Ep.146 – Character BRRRs with Elizabeth Milder & Cole Skelly

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn what character homes are, and how to go about the BRRRR strategy with these types of properties 
  • Find out what the approximate revenue you can earn, from renting out renovated units in character homes 
  • Learn about the essential points to consider when going for the BRRRR strategy with character homes 

Resources/Links:

Summary: 

Elizabeth Milder & Cole Skelly are experts in the application of the BRRRR method (Buy-Renovate-Rent-Refinance-Repeat) of real estate investing in the Victoria market. By identifying properties with the potential for adding square footage, Cole and Elizabeth add massive value to the properties they purchase, converting single-family homes to multi-unit rentals (2, 3, and 4 units). After many properties and lessons learned, and 2 spec houses under their belts, Expansion Properties was formed.  
 
In this episode, Elizabeth and Cole talk about the strategy they specialize in, the BRRRR, where they especially get character homes to renovate and turn into rental units for them to generate cash flows and revenues. 

Topics Covered: 

01:40 – What is a BRRRR strategy 

03:18 – What are character homes? How do they differ from historical homes? 

05:08 – Getting a look at how the BRRRR strategy works with character homes 

09:19 – Advantages of construction financing 

10:33 – How much cash flow do they generate from renting out the units 

11:46 – Approximate gross revenue per month for these kinds of properties and how much is a bank’s appraisal for them 

14:06 – Number of years they been doing BRRRR strategy 

15:18 – How do they get the work done with renovating the buildings and homes they acquire 

17:09 – Recommendation and advice to anyone interested in the same strategy they are into 

Key Takeaways: 

“Basically, what we’ve been able to do you using BRRRR is, we find these older homes that have tremendous opportunity to add value by way of adding square footage, typically, we’ll dig out the basement. With that lift that gives us the ability to refinance once we’ve gotten to the end of the project and rented it and allows us to pull the money out the capital investment that we’ve put into at the outset and then use that towards another property.” – Elizabeth Milder 

“The city of Victoria has a house conversion regulation where you can actually take these older 1900 houses and convert them into legal rental units without doing the rezoning process. So, it’s a character home, but we’re allowed to touch any part of the home. It’s not a heritage home.” – Cole Skelly 

“This is one thing that I’ll mention because people often are scared away from deals because the price point is too high. What we’ve learned through a few scenarios now is, don’t be afraid to lowball if you have to, because you never know, it’s always a no unless you ask.” – Elizabeth Milder 

“Whenever we’re analyzing a property at the outset, we’re always looking for four to $500 a month cash flow on each door. We found that that’s a really comfortable number to absorb potential vacancies.” – Elizabeth Milder 

“One thing that we definitely recommend to any new investor is being very realistic about what it is that you can manage, and having a good understanding of what your finances are because this is something that a lot of people aren’t really in tune with.” – Elizabeth Milder 

“I find that we find that a lot of people in talking about investing in property, they often have this kind of pie in the sky idea of what it is they want to do, but they’ve never actually thought about what it takes to see that come to fruition.” – Elizabeth Milder 

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Ep.145 – Land Flipping with Jack Bosch

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out a real estate strategy that lets you earn even without houses, without money, and almost without competition 
  • Learn how to strategically find properties according to buyer profiles to keep consistent cash flows and deals from coming 
  • Discover the unique way of finding buyers and sellers without physically meeting them 

Resources/Links:

Summary: 

Jack Bosch is an immigrant from Germany who came to the US pretty much with nothing, but within a matter of 6 years from arriving in the US, and 18 months from getting into real estate, he and his wife Michelle built a system and process that made them 7 and then 8 figures. His method is unique because it’s real estate without houses, without money, and almost without competition.  
 
In this episode, Jack talks about a strategy that he finds simple and easier. It provides him a steady cash flow and revenue. And with buyers profiled according to their buying behavior, it is easier for him to cater to four of the most sought-after markets. 

Topics Covered: 

01:24 – A simpler investment strategy he is focusing on  

03:16 – How does he go about this unique strategy  

06:50 – How is land flipping different from house flipping 

09:46 – Who are the usual buyers for his land properties 

Key Takeaways: 

“What we do is land flipping, we flip land like other people flip houses, land flipping is simpler and easier, and in most cases even faster because there are no houses involved, there are none of the inspections involved, there’s none of the kind of termites, none of the repairs, none of the financing.” – Jack Bosch 

“With land flipping, you can even do double closings, and you can use assignments, you can use all these different things. You can do the same things without all the complexities that come in with house flipping.”  – Jack Bosch 

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Ep.144 – Buying Rockefeller with Agostino Pintus

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how to transition from multi-family homes to development deals 
  • Find out how old office buildings are converted into multi-family deals and still preserving its historical significance 
  • Learn about why development deals are lucrative despite the risks involved 

Resources/Links:

Summary: 

Agostino Pintus is a multi-family investor, syndicator, and entrepreneur with more than 15 years of experience in real estate. He currently oversees strategic partnerships, capital development, and platform development for Realty Dynamics Equity Partners, an investment firm specializing in multi-family acquisition and asset management services.  
 
In this episode, Agostino talks about development deals and how he considers it the ‘next-level step’ though it is a riskier but more lucrative real estate investment. He also shares, how after spending time with multi-family properties, he is into one of his most significant development projects of converting more than a 100-year old The Rockefeller Building from an office building to a multi-family property. 

Resources: 

Topics Covered: 

01:10 – Agostino’s transition from multi-family homes to development deals 

03:59 – Is there a difference between a development deal from a redevelopment deal 

08:09 – Taking an overview of how a development deal works with The Rockefeller Building  

10:27 – How the parking lot would be like for the redevelopment of The Rockefeller Building  

12:10 – The turnaround time for The Rockefeller building redevelopment 

Key Takeaways: 

“There is so much more aside from doing multifamily syndications. And another big aspect and I consider this as the next level stuff. Next level stuff is doing development.” – Agostino Pintus  

What you’re going to find with these development type projects is that they are far more lucrative and a little riskier.”  – Agostino Pintus  

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Ep.143 – Financial Planner AND Real Estate Investor with Meghan Chomut

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how financial planning skills help you make sound real estate business decisions 
  • Find out why a financial planner’s compensation looks small in rates and yet adds up hugely 
  • Discover how you can make use of your tax-free savings account with investments other than real estate 

Resources/Links:

Summary: 

Meghan Chomut is a Financial Planner that works with families and investment property owners to make smart financial decisions. From debt repayment strategies to savings (how much + where), to tax planning and everything in between. She loves helping families get their finances organized, streamlined, and set up properly so they can actually SEE financial freedom (or be ready should an opportunity come up!). 

In this episode, Meghan talks about her transition from a financial planner to a real estate investor, how her financial planning skills help in her real estate business, and when it comes to financial planner’s compensation rates, she shows you how it can add up. 

Topics Covered: 

02:37 – What was her journey like – starting as a financial planner to becoming a real estate investor 

07:42 – Owning her own financial planning company 

08:50 – How do financial planners get compensated 

13:09 – Utilizing tax-free savings account as an additional investment other than a real estate portfolio 

14:21 – Her thoughts on self-directed RSP accounts, and self-directed TFSA accounts  

Key Takeaways: 

“Index investing is really big right now. So, it’s just picking the account that services you best, and for real estate investors, I do think I would lean more towards tax-free savings accounts as opposed to RSP’s because there are some strategies with using RSP should you sell your rental property and trying to reduce the taxes there. But I do see that tax-free savings accounts are really underused and that misunderstanding that literally anything can go in them.” – Megan Chomut 

“I personally use self-directed RSP, but it’s kind of on your preference and your comfort level. So maybe starting without one and then as you get more and more familiar with how it all works, moving over to one isn’t a big deal.” – Megan Chomut 

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Ep.142 – 300 Doors in 3 Years with Dylan Suitor

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out how to grow your portfolio even with no money of your own and no joint venture partners 
  • Learn how to scale up your real estate in a short amount of time 
  • Find out about the analogy of the iceberg and how to get massive growth in real estate 

Resources/Links:

Summary: 

Dylan Suitor has been a real estate agent for 4 years and an investor for 12. He reached massive growth in the past 24 months adding nearly 250 doors to his portfolio without any of his own money nor joint venture partners. 

In this episode, Dylan talks about his strategies in growing his portfolio without using any of his own money nor having to raise capital from joint venture partners. 

Topics Covered: 

01:08 – What number of doors does he have in his portfolio in the last two years 

01:57 – How he scaled up so fast in his real estate business 

03:06 – Is he a realtor first or a real estate investor first 

04:06 – How he built up his portfolio without money of his own and joint venture partners to depend on 

07:07 – Typical price point for the type of properties he is buying 

10:30 – Talking about private money lenders, first mortgage rate, blended  mortgage rate 

11:48 – Turnaround time for his properties 

14:32 – Is he running his own construction firm or still subcontracting 

15:50 – What’s his biggest goal this year 

Key Takeaways: 

“I went on my own and committed to education for about three years before I started really going big on real estate investing and learned a ton and connected with the right people. And here we are a couple of years later and a few hundred doors later.” – Dylan Suitor 

“When you see that short period of time and that large scaling, I just get tired of learning, instead, it’s time to apply. And I found the people I wanted to be in business with and I got to attribute a lot of my success to one of my biggest business partner Robbie, and just really taking something that he had been developing for a few years prior and just blowing it up.” – Dylan Suitor 

“The piece that has made us, that allowed us to scale as quickly is making sure that instead of having a money partner that maybe their goal is, 10 million in holdings or 5 million holdings or three properties and then having to find more and more money partners go down the same learning and growth piece, I find one person that I get to grow with through the whole process. And that’s really allowed us to continue to grow at such a large pace.” – Dylan Suitor 

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Ep.141 – Profit FIRST in Real Estate with Rocky Lalvani

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn what a Profit First System is and how it protects you against yourself 
  • Find out how to build systems in your real estate that truly build wealth 
  • Learn how to tell your dollar where to go so that you can manage your cash flows and always be profitable 

Summary: 

Rocky Lalvani used the Profit First model in his real estate business. He owns rental units and flips houses in Harrisburg, PA. Rocky’s main goal is to help other real estate investors ensure they are always profitable. 

In this episode, Rocky shares how he uses the Profit First System, and the equation of Sales – Profit = Expenses, where profit is truly accounted for, and bills are paid every time. 

Topics Covered: 

01:12 – Why profit first 

02:55 – The thing with portfolio envy 

03:34 – Being the spreadsheet geek that he is 

04:38 – What properties did he start with and the deals he’s into now 

06:36 – Creating systems that build wealth 

08:38 – The need to have a team 

12:54 – The need for cash flow management system 

13:26 – How do we protect against ourselves 

Key Takeaways: 

“We can make it work; we can figure out a way we kind of go in the opposite way. We want our deals to be so robust with so much extra room, that when things go wrong, and they usually always do that there is room to handle the mistakes.” – Rocky Lalvani 

If you’re not cash flowing properly, you may not be profitable.” – Rocky Lalvani 

“Once I saw the system from Mike and I learned that most business owners weren’t looking at their financial statements, and they couldn’t understand them, I was like, there’s the goldmine for me, this is where I belong. And so that’s where that grouping came together with him.” – Rocky Lalvani 

“You’re not going to buy that house and flip it without putting a lot more money into it than you said you had to. And that’s the reality of it.” – Rocky Lalvani 

“With the profit first system, you tell your dollars where to go.” – Rocky Lalvani 

We got to get a deal. You are better off waiting and finding the right opportunity than rushing out because I’m sure you’ve heard it a million times. Where’s the money made in real estate? On the purchase.” – Rocky Lalvani 

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