There's Nick at one of our rental properties dealing with a water issue.
Last week, he met with one of our favourite waterproofing contractors, Ken, to check in on the progress.
I'm pretty sure the first time we met Ken, Nick negotiated a price with him on a waterproofing project and Ken walked to the back of his truck, unhitched his trailer, reversed his digger and drove it over the lawn to start digging right away...LOL!!
I'm also pretty sure that every single rental property I've owned with Nick has had some sort of water issue.
Which would mean over the last 23 years or so Nick has become an expert when it comes to leaky basements!!
And it's not just leaky foundations we've dealt with...
I remember one time we had a hot water tank die and dump all its water all over the basement in a student rental.
Dealing with the hot water rental company to get the replacement there was a nightmare.
The story ends with myself, Nick, and a contractor friend of ours, on a late Saturday night re-building a wall that we had to tear down to get the old tank out and the new one in.
Who said real estate investing was easy? Or passive?!
Looking back it's all been worth it, of course.
Where else do you get a bank to agree to such leveraged lending and generate cash flow from day one to pay for that borrowing?
Most people mistake real estate investing for what it really is giving you.
The price movements of the asset class are similar to many others.
It's the opportunity for smart leverage, the tax advantages, and the ability to refinance with the banks and extract equity that really set it apart.
It's the ability to use leverage with real estate that really allows you to "get ahead" financially and outpace the cost of living in Canada.
This Saturday, we're going to dive into the state of it all.
(We're 100% jam-packed for the Your Life. Your Terms. Event on Saturday and have had to start a waitlist!)
We'll be chatting with a CEO who helps fund some of the biggest real estate developers in Canada to get his take on the market.
Are they buying properties to build right now?
What are their thoughts on rates? How is that affecting things?
What fundamentals are they looking at?
Are they changing their approach to new projects?
We are also going to share a brand new Rock Star Economic Update where we discuss the state of global macroeconomics and map out scenarios for interest rates.
Are rates now on pause for good?
Or should we plan for them to go up from here?
What about inflation? What can we expect from here?
We also have Jeff Booth coming out, he's the author of the book The Price of Tomorrow: Why Deflation is the Key to an Abundant Future.
He always drops a line or two in his chats that blow us away.
And we have the co-founder of Wind Mobile coming out to share his entrepreneurial journey!
And we also have Jim Sheils coming out with his team all the way from Florida to break down the Florida market: property types, rents, insurance rates, different cities, demand fundamentals, etc.
The sponsors that are there are incredible too!
It's going to be a jam-packed event!!
And if you're not able to come we have a little goodie for you too...
Paul D'Abruzzo took the time to map out how he's taking a tri-plex and converting it into a 9-plex!
He walks through his thinking and the type of property that will allow you to do this.
You can click right here to check it out: rockstarinnercircle.com/from-tri-plex-to-9-plex-using-the-infill-development-strategy
That's it for this week...
See you Saturday!!
Tom & Nick
