Episode Summary
In this episode, Quentin talks with member, who is a new immigrant to Canada and new to investing. His future goals are to invest in multifamily residential complexes, and help new immigrants with getting started in real estate investing.
Talking about his background, he shares that he is fairly new to Canada, and got interested in real estate after reading Rich Dad, Poor Dad, and getting connected with a few people in the Kitchener area. He has one property, where they renovated the basement or rented it out. Now, his goal is to focus on multifamily triplexes, fourplexes, and wants to focus on buying homes, joint venture agreements, and raising money through people. He says that he would like to concentrate on buying and holding, and slowly expand over time. He wants to purchase his second property in the next six months, and wants Quentin to guide him through the process.
Talking about financing, he says that he does not have money, and has $30,000 in student debt as well. Their previous property was a joint venture agreement. Now, they can get 80 percent of the equity on that property. Furthermore, he just started his new job, and his wife is about to leave hers, to work part-time. Quentin adds that they need to get onto their financing right away because they're need to get a letter from his wife’s current employer stating that she has been working there for two years so that they can use that for financing purposes. They may have trouble if his wife leaves her position, and him only starting a position to be able to qualify for another mortgage going forward.
Quentin suggests reaching out to a couple of brokers, and bank lender just to get an idea of their options. The member adds that he is looking to learn about how to raise finance, connect with people, have those conversations, and find the properties that they will be interested in. Quentin suggests that he should use a property analyzer to come up with the numbers, to be able to share with people so they understand and know what he is talking about. He adds that he really wants to come across as the expert, and to do that, he needs to invest some time like he did in his masters, in order to invest in his own education on this.
Quentin says that if he is looking at finding off market properties and also raising money, there are two main courses. One is called Raising Money for Real Estate System Joint Ventures, and the other one is Off Market Discounted Property System. Quentin continues “My thing is, do something with it, please. Like I'm providing it to you so that you can do something with it.” He suggests the member to go to the Q&A calls, that are done twice a month, hang out with other people, network with other people locally who are investing in your area, there's no better way in time to do this because we're so interconnected. If he has questions, he can bring them up at the call.
In conclusion, the member shares his long-term vision to help other immigrants putting their real estate plans in place. He has a show on CBC radio, focused on immigrants and they're looking to expand it over time. He wants to use it to build that platform, build himself, his brand, learn real estates, but also share it with a lot of immigrants. Quentin concludes it by saying that this is one of the great benefits of Canada. We do have a lot of opportunity here and we can do quite a bit.
Topics Discussed
- Introduction [00:00:00]
- What Kind of Multifamily Complexes Does He Want? [00:02:44]
- What is the Status of His Financing? [00:03:08]
- Is He Looking to Raise Funds or is He Going to Purchase the Triplex Himself? [00:04:31]
- How Long Has His Wife Been Working at Her Job? [00:06:20]
- Who's on Mortgage on Their Property? [00:07:08]
- Does He Have a Broker that He is Working with? [00:09:20]
- Which Property Analyzer Did He Use to Show Returns to his Ex-Boss? [00:10:10]
Important Links and Resources
