Ep.92 – Profiting from Small Apartments with Lance Edwards

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What you’ll learn in just 17 minutes from today’s episode:
  • Learn how starting with apartments allowed Lance to quit his job and replace his salary FAST
  • Find out about Lance’s marketing strategies that get him apartment deals one after another
  • The systems Lance implements to continuously generate motivated apartment seller leads

Summary

Lance Edwards is a small apartment entrepreneur and educator. He is the author of the best-selling book, “How to Make Big Money in Small Apartments.” 

In this episode Lance shares how you can earn big with small apartment buildings. Find out how he continues in the same niche, raking in deals and dollars continuously since he first started about twenty years ago.

Topics Covered: 

01:44 – How his real estate career started  

03:24 – What would he have done earlier in his real estate career with his stature now 

06:06 – Big mistakes he notices newbie investors are making  

07:48 – What his idea of marketing is 

09:17 – One top marketing technique that works best for him 

11:57 – His unfair advantage over other investors 

13:25 – How to systematize your deal flow 

15:36 – His teaching and training initiative for getting people involved in small apartment buildings 

Key Takeaways: 

One piece of advice I will only share with everyone no matter what sector or state you’re in. If you’re straddling between the job that pays bills today and in getting started in your real estate business, here’s my best advice. Do not leave the job that pays the bills to go on to something else until that’s something else is already producing enough income to pay your bills because otherwise, it’s going to be a very, very stressful and likely unpleasant journey.” – Lance Edwards 

“Certainly if your intent is to go from employed entrepreneur, make that income at what you’re doing, but don’t increase your lifestyle, increase your lifestyle after you’ve made the leap because if you put your energies fulltime on the entrepreneurial side, you’ll do 10 times what you can do on the employee side income-wise.” – Lance Edwards 

“I would say your main emphasis needs to be on your marketing. You’ve got to get your phone ringing. There’s the saying if your phone’s not ringing, you don’t have a business. You have a hobby. You’ve got to constantly focus on marketing to get leads coming in. That’s true of any sector of real estate with regards to apartment building.” – Lance Edwards 

“Too often it’s too tempting for people to get caught up in the emotion of it and they’ll overpay for a property and they’ll come up with some kind of rationalization of why that’s okay to do, but ultimately down the road that’s going to cost them. Stick to the math. There should be no emotion involved in this business.” – Lance Edwards 

“Identify what you’re really good at and focus on that. Those things that you don’t like doing is what you want to, as soon as you can delegate that to someone who loves doing that and get that off your desk because the energy release, the energy boost you will have will be so great. You can go focus on what you’re best at and you’ll see your productivity going up.” – Lance Edwards 

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Ep.91 – Making Moolah with Mobiles Home Parks with Kevin Bupp

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out how the mobile homes real estate niche has brought Kevin the biggest revenue 
  • Discover how he creates passive income through mobile home parks 
  • Learn about the potential of investing in mobile home parks and how you can start 

Summary

Kevin Bupp is a 20+ year real estate investor with more than $150 million of transactions. His specialty is mobile home parks but he has owned hundreds of other commercial and residential properties over the years. His company currently owns mobile home parks in 13 states.

In this episode, Kevin shares how the mobile home industry became his bread and butter amidst the negative connotation around this investment category. He shares how he managed to turn it into a revenue rich and very lucrative business. 

Topics Covered:

01:22 – What got him started in real estate 

03:34 – His first investment property 

05:22 – What got him investing in mobile home parks 

07:39 – The many real estate strategies he is into that are giving him passive income 

08:08 – The top benefits of mobile home park investing 

12:33 – Mistakes startup investors in mobile home park commit  

15:54 – Price tag and average size for mobile home parks  

16:50 – Financing institutions and lenders available out there 

Key Takeaways:

“Typically you’ll find that there’s a higher yield or return on the mobile home park that none of the traditional apartment complexes have.” – Kevin Bupp 

“I see a lot of new investors making mistake by if a  mobile home park has a lot of homes that it owns, then the gross revenue is typically overstayed because they’re taking into account also the rental revenue and they’re not underwriting it accordingly. And their offer number comes in much higher than what it typically should be. And so I see a lot of new investors overpaying because of that rental component on some of these parks.” – Kevin Bupp

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Ep.90 – What NOT To Buy & Hold with Patrick Francey

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What you’ll learn in just 17 minutes from today’s episode:
  • What mistakes in real estate that you need to avoid and why 
  • What you need to know about the buy and hold strategy in real estate 
  • Why Patrick decided to venture into capital partnership deals 

Summary

Patrick Francey is best known as the CEO at the Real Estate Investment Network (REIN).  He’s also a multiple business owner, real estate investor, host of The Everyday Millionaire Podcast, speaker, coach, husband, father, and a grandfather. 
 
In this episode, Patrick shares his main strategy of buy and hold in real estate.  He gives some good pointers about what to do and what not to do so that you can enjoy more success if you are a buy and holder yourself. 

Topics Covered: 

01:14 – What is the Real Estate Investment Network 

02:41 – Looking back at his journey into the real estate 

06:10 – From a trenches partner to a capital partner 

07:59 – Mistakes commonly committed by newbie investors 

11:21 – What is REIN’s goal 

12:43 – What could he have done differently when he just started 

Key Takeaways: 

“If there were a common theme and mistake is that people aren’t putting themselves in the right environment surrounding themselves with the right culture and in the right community. You need to be surrounded by likeminded individuals.” – Patrick Francey  

“Don’t try and do it on your own. Get the education, get all of that. But I still would say, don’t try to do it on your own, have some experience around you, have some advisors, some guidance, some people who are in it and then get the hell out of your own way.” – Patrick Francey 

“Did I make a lot of big mistakes? You bet. I was to do it again, I would’ve bought newer. Because my strategies were bought and hold. And if you’re doing buy and hold and you buy an older property and you hold it, then you have to then realize that in five, seven, 10 years, whatever it is, there’s going to be a renovation. You’re gonna have to put costs into it. And those properties just keep getting older.” – Patrick Francey 

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Ep.89 – Finding Great Deals in HOT Markets with Aaron Moore

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What you’ll learn in just 17 minutes from today’s episode:
  • Find out marketing strategies that work best for Aaron in finding motivated sellers 
  • Learn about Aaron’s preferred real estate strategies 
  • Secrets on how Aaron find the HOTTEST deals 

Resources/Links

Summary

Aaron Moore is a multi-award-winning real estate investor. He is best known for having one of the most established house buying businesses in Ontario. Using a mix of wholesaling, fix & flips and long term holds Aaron has built a successful full-time real estate business.

In this episode, Aaron shares with us some of his many creative ways of finding motivated property sellers. Owing to the fact that having middlemen sometimes messes things up, Aaron finds his HOTTEST deals by himself and not through realtors. 

Topics Covered: 

01:39 – His journey into the real estate world 

02:29 – How he transitioned from software stuff to full-time real estate 

03:26 – What strategies does he focus on these days 

04:20 – Why you need to find good deals yourself and not rely on realtors all the time 

07:32 – Marketing strategies that work best at finding motivated sellers 

13:51 – Of bandit signs and of vehicle signage 

15:27 – Why it’s best to work directly with the sellers 

16:45 –  How does he finance most of his deals 

Key Takeaways: 

“We use the BURR strategy, we buy, renovate, we rent, we refinance. It’s a way of bootstrapping your rentals. You’re not sinking that much money into each rental you buy. It takes time. But it’s certainly a good way to grow your portfolio over time.” – Aaron Moore  

“I still have some of those outdoor signs and I like to call them outdoor science. I’ve done well with them over the years as my brand has gotten bigger.” – Aaron Moore

“If you’re going to be working directly with the seller you can tailor your solution, you can solve the problem, you can find out the problem. If there are middlemen then it’s really hard to find out the problems.” – Aaron Moore 

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Ep.88 – Finding Your TRUE Reason For Real Estate Investing with Rich Danby

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What you’ll learn in just 17 minutes from today’s episode:
  • Discover why passion is the key to real estate investing success 
  • Learn the things you need to consider when looking to raising private capital 
  • Find out the number one roadblock that prevents real estate investors from moving forward to success. 

Resources/Links

Summary

Rich Danby is a full-time Real Estate Investor, Professional Speaker, Coach, Mortgage Agent, Owner of Rich Ottawa Investments, and the President of Ottawa Real Estate Investors Organization.

(Plus he’s a husband and father…so you could say he’s a pretty busy guy!) With someone who has been there, done that, it is but right that Rich is the authority when it comes to raising private capital. His knowledge about networking and doing it the right way comes in handy. The wisdom gained through his experience makes him eligible to share his expertise on the matter and to help prep yourself for success. 

Topics Covered: 

00:56 – How he ended up in the real estate 

01:57 – The different real estate strategies he has done and what’s he focused on at this time 

04:22 – How does he help other investors raise capital 

06:52 – Common mistakes newbie investors commit when raising capital by themselves 

09:35 – How to look the part of being a real estate professional 

10:47 – Tips about networking for introverted people 

13:33 – What makes him tick as a real estate investor 

14:49 – Bad habits that hold us back from moving forward to success 

15:37 – Book resource: Outwitting the Devil by Napoleon Hill 

Key Takeaways: 

“Common mistake for newbies is that the reality is that most of them don’t actually know what they’re selling. What they do is they show up at these networking events and they understand the importance of networking, but they don’t actually have a product.” – Rich Danby 

“Contracting was a tremendous failure for me and if I look back on the history of everything I’ve done, the thing that I least enjoy is dealing with contractors. I’m now going to stop it because I have gifts and I want to use them and I want to reach more people. And I can do that if I’m helping other people raise capital for their projects as opposed to being limited only by the amount I can manage on my own.” – Rich Danby 

“I think it has to do with confidence and repetition. If you are getting in front of a coach or a family member or anybody who you can practice on, that would be a great start. The other thing is to remember that if you truly are adding value, you have absolutely nothing to be nervous about because as you know, there are way more investors out there than there are deals. – Rich Danby 

“You are actually the real deal and if you have a great system, you have a great model, you have a great plan and you’ve really looked at the numbers and  it’s a great deal, then you should have all the confidence in the world to raise the capital and that confidence alone will be enough to get it done.” – Rich Danby  

“If you’re going to go out to any event and you’re going to invest your time into something, you should know in advance what you want to walk away with.” – Rich Danby 

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Ep.87 – Building Multiple Income Streams in Real Estate with Sandy Mackay

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What you’ll learn in just 17 minutes from today’s episode:
  • Discover how the BRRR strategy has given Sandy his biggest advantages as an investor 
  • Find out how to create multiple revenue streams for your real estate investing business through ancillary revenue opportunities 
  • Learn about real estate marketing strategies to find motivated sellers and get them calling you, and much more 

Resources/Links

Summary

Sandy Mackay is an investor and business owner based in Hamilton, Ontario.  He has worked on hundreds of real estate transactions since 2011 both as a realtor and investor.  Sandy’s main focus is providing a world-class real estate experience of buying or selling property for his clients.

In this episode, Sandy shares his journey in real estate, the ins and outs of the business and the various real estate business strategies he has implemented to create multiple income streams. 

Topics Covered: 

01:45 – How Sandy got involved with the real estate industry 

06:05 – Marketing strategies he used to find motivated sellers 

08:28 – Why wholesaling is disadvantageous in Canada 

10:21 – Some more ancillary businesses he got and planning himself to get into 

15:43 – How his podcast came about and what is it about 

19:02 – What trainings do they offer 

Key Takeaways: 

“We did a lot of guerrilla marketing kinda grind type work. We would go out on a Friday and throw up some signs as we still see the bandit signs these days. That got us, that got the phone ringing.” – Sandy Mackay 

“My wife runs our property management team full time. It’s a tough business. Like, it’s a really tough one. Complaints coming from both sides of it, the tenants, you can only do so much because ultimately you’re just the middleman between the landlord and the tenants. But, it’s been good. She enjoys it. She’s built a great team there. And that’s really what comes down to, having great people around you. You can really make any business pretty fun. I think as long as there are great people. And you’re doing something you believe in.” – Sandy Mackay 

“Real estate podcast has been a great lead generation tool. It’s been a great platform to help others give value and help them succeed. And you know, obviously, by helping others get what they want, you’re going to help what you get.” – Sandy Mackay 

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