importance of creating a win-win situation for both parties involved in a deal.
Brooke wanted to write a book to show her son that it could be done and to brand herself. She ended up writing it with her son as an accountability partner, and they finished it in a matter of months. The book is about helping investors invest in real estate, with a focus on mindset and strategy. The author’s goal is to help readers feel comfortable getting started, and the book covers lease options and creative financing wholesaling.
The best advice Brooke has ever received is to learn like you’re going to die. This means being humble and constantly learning in order to be successful. The hardest thing she’s had to learn is to overcome fear, which can be self-doubt.
Resources: Please check out all our podcast episodes https://thereiteclub.com/podcast/ Loved this episode? Please leave us a review and rating.
Our guest this week is Michal Liviatan of Lendai.us, a real estate lending platform. In this interview, she discusses the importance of customer service and how the market has changed before and after COVID-19. She also mentions which markets are the most popular among Canadian investors and where she personally goes for resources.
Michal Liviatan is the head of the Canadian arm of Lendai, a US-based private lender that focuses on financing foreigners investing in US real estate. Michal has a background in the food and beverage industry. In her role as partner and customer success manager, she works with other professionals, realtors, and brokers to help foreign investors finance their US real estate purchases.
She describes how her experience in the food industry has helped her excel in her current role in the financial sector. She highlights the importance of excellent customer service and of being able to translate between Canadian and US investment markets. The Lendai team helps Canadians secure financing for their investments in the US. They offer due diligence, documentation, and turnarounds for their clients. The company was started in early 2019 by four foreigners to the US.
Michal discusses where Canadians have been investing in real estate in the US over the past few years. She notes that popular areas have been those that are within driving distance from Canada, such as Michigan, as well as California, New York, and Hawaii. He also notes that Arizona and Florida have been popular choices for Canadians looking to invest in real estate.
She notes that the market has changed due to the pandemic and that investors are now looking for shorter-term investments that will provide a higher return on investment. Lendai is currently exploring options for new products that will be available in the market.
The best advice Michal Liviatan has ever received from another investor is to always be aware of the exchange rate when dealing with foreign currencies. This will help minimize exposure to exchange rate fluctuations.
Alisha Fuss and Patrick Bobczynski have been investing in real estate for a little over a year and a half, and they’re currently focusing on properties in the Calgary area. Living through renovations can be tough, but they’ve managed to stay together and have some fun along the way. The couple offers some great advice for other investors, including tips on how to avoid getting overwhelmed by all the information out there.
Alisha and Patrick discuss their strategy for investing in properties with illegal basement suites. They explained that it is easier to legalize an existing suite than to add one from scratch. They also discussed the requirements for adding a basement suite from scratch, which includes two furnaces, insulation, and drywall.
Both are real estate agents who specialize in finding and updating illegal basement suites. They say that it is relatively easy to update an illegal suite into a legal one and that doing so can save the owner a lot of money. They advise people interested in this type of investment to just dive in and not get overwhelmed by the information out there.
They discuss the importance of taking action and not over-analyzing when it comes to real estate investing. They mention that interest rates have been low for years and are now starting to rise again, which can be a good time to buy for investors. They also talk about a renovation project they are currently working on that is fairly extensive.
It is possible to save money by doing some of the work on a property oneself, and that YouTube can be a helpful resource for learning how to do this. They also say that finding good contractors is the most important thing.
The episode also covers how to save money on home renovation costs by doing some tasks yourself, such as painting and flooring. It also mentions that demolition can be tricky if you don’t know how the finished product will look, so it’s important to be thoughtful about what you’re taking out. The couple advises that if you are considering doing your own demolition for your home renovation project, it is smart to get someone else’s opinion who has done it before or is a contractor. They also say that it is important to have somebody to ask tough questions to when you are unsure what to do during the renovation process.
The best advice that Alisha and Patrick have received is to focus on one strategy and to get really good at it. This way, they can avoid getting distracted and can make the most of their time and resources. They also talk about the importance of surrounding yourself with people who are doing what you want to be doing, in order to change your life.
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.
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 fromanywhere. 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.
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.
