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What you’ll learn in just 17 minutes from today’s episode:
- Learn how Michael progressed in his real estate career from one strategy to another
- Find out how Michael brings investors on board
- Discover how ‘Build-to Rent-Communities’ is becoming a hot property trend today
Michael Kharlab is a co-founder of CFP Group, a real estate investing company based in Toronto, Canada. He helps busy professionals in building their wealth by using the best investment vehicle available – real estate.
He spent 20 years in IT and Telecom industries and after several years of investing in real estate part-time he was able to leave the corporate world and become a full-time real estate investor and educator. After changing his own life, he is committed to changing the lives of other people and helping them create the wealth and lifestyle they and their families deserve.
01:07 – What led him to the real estate path
03:22 – How did he progress in his real estate career after having two condos
04:35 – Taking a look at his duplex conversions
05:29 – How he ventured into the US market
08:58 – What is development deals
10:47 – How much rent do they charge for townhomes as compared to a traditional rental home
14:28 – How does he get investor partners on board
“One of the very popular trends today is something called co-working. We would create a shared office space in a building; and that’s going to be probably for small companies that come just to work and also for medical purposes, medical offices, that’s what it’s meant to do.” – Michael Kharlab
“There is also what we call co-living, as well. It’s mainly for students. There are many students in downtown Phoenix today and they need a place to live. So we were trying to convert some of the floors of the building to smaller rooms for students to share.” – Michael Kharlab
“The build-to-rent concept around the community, if you are the investor who buys, it is buying a turnkey business that is already set up with triple-A tenants, low maintenance, brand new – so nothing breaks and it’s warranted for the first 12 months.” – Michael Kharlab
“How to get investors? For me, it has been referrals, and when marketing to the cold market, we need to be very careful of compliance. People who work with us introduce us to new people, and there’s a process we go through. We qualify and make sure people know what they’re doing and not putting in the last money.” – Michael Kharlab
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