Episode Summary
In this episode, Quentin talks with a member, who understands the importance of continually investing in their own education, and the significant returns that it can bring learning from his past. We find out how he managed to go from a negative cash flow of $3,000 a month to a positive cash flow.
The member shares that he was looking at appreciation and capital gains when he started investing in properties. He found that it was not working out very well after a couple of years, and it became hard to keep those properties. This is where joining the program greatly helped him turn the tide. He says that the key takeaway for him was that you should always be learning as that is the only way to improve, and that's how you build wealth.
Talking about the investment property that he now has in Oshawa, the member shares that he is in the process of duplex conversion, where he will be able to get a gross rent of around $4,000 a month. He adds that the property will be cash flow positive once he does the refinancing. Quentin adds that the key at this point is not to put himself in the position that he was before. He suggests working on the numbers better, include repairs, maintenance, property management costs, as well as insurance, property, property taxes, and mortgage payment.
He further says, "my encouragement for you is, don't just do it once. You've learned the process, you understand, you know how to do this now. Take it and do it again, and again, and again, rinse and repeat. That is the key for this strategy, and you are doing a buy, fix, refinance and rent." The member says that while it is more work, you get a better price when you buy from a wholesaler. Quentin says that if you're buying in the right area, at the right price, you're going to get appreciation, and you're going to get cash flow, further saying, "with a lots of people looking for the same thing, it becomes more challenging, what you have to do is differentiate yourself."
Topics Discussed
• Introduction [00:00]
• How He was Able to Turn Cashflow Negative to Positive [01:02]
• His Key Takeaways After Joining the Program? [02:34]
• The Investment Property that He Now Has in Oshawa [04:12]
• What is the Expected Cashflow for that Property? [06:35]
• What is the Refinancing Rate for the Property? [07:40]
• Why Did He Decide to Buy From a Wholesaler? [12:05]
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