Investing To Win

Do you own a residential property in Canada? Then you should definitely listen to this episode.

With tax returns due in a few weeks, it was difficult to find a tax accountant for this critical episode. Nevertheless, Garret has researched, spoken to his accountant, and is raising awareness of the Underused Housing Tax (UHT) in today's episode of Investing to Win. 

Disclaimers: Consult a professional accountant to determine if this new law applies to you.

He will provide a summary of the key details about the Underused Housing Tax (UHT). You will learn what the government's purpose is in introducing this tax and which of the two categories you might fall into: exempt or affected owners. Find out who is exempt from paying the tax but must file the form.

Garret will seek to provide some clarity on who is affected by the Underutilized Housing Tax:

Who is not required to file a UHT return Vs who  must file a tax return?

Join Garret for this insightful discussion on the Underused Housing Tax. 

Enjoy! 

What You'll Learn in this Show:

• What is the underused housing tax?
• Penalties for failing to file the return on time. 
• The definitions of excluded owners and affected owners.
• When the UHT tax form must be submitted. 
• And so much more...

Resources:

FAQs on the Underused Housing Tax (UHT)

UHT-2900 Underused Housing Tax Return and Election Form

On today's episode of Investing To Win, Garret Wong talks with Rafiq Punjani, an international award-winning serial entrepreneur from Winnipeg, podcaster and owner of Anago Cleaning Systems. Rafiq Punjani had a tough upbringing in Buxton. But his life changed when he moved to Dubai and took a job with Ernst & Young. After working there for 10 years, he and his wife decided to immigrate to Canada.

Rafiq will talk about how he started his first business in Canada and why he had to close it after two years. He will also talk about how he was able to change his mindset to create a scalable business. This led to him getting into franchising, where he now operates 50 franchises in the cleaning industry. He will explain why he bought Anago, a leader in the commercial cleaning industry, as a franchisor.  As a family-owned and operated business, he will talk about how he maintains a knowledge-based partnership with his four partners at Anago. You'll also learn how he bounced back after losing more than 50% of his returning commercial cleaning customers in two weeks. His entrepreneurial journey in franchising should give you valuable insights into why choosing the right franchise partner is so important.

Rafiq is also a real estate investor. He will explain why and how he takes a structured approach to investing in real estate. This includes finding good single-detached family homes and finding the right partners. You will also learn when is the best time to buy a property. He will also talk about his volunteer work with various organizations, becoming an ambassador for Canada to new immigrants, and starting a non-profit organization for the elderly. To inspire you to create better habits, Rafiq will share his morning and evening rituals.

Join this enlightening discussion!

Enjoy! 

What You'll Learn in this Show:

• Rafiq's challenge in investing in Dubai.
• The importance of a local investment community.
• Why Rafiq decided to invest in a franchise instead of starting his own cleaning business.
• Rafiq's approach to the day-to-day stresses of the real estate business.
• How his experience as a franchisee has influenced his approach to real estate investing.
• Strategies he uses to cultivate a successful partnership in his business.
• The importance of a veto concept in your business partnership.
• How audiobooks have impacted his learning trajectory.
• Why a country needs a strong civic society.
• How to find a good balance between your physical and spiritual life.
• And so much more...

Resources:

Upper Edge Capital

Garet Wong LinkedIn

Rafiq Punjani LinkedIn

On today's episode of Investing To Win, Garret Wong talks with Dakotah Charron, a 26-year-old real estate investor, and community builder. Dakotah is also the president of the National Real Estate Investors Community (NREIC). After struggling to find a network to meet and learn from like-minded people, he set out to create his own and eventually founded NREIC.

Dakotah will talk about how he dropped out of college to start a lawn care business and how he transitioned to real estate investing. You'll learn how this led to the formation of the Winnipeg Investors Club, now known as the National Real Estate Investors Community (NREIC). He will share the inspiration for the formation of the NREIC and its current mission in the real estate industry. 

Dakotah will offer his opinion on the ideal frequency for hosting networking events. You'll learn how to build on the experiences of your event attendees and keep them coming back for more. Part of that is creating the right mindset required to get the most out of a networking event. 

What makes a good entrepreneur? Dakotah will disclose the answer as well as share his story of entrepreneurial failure and why it was the most difficult yet impactful decision he’s ever made. 

Join Garret and Dakotah in this insightful discussion as they delve into the power of networking for real estate investors.

Enjoy! 

What You'll Learn in this Show:

• How Dakotah realized he had a deep interest in real estate.
• The importance of networking events.
• A strategy for cultivating relationships with people you meet at networking events.
• How experienced real estate investors can benefit from networking events.
• Why you need to grow your network continually.
• The key lessons Dakotah has learned from his business failures.
• His definition of success and his goals for 2033.
• And so much more...

Resources:

Upper Edge Capital

Garet Wong LinkedIn

Dakota Charron LinkedIn

In today's episode of Investing to Win, Garret Wong talks with Melanie Mitchell, owner of MM Properties Winnipeg and president of the Manitoba Association of Short-Term Rental Owners. Melanie started investing in real estate 20 years ago after waking up from a nightmare where she was still in her current job at 85! She bought a tear-down house that needed to be gutted down to the studs and had a contractor—who she was dating at the time—renovate it. By the end of the job, they were engaged. After that, they began purchasing a few more distressed properties.

A few years ago, Melanie transitioned into short-term rentals and hasn't looked back since. At Manitoba Association of Short Term Rentals Inc, their mandate is to develop a set of best practice standards and then educate local operators, government and residents about the benefits of the short-term rental industry to Manitoba's tourism and hospitality industries. And all this without compromising Manitoba's unique charm, economic vitality and tax base.

Melanie will talk about short-term rentals (STR) and why she made the switch. You'll discover the potential profit margin between long-term and short-term rentals. Her first suite was fully booked within half an hour of being listed. Score one for short-term rentals! Listen to find out if there is an ultimate winner. Melanie will share a few more exciting things: The two leading platforms that connect potential visitors with property hosts. Why she prefers smart locks or keypads to key locks. How much location determines the success of an STR, and what kind of guests she caters for.

It's not all rosy, unfortunately. In Winnipeg, STR business owners are facing a crisis. She will delve into several complex issues, including a bylaw proposed by City Council that would ban almost all STRs in Winnipeg. So far, the proposed bylaws have been improved, but Melanie believes it'll lead to obsolescence. She'll also reveal which cities are STR-friendly when it comes to licensing and regulation. You'll also learn what you can do to help with the STR crisis.

Join Garret and Melanie for this enlightening discussion on short-term rentals!

Enjoy! 

What You'll Learn in this Show:

• What is a short-term rental (STR)?
• The highs and lows of STRs.
• How to convert a long-term rental into a short-term rental.
• The importance of reviews on STRs.
• The current state of affairs with STRs in Winnipeg.
• Why abolishing STRs won't solve the affordable housing crisis.
• Melanie's definition of success.
• And so much more...

Resources:

Melanie Mitchell LinkedIn

Show your support by signing the petition to save STRs in Winnipeg

Manitoba Association of Short Term Rental Owners

On today's episode of Investing To Win, Garret Wong delves into a topic  every investor should pay close attention to: rent regulation. Overtime, multiple real estate investors have contacted him about this perplexing subject. Although he shares information specific to Manitoba, you will likely be able to apply the advice to your situation as well. 

To illustrate the impact of rent regulation, listen to his story about a potential client who inherited his late father's apartment building and had to pay back $260,000 in illegal rent increases! Not only did he have to pay all of the rent back to the tenants, you'll also learn about other unintended consequences of illegal rent increases.

It will become clear to you why the province of Manitoba has imposed a 0% rent increase freeze. Garret will address the consequences landlords face when they charge their tenants excessive rents and reveal how the RTB tracks down these illegal rent increases. Finally, Garret will disclose exceptions to these regulations and strategies for circumventing rent control.

Join Garret for this enlightening discussion!

Enjoy! 

What You'll Learn in this Show:

• Residential Tenancies Branch (RTB) and its role in rent regulation.
• The impact of COVID-19 on rent increases.
• The defining line for rent control in Manitoba
• The difference between three units and four units in a rental building.
• Effective strategies to get off rent control.
• Why it's so important you do your due diligence as an investor. 
• And so much more...

Resources:

Upper Edge Capital

Garret Wong LinkedIn

On today's episode of Investing To Win, Garret Wong talks with Mike Schroeder, an experienced mortgage specialist with Mortgage Architects and Accredited Mortgage Professional of Canada Designation. With his wife Candace, he runs a mortgage business specializing in private real estate financing for established business owners and first-time home buyers. Outside of work, he enjoys spending time with their 4 children, backcountry hiking, reading, and CrossFit.

Mike will talk about his former position as a manager at Enterprise Rent-A-Car and why he changed his career to become a mortgage broker.

Working with real estate investors is different from working with first-time home buyers. Mike will explain why as he shares why he doesn't recommend long-term, fixed-rate mortgages to first-time home buyers. You'll learn how mortgage rates have changed over the past five years and why fixed rates have dropped recently but variable rates haven't. Mike will explain why he recommends a variable rate mortgage and who it is suitable for. Through his explanation, you will understand why adjustable-rate mortgages are increasing and why the real estate industry is not always negatively affected by recessions.

He will explain why he believes investing in real estate still makes sense and present a strategy for young people who want to invest in real estate and build equity.

Mike also values staying fit and will talk about his thoughts on leading a healthy lifestyle for business owners. His morning routine and how he structures his work and fitness schedules will offer tips and inspiration for living a healthier life while building your business.

Join Garret and Mike in this insightful discussion on mortgage rates, fitness for business owners, and much more!

Enjoy! 

What You'll Learn in this Show:

• How Facebook groups have brought him a lot of business.
• The differences between fixed, variable and adjustable rate mortgages.
• Are bank penalties higher than those of credit unions or monoline lenders?
• A long-term investor's perspective on fixed vs. variable mortgages.
• Why do variable mortgage rates keep going up?
• How you can end the recession.
• Is real estate still a good investment?
• His definition of success .
• And so much more...

Resources:

Upper Edge Capital

Garret Wong LinkedIn

Mortgage Architects

Mike Schroeder LinkedIn

In today's episode of Investing To Win, Garret Wong talks to Merouane Abed, a highly experienced sales and marketing manager and real estate investor. Merouane came to Winnipeg from Algeria in 2016 with the goal of building a stable life for himself and his family.

The immigration process piqued his interest so much that he decided to write an article about how to immigrate to Manitoba and started a Facebook group that now has over 144,000 members. The same year he migrated, he bought his primary residence at a discounted price and embarked on his journey into real estate. Since then, he has employed various strategies to build wealth and secure a bright future for his family.

From single-family homes to new builds, he has used one of the best strategies in the city to create forced equity: secondary suites.

Today, Merouane is widely regarded as the leading local expert on secondary suites. Merouane will share his knowledge and experience with Secondary Suites.

He will talk about how he got into the real estate business, including his first deal and why it was a bad experience for him. He will explain why renovating an 1898 triplex by himself was the worst idea ever. There are important lessons you can learn from his story. You will also discover why a variable mortgage is preferable to a fixed-rate mortgage.

You'll learn how to get a secondary suite and why Merouane prefers an attached secondary suite over a detached one.  He will also address the utilities that need to be separated between a single-family home and a secondary suite. Merouane will also talk about the lessons he learned in converting his most recent secondary suite, where you can find useful information, and his greatest accomplishment in life.

Join us for this insightful and valuable discussion on everything secondary suites!

Enjoy! 

What You'll Learn in this Show:

• The importance of delegating work to professionals. 
• How Merouane got into the real estate business.
• Requirements for obtaining approval for a secondary suite.
• The challenges associated with insufficient data for secondary suites.
• Why appraisers avoid comparing secondary suites to duplexes.
• The stigma attached to basement units. 
• Merouane's advice to those looking to invest in secondary suites.
• His concept of success.
• And so much more...

Resources:

Upper Edge Capital

Garret Wong LinkedIn

Merouane Abed LinkedIn

Welcome to the Investing to Win podcast by Garret Wong, founder and president of Upper Edge Property Management.

In the pilot episode, Garret shares why he decided to start this podcast, which has been a long-term passion project for him. You'll learn about his professional background, which includes real estate investing since 1997. You will discover the three promises he wants to deliver with this podcast. He reveals the types of guests you can expect, from real estate agents to insurance brokers, just to name a few.

He will explain why he named the podcast "Investing to Win" and what the Win stands for. He will also talk about his experience buying his first rental property and the mistakes he made with his former business partner, as well as how those mistakes could have been avoided if a podcast like this had been around at the time. Garret will also let you in on his long-term goal.

Join Garret Wong for this insightful discussion!

Enjoy! 

What You'll Learn in this Show:

• Garret’s new division, Upper Edge Capital Corp., and its focus. 
• The need for investors to learn from each other.
• What Garret intends this podcast to be for its listeners.
• What to expect and what not to expect from this podcast 
• The Why behind the Investing To Win podcast.
• And so much more...

Resources:

Upper Edge Capital

Garret Wong LinkedIn