Why Wealth Hacking for the Golden Years is Imperative And How She Does It With Journalist/Teacher Karen Cumming

Hello, my fellow Wealth Hackers!

I trust everyone is having a great summer.

I know I am as Cherry, and I golfed nine holes with Rent-to-own investors Rachel and Neil Oliver of Clover Properties this past weekend. They’ve done hundreds of rent-to-owns as their preferred investment strategy.

These properties typically need less Renos, and tenants take better care of the properties as they treat them like their homes.

The downside, however, is one’s returns are capped, but the returns are still great.

We played scramble style, which means we all hit a ball then after each stroke, we as a group choose which ball is in the best location, then we all hit from there.

For example, on hole #2, three of us lost our ball of the tee, and Cherry put hers on the green. For our 2nd shot, we all putted from Cherry’s ball.

Playing scramble is easier as it’s less overall strokes, the game takes less time, and it’s much more fun for beginners and non-golfers as there is less pressure for each golfer to perform.

We had a blast catching up on real estate, business, family, vacation/retirement plans. I personally always feel energized hanging out with positive, growth, like-minded people.

We, of course, shared our mutual challenges as landlords and business owners.

No, it’s not always easy, but we wouldn’t change anything as success never comes easy…. It’s just less hard to be a successful real estate investor in my and our client’s experience.

One prevalent challenge for everyone is determining the value of a property in this rising market and not overpay.

Here’s my truth about real estate investing…

At the time of each property’s acquisition, and I’ve had ownership of around 40 properties, I felt I overpaid for the property to win in the immediate term, but I am investing for the long-term based on long-term economic fundamentals.

Even when I paid $240,000 for my daughter’s bungalow with a blank offer in 2014, I had to beat out 3-4 other offers by paying the most money.

We’ve invested around $150,000 to renovate that house, and we’ve since refinanced the house to take a bunch of capital out. In today’s market, that house is worth over $800,000.

I know the market prices because Cherry and I had to pay the market price to purchase our duplexes last month.

We closed on one last Friday; the other we’ll close next month.

In hindsight, the plan has worked out, and based on the world’s central banks continuing to create more money out of thin air. So, sadly hard assets like housing will continue to get more expensive.

Anyways, I’ve shared a post from Gus Papaioannou on my website, www.truthaboutrealestateinvesting.ca, on how to prepare an excellent comparative market analysis (CMA) to determine a property’s value.

Here’s the link to the thread: https://twitter.com/smarter_re/status/1424848977510469638?s=21

Speaking of real estate, we have one of our real estate clients on the show today to share expertise and experience as always to grow our mastermind.

If you don’t know what a mastermind is, it’s a group of like-minded people who share and support one another.

Today’s guest recently wrote a book titled “The Indispensable Survival Guide to Ontario’s Long-Term Care System.”

The question is, what are your plans for when you’re beyond the age of 65? If you’re listening to this show, then you’re an investor and planning for the future. Many clients of ours invest in real estate to retire their spouse and pay for their kids’ university.

However, something some haven’t considered is long-term care for ageing parents or themselves. I don’t want anyone blindsided by this inevitable expense; hence we invited Karen Cumming back on the show.

Karen is a professional journalist. She’s even travelled to and covered the Olympics and is a teacher.

By nature, she’s a researcher and seeker of truths and loves to share, so she’s here to share her challenges in placing her mother into a long-term care facility, the range of costs and services, and of course, how she invests in real estate and stock hacks.

I hope you enjoy the show!

We’re hiring!

Just a friendly reminder that we are hiring more investment Realtors who want a full-time challenge to help our clients, regular everyday people, mostly from the GTA, invest in the top investment towns west of the GTA.

This is for driven folks who want to multiply their current incomes a couple of times as James and Tammy have.

APPLY HERE: https://www.infinitywealth.ca/hiring

To Listen:

On iTunes: https://itunes.apple.com/ca/podcast/truth-about-real-estate-investing…/id1100488294

On Stitcher: http://www.stitcher.com/s?fid=87335&refid=stpr

On Spotify: https://open.spotify.com/show/6Z8yd37AQfQI5DK0J0Xwzz

On Google Podcast: https://podcasts.google.com/feed/aHR0cDovL3d3dy50cnV0aGFib3V0cmVhbGVzdGF0ZWludmVzdGluZy5jYS9mZWVkLw

Youtube: https://youtu.be/wEpS4WqChWg

Download as an MP3 by right clicking here and choosing “save as”

To Follow Karen:

Web: https://karencumming.com/

Book: https://www.amazon.ca/Indispensable-Survival-Ontarios-Long-Term-System/dp/022882091X/ref=sr_1_1?dchild=1&keywords=karen+cumming&qid=1628802792&sr=8-1

HELP US OUT!

Please help us reach new listeners on iTunes by leaving us a rating and review!

UPCOMING EVENTS

You are the average of the five people you spend the most time with! Build connections with empire builders and trailblazers at our iWIN events.

CLICK HERE to check out what’s coming up next.

BEFORE YOU GO…

If you’re interested in being a successful real estate investor like those who have been featured on this podcast and our hundreds of successful clients please let us know.

It is our honour to give back and educate others on how we build cash flowing real estate portfolios using all the best practices shared on this podcast, from the lessons of our hundreds of clients and of course our own experience in owning investment real estate.

If you didn’t know already, we pride ourselves on being the best of the best real estate coaches, having the best property managers, contractors, handy people, cleaners, lawyers, accountants, everyone you need on your power team and we’re happy to share them with our clients to ensure your success.

New investor or seasoned veteran investor, we can help anyone by providing our award winning coaching services and this isn’t all talk.

We have been awarded Realtor of the Year to Investors in 2015 by the Real Estate Investment Network, 2016 by the Canadian Real Estate Wealth Magazine and again in 2017 because no one told the judges no one is supposed to win the award twice but on merit, our peers deemed us as the best. In 2018, we again won the same award by the Real Estate Investment Network.

Hopefully being the most decorated team of Realtors in Ontario will make you consider us for your first or next real estate investment. Even if you don’t invest in our areas, there’s a good chance I know who would be ideal for you.

I’ve been around for a while, some Realtors are talented at servicing investors there are many with great ethics. The intersection of the two, talent and ethics is limited to a handful in each city or town.

Only work with the best is what my father always taught me. If you’re interested, drop us an email at iwin@infinitywealth.ca.

I hope to meet you at one of our meetups soon.

Again that’s iwin@infinitywealth.ca

NO MORE Confusion

After all the Youtube videos, books, and forum posts, you’re probably still left with questions. Starting in real estate is a tricky thing.

Frustrated beginners often ask how a legal basement suite conversion actually works. Most of the time we can only give general answers. But now, we get to dive in.

At this in-depth, free class you’ll learn how to take your first steps as a real estate investor.

Nothing is held back. Everything from analyzing basement suite conversion deals, to renting out your first property at a profit, and even how to refinance and do it all again!

More secrets you’ll uncover are:

Profiting in a HOT market…

Municipal bylaws to watch out for…

Mortgage terms that favour refinancing…

AND one barely used tactic for higher appraisals…

If you’re frustrated, unsure of how to get started, this is for you.

Why Wealth Hacking for the Golden Years is Imperative And How She Does It With Journalist/Teacher Karen Cumming