Get Real Wealthy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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