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Speaker 1 0:00
Working from home with me influence southern been an absolute blast Metamask people worse myself and Texas history, culture and enjoy a lot of I mean a lot of opportunity. Because it’s easy to find pretty much every restaurant search rescue even the Chinese restaurant servers not only collect souvenirs, but I really like Texas. More than anywhere else I’ve traveled. It’s just that perfect mix of a bunch of entrepreneurial environment and culture and more friendly. For more real estate and everyone is Sonics. See folks in Texas for less than back home, the GTA, which means are known for being less parts of the Texas driver’s test for the better as well. On Tuesday morning, I met a classmate, new ostomate insurance elite, who reached out to me actually, Facebook, he commented on my posts saying, Hey, we should snap back here as well. And he’s down from Winnipeg, he moved on a couple months ago to be with his wife who was originally from Boston. And so that snapshot flips Boston. He was kind enough to invite us to one of its split properties and share with us his renovation plan. There was a tired house by an elderly couple. And he got to a wholesaler. You shared his experience with the local market. What makes it different Patrick Chana. So what’s the point number four, which in Ontario, things are pretty bad. Now, I saw her legal say the other day that Snowblind bots about nine months to get a hearing delivered to the board. And I found him off guard the union is convenient. But again, he’s focused on Ontario is it is now here in Austin. He’s only about defects. So look out for him. Specifically structural issues caused by heavy clay soil which which Texas is known for. And then you mix in the problems with droughts followed by heavy reads. That tends to be the land shift and turn costs structural issues is yet to be challenges inherent contractors and regulators. In still sourcing materials, it’s busier than those who don’t know, the unemployment in the US remains stubbornly low around 2%. That’s a slow hour on rubber, low fives. Even with interest rates expire during peak levels. One has to think about what is going to what’s going to happen to inflation in the US when rates are cast. We should expect to come this year, the market actually predicts success. No, no. The US Fed said they do three times. That’s what they said they’ll do. The market thinks different. I have my own theories on what to do to you know how to invest based on current macro environment. ECB raising cash to invest with us. Funny enough, down here in the states on the local schools were closed, closed due to cold to cold weather. These close snaps so for actually a couple days. In Texas, the temperature dipped below was like 70 degrees Celsius. So pipes you’re freezing. Thank goodness, there’s no snow or anything like that comment traffic accidents. But again, pipes from freezing. Texans are not too happy. So it used to deal with the sub freezing temperature and agenda we managed to have what trades pipes. Actually, I show a picture of a pipe burst at the at a mall in San Antonio, Texas that we would never have. Generally we don’t have pipes that are exposed to the outdoor elements. And these so in no way Sorry, that was pedestrian bridge. Anyways, so on Tuesday, we actually moved from our probation combat and Austin that was a company member there. That’s the next we have seen as watching on my brother’s hotel room at a resort 60 minutes from downtown who’s who is at work for a very large multinational. We’re staying at a resort because his company is having a big international conference there at the resort, the head store. I repeat for 18 hole golf courses for that’s absolutely incredible. I’ve never heard of it. Like there’s not really there’s very few courses that have 280 people ports this would happen for us. It is incredible how affordable housing is the ambulance in the most expensive town in Texas. Fortunately, it was to golf and golf and they honestly didn’t have time to go play around. As honestly my party was more meaty real estate investors and real estate. So after my check after check in, my husband and I was actually made the trip down as well, too, and I drove down that busy corridor, actually the busiest corridor, Texas Highway corridor, 80 miles or so. That same drive, but a one mile stretch. Parts of it are 100,000 cars travel on a per day is San Antonio to see some historical sites. Specifically, we want to see the column which is a major panel that was part A that helped decide that Texas is independence from Mexico, we walked around the San Antonio Riverwalk, if you haven’t been I highly recommended. San Antonio, I had no idea was such a pretty. It’s incredible how much money has been invested into that downtown to make it solid base. I honestly haven’t seen that. Like maybe it’s something to do with, you know, actually eating up. But it was it was an iconic area filled with bridges, bars and restaurants. But for best in class barbecue, we had to leave down to him. So we hopped back into our our rental Toyota Prius. Or the irony of driving around Texas in the Prius resides next up big trucks to dine on some of the finest barbecue in the city. This time around, I had smoked turkey and sausage just to try something different. And interestingly enough, on the way from Austin to San Antonio, we took a toll road. So from what I saw was, is faster and fun, new suspect, because we had stayed out of state license plates on our Prius, there was actually no way for the autopilot system. The highway with straight is fast. But I often notice that there’s very little development long, that’s what I wrote told toll road check the 4747 is testing department typing that common trucking Baltimore shoe. Like compared to the 401 or three W we’ve learned a lot. So and then. So same thing, what we experienced on the right home, we took the non toll road from San Antonio back incredibly, incredibly developed for NPD. One mile stretch is that’s the game that did some checks up to and that’s how I found out that that was that that stretch of road his child was troubled by about 100,000 cars a day. Ben, I was also studying this area because it makes sense for invest and investing because it’s located between two major center to the top towns firm as in Texas. And it’s also on the direct path to Monterrey, Mexico, which is booming economically. So that’s where the church at searchers, the for yourself as well learn more about what’s going on economically in terms of manufacturing reshoring that’s going on in moderate Mexico, the past month already else is also home to to random experience, myth. And repeat you all know this. I shop at Costco once a week, spending hundreds of dollars there. So I had to stop and take that Texas time Costco I was impressed. Everything truly is bigger in Texas. Still, honestly, like double the size of the Mackay go to Burlington. And they also have a double the variety that meet like the amazing as you’d expect just in Texas State Deloitte. And it was less expensive. For someone who’s cheap who likes meat. I was very excited. We did a gas obviously on the way home and we stopped at buches. So if you’ve no buddies, you know what I’m talking about. It’s an enormous gas station. I think there’s like 100 gas pumps. And of course I looked over it. I also saw in 2003 I counted 23 Tesla superchargers this place is a humongous grocery store. This is huge. It’s like the size of a treat. Except they saw these guys the Bucky sell pretty good brisket, barbecue sandwiches. We also saw a variety of other things like you know, hats, T shirts, all sorts of Friday that’s campstove gun cases and artists variety, right of jerky I’ve ever seen. I should make sure I mentioned I picked up that because I actually picked up a $14 bottle of Pinot Grigio called pain sheet so if you see it this year, Pinot Grigio by benci recommend you pick it up

Speaker 1 10:00
Hey, my friends that I opened it up together. I didn’t actually think about the price, but everyone was impressed. And then they were even more impressed when I told them it was only 40. T dollars. American attended. Yes, I’m going to talk about real estate eventually. This is real estate show. I did check it out a bunch of properties on Wednesday instruction. And I even did a self guided openers, as confuses looking at listings in the States, and some numbers, open houses between four to 6pm 10am 6pm and 6pm, like six days a week, which I didn’t understand. So realtor just sits in the property and just waits for people to show up. So by that when I went to went to the property that wanted to see that for sale sign on the lawn had a QR code to complete open door, which is our app, and I filled out my contact details to purchase my driver’s license. And then I was able to unlock the front door which was totally awesome. I didn’t have to engage with a lawyer or get a property that I’m not called by the bank yet and this has been I’ve been studying for a little bit a lot better. If I was liquid I would be ready. In under square foot Hill Foundation impacts like Shiraz Park meevo I walked the perimeter of the house for looking for cracks four bedroom two full bath location that’s the town so don’t do construction houses or apartment buildings paid directly with the elementary school for Treadaway the big upside is even Italy with its $17 billion Best Buy Samsung to build a merchant metric plant that will employ 2000 people this is how I invest for economic fundamentals that will cost upward pressure on rents and resale price no right control means my cash flow continuously improve however the numbers that has asked me about 3000 in the buyer’s market so I don’t get less the rent is virtually your plus rent plus utilities no confidence bidders numbers with something similar ease of investment but significant upside three for me no show just know if you’re gonna make fewer promises like six figure income on 2000 more investment I will laugh at you on the show. I do want to see some new constructions because as well as I mentioned that they just didn’t feel right there wasn’t like community feel when the sale agent told me that the elementary school was a three mile two miles or three miles away which about five kilometers the coolest five kilometers away from their adventures I’m targeting families for these properties. So anyways otherwise the houses look great prices were great friends were great sales agent let me know for me that every property that she has sold to the northeast does not explain more about what I found in all the properties and researching first ever I’m repeating sorry I went US property to all virtual of course on Saturday morning. We’re covering properties from Texas and Tennessee and search for both cashflow and appreciation. If you’ve been following the news in Canada that like that I do, for example health and just passed me by law of the land where a landlord is to do a renovation say there’s a flood and attends have to vacate in order to sort of learn how to do preparations to beat the property proceed. Start the walk. If that landlord has to find another apartment, similar rents are the tenants I wish all the parties involved in the market. Susan Allison consumer documents Apple vacancies under 1%. Of course rent control Lexi rents are under rented I do not see how it’s feasible for anyone to be responsible for someone to locate someone cheap rental property that just doesn’t exist. I’m sorry, my rentals and I’m doing the you know what? The past client of mine messaged me this weekend asking why they change their heart rate condos for obvious reasons to invest in two parts. She asked why would she have to do with dress? Now let’s think of the story. Remember when Elon Musk was on the Joe Rogan podcast feed the first time he did. Now I’m not a regular listener of Joe’s podcast, but I do tune in when he is the occasional bit test. If you know Joe, you’d love to talk about conspiracy theories and particularly aliens that you’ve mentioned So Joe as Elon enters the audience have visited Earth or something like that. And Elon would be the person we want to ask because he probably knew. So Elon goes to explain that there’s never been evidence event technology down on earth. And he believes aliens, and so he believes there is no evidence of aliens visiting Earth. But he will believe there’s aliens once there’s irrefutable evidence that demonstrates there are aliens until then, we will presume go with the assumption there are no plans. So that was years ago, yet Joe still rambles on about aliens. But for me, honestly, the case is closed and not gonna worry about aliens until there’s new evidence. So no different from me. But the US real estate investments investments, I think everyone’s known for a long time that investing in the US was better than generally all channel. Building, but again, all the same problems, all the other problems where they’re building a team as hard. There’s many people out there, but we all know who got their butts handed to them investing in the US. And after that, real estate investing, investing makes little sense. If you don’t have access to cheap or juice is without cheap mortgages, you’re just gonna have to invest in the stock market, it’s a lot less work. But in our kin, Kin era, other reporters when I met my new strategic partner to shift the asset manager, and one stop dealing him when City Market just opened up Shop USA, now the network just the US only so now Only now do I have a team to make direct real estate investments 10 times easier than it is in Canada 10 times easier. So and at the same time, Ontario and BC have been most unfavorable to landlords that that might theory that the key to our what declined in value compared to the US dollar over the long term, which makes sense due to our growing debt, lack of investment, lack of productivity.

Unknown Speaker 17:16
And Scott said so what is the sophisticated investors? Some I research, this just makes sense. And it will.

Speaker 1 17:31
Anyone does not find it. And I’m happy to do so on my show. Just again, fair warning. I honestly feel I haven’t said it enough. Because again, anyone knows we knows that I was not a fan of epic appliances business model. I was not a fan of Porsche real estate developments. I saw it in the wrong group and in the business model operated by Clydesdale capital. In that point, they just deleted her website and Instagram we would have gone bankrupt and lost all her investors money. And her to she was never on my show disability others. Anyways, let’s dress for returns in cash flow that has helped one pacer that’s the best integrated onto this week’s show. We have a podcast host in a convenient diversity is nice guy. Sharon, a seasoned real estate investor and shoot it here to share how his own journey his own journey and help how he ran into a wall hustling Ontario and then pivoted to investing in the US Patent 2017. Venture is insights from its experience and great strategies for finding properties navigating different partner conditions in the importance of building reliable team all from the comfort of his home near Waterloo, Ontario. Now I emphasize the value of solving complex property issues because Ben is dealing with complicated problems in small towns all over a very big country. The strategy is not that hard. Me personally I’m going for boring but however however it is a full time that’s full time investor with sufficient capital and eath mass like they said it’s totally cool. We are totally on two different risk tolerance spectrum which is totally always make money plus a My job here is only to show you different options so you could choose what’s appropriate for you without further ado, let’s actually brand French This is website is dark land Sutherland calm or you put them on YouTube. Again the show The show is Canadian Canadian investing in the USA. Alright, please enjoy the show

Erwin 19:55
Hey, Glenn, what’s keeping you busy these days?

Glen 19:57
Oh, everything real estate In real estate businesses, right? Well, like, I don’t know, halfway. I don’t know what we’re planning on talking about exactly. But um, yeah, real estate business, I used to do a lot of real estate, even in Canada and transform to the US. And then I transformed it into a business. So for, you know, people like how long you’ve been in the US, and honestly, I’m not sure it’s like seven years, I think, maybe eight years. But I live in, outside of Waterloo, Ontario, so I don’t actually live in the US. But I’ve been investing there for that time, but honestly, it’s only been like three years where it was actually a business. So I think that’s a big thing that people don’t realize the difference. I’m not sure if you want to go down this path at all. But, um, yeah, it was before I used to buy rental properties. And then I sort of manage them. And they were kind of started off with some turnkey ones, which means like, he basically, you know, had tenants or rent ready, and you just basically collected the paychecks and managing property manager, right. But then as you start growing, you start building in contractors and wholesalers and direct mail and all the different other parts that come with building a business that if you aren’t set up like a business, and you’re just doing investing, you find that you’re you start dropping balls, you’re like, I forgot about that property, because honestly, you bought so many properties, like at one point, we were buying one a week, right? Every single week, we were buying a property.

Erwin 21:21
So when you’re buying one a week, was that local? Was that stateside?

Glen 21:25
That stateside? Yeah. Okay. So you easily can like go, I forgot to set up insurance. That’s an extreme one, but like, and then you realize I have to start, I have to start building systems and checklists and everything else, right. And a lot of people, you know, they can, you can handle, you know, five, maybe 10 properties yourself in your mind. But whenever you you want to actually turn this into a business and you know, have a lot of stuff running, and you’re dealing honestly, like we were talking before the show, dealing with a lot of people, right, dealing with a lot of contractors, property managers, people doing what they’re supposed to be doing people doing what not what they’re supposed to be doing people taking longer than they’re supposed to do. If you don’t have some sort of system set up to start with, you’re just, you’re gonna be overwhelmed, right. And as you start to do this, like I said, you get like five, maybe 10. And then your mind is starting to fail. You’re like, Oh, this one. Oh, this one? Oh, it turns into be too much. It’s honestly too much. And other people were like, Glen, how can you do all those and and that’s a lot of it is just building checklists and doing old stuff. So how’s business? Business is good, where I think we’re recording this. SENATOR LINDSEY is going to air we’re recording this in November 2023. And so I think we have five sales this month and two purchases. So we’re pretty busy. We just offered on ad unit as well. And then the other ones are all single family homes.

Erwin 22:45
So that was everything. All right. So how many how many houses do you think you’ve owned so far in the States?

Glen 22:55
200 Maybe, China? I’m not sure. I’d have to go through my thing. Maybe.

Erwin 22:59
What was the mix roughly? For like, single families. How many were like duplex four Plex beyond

Glen 23:08
just roughly roughly probably more than half of the single families right? Maybe maybe 60% single families and then I don’t know if had 664 plexes and I don’t know a bunch of duplexes to fill it in I don’t know I have to for actual numbers I gotta get on my computer and pull it up. Look what I send to that mortgage brokers

Erwin 23:33
we’re not gonna we’re not gonna hold you are not gonna get a quarter over this. Let’s just give a get an understanding like the mix and then how many markets are you in?

Glen 23:44
I think I usually say seven. So we do. In Ohio we do Dayton, Ohio, Cleveland, Ohio, Toledo, Ohio. We used to do Indianapolis, Indiana. I’m still open to it, but we don’t have any there anymore. I sold them all off two years ago. Kansas City, Missouri, Huntsville, Alabama, Birmingham, Alabama, Jacksonville, Florida and Brevard County, Florida, which is like Cocoa Beach and Cape Canaveral, that area down there. So Titusville Melbourne Beach, all in over on the ocean side.

Erwin 24:15
Yeah, then how long do you hold these properties?

Glen 24:18
Well, it depends, right? Because whenever we buy anything, we try to have multiple exits on it. So we usually want it to work as a burn. So a burn us has to exit usually our cash out refinance or at 65% loan to value not not the lovely 80% that you typically get in Ontario. So there’s all those advantages and disadvantages of both countries, but you just have to run your numbers and find those numbers right. But if we’re doing a burr What was the question? How long do I hold them?

Erwin 24:49
Typical hold because I want to understand are you flipping you bought lunch? So

Glen 24:53
typically what I say is six months or so for a burger, right? So what we ideally like to do is like a three month ran out a three month, you know, seasoning and then like, you know what, six months from purchase to refinance. That’s if things go perfect honestly, a lot of times, you know, a month or two or whatever it can slip because of contractors permits other things, right. So that’s how the kind of the bird sort of go on the flips, same sort of thing. Ideally we’d like to be in and out in six months, especially now, I used to do larger projects, that project that we’re just finishing up, it’s gonna hit the market next week in Jacksonville. We’re in over a year, right. And we used to buy buildings from the county or the city or from banks or, you know, ones, they’re even on the block where these tax sales and powers and we’re not tax sales, but they’re like from programs like that. I’ve taken back some people haven’t paid their taxes sometimes. Well, no, sorry, not tax, some people haven’t paid their utility anyway. They’ve come back. Yeah, they’ve come back to the, you know, sometimes whatever reason the different places on them are foreclosures or short sales. But usually when we’re doing the tax deeds, we’re looking at doing the tax deeds in Birmingham right now, but I’ve never done that, right. So where was I going with that. But you know, we so we get we buy properties around the block and be torn down. Like some of them, they were in such rough shape that after a while that city would just take them back and then sell them for almost nothing like almost nothing like it was taken houses, yeah, condemned houses you want to make for the faint of heart. No, they’re not for the faint of heart. But those ones make the most money if you can buy like, you know, something with like a 400,000 ARV for like 20 grand, there’s a lot of room to make money, but you’re gonna be, you know, in this market, you’re exposed for so long, like these projects take a long time, they take a long time to get permits. Because a lot of it’s like stacked like, you’re gonna have to go do your electrical, get all your electrical signed off, then work on the water, then get on the water, sign off work on the H back. And it’s just like step by step by step and it’s slow. It’s not like building a new house, you can get a whole package with all the permits and build a house really fast. When you’re doing those full ones, it’s like, sometimes even need to get clear violations. So especially Florida, they you have to clear all the violations, you have to pull a permit for each violation. And that could be like cracked windows, no railings, no railings on steps outside interior, no water to the house, no hot water the house. And so you have to pull permits and clear all these items. And so all those things you’re going to do anyway. But you’re gonna do them in the wrong order. Because you have to clear the violations before you can get your full building permits.

Erwin 27:36
To say I’m going to fix the whole darn thing.

Glen 27:39
Yeah, but it makes a lot of money. But it’s timelines. And when the market was going up, like two years ago, or even last year, that was, that was fine. Right? It just was worth more, right? By the time you sold it. In this market, I don’t want to be exposed for that long time. So it’s one of the reasons we’re not buying as much in 2023 is because we needed projects that are quick. And if you want projects that are quick, you’re looking at lipstick projects, they usually have, you know, the electrical and the plumbing have all been updated in the last like 20 years. So if you’re buying those, there’s lots of competition for those. And there’s not it’s easy to get a good deal on those. So it’s harder to keep the volume on right. So we slow down a lot. And a lot of people think oh, it’s because he’s scared the market. Yeah, that’s true. It is true. I’m not stupid. I’m gonna play it safe. But I’m gonna buy a big enough discount that is gonna make sense. We just can’t find enough big discounts if they’re close, you know, if there’s outdated, right, that’s usually not enough. Like, my favorite ones are ones with like property line issues through the house, like where they can’t even sell it. Stuff that they you can’t, they won’t qualify for financing. Right? They need to like, you know, HUD, FHA, VA, all that financing in the US, you won’t get anything government backed can’t won’t won’t lend on it. Right. That’s the perfect stuff. Because that’s cash purchases, you can fix all those issues. But the ones again, it’s depending on what the issue is, how long does it take? And I used to be more open to that. And I’m a lot less open to that now.

Erwin 29:15
Yeah, so you’re actually on the ground? So are you seeing things turn like for example, like just just this morning, inflation rate came in low. So treasury bills are the they’re coming down? So it looks like we’re gonna see less expensive mortgages, fixed rate mortgages going forward. And we may have already turned turn the corner. As I mentioned, you sold five properties just this month already?

Glen 29:38
What they’re going to sell we sold one yesterday, and then the other ones are scheduled to sell throughout the month. Yeah, so that’s a big thing on some of the programs for lending, like because there’s all kinds of in the US. programs that help people get into homes. A lot of them didn’t exist because they were too scared during the last year and I think I think it was called home paint home plan or I’m just gonna butcher this. Anyway, one of them on Florida, it just came back. And so like my, I have a property up for sale right now and they’re like, this is gonna help the property move, right? Because people are gonna qualify for it. But yeah, with these really expensive rates, it’s tough. You know, think about this, if you’re gonna qualify, and you’re going to be paying Americans typically put like, they like those HUD mortgages were 3% down. So they’re gonna leverage at 97% 97% on like a Florida half million dollar house at like, you know, 7% is is an expensive payment every single month. So I’d love to see it go down. Honestly, I don’t see it, I don’t see it going down much at all, I see this thing flattening out. But you know, I am not an economist, I’m not going to say anything. But even still, when we’re buying the multifamily, we’re, we’re running our numbers that the cap rate is going to go up, we’re running our numbers that the interest rates are gonna go up to, right. So we’re putting one and a half percent more on it over the next because usually we’re doing a three year project. So we want to make sure that we’re not going to be one of those, you know, syndicators for the larger stuff that’s gonna get us in trouble, when we’re going to refinance, I want to be, I’ve never lost anyone’s money yet. And I don’t want to start. So which means it’s really hard to buy, because the sellers still have the mentality of last year’s numbers. So it’s hard to, especially the department stuff, you know, we’re kind of I’m kind of flipping back and forth, it’s clearly gonna confuse everybody, but maybe we should stick to the single family. But the last Friday, so we were talking mid November, you know, the Fed kept their rate the same, but the, the US government back mortgages dropped by a quarter point, right, because it can do like a prime minus sort of thing. So they did drop it to try and make it more affordable. So that could be something the Fed isn’t dropping. But the banks want to sell or want want to get mortgages, they they’re in the business of loaning money, and they needed new people to take the loans and people can’t afford the loans, they’re not going to take the loans and the banks don’t make money. Right? Not that we’re, the banking system is completely different in the US, most of these mortgages or mortgage backed securities, meaning that they don’t actually hold them on their books. Like, if you think about like a traditional Royal Bank, or CIBC, or TD or whatever, in BMO, in Canada, right? They’re gonna keep those mortgages on their books, whereas in the US, they’re going to securitize the loans and sell them in the secondary market. So insurance companies will pick them up, your grandma could go buy the mortgage on a property, right. So it’s a different sort of game. A lot of times they play in the US than in Canada, just the way everything’s done.

Erwin 32:41
On the bigger scale, though, of folks need to appreciate that, because the Americans don’t have it, because but it helps the Americans because they had their housing crisis. They had their crash with financial markets and housing markets. The Americans are, I think, 30% they’ve lived 30% Less household debt than we do per capita than Canadians. Yeah. So the so when I’m, again, I’m studying all this, I’m not an economist, but they have 30% less debt than us. So if there’s a correction, usually whoever has more debt, it’s worse. Right? Right. Yeah. You’re in a tougher position. And then it’ll it’ll the drop will be worse. So So yeah, well, while it is interesting, other Americans do operate it seems that they’ve, they’ve learned some lessons. But yeah, they have their banks or some of their banks are just smaller in generally so small banks that went under right right, that’s

Glen 33:36
another thing if you’re gonna put money in banks, you need to look at the FDIC is on on the bank which is like CICS in Canada, so it’s your bank count is insured up to right so you know, Bank of America bank account I believe has a $200,000 your accounts insured up to most banks are 100,000 from the small ones are 50,000 So if you go above that number, and then the bank goes under you lose the rest of the money you only get the insurance so you should know that your money is

Erwin 34:06
not diligence to be done. Which is why we have you on the show to start there. What banks are you with

Glen 34:13
us sir? Yeah, um, well I just recently started doing was we moved some accounts to mercury which is just like a an online bank. It’s like the equivalent of like PC financial or simply or, you know, the Canadian sort of online banks. And honestly, when it came out of simplicity, it was it was easy. We could do wires remotely and so it just met the criteria my bank account in that I was using before I was originally using progress bank in an ATM in the main branch in Huntsville, Alabama, because that’s where I started investing was Huntsville, Alabama, Alabama. That’s why I set that account up. But they recently started not liking foreign accounts if you didn’t set it up with a social security number if your settings I’d setting it up with an ITIN number and international tax ID number, which is what Canadian used to file taxes with the IRS. There, they came less favorable about it. So then they started first or cut back was they allow it only if I was part of it, because I was already an existing customer, like if I open new corporation, but my item was tied to it. And now I thought, I’ve heard some other people that just not even giving accounts right now, what happened with Bank of America, they’d pulled the same thing. They, they gave everyone accounts, and then they closed a whole bunch of the accounts, they weren’t really interested in the foreign ones. So they’ll give you a 30 day notice piece of paper. And then you can switch. Royal Bank did that about three years ago, they rural bank, in Florida, they went in closed a whole bunch of Canadian counts, which is mind blowing, because it’s, you know, basically, brother, sister of Royal Bank in Canada, or it’s RBC bank in the US. And I was at a meetup down in Florida, with all Canadians, every person was Canadian there. And they were like, half the room had Royal Bank Accounts are all getting closed at the time. But there’s like, I don’t know what’s going on. It happens. The thing is, the Americans, when stuff happens, something that was COVID, right? Something happens, they panic, and they make a drastic change, like they’ll stop lending, or they’ll close bank accounts to just try and make it safer for themselves. And they don’t think about sometimes what the bigger picture is, right? They just react, right? They make a split decision. And they don’t realize if all the banks stopped doing this, then where does the money go? It has to flow somewhere, right has to be held somewhere. And every time this happens, there’s always usually someone comes in and comes up with a solution. And in the honestly, that’s why hard money is such a big thing in the US is during the 2007 crisis, there was the banks all stop lending. And the hard money was the only thing that was available. And it just exploded. And now there’s so many hard money lenders, portfolio lenders, in the US that, you know, beat they came from these reaction of the banks holding.

Erwin 37:01
Sorry to step back up, you said Mercury bank was that mercury banking, I Googled Mercury banking for startups. So with mercury.com,

Glen 37:12
it’s pretty easy, you just have to, I think we need a piece of paper that says something that you know, utility or something in your name. Besides that, you know, just you can even use your Canadian driver’s license your Canadian stuff and sets it all up. So it’s easy, but at the other banks used to do that same thing to, you know, certain banks like TD, they used to require you to go in to set up a corporate account, but you can set up your personal accounts online, right? Royal Bank, you could do it all online before progress Bank, which is now you CBI, done in Alabama, used to be able to do it all online, or they still can do it online just aren’t really friendly to Canadians right now. Things change, though, you know, the thing is that, even with leverage rates, everything with American Canadians, sometimes, you know, it’s just all based on risk, right. And they’ll lower their risk and they’ll allow more stuff like two years ago, we are getting refinances at 75%. loan to value right now it’s 65. Because the risks high right, to be holding mortgages.

Erwin 38:09
You mentioned it earlier, Individual Taxpayer Identification Number, you mentioned what that’s for, what do you why do you need it?

Glen 38:16
Yeah, so you’re gonna need that to set up a bank account is usually where I’m going to, you know, where it’s going to come as a number, you fill it in the exact same as your social security number, or social insurance numbers, still nine digits fills in the exact same boxes, if it so social insurance, social security number, you put that number and instead, and you need that to file with the IRS. So social

Erwin 38:37
students number for Canadians, for non non Americans basically,

Glen 38:41
exactly right. And then you’re gonna need that to file your taxes, especially if you’re using like a limited partnership in the United States can be mandatory, if you do seek

Erwin 38:52
to be the best practice. Yeah, there’s a bunch of ways to

Glen 38:55
set it up. You can use C corpse as Canadians to and if you do, and you get dividends and that sort of way. And you know, technically you don’t need it off the start if you’re doing like a C Corp until you do a dividend. Because as soon as you do a dividend, now you’re introducing personal income. And now you have to file right. So off the start somewhere people if they usually that’s not the hang up, but it does take like a couple months to get your ITIN number. So some people like I just want to close and do stuff and they’ll pick a C Corp. People do use the LLC. That’s right, LLC is in the United States, but and I have used them as a Canadian, it is complicated to use them correctly. There’s a bunch of extra rules being Canadians to use them. And if you just treat it like a regular bank account and you’re leaving funds in there every month, you will actually end up leading to double tax so you can use them but you better know what you’re doing. If you’re doing it and also I honestly say just stay away from them. Because it’s you’re going to end up making a mistake and can revenue is going to tax you and IRS will tax you. But if you set up an LP or a C Corp you’ll you’re not going to you’re there’s trade agreements between both countries and you’ll be in a lot better shape.

Erwin 40:02
It’s just an observation I find the folks are trying to buy like several numerous apartment buildings they’re set, they tend to seem to lean towards LLC versus small mom and pop, who’s going to own a handful of properties seems to be the more simpler structures like an LP or C Corp.

Glen 40:19
What they want the a lot of people why even the Americans why they like to LLC is it’s right in the name limited liability, right? So they want to take the liability away, right, so that they’re not personally no one’s personally liable for this, right. And so that’s why they do it, right. But if you do it as a Canadian, like 100 foot level, it’s

Erwin 40:38
almost double tax,

Glen 40:39
you could get double taxed, what the main thing is, is no money, zero balance in your bank account at December 31. Because when it rolls the tax year that could whatever’s left, there could be double taxed. So you want to be pulling it back to Canada, pull it into your other corpse, just because so some people still will set up like LPs and how LLC is underneath to hold the properties, you can do that. But then basically, those LLC accounts are like holding companies that should be flowing up to the to the parent company, it shouldn’t be held and held in those accounts. So it’s just extra work, right? You just set that up as an LP, or a C Corp, and you don’t have to do that extra work, you can just leave the money in those accounts, because it can stay there.

Erwin 41:21
So to go back to buying, let’s talk about buying real estate. Yeah. What is it you’re looking for? Like? What are the criteria? Both in terms of market doesn’t location? Yeah, what are you looking for in a property?

Glen 41:35
So honestly, with everybody should be doing this, when they’re trying to buy anything, you need to make sure that there’s enough money in there for you and somebody else, even if you’re buying it for yourself. People get lazy when they have money, and they just buy stuff. And there’s not enough profit for two people, right? Budget it in for two people. Even if you’re like budgeted like you’re doing to do a joint venture, even if you’re not going to do a joint venture is the thing. It’s really a mindset change when you look at that. Because if you have to split some of these returns, you’re like, oh, no, I’m making like 13 14% on this turnkey property. This is perfect. Right? And then you people look at it and you realize if you had to split that with somebody, you’re like, well, that’s not good. I really don’t think other people would sign up for this right?

Erwin 42:21
I think, go sign up for REITs. Together. Split to eight to 12%. Sorry, Jen. Like four to six. Yeah, so just get a GIC at that point.

Glen 42:34
Exactly. You might as well because he could probably get those rates right now. Right. So we’re at least close and have the security and not have the risk of real estate or, you know, someone stealing the air conditioner, the furnace breaking all this stuff you like you might as well take a safe investment. Right. But anyway, for it depends where I’m investing what? What I’m sorry.

Erwin 42:50
First, obviously. So you want returns for to what kind of return what what are your target returns? And?

Glen 42:57
Well, if say I’m doing a burr, right. And what I’m looking for is for this property to cashflow like, I’d say at least $300. And I’m talking about like on a cheapo house, right. And these houses sometimes I can buy like a step back. Like for this kind of house, I’d look for something like for a 50,000 purchase a 50,000, Renault and ARV of like 155 160, right. Because of those numbers as long as we can do a cash out refinance at 65% loan to value which means we’ll do a perfect burr will extract all the cash and I want it when an after the refinance. So we can have like $300 at least to split. So at that point, it’s an easy sell to an investor because the risk to them is low, you’re gonna put your money in, you’re gonna get your money back in about six months, you know, depending on contractors and other things, right? But you get put your money in you get your money back, and then you still have a cash flow and there’s no money in the deal, right? So when I’m doing borrows, that’s where I’m kind of looking for with flips, it has to hit the certain chunk of money in not down to a certain percentage because a certain percentage, it’s sometimes can when you talk about cheaper houses, it it doesn’t it’s not exciting enough for people to be enticed to invest with you. Right. So even if you’re getting a 20% return on a on $100,000 house and it might not be enough right because they’re like that’s not enough money. He doesn’t he taught me to change my life, right? So it’s gonna depend on what where you’re buying like if you’re in Florida, you know, like an $80,000 on a flip would be just fine, right? If you’re doing a flip in, say Ohio, I want to make $40,000 typically on a flip after paying Realtors utilities, corporate setup all that stuff. And the reason is that way that there’s and I’m also going to be being very conservative on the ARV especially now but $20,000 is exciting when you don’t put put too much money right and you get turned in a certain short period of time. So a lot of it it all comes back to what is marketable. Like what is it It is actually exciting to other people, right? Because if you use a lot of times off the start even myself when I went down to the US, I use my own money I use my home equity line of credit from Canada took them equity from my house went bought a bunch of houses, but you get lazy when you use your own money, honestly, you you buy turnkey properties, they your money gets stuck in those properties unless they appreciate there’s no really other exits, you have enforced any value. You know, if you really wanted have a lineup of people to invest in your projects, have the money turn at a pretty good quickly, you know, give them their money back at occurred you could rate at a pretty good timeline, right. So that’s kind of it for the multifamily. We typically underwriting for an 8% pref, which means they get 8% cash flow every month, and usually a 16 to 18 IRR, meaning that they will get across the length of a period like so if we did a three year and then we do a refinance or three year and then a sale. That overall they would get like, you know, 18% per year as the return on that. And that’s super passive, right? That’s a syndication style.

Erwin 46:09
And they are the 16 ATR is what they earn. And

Glen 46:14
that’s including the exit and the cash flow, right?

Erwin 46:19
Should it ever not include those things?

Glen 46:22
I am just bummed USB. Some people like they think that, Oh, I’m gonna get the APR because always, you know, the paperwork will come out, it’ll be 8% pref. And, you know, 18% IRR, and they’ll go, they’ll think they get 18% and they get 18 on the exit, right? That’s

Erwin 46:39
what fairy tale is us. So promises, you need to really check.

Unknown Speaker 46:48
But I get those questions. That’s why I say which

Erwin 46:51
Yeah, which is fun is a perfectly fine clarifying question. But it’s more like just to confirm here, it’s more like, I’m getting better. person likely is not invested in real estate before.

Glen 47:03
No, no. And that’s honestly like some of the people who who are interested in that are people who they’re interested in real estate, but they’re terrified to do real estate, right. And they’re the perfect people, you know, to invest in that, right, they can still get their toes wet, they can experience it, and they can be as involved or uninvolved and they want to be and it’s the syndication model is registered with the SEC. Yeah, if you’re doing a joint venture, you’re gonna have to have some kind of active role in the project. In the United States, it’s illegal to have a, you know, like, a lot of times in Ontario, you always hear people go into the meetups, and they’re preaching joint ventures and they say active partner and passive partner, that model isn’t valid in the United States, you have to have active roles of some kind. Because otherwise it’s considered it should be registered as a security.

Erwin 47:52
Give us for Yeah, we’ve got some lots people get in trouble. Like the epic filler in Saskatoon that we were talking about earlier. Yeah. I want to talk about like now more interestingly, like your systems, because I want the listener understand, like, how do you make this happen? Right. So let’s start with, for example, work? How do you find the deal? Right? Like, how does it come to do? Do flyers come to your door? Do? Yeah. So like, how does the deal? How you? How does it arrive? In front of your nose? So you start looking at it? Yeah,

Glen 48:24
so a lot of it comes from connections that you make over time, right? So what you need to have is your inbox constantly having deals coming into it. And that’s one of the things that I’ve even had people, like I’ve had students in my class, and they’ll go, I just went and I can’t find any deals, there’s no deals that exhausts exist in the market I picked and I’ll be like, what market you pick, and it’s like a market demand. And they’re like, I’m like, you can’t find any deals in there. I’m like, I just closed like, you know, last year, like for this month, and that, that market, how you can’t find any of that hit these criteria. And a lot of it is deal flow you need to have, it’s a numbers game, if you’re buying every property that comes in, you’re paying too much, right? It’s the new most people aren’t going to be willing to take a discount, but people do take discounts because they need the money. Now, some people will take a subject to on their property because they need a certain amount that they may not need that money now, right? Sometimes

Erwin 49:17
sorry, but subject to so a subject to like if

Glen 49:21
you take over an American’s mortgage, right, so they registered for the mortgage in the US, you can split the deed and the loan, right? So you could sell the property, which would mean the deed would move, but the loan would stay with the seller. So they’ve already qualified for this mortgage and the mortgage can stay with them. It’s going to show up on their credit report. But you could take over that one. And those are amazing. That’s the cheapest mortgages you can get as a Canadian Think about if you could get a mortgage that was set up like two years ago when interest rates were low, with an American qualifying not you because as Canadians more risks our rates are higher than American every

Erwin 49:59
American So yeah, I don’t even know what we are. But you can

Glen 50:03
take those, you can split them. And then you can split the deed and the loan, and then you can, but the thing is it took a lot of it’s a trust issue is they have to trust you, right? So you’re gonna have to pour, because they have to trust that you’ve done it on the

Erwin 50:16
property, but they’re paying for it.

Glen 50:19
Yeah, exactly. And so they have to know that you’re actually going to do these payments. And, you know, whether you’re doing this or you’re because you could sell stuff subject to as well. You got to protect your own interest, right, you would not be aware of what’s going on, right? They need to be aware of what’s going on. Like, a lot of times, we’ll set up a servicing company in the US, which is totally different. Like typically, if you had a bank loan from RBC bank in Canada or Royal Bank in Canada, you would pay Royal Bank the payments in the US, you pay a servicing company that would pay RBC bank, right? And you go, why well RBC bank, they could securitize that loan, sell that loan on the secondary market. And you just keep paying the servicing company and they pay whoever the servicing company will collect all the escrows, the insurance, property taxes, the principal, the interest, disperse stuff, wherever it needs to go, homeowners associations, whatever, and they just follow instructions, just like a title company, or a lawyer would do in Canada on a closing, but it’s on a monthly basis. But then, if if you set that up, and you’re the seller of the property, you’re gonna get your money every month, or you’re gonna get a notification that they didn’t pay, the taxes haven’t been paid, certain things haven’t been done, because you need to know that. And if you want to be passive, you don’t want to have to be doing this. You just want someone else to do it, and then give you a notification if something’s not going right. But you need to be in in the know. Right? So that’s a little bit different, how they set it up.

Erwin 51:44
It’s something that anything like that exists here. That’s not that’s not even agreement for sale. It’s that. Yeah, yeah.

Glen 51:49
No, it’s there is I was talking to some other people and had another name for it, where they were kind of doing the same sort of thing. But you could possibly do that as a purchase lease option in Canada. But you wouldn’t able to move the deed, you’d have to keep the deed,

Erwin 52:02
previous stays, seller triggers land transfer tax cuts.

Glen 52:06
Yeah. Well, honestly, though, a lot of people, they, they want the deed so bad, especially Canadians, we want to own the property. But you don’t need to own these properties, you just need to control the properties, right? So you could in the US, you could register a contract for deed, right, which means they don’t have the right to sell without getting a first right of refusal. And if they you don’t pay, you did some foreclosure instead of an eviction in that in those situations. So you protect your interest. But think about it. Same thing, whenever a sale happens, the taxes change, right? Guess what, if you took control the property as a lease option, keep your taxes down. You could keep your possibly your insurance down, because there’s lots of advantages to not owning the house. Right. But everyone really

Erwin 52:48
motivated seller who trusts you.

Glen 52:52
Ya know, in sometimes it’s with those people who are usually open to that is usually investors, right?

Erwin 52:58
They’re like, no other options.

Glen 53:02
That’s like some of those things. If you see houses that don’t meet the requirements for government backed funding, right, then, you know, there’s something wrong with the D, there’s something wrong with the yard, the property line, there’s a million different reasons that that could not might not qualify the condition of the home, then there’s, you know, that’s the opportunity to come up with a seller financing lease options, this subject to Yeah,

Erwin 53:24
all right. All right. All right. We’re not we’re not. So from past connections, deals coming into your inbox. Yes.

Glen 53:34
Yeah, so past connection. So like, who are those like, could be wholesalers, right? There’s tons of wholesalers, there’s like, you know, Canada is 1/10 of the size of the US. And wholesaling is way more common in the US than Canada. So there’s literally like 100 times as many wholesalers in the US as there is in Canada, there’s so many wholesalers, so it wholesalers, some of the best deals I’ve ever bought are from property management, realtors that can’t sell stuff, you know, expired listings, if you keep on their list and you’re willing to buy them, they have houses that they’ll sit on the market for a year because they’re in real rough shape or whatever sometimes whatever the situation is a scary looking crack in the foundation, whatever some of those you can buy them you can with a lot of them I guess get a professional to go check them out see what I’m in for beforehand and if it makes sense we do it we just bought a property in Florida where half of the foundation was cracked off like so people are probably listening this and can’t see that but like Outlook crack off and you know they’ve sinkholes all over Florida and it dropped one quarter the other like a foot and just snapped to the concrete.

Erwin 54:34
So I prepared and sorry how thick is the concrete pad but I don’t know. Yeah, it’s really slow It’s no joke. It’s the foundation of the house.

Speaker 2 54:45
Oh yeah. But with with that we wait so

Erwin 54:48
the foundation is cracked and doesn’t the house bend with it?

Glen 54:52
Yeah, there’s a little bit of flexibility. You get someone with you know structural background. Check that out. You get hurt. Make sure to go into check that out, you get the foundation guide, quote out fixing that. And what they do is they, we pull permits on it, they jack it up, they fill it with this foam stuff underneath, they pin the two parts together, you rip all the floors out, redo the floors. And you you make sure you do this all with permits, because otherwise you’ll never sell that house again. You

Erwin 55:17
have to you’re doing virtually to see third party inspections.

Glen 55:20
We are going to do some extra inspection before we even start. Yeah, yeah. Awesome.

Erwin 55:25
Yeah. So you’re taking on other people’s problems, other people’s various, that’s

Glen 55:29
problem solving is the number one game but this real estate thing you want to make the most money solve a lot of problems,

Erwin 55:36
right? People don’t want to touch

Glen 55:39
we had some properties in Toledo a small portfolio, and the the seller and the buyer, they got in this whole fight and they were my property manager was involved. And she’s like, Glenn, can you come in and help this, they’re all planning to sue everybody. Everyone is planning sue everyone. And I got on the phone, I talked to the seller, I talked to the buyer. It was about prices and everything else. And I can’t remember the whole story. But there was there basically everyone was gonna sue each other. And it basically it came in and I said, hey, they’re walking away on the deal, the current buyer, if I came in at this price, could I just take the whole thing solve the whole problem? And they’re like, that’s less than the current contract? And I go, Yeah, but we could solve this problem right now. Right? Do you want to go to court? You want to be up there for six months? Do you want to be fighting you want to sleep tonight? How’s it gonna affect your wife in relationship? How is this all gonna go for you and they ended up going, You know what, we’ll just take your thing, we’re not gonna sue anyone, everyone signed off, they won’t sue anybody. And I took that came in and took the portfolio at a cheaper price than even the first investor had it under right. Solving problems just fine. And we bought houses worth property lines going right through them. Nobody can buy them. We just call up an attorney who specializes that how much is it going to cost me to move that property line, right. And they’re like, You need to get the neighbor to sign off on it, go talk to the neighbor, see what they how much they want for the land, you know, then go put property under contract, sign the paperwork with them over the line, get the the survey done, the attorney will draft it all up and file it with the county and you’re done. Right? A lot of stuff to solve, but no one wants to solve it. And you don’t qualify for a lot of lending. So people can’t solve it because most people need lending.

Erwin 57:17
Yeah. So we talked about how deals get in front of you for two. So So now with that neighbor, for example, with a line of credit lines going through the house, so you get on the plane, now you’ll fly down and go talk to the neighbor.

Glen 57:29
So I know I don’t do any of that. Because I want to make this a business. So I’m going to have people on my team, right? So every every market I’m working on, I’m going to have team members down there and like that could be anyone that could go over there. You could hire a public notary to go over there, you could get a what I did in my case was I hired my property manager and said, hey, I’ll give you 100 bucks, go over them. This is how I want you to negotiate it. And there’s also a property manager I’ve done a lot of projects with so they’re comfortable and understood I was doing and they negotiated the deal for me like they said, you know, the, the woman who was there said we want $4,000 For the land. And she came back to me you know, they wanted 8000 I was at 4000 Something like that anyway, and they called me while I was on site while they were talking to each other and I was like okay, let’s do six we can get this all scheduled and sent and then basically sign some paperwork and talk to the attorney right so it’s sometimes it’s easy sometimes it’s not. I can

Erwin 58:27
put it was like like the neighbor own the land that part of the land. The house is already on. I’ve never seen it that bad. Yeah,

Glen 58:35
well, even in. So there’s a downtown Kitchener for instance, Ontario, there’s a whole road that all the lights are on an angle or the houses are on angle in the corner of all these houses on a whole road, right downtown Kitchener is screwed up. Right. So it happens here to a corner

Erwin 58:53
on the wrong side of the lot. Honestly,

Glen 58:55
what I believe happened is it was an extension on the house and somebody didn’t check. So thing. Oh, wow. So it

Erwin 59:04
was totally done with permits. And a survey was done by a bunch of drugs got together to do something. In addition. Yeah. Wow. Yeah. So then yeah, so that’s not a bad price to pay for land? six grand.

Glen 59:22
Yeah, that was 20 feet by 150 feet. Right. So it was at the London lab. But it’s different. We are also in Alabama in the country. Like we’re not even in a city where like they’re all farms around us and you just needed a little bit of a stream of farmland so it’s farmland is not worth the same as like a house. You know, like we’re residential land. Yeah. So again, it

Erwin 59:46
was rural. I can’t believe the house. Was that close to the lat long? Yeah, I actually got over it with an addition.

Glen 59:54
That’s the thing like some people didn’t even realize that like the in that case, the lot line was going right down. On the edge of the driveway, and they built it, and it stretched, and it only stretched a couple feet over the line, right? Because they were cutting that grass. And they assumed it was their yard. Right. And I guess whoever, when they, I assume they did permits whenever they did that they must have gotten I don’t I don’t know that part of the story. I don’t know how to fix it.

Erwin 1:00:18
Fantastic. So and then. So you have team members on this ground, but you rely on? Because actually, it’s good question. How often are you on site?

Glen 1:00:27
So we went down to Cleveland, and what was that in August, and we went to a real estate meetup. We shook hands. And we went and toured some properties the next day, and met some contractors and built some teams and some relationships wasn’t necessarily necessary to go there. No, but it’s nice to have that personal touch to it. I’m with Dayton, we were down in Dayton and Toledo, I think in July, and we went down and I just went for dinner. We went and I took some of my students with me and we went and took some of my existing projects or on the go, didn’t need to. Most of the time when I’m going there, it’s it’s to shake hands like this as I go down to shake hands and kiss some babies like be like, just make face and you know, you know, you know sometimes we bring gifts so I like to bring down some Canadian maple syrup. And you know they love it, right? They’re just it’s just like, you know, it’s it doesn’t cost much it’s like a personal touch to the whole thing. And they remember you from it, right.

Erwin 1:01:27
Got it. Like, go well, I was gonna ask you, but I’ve never been to

Glen 1:01:33
Jacksonville in my life. Heard it’s nice. Yeah, it probably is ever I was in Florida last time was there was a Tampa time for us, Cape Coral and Fort Myers area. I can go down to Miami or I just usually it’s vacations, right? I don’t I haven’t vacationed in Jacksonville before. I haven’t vacationed in Cocoa Beach or Melbourne or Cape Canaveral either. I haven’t seen any of that area before in my own eyes. You don’t need to rely on people.

Erwin 1:02:00
How many properties do you think you’ve seen of your portfolio?

Glen 1:02:05
If you want to ask me that, like two years ago, it would have been really low. Really low. As of recently I started traveling because it’s a business expense. And it’s kind of fun. Fun, yeah. But honestly, I’m

Erwin 1:02:21
having fun. Like what yeah, what’s what’s,

Glen 1:02:23
usually take some other people with me, right? Like, you know, students or business partners or JV, whoever, and we go see some stuff. And anyway, but um, I’ve seen probably about half now. But I, a lot of times I went 2021 I bought a lot of properties, I don’t think I saw a single one of them in 20 Oh, during COVID I didn’t see any of them. Were still buying all the way through. We didn’t see any of them. So it’s not necessary, but it does help. It does help with you know, you know, relationships and stuff like that, I’m not going to downplay that you don’t need to. It’s more important in multifamily. To be honest. We were offering on the properties in San Antonio, Texas on the eighth unit in the 92 unit. And the 105. When we got our team to go there, we didn’t physically go there, but our property manager and that they went and toured the property and shook hands and met people. And whenever we submitted our offers, they said you’re the second lowest offer. But you’re the second year the second offer we are considering. And the reason is, is because the other people didn’t tour the property. They don’t know if they’re serious offerings. Yeah, they don’t know if they’re just going to once they put this under contract want to tie it up and waste. Yeah. They’re gonna find more problems lower their price and it’s not even a good valid offer right in the contract thing. So riskier. No, yeah, there’s so much riskier. Yeah.

Unknown Speaker 1:03:49
So

Erwin 1:03:50
it’s actually years ago, like, I think one years ago, Hamilton, like just the market wise. Sellers would take our agents would take offers where they had not seen the property yet. And then the policy changed pretty quickly. Yeah, so no sight on no sight unseen offers allowed. Well,

Glen 1:04:09
even right now what we’re wanting is more getting offers on these houses. We want to see proof of funds with the offer, right? Because, yeah, you can change our status on the MLS for for sale to Pending. And then it’s gonna go relisted afterwards when it comes back. I don’t want that relisted because everyone goes, stink. Why is it relisted what? Someone else didn’t want it for some reason. I don’t want it to be because of financing.

Erwin 1:04:36
That’s the worst reason because with all these course graduates out there, there are literally tying up properties and then go into trying to find the money to close on it. They never had the money to close.

Glen 1:04:46
So we want proof of funds and even in finding other people wondering, you know, when I’m putting offers and they want proof of funds, and honestly it’s it’s good for everybody to have that. And it’s kind of an inconvenience for me to show proof of funds. Some times but you know, what it does is it makes you have, you know, I like to call it my all ships on and off, and I’ve said on air, but I like to have the you need that money, right? I don’t have a job, right, I need that money if you don’t have a sale for a while, if you have some repairs or something, and some of these projects in the cash flow doesn’t come that month, I still need to pay my mortgage and do all these things live, I need to live. And I need to be not close, I don’t want to be tight and stressed out. So I usually keep like at least 100 grand, just sitting in a savings account, just so that smooth out the bumps if stuff happens, you know, like for instance, last, last fall, we didn’t buy it all we stopped, mortgage rates jumped and we just Whoa, I didn’t have to buy, right? I don’t have to buy so I’m not going to buy until I figure out what the heck’s happening. I’m not gonna keep buying into a recession, because that’s what I thought was happening at the time, it turned out it was a little bump. But who knows, right? Um, I don’t want to have to be in that position, right. So it’s good to have that money. And then you have to have a proof of funds. And so you’re gonna have to save money and not put all your eggs in your basket. I did that at one point in my early investing career in the US, I was buying all these properties. And I put my entire line of credit in the US. Do you know what happens? Like your line of credit payments? If you’re doing renovations, there’s no money come in? How do you make the payments on your line of credit in Canada, if all your money is in the US, it comes from your like nine to five job. And then that puts pressure on your own living in your house and it puts pressure on everything and it’s miserable. Like it’s like, you need to have your oh shit money, you can’t survive. It’s mentally at least the way I look at it, you have to have that you need it for funding, you’re gonna need it for mental mental wellness.

Erwin 1:06:44
And now let’s talk about property management. Because I think this is one of the I think it’s a big part of the conversation. I think many people overlook. Yeah, what are you looking for in a property manager?

Glen 1:06:54
A lot of things. I literally just recorded a new video about this yesterday. 40 minutes, just fresh,

Erwin 1:06:58
easy, just all

Glen 1:07:02
30 minutes of questions for the property manager. And then why ask those questions. But a lot of it is I want to have alignment with these property managers. So everyone always goes, I want to have the cheapest rate. You’re like, oh, no, no, no,

Erwin 1:07:15
let’s

Glen 1:07:17
talk and I’m telling you, my students, they’re like cheapest rate, I’m gonna shop around. So I find this Oh, my God, like six percents like going the low bid contractor

Erwin 1:07:24
is asking for

Glen 1:07:27
one some things I don’t like is some of them. The way the property management contract is worded is it’ll say like 10% of the rent equals this amount. And then in the following line below that, it’ll say that amount is your monthly property management fee. If you see that in your contract, you need to clarify on that because that means you are under the impression that it’s 10% of the rent collected. But that’s how they came up with the number. That’s not what’s in the writing. If it’s in done like that, what they’re going to do is if your property is vacant, they’re still charging you that property management fee. Oh, boy, you don’t want that, right. Um, a lot of them too. They’ll charge an upsell of 10% on top of maintenance calls, if it’s a third party contractor, because they’re managing it or they’re gonna go check on it. That sometimes that’s not a big deal. We just did windows, we replaced all the windows, our property in Toledo and that was like $24,000 paying 10% Extra on that Sox. Like that doesn’t make any sense, right? Because it’s so many windows because it has full

Erwin 1:08:28
scale project. That’s pretty monotonous.

Glen 1:08:33
So like but there’s there’s there’s sneaky stuff that they slip into the contracts like, right, you want to see who’s on their team? What can they do for you? Do they do properly? You know, everyone could do a property management turn. But you know, what level who who are the team members on that property management? Like who can they like it? So say there’s an electrical problem with the house? Are they calling an electrician? Or do they have an electrician on their staff, because if use a third party electrician, you might pay in 40 $50 an hour for this person, if it’s on staff, your contract, at least most of them say for on staff calls, maintenance calls, it’s $15 An hour plus repairs. So that’s huge. You’re paying $15 an hour for the electrician, instead of like 40 or 50, though, for $50 for the type of thing. So it’s who is who do they have what are they doing? And some of the big companies like the one we’re working with in Cleveland, they have plumbers, H fac, electricians all on staff. Alright, so that changes your numbers, right. Whereas a lot of them they stub it out. Some of them don’t charge that extra 10% fee, but I’m just wanting people to know some of them do right something to ask. Oh, the lease ups. The lease ups are certainly before

Erwin 1:09:41
we move on before we move on maintenance. Let the Cleveland pm how many doors houses do they have under management?

Glen 1:09:48
I think it’s like three grand 3000 or something like that. Right? Yeah. So

Erwin 1:09:51
what I want Canadians to appreciate is how much larger the property managers that are in the States. Like they’re enormous, like Oh, yeah. Do you know anyone personally in Canada who have H fac people on payroll? You know, right, you’d have to be production company. But

Glen 1:10:09
the thing is, it’s also a lot of them, it depends on states, right. But a lot of the states, the property manager is more regulated than it is in Canada. So most things are looser in Canada than in more regulated in Canada. But for property management’s the opposite, you have to have a broker’s license. And you have to have a realtors license. And you have to have a property management license, right? So they should have this stuff. Otherwise you might be, you might not be able to get the same insurance, like, if you’re going to do like a renovation, like a fix and flip loan, you’re gonna go to the bank and get that kind of financing, they’re going to ask for all those licenses, because they’re going to cover your own their button. And you should ask for those licenses too, because it covers your but also. And if, if they don’t do what they say they’re going to do, you can put a lien on the license, which means they can’t pull a permit until they settle this, guess what they’re going to settle the issue with you. Right? If you don’t have that information, you can’t put a lien on their license. So it’s, it’s important to have all the information and if you are having trouble and you ask for the information, they’re never gonna give it to you, they’re gonna give it to you, when you’re signing the contracts and setting it all up. Right? It’s easier to get it when things are going well.

Erwin 1:11:16
Yeah, so you brought up a great point, they need to be licensed. And they probably if they’re a business of that scale, they likely have to have licenses in each of the trades as well. I get to have an h fac business you need, the business needs to have its own license, usually a part of the owner, one of the owners, or or management have to have licenses in those trades as well. Like that, I think for most Canadians looking for a PM, that should probably be one of our criteria, and qualifying a park manager, how many trades do they have on staff? Because that means less cost for you?

Glen 1:11:46
Yeah, what can you even do with them? Right? Because like they could do a renovation for you, maybe, maybe if it’s light, right? Maybe some can, some can’t, right? Maybe they only do 10 turnovers for you. Maybe that’s as far as they go. Right? You know, it’s just figure out what what they can do for you what, you know, Oh, it wasn’t talking about lease up for us. Some of them, they charge you a month off the start. So I’m gonna charge you a half a month. So I’m gonna have a flat fee on this change, it can be a lot, right it can be, it can be a lot of difference in price, right? Because you know, your first month’s gone. So typically, they’ll charge rent a full amount. So if your rents like 2000 a month, they’ll charge you $2,000 You’ll get to as low as rent, but it’ll go right to the property manager because their lease up fee, some of them will charge you the property management fee on top of that. So you’re actually in the negative after the first month, in the second month. It’s a prorated rate because they they moved in on the 15th of the month before so you get prorated in the second month, and might not be the third month you actually get rent. Because all these things in a lot of people that’s a shocker, right? Because, you know, if you’re not used to using property management,

Erwin 1:12:52
or you may make maximum make make some concessions as well, because the rental market is not as strong in the States generally as it is like, you know, it doesn’t have

Glen 1:13:01
the same demand usually not zero vacancy, like Ontario, Ontario,

Erwin 1:13:05
like our dysfunctional housing crisis. Let’s create some good things for us. Yeah, but yeah,

Glen 1:13:12
exactly what you need that you have to have that in Ontario to, to you know, if you’re gonna put your money in for in have to deal with these terrible evictions and terrible rent raise rules, you better have zero vacancy. If you

Erwin 1:13:24
live near Waterloo, which is a wonderful place to invest. You choose not to. But I used

Glen 1:13:30
to. I used to have a place in Waterloo. I used to have a place in Kitchener, I used to have a bunch of places in Cambridge. But I sold them all off. I don’t have any of them anymore. I steps on Strathroy, one in Strathroy as well. But I I sold them off, I don’t know, five years ago, I think the last one I sold off during COVID, the Strathroy property I held on for a long time.

Erwin 1:13:49
So you have zero rental property, just this house we’re

Glen 1:13:54
sitting in and that’s all I have is my my principal residence is all I have in Canada.

Erwin 1:13:58
Yeah. So I get to that point.

Glen 1:14:01
You know, it’s you go. I don’t know if I haven’t planned on going down this route. But a lot of people that they go, Well, my property cash flows really well, because I set this mortgage up back when the houses were 300,000, right? Even though they’re worth like a million or 750, whatever the number is right now. And they’re like the cash flows really well, because I set it up a long time ago. But you got to think about the ROI, the return on your equity that’s sitting in that property. And sometimes when you do the math, you’ll be astonished because you have like $400,000 of equity sitting in the property and you’re like, you know, subtract off the costs to dispose of the asset, right when you sell it. But you’re like, what could if you’re only earning 2% or something on that you’re like on all that equity, like you could put that in a savings account and earn more money, right? Like, you don’t have to go invest in the US. You can go into private lending. There’s lots of options to do it, you’ll like it, but if you don’t do an ROI calculation, you won’t even know where you’re at some of the

Erwin 1:15:01
I’d also add to that I think people need to look at their numbers, what they look like 10 years from now. 510 years from now? Yeah. Because because the rent control, we can’t raise the rents while our expenses just get higher.

Glen 1:15:13
Yes, unless you do a Cash for Keys and their switch account,

Erwin 1:15:17
how do you maintain any cash flow? If you’re doing Cash for Keys every, what? Five years? Here’s 510 12 grand I want you how much did cash but afford that you probably shouldn’t be getting rid of them.

Glen 1:15:30
Yeah, the whenever I see that I usually the times it makes sense is if it’s a five plus, like commercial finance property of five plus units. And because then you can, you know, it’ll improve the net operating income, apply it to a nice low cap rate in Ontario, and you’ll get your money more than your money where if you give them five or $10,000, to leave, and then you, you move the value of the house, the building by 75 grand and you do the refinances every five years did, you know then have money to pay everyone to leave and start over again. But it does. It can make sense. But it can’t make sense. It’s

Erwin 1:16:03
it’s finding a 456 Plex that makes sense with a reasonable cap rate, like it’s Republican like three, four. Right? Yeah. And then yeah, so you’re not making any money?

Glen 1:16:15
Well, it was it was easier to make it make sense when the interest rates are lower, and make the difference, right? Between the cap rate and the integer interest rate. But now with the high interest rates, it’s, everything’s getting tougher. I mean, same thing happen to the US. When I want to sell houses, it’s tougher for people to buy them, right, because they can’t qualify for that much, that much payments every month, right? You want to sell a place in Florida, you’re gonna sit a little bit longer, because no one can afford those payments on it, right? Same thing you want to refinance, same thing, it’s, everything’s a little tougher now. Both countries everywhere. Because

Erwin 1:16:53
I want I want to talk more about the properties now. Cuz you mentioned price points, like you’re getting in for like, 50 80,000. So these are these are like AAA houses, right? doctors and lawyers live in these things. Ya

Glen 1:17:05
know, they’re usually like, in the city, like there, that, you know, for that kind of price there. We buy all different kinds, right, I’ll still buy a $400,000 house. But it’s easiest. You want to make your numbers work, it’s a lot easier on cheap stuff, right? Your ROI guys are going to be really high, right? You’re going to deal with

Erwin 1:17:28
a lot better cash flow, your IRR tend to be higher, you

Glen 1:17:31
have a lot more tenant turnover typically to in those those areas you’re going to have you know, you better be more vacancy, more Repairs More all that stuff, right? Because it’s it’s a toss up, because a lot of people will skip that all that right. We skip that part of the the underwriting, they’re like, Oh, it’s just, you know, this, what the rent is, is how much it costs and just works for

Erwin 1:17:52
vacancy. Nothing ever goes wrong with renovations?

Glen 1:17:57
Yeah, so, ya know, yeah, different different price points. I don’t know, like we, what was the question earlier about the, what are these properties like? Um, so it depends, right? But the thing is, we’re buying these like the ARV is are like 151 60, right? Still sounds really cheap to Canadians. But those it’s still really cheap. But those are like, not as cheap as the there are houses that have a RVs of like, 50,000 if you fix them up. But those are going to be in the rough neighborhoods, what I would prefer to do is fine. Right? Yeah, yeah, see neighborhood or a C plus neighborhood. And then you can get get something that will like, you know, people want to be actually want to live there with their family, right? Maybe they’re in an apartment building, they want to move into a real house or something like that, where there’s, there’s, there’s an upside to move to it. And honestly, that’s one of the things I get, I just pop my head and way off topic. But I have a lot of students that do the class and then they go, I want to go buy all these houses in Cleveland or wherever. And I want to do duplex conversions and turn on the basements. And I’m always like, no, don’t do it. Because no one’s gonna rent it. And they go Why would no one rent it? Because I’m like, because they don’t have 0% vacancy. And is there any go if they want to

Erwin 1:19:16
choose to live in the basement unless they have to write that like if you grew up if you live if you’re like an adult living in your parents basement, like something you brag about?

Glen 1:19:27
They would rather live in like a house that’s, you know, 90s or 80s ish, right? It’s not hasn’t been updated, that rents for like, you know, 700 bucks 800 bucks a month, then pay $600 and live in a basement that’s properly renovated. Right so you’re just gonna have a lot of vacancy even though it’s beautiful and you know if it was an Ontario would be leased up in a second. That stuff doesn’t doesn’t fly.

Erwin 1:19:48
Right. Right. So yeah, people didn’t understand the markets, right? Oh, yeah.

Glen 1:19:52
Yeah. What because in places that will work where there’s a you know, low vacancy, you want to go to California, which I would never recommend but you know it’ll have like a more similar market to Ontario and that might fly there I would say it would probably could fly in Florida except there’s no basements right so it’s in most places there’s no basement so won’t really fly you could maybe it has to be expensive enough for it to make sense. You want to go into New York or something like you know, New York New York probably make that work there. It has to be expensive enough for it to make sense to people to go down there.

Erwin 1:20:25
No, it doesn’t make sense like like no like retail for our basement is like $160,000 retail Canadian dollars for for basement conversion here. Let’s fucking that’s a really good sized downpayment for something but states or maybe two

Glen 1:20:36
years the prices are way different in the US I’m full, full rehabs the houses for like 60 grand like I’m talking for, like new siding, new plumbing, electrical H fac, new drywall, the whole thing, right new roof. It prices are way cheaper. So I don’t and that’s the hard part too is even when I’m working with people who are contractors or home inspectors in Ontario, when they go down there. They just they’re like none of this works. And you’re like, prices, everything prices are way different, right? Minimum wage is way different than

Erwin 1:21:13
how many like what some what can you give me some minimum wages in in areas you operate? I

Glen 1:21:18
think I think minimum wage in Ohio is now 825 or something like that. Yeah, yeah. So it then you go, Well, I’m not You’re not hiring those people. Right? But it trickles through the whole system. Right. But you go, but you know, hey, we’re gonna do a clean out you’re gonna if the contractor is good, the whole bunch of college students that just need something on the weekend, and they’ll go and fill dumpsters right for about an hour. Right? Which she’d never find someone to do that in Ontario. Right. I’m

Erwin 1:21:48
in trouble against one for 25 an hour. Yeah,

Glen 1:21:50
it’s it’s hard work. Yeah. So it, it just trickles down. It’s it is cheaper to do that. I want to get my ensuite and my house here and outside of Waterloo. renovated and I was blown away by the cost. I was like, what? Like, what? Because I think they wanted like 60,000 for the bathroom radio for what I want. And I was like, no, no, no fun. I’m like, here’s all the materials. I’m like, I picked it on the low side, like, this is what I want in there. And they’re like, oh, yeah, I’m like, how does it cost so much installment?

Erwin 1:22:20
And, like, I want listeners to understand like that hurts and economy when when when labor is expensive.

Glen 1:22:25
Well, there’s also not enough trades, right? So if there’s not enough trade, the economy pushes the prices up, because they they can charge that Right?

Erwin 1:22:34
Which just means inflation, housing inflation, specifically, because we’re talking about housing, renovations and costs and replacement costs. Yeah. Now, I want to ask about properties, do you? What properties do you sell versus keep?

Glen 1:22:53
Ah, it’s gonna come down. So typically when I’m working, so I’m doing this as a joint venture. So excuse me, I’m doing this as a joint venture. Ideally, the first joint venture I do as a flip almost every time because you don’t know what they’re like. You’re already working. Right? If you’re if

Erwin 1:23:14
you want to be married long term to your JV. Some people, Jason case.

Glen 1:23:19
So armies Yeah, no are amazing. And some of them you realize that this is going to shave years off my life. And some of them it isn’t amazing. And it might not be that not that maybe it just doesn’t work out between the two years some maybe your two alphas and they need to control more. You never it’s always different things. But yeah, no, I usually will do a foot first. What was the original question, I

Erwin 1:23:43
guess to write these probably decide between the song song? Yeah. So typically,

Glen 1:23:47
first one is a flip. With a project. I usually run the numbers both ways. And well, it’s hard to have the conversation with sometimes it works better certain ways. Sometimes it’s my personal preference, like I want to do with flip because I need some money for whatever else, right? I’m doing other projects, and I need to anticipating buying an apartment building in six months. So I’m going to like do some flips because I need to fund it. And I honestly, I m&s my own projects as well, like it’s good alignment of interest, right to put your own money and as well as not just raising the money. So I’m going to make it work both ways. Sometimes it’s going to be you’ve, you’ve done seller financing, you have to do a long term hold, right? You just that’s the only way it works. If you refinance, you don’t have that good financing anymore. So it doesn’t make any sense, right? You know, same with a subject to you got to be ready to be doing a hole, right, and the longer the better, right. So sometimes the strategy is going to dictate it. Sometimes it’s the market is going to dictate it if you’re looking at the projections, and you think that this because you can look there’s a Google App and you’re like some of markets, I work and they anticipate a 3% Negative 3% appreciation rate in 2020 for some markets they’re saying 7% appreciation rate. So I don’t build my stuff. Any my numbers not appreciation is not in my calculator, but I need to know where I’m at. I don’t want to be going into something that’s going to lose it it just doesn’t make any sense right. So those might be the market to flip in some of the stronger markets like the Huntsville Alabama they’re anticipating, like that’s the 7% appreciation this next year when a lot of the US is saying negative. But they don’t really notice it’s all gonna change changes one second as soon as they change the interest rates. Everything changes so but anyway, I’m you do your best to know and be ahead of stuff, you know what companies are coming in. You know, so for instance, if you wanted to invest in Columbus, Ohio, the Intel plant is being built there. It’s like billions of dollars or they’re sinking in their high paid trades coming in from all over the world, high paid people to build these chips. So it just gonna be good jobs good. It’s gonna good go out there. It depends on the market. Right? What you’re gonna do. And in Florida, I only flip, right? So I don’t have any rentals in Florida. And people go, why not? And I go, Well, it’s cuz rent to value ratios, right? So on, like, say, $100,000 house in Ohio, I could rent that for like, 12 $1,300 a month, right? But $400,000 place in Florida, it’s not going to rent for like five or $6,000 a month, it’s not going to be above the 1% rule. It’s gonna be below, right. So you’re going to have the 400,000 I would place the rents for 2500 a month, right? So if I’m going to leave my money or leave some equity or whatever in the property, I want to make it in the market where I’m going to make you know make the most Yeah, most cash flow right. So I still want to be in all the different markets people go Why do you flip there because it’s incredible. Like flipping Florida is incredible. It’s a market that there’s it’s hungry, it moves fast. It gets appreciation. It’s exciting, right? It’s easy to get investors to new Florida. Can people are in certain Florida, people think they know understand Florida? Right? You still have to explain it to investors,

Erwin 1:27:05
but I’ve been there before, versus many people have not been there parts of America. If

Glen 1:27:09
you say I have this amazing project in Cleveland, they go. Okay, tell me about Cleveland. What? Why Cleveland? Why would

Erwin 1:27:15
wanderings already left? It’s over.

Glen 1:27:18
Indianapolis, they’re like, where is Indianapolis? Right. So it seems like so it depends on on the market ends on the area. But it also depends on what the strategy is right now, like so sometimes I’ll like, right now we’re doing probably 5050 birds and flips for the single family stuff. But the before we were doing 7030 On the flip, so we’re doing a lot of flips last year, right. And it was just we were taking money from flips, and we were investing in long term holds, right? We weren’t taking original money and putting it into long term hold through taking profit and putting in the long term holds. And so that way, the investor always had all their money back. Right? Which if you can do that strategy, they will have a lineup of people wanting to invest with you. If you’re taking a lot of money and holding it in projects. It’s harder to raise the money because they people want their money back. Yeah.

Erwin 1:28:16
We’re running out of time.

Unknown Speaker 1:28:17
I talk to you all day.

Erwin 1:28:19
I can listen all day because I’m learning. I have like 12345 pages of notes. Glenn, you have a workshop coming up or tours you want to call it? This is a tour that’s going on in Florida.

Glen 1:28:32
Yeah, so we’re we’re planning it’s still in the planning process. We’re probably thinking early February. We haven’t put a firm date to it. But I’m in Costa Rica for the last half of January, so won’t be then. But or probably early February. We’re going to do a property tour. I think we’re going to start in Brevard County, Florida like Cape Canaveral area. I want to see like a single family flip a single family short term rental a single family burger. I want to see a commercial Plaza maybe a 20 or 40 unit apartment building try and get a mix of everything. And I have some speakers to actually educate through the whole thing instead of just looking at properties and I was also having firm this up but I think I’m getting a bus and I’m driving the hour and a half up the coast to Jacksonville and doing like one day in Jacksonville one day and Palm Coast because they’re different ones like a see a massive city and the other is like a beach town. Right so it’ll have a different feel different numbers. And some people are going to be more attracted to the beach town because of you know, personal part to it. More people are just I want the apartment building in Jacksonville, sir. Well, let’s start organizing that but yeah.

Erwin 1:29:44
Yeah, amazing. And then you have a podcast I understand.

Glen 1:29:48
Yeah, I actually have to but um, yeah, so I have a Canadian investing in the US which is the most popular podcast and I also have the podcast advanced real estate investing talk, which is just me are and Darcy wants a syndicator. One’s more into like, small Maltese and mobile home parks. And when we started this, I was all of a single family guy or one to four units. And now I’m doing the big stuff too. But um, we just have a different perspective, we just do a talk show kind of thing. We had bring up a topic, we all have a different idea on it. And we look at things differently completely differently. So that’s kind of, yeah, and

Erwin 1:30:22
where can people find these? For more information on the Florida tour on the podcast,

Glen 1:30:29
I haven’t put it in website I’ll probably make something like Glenn southern.com/property tour has doesn’t exist yet. But maybe I’ll make that today and put something coming soon or whatever. Or you just email me Glenn at Glenn sutherland.com. One and Glenn. I’m not the double n. And then I’ll just email you or jumped on my my list because I’ll probably blast it out. My list is on the website for Glenn zone.com. But I’m not a big list builder. So if you’re just as good just email me, whichever works.

Erwin 1:31:00
Glenn, thanks so much for doing this. Thanks for educating me and or something listeners.

Glen 1:31:05
I’m sure you got a lot more than 70. Thanks, everyone, for coming on the show. This is fun. Thanks, man.

Erwin 1:31:12
Thank you for watching. If you want to learn how to invest in real estate from scratch, my team teaches beginners how to use the number one investment strategy that I personally use in a virtual free training class every month. Go to investor training.ca/youtube. To register for next class. That link is also in the description as well. I publish at least two to three videos a week here. So subscribe if you want to keep learning from seasoned investors like myself, my guess? And if you’re just starting out, feel free to ask questions and comment below. And I’ll do my best to answer each of those comments and questions myself. Again, if you’re ready to learn the nitty gritty about real estate investing from a professional investor register for our next virtual class at that investor training.ca/youtube Thanks again for watching. See you in the next video.

 

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