Ep.155 – The TFSA Multiplier Strategy with Darren Voros

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn what a Tax-Free Savings Account (TFSA) Maximizer is all about 
  • Find out important facts about TFSA to leverage it 
  • Learn how to maximize a return of 20% on your money inside your TFSA 

Resources/Links:

Summary: 

Darren Voros is a real estate investor, real estate coach, partner, contractor, educator, and speaker. 

In this episode, Darren shows us how to maximize returns on the money inside your TFSA by using it to invest in real estate. Not many know that you can open a self-directed account from your TFSA without facing volumes of document preparation. Darren teaches us a way to avoid these hurdles by suggesting two financial institutions that best handle it. 

Topics Covered: 

01:22 – What is a TFSA maximizer 

03:42 – TFSA versus RRSP account 

04:58 – How to invest in real estate through an arm’s length transaction 

07:29 – What are the limitations of TFSA and what works with it 

09:17 – Caveat for transferring money from your RRSP to your TFSA 

09:58 – Darren’s walkthrough on how to get a 20% return on your money within TFSA  

20:07 – How to transfer your money from TFSA to a self-directed account with not much hurdle 

Key Takeaways: 

“What we want to do is take that money and use it in real estate, we have to do it in a very specific way. And that’s through what we call a self-directed tax-free savings account. And we can only do that with a couple of financial institutions in Canada.”  – Darren Voros 

“The nice thing about the TFSA is if you withdraw money, like let’s say I just withdrew like $10,000 to renovate my house, I get to now top it up next year. So, if I had 69,000, I went through 10,000. In 2021, I’d be able to contribute 16,000, because I’ve got the $6,000 from 2021. And the 10,000 I took out from 2020. So, you can keep, sort of, putting money back in as you take it out.” – Darren Voros 

“This is something that we’re not taught a lot about, it’s relatively new. It came about in 2009 so most people don’t know how it works and they don’t understand what you can do with this account.”  – Darren Voros 

“As a real estate investor, I can vet the deal that I’m looking at, I can look at that person’s track record, I can look at how many transactions they’ve done, I can look at the loan to value on the property if the loan devalues on the property even when I come in, in second and third position is only 70% loan to value. That property would have to drop by 30% before I would be underwater.”– Darren Voros 

“I always tell people, find your transaction first. Find the person that you want to lend money to. And we’re going to agree on a deal, then we’re going to go and set up an account with Olympia trust or Community Trust, and then you’re going to ask them to pull the funds for you, as opposed to pushing the funds to one of those financial institutions.” – Darren Voros 

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#FreeFlowFriday: The Deal or the Money – which comes first? with Dave Dubeau

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What you’ll learn from today’s episode:
  • Find out the big mindset shift of ‘money always comes first’ 
  • Understand why the money won’t magically find you even if you already have a good deal in hand 
  • Know why you need to have your investors lined up ahead and ready to go anytime 

Resources/Links:

  • Are you looking to attract investors and raise capital for your deals? Get a complimentary copy of Dave Dubeau’s newest book, called ‘The Money Partner Formula’. Get your PDF version at investorattractionbook.com. 
  • Join me for one of my upcoming live one-day virtual workshops. You can register here: https://investorattractionworkshop.com/ 

New real estate entrepreneurs and capital raisers think that when you have good deals, money will magically find you. In my personal experience (and most other people’s as well), that is simply not the case.

I had a good deal waiting to be closed, then I went about dialing for dollars, cold-calling, networking, emailing everyone I knew, but nothing worked. I lost the deal.

I bought into the BS that, “Just find a good deal and the money will find you.”

There has to be a big mindset shift here.

The Money should always come first before the deal.

Have your investors lined up and ready to go, so that once you have a good deal, you already have the money at hand – it makes your life so much easier, and less stressful, plus you’ll be able to close on far more opportunities. 

Join me in this episode as we talk about the importance of going after the money first and finding good deals later without having to chase after money partners. 

Topics Covered: 

00:58 -Why money will not magically find you even if you have a good deal 

01:36 – Let the money come first and good deals pour in afterward 

02:13 – Big mind shift: the money always comes first 

Key Takeaways: 

“My personal experience has been, when it comes to the chicken, or the egg, which comes first: the deal or the money? The money always comes first.” – Dave Dubeau 

“When we’re talking about the money coming first, I don’t necessarily mean you’re going to have a bunch of investors, cutting you checks for 50, 75, 100, grand. What I mean by that is, let’s get our investors lined up ready to go. So that when we got that deal, we have the capital, we’ve got the investors to back it. And then that way, you can go forth and you can look for good deals.” – Dave Dubeau 

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Ep.154 – Carrot for Good Tenants, Stick for Bad…with Zac Killam

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn more about a bureau that protects the landlord’s right and provides recourse for problematic tenants 
  • Find out ways to help you as a landlord reward responsible tenants as well as stop delinquent tenants 
  • Discover about ways you can avoid renting out to irresponsible tenants 

Resources/Links:

Summary: 

Have you ever been through the ringer with a ‘tenant-from-hell’?  Are you frustrated with how biased the system is towards tenants instead of landlords?  Do you ever wish there was a way to give lousy tenants some well-deserved payback?  How about a way to reward good tenants for paying their rent on time and taking care of your property?

If so, you’re going to LOVE this episode!

Retired corporate lawyer turned entrepreneur and Top Forty Under 40 winner, Zac Killam is now CEO of Landlord Credit Bureau (LCB), Canada’s only company that turns rent payments into a credit building exercise. Zac is also a landlord and Co-Founder of a national real estate investment fund and a property management company. LCB empowers landlords to improve their revenue, reward tenants, and reduce risk.

In this episode, Zac shares about what Landlord Credit Bureau can help landlords with, especially when it comes to finding ways to encourage good tenants while preventing and stopping irresponsible and delinquent ones. 

Topics Covered: 

01:07 – What does the Landlord Bureau exist for, and what is its mission 

04:08 – What landlord needs do the bureau fulfill 

05:11 – How does the (PPEDA) Personal Information Protection Electronic Documents Act protect landlords 

07:24 – What real significant impact does Landlord Bureau make 

11:24 – How to get started with Landlord Bureau in registering your tenants  

12:38 – Is there a need for tenant’s permission to put their records in the system 

13:58 – What purpose do these consent causes and notification clauses serve 

14:46 – What happens when tenants don’t opt-in?  

15:45 – How can landlord join the Landlord Credit Bureau, and how much costs are involved  

17:00 – Reward for responsible behavior 

Key Takeaways: 

“The landlord credit bureau, it’s doing just like other credit bureaus, such as Equifax, or TransUnion, we’re bringing accountability and transparency and balance to our industry being the real estate industry.” – Zac Killam 

“What Credit Bureau is doing is we are essentially a central repository of tenant records. So, landlords can register their tenants with us and then report their monthly payment habits. This then forms part of the tenant resume or the tenant record, which is then accessible to future landlords, when they’re looking at an application to potentially rent out their unit to an individual.”  – Zac Killam 

“The Bureaus are governed by the legislation called PPEDA, the Personal Information Protection electronic documents act. They allow landlords, credit grantors to report to bureaus if they’re doing so for the purpose of collecting a debt. For tenants suing for whatever, anybody could sue for anything, but they’re not going to win.” – Zac Killam 

“One important note to touch on is the real major impact of what Lana courier is doing is it’s managing tenant behavior after they move in. So, what I mean by that is, we’re enabling landlords to register a tradeline on each of their tenant’s credit reports. So, what this does is, it impacts their credit scores monthly based on if they choose to pay their rent or not.” – Zac Killam 

“I looked at Landlord Credit Bureau, I found and thought this is brilliant. It’s allowing me to reward my good tenants, the tenants who are just being responsible, and just adhering to the terms of their contract. And it’s enabling me to stop the delinquent tenants who are choosing to be so. It allows me to do that by registering this tradeline on their credit report with Equifax in Canada. Tradelines have an impact upon your credit rating or your credit score.”  – Zac Killam 

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#FreeFlowFriday: Lifetime Worth of an Investor with Dave Dubeau

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What you’ll learn from today’s episode:
  • Understand how much of a financial impact a money partner has for your life not just for the deal they are doing with you, but also for your over-all profitability LONG-TERM 
  • Change your perspective on money partners and become even more excited about getting and partnering with them 
  • Discover how to raise capital with investor partners who enjoy returns on their capital at the same time they are helping to maximize your own profits 

Resources/Links:

  • Are you looking to attract investors and raise capital for your deals? Get a complimentary copy of Dave Dubeau’s newest book, called ‘The Money Partner Formula’. Get your PDF version at investorattractionbook.com.

We’re starting something NEW this week – our very first “FreeFlow Friday” episode of the Property Profits Real Estate Podcast.  I hope you enjoy it, and more importantly, get some actionable ideas. 

One of the biggest ‘ah-ha’ moments I had when I started working with JV and Investor-partners is just how much PROFIT one investor represented to my long-term financial future.

…and I think you may be very surprised to see how much even one investor-partner can mean to you as well. For this #FreeFlowFriday episode, I share the concept of the LTW (lifetime worth) of an investor, why it’s important AND how to calculate it for yourself. 

Once you discover this concept you’ll NEVER look at an investor (or prospective investor) the same way! Listen in and understand your investors’ lifetime worth, change your perspective on getting more money partners, and be even more excited and motivated to get them. 

Topics Covered:

02:44 – Why working with investor partners is worth their weight in gold 

03:36 – Dave giving an idea and calculating how much worth of a lifetime value one investor worth to him 

05:32 – What he found to be an increased lifetime value to him of one happy investors’ referral 

08:25 – Calculating the average profit per deal for you in your market and using your particular strategy 

09:16 – Explaining the eight different profit centers in real estate and how they contribute to profit generation 

11:17 – Rule of thumb for the minimum investment required for one’s deals 

12:38 – Figuring out the lifetime worth of a money partner using single-family home strategy 

17:00 – Keep in mind the lifetime worth of an investor partner and always treat your investors like gold 

17:28 – Dave giving his one powerful tip 

Key Takeaways: 

“It sure blew me away when I figured this out for myself. It will change your perspective on working with investor partners; it’ll make you realize that they’re worth their weight in gold and that you definitely need to treat them like gold.” – Dave Dubeau  

“What I found was if that investor partner was happy with how things went with the investment, he’d become a happy camper. And he might very well invest with me again. Sometimes people would miraculously have another 80 or $100,000 available to invest that they didn’t tell me about the first place, or when they were done that deal they would reinvest with me in the next year.” – Dave Dubeau  

“If I do a reasonable job at getting testimonials and getting referrals, I can probably expect to get one referred investor partner for every two investors that I have on board. In other words, each investor would be worth the equivalent of one and a half investors, because for every two of them, I’d probably get one referral to another investment.” – Dave Dubeau  

“You’re going to keep in mind the lifetime worth of an investor partner, and always treat your investors like gold.”  – Dave Dubeau 

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Ep.153 – CDN Lawyer in the USA for Real Estate with Lauren Cohen

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out the important steps when investing cross border in the US and Canada to put you in a better tax situation
  • Find out which kind of visa you need to apply for to allow you freedom of movement between two countries as you invest, live, work, and play in the US
  • Learn about why you should shop for value instead of price when hiring a cross-border lawyer

Summary: 

Serial entrepreneur Lauren Cohen is an International Lawyer, Realtor, and Cross-Border Expert. Lauren is also a best-selling author and sought-after speaker. Lauren is the only globally-acclaimed legal and real estate business advisor.

After experiencing her husband’s deportation on the return trip from their honeymoon, Lauren was devastated. She felt compelled to find solutions for herself and others, and strongly believed that she could make a difference, so she turned to the crazy world of immigration and international law, serving as a concierge/quarterback in order to help others avoid a similar fate, and is recognized as an expert authority in the field.

In this episode, Lauren shares about finding ways for non-US citizens to invest in the US without the usual costly challenges.

Topics Covered:

03:18 – What you need to keep in mind when having cross border investments

06:06 – What brought Lauren to Florida

09:12 – Her recommendation for a Canadian who wants to have a cross-border investment in the US

11:19 – What is the difference between wanting a visa and needing a visa

13:08 – How to create multiple corporations in the US if you are a Canadian

15:00 – Shop for value instead of price when getting a lawyer

Key Takeaways:

“All of those tax issues, it’s truly got to be a holistic cross border approach that covers everything, not just taxes, or investments or financing, or, where to choose the property’s location. It’s everything all in one. And that’s definitely an important feature.” – Lauren Cohen

“Part of the beauty of having that real estate license as well as a law license is that it gives you that comprehensive credibility as well as the comprehensive knowledge base and the ability to look under the hood of things and help people with that holistic approach.”  – Lauren Cohen

“What generally I would recommend is you definitely would be using a Canadian entity, not a person, not you personally but a Canadian entity to make the investments and then set up some type of a corporation in Canada so that you have a shield of protection between you and the company. And also, that’s going to put you in a much better tax situation.” – Lauren Cohen

“There are visas available for people that want a visa. And then there are reasons available for people that need a visa. What’s the difference? Wanting a visa is because you may want to live or work in the US. Needing a visa is because you do so much business in the US that you need that visa to have ease of transport back and forth and so you can have a social security number, potentially set up a US bank account without challenges.”  – Lauren Cohen

“Our goal is for you, as the investor, to just collect your rent at the end of each month. And eventually, that rent will turn into more and then you can buy another property.”   – Lauren Cohen

“This is what I do because I’m dealing with not just the immigration side of the business and the real estate. It’s very unfortunate because a lot of people are shopping for price versus value. And when you’re a real estate investor, you don’t want to shop for price and value in your properties but always look for value in your team.”   – Lauren Cohen

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