Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Short Term Rentals"

Short term rentals (STRs) are under attack in cities across North America. While they offer significant profit potential, they also come with regulatory challenges, rising costs, and neighborhood opposition. In today's episode we break down the latest trends, regulations, and risks associated with STRs, helping you determine if they’re still a smart investment.

[00:00:00] Introduction: Overview of short-term rentals and why they’re facing increased scrutiny.

[00:02:00] What Are Short-Term Rentals? – Defining STRs, their uses, and their role in the economy.

[00:05:30] Challenges and Regulations – Discussion on city restrictions, including Toronto and Winnipeg’s policies.

[00:7:00] Investment Risks – Hidden costs, unpredictable vacancies, and the impact of regulation changes.

[00:9:00] Key Takeaways: The future of STRs, responsible investing, and alternatives to consider.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Commercial Real Estate and Rate Caps"

Are you just collecting rent, or are you truly building wealth? In this episode, we dive deep into commercial real estate, multifamily properties, and the power of cap rates. Learn how to balance cash flow with equity appreciation and why focusing solely on monthly income might be holding you back from financial success.

[00:00:00] Introduction: Overview of cap rates, cash flow, and building wealth with multifamily real estate.

[00:05:00] Cash Flow vs. True Profit: Breaking down the difference between monthly income and long-term equity growth.

[00:08:30] Understanding Cap Rates: What cap rates are, how they work, and why they matter in commercial real estate.

[00:11:00] Case Study: A Real Multifamily Investment: A real-world example of how strategic renovations and cap rates increase property value.

[00:15:00] Key Takeaways: Why multifamily investing outperforms single-family rentals and how to build long-term wealth.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

" Mortgage Principle and Interest Explained"

Your mortgage isn't just a bill—it’s one of the most powerful tools for building long-term wealth. In this episode, we break down how principal and interest work together, why conventional wisdom about mortgage payments might be costing you, and the strategic approach I use to optimize principal reduction while maintaining financial flexibility.

[00:00:00] Introduction: Mortgage payments explained.

[00:01:00]Mortgage Basics: How principal and interest payments are structured over time.

[00:02:30] Why Bi-Weekly Payments May Not Be the Best Strategy: The impact on cash flow and flexibility.

[00:03:30] Strategic Principal Reduction: Using lump sum payments and refinancing to maximize equity.

[00:4:20] Key Takeaways: Summary of the most effective mortgage strategies.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Market Price vs Market Value"

Understanding the difference between market price and market value can mean the difference between a great deal and a costly mistake. In this episode, I break down these critical concepts, share a personal experience that nearly cost me thousands, and provide actionable insights to help you make smarter real estate decisions.

[00:00:00] Introduction: Why understanding market price vs. market value is essential.

[00:01:00] The Definitions: Market value vs. market price explained with real estate examples

[00:02:30] Factors Affecting Market Value – How location, property condition, and market trends impact property valuation.

[00:03:30] Factors Affecting Market Price – The role of emotions, bidding wars, and negotiation skills.

[00:4:20] Key Takeaways – Summary of the biggest insights and how you can apply them to your next deal.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Cash Flow, Equity, and Appreciation | Mastering the Three Pillars of Real Estate"

Lets dive back to basics and dive into the three foundational pillars of real estate wealth: cash flow, equity, and appreciation. Learn how these three elements work together to help you build long-term wealth and financial freedom. Whether you're just starting out or looking to refine your strategy, this episode has insights to level up your real estate investing game.

[00:00:00] Introduction: Overview of the importance of cash flow, equity, and appreciation in real estate investing.

[00:03:00] Cash Flow: What it is, how to calculate it, and why positive cash flow matters for monthly stability.

[00:05:30] Equity: Understanding equity, how to build it through mortgage paydowns and renovations, and leveraging it for growth.

[00:07:53] Appreciation: The multiplier effect of market value increases, factors that drive appreciation, and long-term wealth creation.

[00:9:18] Key Takeaways: A recap of how combining cash flow, equity, and appreciation creates maximum wealth and actionable steps for new investors.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Why Invest in Rental Properties?"

In this episode, we dive into the three foundational pillars of wealth building in real estate: cash flow, equity, and appreciation. Learn how these powerful tools work together to transform your financial future and discover actionable strategies to maximize each one. Whether you're a seasoned investor or just starting, this episode provides valuable insights to elevate your real estate game.

[00:00:00] Introduction: Overview of the episode and its focus on cash flow, equity, and appreciation.

[00:02:00]Building Wealth Foundations: Why understanding the synergy between cash flow, equity, and appreciation is key to financial success.

[00:4:00] Cash Flow Basics: Defining cash flow, its formula, and how to optimize rental income while managing expenses effectively.

[00:5:00] Equity Explained: The role of mortgage paydown, property improvements, and market appreciation in building equity.

[00:6:00] Key Takeaways: Summarizing how mastering these pillars can set you on the path to real estate wealth.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Why We're Changing the Name to My First Keys?"

In this transformative episode, we unveil the reasons behind our podcast rebrand from Landlord Pal to My First Keys. Discover how this change aligns with our mission to empower real estate investors at every stage—from buying your first property to scaling a thriving portfolio. Tune in to learn about the fresh direction for our podcast and the exciting content you can expect moving forward.

[00:00:00] Introduction: Why we're rebranding and what My First Keys represents.

[00:03:00] The Catalyst for Change: Insights from networking with top investors and redefining the podcast's purpose.

[00:5:30] My Personal Real Estate Journey: A heartfelt story of how real estate transformed my family's future.

[00:7:45] What to Expect Going Forward: Breaking down the two-layered content approach for beginners and advanced investors.

[00:8:30] Key Takeaways: A recap of the rebrands mission and an invitation to join our thriving community.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"What are the Tax Implications of Being a Landlord?"

Taxes can be one of the most significant challenges for landlords, but understanding the rules can turn them into a tool for maximizing profits. In this episode, we delve into the essential tax implications of being a landlord, offering practical tips on record-keeping, deductions, and working with tax professionals. Tune in to gain clarity on staying compliant while saving money.

[00:00:00] Introduction: Why understanding landlord tax implications is crucial.

[00:05:00] Detailed Record-Keeping: Why keeping accurate and organized records is essential, from rental income to maintenance expenses.

[00:10:30] Banking Best Practices: Tips for managing separate bank accounts for rental income and expenses to streamline tax filings.

[00:12:45] Tax Deductions: Exploring common deductions like maintenance, property management fees, and mortgage interest.

[00:16:00] Working with Professionals: How to collaborate effectively with tax professionals to ensure compliance and optimize your returns.

Garret Wong is the founder of the Landlord Pal podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

The Rent It Yourself Community

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

" How to Determine the Perfect Rent Price for Your Rental Property"

Setting the right rent price is a balancing act. Price it too low, and you lose money. Price it too high, and your property sits vacant. In this episode, we break down the strategies and calculations to help you strike the perfect balance, ensuring profitability and attracting quality tenants.

[00:00:00] Introduction: Overview of the importance of determining the correct rent price.

[00:05:00] Common Lease Violations: The risks of underpricing or overpricing and their financial implications.

[00:10:30] Effective Communication: How to research comparable properties, assess vacancy rates, and adjust for amenities.

[00:12:45] Legal and Escalation Steps: How the time of year impacts rental demand and pricing strategies.

[00:16:00] Key Takeaways: Finding the perfect rent price ensures profitability, tenant satisfaction, and market competitiveness.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

Check out our online Community HERE where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

"Proven Strategies to Keep Great Tenants"

We explore actionable strategies for retaining quality tenants, ensuring your rental property remains profitable and stress-free. From building strong relationships to responding swiftly to tenant concerns, you'll discover how to foster loyalty and long-term satisfaction in your tenants. Plus, learn why the smallest details can make the biggest impact!

[00:00:00] Introduction: Overview of tenant retention strategies and their importance.

[00:01:30] Deal Breakers: Examples of small issues that lead to big tenant dissatisfaction, including an anecdote about a missing cover plate.

[003:30] Key Strategies: Building trust, offering lease renewal incentives, and maintaining a well-kept property.

[00:5:45] Enhancing Relationships: Tips for personal touches like holiday greetings and maintaining professional boundaries.

[00:7:00] Key Takeaways: Summary of effective practices for long-term tenant retention and an introduction to our Tenant Retention Strategy Guide.

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/