🎧 Listener Q&A: Legal Basement Suites, Converting Homes to Rentals & Investor Mindset Real Estate Investing Morning Show – Hosted by Wayne & Gabby Hillier

Today's episode takes a fun Friday turn as Wayne and Gabby mix in personal stories, live banter, and important listener Q&A. From legalizing basement suites to converting a primary residence into a rental property, the discussion blends practical advice with real-life examples. Plus, they tackle the myth of "more doors equals success" and explain why profitability and risk management—not the number of properties—determine true wealth.

🧠 What You'll Learn in This Episode

• Whether you need to inform your lender when converting a CMHC-insured primary residence into a rental

• The importance of updating insurance and CRA status when changing property use

• Steps and challenges of legalizing a basement suite with tenants in place

• How renovations impact tenant rights, enjoyment, and lease obligations

• Why waiting until tenancy ends may be the best option before legalizing suites

• The difference between confidence and competence when scaling a portfolio

• Why "number of doors" is a misleading metric for success

• How to properly measure portfolio performance: profitability and risk

👥 About Your Hosts Wayne & Gabby Hillier are full-time real estate investors and coaches based in Edmonton, Alberta, Canada. Through their REI Masters Mentorship Program, they help Canadians build long-term wealth using rental properties, BRRRRs, flips, joint ventures, and creative real estate strategies. New episodes every weekday morning featuring real stories, coaching moments, and tactical investing advice.

💡 Resources & Contact Learn about our Mentorship Program: www.reimasters.ca Bookkeeping & Tax help: www.finngo.com/rei Submit a question: [email protected] Get the 5% Rule™ book on Amazon: The 5% Rule™ – The Real Estate Cash Flow Test Order Now → https://a.co/d/3Xrcnhw

🤝 Thanks to Our Sponsors 🏠 Krystal Kromm – Red Deer Investor-Focused Realtor 📞 (587) 377-8584 🔗 Facebook

🏢 Calvin Realty – Edmonton Investor-Focused Realtor Team 🌐 calvinrealty.ca 🔗 Facebook

📊 Finngo Bookkeeping & Tax – Investor-Focused Accounting Firm 🌐 www.finngo.com/rei 🔗 Facebook

💼 Kirkwood & Brennan Mortgage Group – Investor-Focused Brokers 🌐 www.kbmortgages.ca 📧 [email protected] 🔗 Facebook

🏗️ Calvert Home Mortgage Investment Corporation 📞 403-278-0249 📧 [email protected] 🆔 FSRAO License Numbers: 13267 and 13268