Investing To Win

In today's episode of Investing to Win, Garret Wong talks with Cal Reich, a seasoned real estate investor specializing in multifamily residential properties and co-ownership.  Graduating with a degree in Urban Studies and achieving a property management designation, Carl worked as a commercial real estate appraiser for 3 years in Southern Ontario while at the same time flipped homes on the side. He returned to Manitoba 14 years ago to run the family property management and investment business, in charge of 2000 units spread over 90 buildings. In addition to running the management side of the business, Cal became very adept at finding an apartment building, putting together groups of investors, then acquiring, renovating, refinancing and managing the individual investor relationships to ensure a successful asset.

With extensive experience in property management and a background in commercial real estate appraisal and house flipping, Cal brings a wealth of knowledge to the discussion. He provides insight into the co-ownership model and its distinct ownership structure, highlighting how it differs from joint venture agreements. Listen in to learn why he emphasizes the importance of strategic management for investment-grade properties. You'll gain valuable tips on finding and cultivating relationships with potential investors and building a reliable network.

Cal also talks about the process of identifying investment-grade properties and how to conduct a thorough analysis. He describes the example of a client who proposed an opportunity in a smaller town with a good cap rate and minimal adjustments, underscoring the importance of such opportunities. He provides advice on budgeting for major repositioning projects and explains the importance of understanding Tenancy Act legislation.

You’ll get an inside look into his project management agreement, which facilitates collaboration among co-owners, and emphasizes the need for transparency and periodic  communication. As a bonus, he discloses his service fees and why he prefers to accept them in cash rather than in equity. Finally, you’ll learn how to deal with an owner's decision to exit a co-ownership project.

Join Garret and Cal for an insightful discussion on co-ownership, the importance of long-term value, transparency with all co-owners and why you should focus on properties that align with your investment goals.

Enjoy! 

What You'll Learn in this Show:

• The concept of co-ownership in real estate.
• What is a “Bare Trustee”?
• The importance of consulting with experts like accountants and lawyers.
• Steps to take in identifying and bringing together investors. 
• Building a network of investors.
• What builds up cap rates. 
• And so much more...

Resources:

Garret Wong

In today's episode of Investing to Win, Garret Wong talks with Ataf Khokhar, managing partner of Lange Khokhar Law Corporation. Ataf Khokhar is an experienced business and real estate attorney who is well-versed in various legal matters.

His areas of expertise include commercial and real estate development, business acquisitions and sales, financing, restructuring, and drafting various agreements including shareholder agreements, partnership agreements, and stock purchase agreements. Ataf will share his journey, from his parents' immigration to Canada to pursuing a career in law. You'll learn what inspired him to name his son Kobe, after basketball legend Kobe Bryant. 

He will then delve into joint ventures, explaining what differentiates a joint venture from a long-term partnership and what considerations are critical in creating a successful joint venture in real estate. You will learn why it is essential to consult a lawyer when negotiating joint venture agreements.

Ataf will also discuss various benefits and risks that should be considered in a joint venture, as well as some common mistakes that should be avoided. Disputes in joint ventures are usually resolved through mediation, arbitration, or litigation. He’ll discuss the above procedures and explain which one is often preferred. You will learn how to carefully plan exit strategies for joint ventures and why it is beneficial for all parties to agree in advance on the valuation process in the event of a split or event requiring an exit.

On a personal level, Ataf will share why it’s vital to improve continuously and become stronger in all aspects of life.

Join Garret and Ataf for an insightful discussion on joint ventures and personal development.  

Enjoy!

What You'll Learn in this Show:

• How to choose a business partner.
• What is a joint venture arrangement in the context of real estate?
• Why trust is the number one factor in joint ventures.
• Best practices for negotiating joint venture agreements.
• The importance of having independent legal advice.
• Advantages and risks of joint ventures.
• How Ataf defines success and what winning looks like for him.
• And so much more...

Resources:

Garret Wong

Ataf Khokhar

In today's episode of Investing to Win, Garret Wong talks with Donna Cook, a seasoned real estate investor with 20 years of experience. Donna is primarily active in Manitoba, but is also exploring opportunities in Alberta and Ontario.

Donna will share her background growing up in a real estate family. Her father was a builder and landlord who practiced a form of rent-to-own before it was commonly defined as such. She talks about her personal journey in real estate, which began in 2005, and also mentions her main focus, rent-to-own properties. Donna will discuss the comprehensive approach she takes to rent-to-own contracts, including consulting with clients and setting purchase prices.

She will also break down the rent-to-own process and highlight the tenant's responsibility for maintenance and repairs. Donna will also address how to handle situations where a tenant decides not to purchase the property and what options are available to investors and property managers.

The "win-win" component of the rent-to-own strategy is highlighted by showing the benefits for both tenants and investors. Donna will share how individuals with poor credit can qualify for a mortgage within the typical three-year contract period. As for lenders, listen in to learn how they view rent-to-own properties.

On a personal level, Donna talks about her life goals, her love of traveling and spending time in Costa Rica.

Join Garret and Donna for an insightful discussion on rent-to-own properties and Donna's expertise and unique approach to the real estate industry.

Enjoy! 

What You'll Learn in this Show:

• Donna's personal background in real estate.
• The definition of a rent-to-own property.
• Advantages and disadvantages of a shorter contract term.
• How to structure a rent-to-own agreement.
• Challenges faced in the rent-to-own investment strategy.
• Why rent-to-own properties are more predictable and stable.
• The real estate industry over the past five years.
• The importance of having a property manager.
• How Donna defines success and what winning looks like for her.
• And so much more...

Resources:

Garret Wong

In today's episode of Investing to Win, Garret Wong talks to Matt Landsborough, founder of Dwell Logic Investing, a private real estate investment firm. 

Matt was born and raised on a family farm in SW Ontario. He studied Forestry and Wildlife Biology at Lakehead University, completing degrees in both. After university Matt worked as forester in Alberta and British Columbia, eventually settling on Vancouver island where he worked as a forest engineer and ran large conservation and remote logging projects on the west coast of Vancouver Island and in the Great Bear Rainforest.

In 2016 Matt bought his first income property (a duplex) and house-hacked it. Along the way, he stumbled into the wide world of real estate investing (REI) and became obsessed with the Buy, Rehab, Rent, Refinance, Repeat (BRRRR) strategy. Several years and several properties later, Matt has built a reputation as a savvy investor. His budding portfolio consists of four rental properties on Vancouver Island, 12 rental units in Winnipeg, Manitoba, 12 rental units in Red Deer, Alberta, and another 12 rental units under contract in Powell River, British Columbia. He also runs a consulting and investor coaching business where he helps other real estate investors scale their own portfolios.

Along the way, Matt's business in British Columbia reached a plateau and he started looking for a location where it could continue to grow. You will learn why he shifted his focus to Winnipeg after investigating different markets, and how his portfolio grew significantly in the new market. He will talk about the main bottlenecks he faced when investing in other provinces, especially Alberta, where the decline of the oil industry in 2016 caused concern among potential investors in the real estate market.

As Matt gained experience and built relationships with investors, subsequent deals became easier as investors felt more comfortable and confident in his expertise. You will learn about Matt's metrics-driven approach to gaining investor confidence. He will also talk about his goal to diversify beyond residential real estate, and the importance of being aware of rent control regulations when investing in the province. If you are an investor, listen in towards the end to learn how to build successful relationships with property managers.

Join Garret and Matt for an insightful discussion on building and diversifying your portfolio in this mini-series on "Why Winnipeg."

Enjoy! 

What You'll Learn in this Show:

• How to start investing in a new province.
• Why Matt first started with low-income properties in Winnipeg.
• Working with out-of-province investors versus local investors.
• How Matt finds the right investors and builds trust with them.
• Matt's long-term vision as a professional real estate investor.
• The importance of diversification in real estate investing.
• The challenges of investing in Winnipeg.
• Rent control in Manitoba compared to other Canadian provinces.
• Finding reliable contractors in a new province.
• How Matt defines success and what winning looks like for him.
• And so much more...

Resources:

Garret Wong

Dwell Logic

In today's episode of Investing to Win, Garret Wong shares his personal story of how he struggled with health scares in 2021. After suffering from headaches and forgetfulness, he was referred to a neurologist and underwent an MRI scan. Although Garret was eventually given the all-clear, he reflects on the experience and encourages his listeners to prioritize their health and well-being. Garret also talks about the difficulty of not being able to talk to anyone about his fears and how they worked hard to ensure their business could keep going without them. 

You'll understand why he was grateful that the initial radiologist raised the red flag to rule out Creutzfeldt-Jakob disease (CJD). A few months later, his boat's anchor got caught in the propeller while fishing, causing a serious boating accident. After this near-death experience, Garret reflects on his second chance at life and how he spent several hours thinking about the meaning and direction of his life. He encourages listeners to do all they can to achieve their ideal life by finding balance, avoiding regrets, and making the most of their one life.

Join Garret for this reflective and thought-provoking discussion.

Enjoy! 

What You'll Learn in this Show:

• A look into Creutzfeldt-Jakob disease (CJD).
• How to prepare for a life-threatening illness.
• The importance of spending time with close friends and family.
• Garret's near-death experience in a boating accident.
• What would you do if you had another chance at life?
• The importance of self-reflection.
• And so much more…

Resources:

Garret Wong

In today's episode of Investing to Win, Garret Wong talks with Rolf Hitzer, a real estate agent serving Winnipeg at Royal LePage.

Garret begins with a short story about his near-death experience in a boating accident.

Then they dive deep into the real estate wholesaling business and discuss whether it is illegal. Rolf will talk about how he started in the industry and how much it has changed since then. He'll also discuss the Real Estate Services Act and how it defines wholesaling.

You will learn about the inefficiencies at the Manitoba Securities Commission that hinder the agency's ability to effectively investigate and prevent unscrupulous practices in real estate. You will understand why legislative changes may be forthcoming and the opportunities presented by a new Manitoba Securities Commission policy on the aspect of real estate wholesaling in Manitoba.

Rolf will explain why he advises caution to individuals wanting to enter the wholesaling business. He will break down the concept of real estate transactions and address the potential consequences of conducting a transaction without licensing.

On a more personal level, Rolf will discuss how success has many components, including family, friends, and personal growth.

Join Garret and Rolf for this insightful discussion on real estate wholesaling.

Enjoy! 

What You'll Learn in this Show:

• How Rolf got into the real estate market.
• What wholesaling is and how it works.
• The controversy surrounding wholesaling.
• The different types of real estate transactions.
• Is wholesaling allowed in Saskatchewan?
• The current state of the Winnipeg real estate market.
• And so much more..

Resources:

Garret Wong

Rolf Hitzer

In today's episode of Investing to Win, Garret Wong talks with Kyle Kostenuk, a commercial designer, builder and consultant, and a developer of multifamily housing. Kyle is the president of Kenmare Developments, where he specializes in project management, design coordination, relations, budget management, negotiations, project scope development and implementation.

Kyle kicks off today's show, by discussing his early career in construction, which served as a springboard for him to work on large commercial projects. He'll talk about their innovative construction techniques, especially modular construction projects in Winnipeg. You'll learn about the benefits and limitations of modular construction. He'll go over the permits and inspection phases required for modular projects.

Kyle will explain why modular construction isn't common in Winnipeg and the unique challenges that modular construction projects present. He'll share exciting details about his second modular project in Kenora, Ontario, and how the construction method there differs from that in Manitoba. You'll learn about his real estate investment portfolio and why he prefers new construction over renovation.

On a more personal level, he emphasizes the importance of balancing one's professional and personal life.

Join Garret and Kyle for this insightful discussion on modular construction and real estate investing.

Enjoy! 

What You'll Learn in this Show:

• How modular buildings are constructed.
• The benefits and limitations of modular buildings.
• How financial institutions perceive modular projects.
• Kyle's journey in real estate.
• The pivotal point in his real estate career.
• His entrepreneurial strengths.
• And so much more...

Resources:

Kyle Kostenuk LinkedIn

In today's episode of Investing to Win, Garret Wong talks to Derek Rolstone, Principal at Stone HR Strategies, a full-service human resources consulting firm. Derek is an award-winning, energetic and dedicated HR professional with 20 years of experience. Derek also holds an MBA from UVIC and a BA from Western.

Derek will kick things off by sharing his background. This will give you an insight into his career in HR and the companies he has worked for, including Pepsi and Suncor Energy. You'll learn why his wife persuaded him to change careers and become an instructor at Red River College. However, being an HR professional at heart, he'll talk about how he returned to the industry and founded Stone HR Strategies to serve small and medium-sized businesses.

You'll learn why outsourcing an HR firm is more beneficial for business owners. Derek will reveal how to hire and retain exceptional employees. He'll also give his opinion on remote employees and explain the importance of treating all employees fairly. Garret will explain how his remote employee helps him to stay productive at home. They'll also talk about Garret's employee survey and positive feedback.

Fun fact: Derek appeared on the 13th season of the game show Jeopardy! He'll talk about his time on the show and share interesting anecdotes.

Join Garret and Derek for this insightful discussion about the value of HR to businesses, employee productivity and remote workers.

Enjoy!

What You'll Learn in this Show:

• The two business models of Stone HR Strategies and how they differ from those of other HR firms.
• How to make a positive first impression on new employees.
• Why do companies unionize?
• The most important question in determining employee engagement.
• How to set yourself up for success with your remote employees.
• What winning means to Derek.
• And so much more...

On today's episode of the Investing to Win Podcast, Garret Wong talks with Royce Finley, a licensed Realtor at Royal LePage. Since 2015, Royce has gradually risen to become one of the top local realtors in Winnipeg. He attributes this success to staying ahead of the curve in technology, marketing, and business development while continuing to grow to provide his clients with the best possible service and support. In his spare time, he enjoys being a dog dad to Darla, visiting his racehorse at Assiniboia Downs, quadding, riding his Harley, and traveling the world. He recently became a father to a sweet little girl.

Royce will talk about his journey in the property market and highlight the ups and downs of the real estate industry. He will share how he built his real estate team and how Garret influenced him to hire a remote employee. You'll learn about his "Follow-up Fridays" system and why you should also have one for your clients. He will share how he instills confidence in his team and the two vital C's for business: Competence and Confidence.

Royce will also discuss what he does to provide a great customer experience and share some valuable lessons if you want to succeed as a realtor. This includes why selling a property is not the end-all-be-all of the client experience and why business-oriented real estate agents perform better than sales-oriented agents. He will explain why he believes 2023 will be a challenging year and test for real estate and business owners and how you can prepare to take advantage of this opportunity.

You will discover the three P's and why this is a bad model for your real estate business. To inspire you on your entrepreneurial journey or career, Royce will share his definition of success, how it has evolved, and what it means to him today.

Join Garret and Royce for this insightful discussion on how to thrive as a real estate agent, how to treat your employees well, and much more.

Enjoy! 

What You'll Learn in this Show:

• Why Royce got into real estate.
• How he closed more than 50 deals in his first year in the real estate industry.
• The concept of customer service versus customer experience.
• How you can give back to your clients.
• The importance of having systems and help in your business.
• How to make your team feel like partners in your business.
• How the real estate industry has changed in the last five years.
• The conversion rate of his business between cold leads and warm referrals.
• The definition of true success, according to Royce.
• And so much more...

Resources:

Upper Edge Capital

Garret Wong LinkedIn

Royce Finley LinkedIn

On today's episode of Investing To Win, Garret Wong talks with Marc Ting, a real estate entrepreneur with seven years of experience as an owner, operator, and syndicator of joint venture real estate projects. Marc specializes in buying and holding rental properties and flipping single-family homes in Manitoba. He's a firm believer that your network is your net worth. For this reason, he has joined private masterminds and real estate investor groups across the country.

In his spare time, Marc enjoys riding motorcycles, traveling to new places, and being involved with his community in any way he can. His favorite motto in life is "You miss 100% of the shots you do not take". - Wayne Gretzky

When he was 15 years old, Marc's parents divorced, leading to many limiting beliefs. You will learn how he overcame these and eventually accomplished significant personal growth. He will share what he looks for in a good entrepreneur and how he defines success.

You will discover why he relocated from Toronto to Winnipeg, how he got into real estate sales, and what his day-to-day business is like. He will also break down selling real estate into its simplest components and reveal some of his biggest mistakes while flipping homes. This should help you appreciate why it's so important to find a good realtor who is active on social media and what strategies are best for staging and selling a home.

You'll learn the three comparables he uses to determine the after-repair value (ARV) of homes he flips. From his first flip to his most recent one, Marc will share some of the most important lessons he has learned along the way. He will offer advice for first-time flippers and reveal some of the most consequential decisions he has made.

Join Garret and Marc for this inspiring conversation!

Enjoy!

What You'll Learn in this Show:

1. How Marc got his start in the auto industry.
2. How important it is to have a local coach.
3. Why coaching is a good way to get started in real estate.
4. What is the best type of flip?
5. The importance of ARV (after-repair value).
6. The two main mistakes most people make when starting out in the flipping business.
7. And so much more...

Resources:

Upper Edge Capital

Garet Wong LinkedIn