Your Way Into Real Estate

Flip Files: The Starter House

Lean, clean, and quick is the name of the flipping game! In this episode, Natalie shares details about her latest flip house –a detached starter family home flipped in 3 days for a substantial profit!

“What is the least amount of work for the least amount of money, and the shortest amount of time that I can invest in this place to get a higher return? How much of an extra return am I able to get if I do more? Is it worth me doing?”

Natalie’s flipping process is streamlined and very successful. Systems are meant to work over and over, and hers does the trick every time. In a flip, time exposure is your best friend or your worst enemy. So, when she purchased this particular fixer-upper, she realized time wasn’t on her side as the market was changing by the week at lightning speed. Natalie determined that a mini-flip would lead to the greatest return. She repainted, repaired the HVAC, plumbing, and electrical issues, installed new carpet, and tackled some basic cosmetic issues that would spruce up the house, and increase the value. Every house needs a memorable element! Listen as Natalie tells you what she did with the interior doors! You won’t believe it works. 

Some key elements Natalie looks for in a flip is focusing her search on a family community. The house must have at least 3 bedrooms above grade, a reasonable main bathroom with a tub, and a good kitchen layout. It’s all about hedging risks. What is the market doing, who’s the likely buyer, and who is going to live here? What must you do to get a buyer to choose this house over something else? And how do you make it as aesthetically pleasing as possible knowing that people are buying at the top of their budget and they’re not going to have any money left over to do anything? How do you get buyers to say YES from the second they walk up to the house?

“Flipping is awesome. It’s fun, it’s creative, and I have to say… It's so much more enjoyable to do it in 3 days. You get in, get out, make your money… done!”

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook

Flip Files: How Do You Decide What to Change in a Flip?

How do you decide what to renovate? What to let go? Where to spend your money? In this episode, Natalie Mitchell walks us through the best tips & tricks about renovating a flip, both big and small!

“Some of the best returns I had on flips I spent almost nothing on.”

A big misconception with flips is that adding high amounts of money adds the most value and increases the resale price. That is not the case. Of course, generally, the value goes up the more you invest, but there certainly is not a direct correlation. One important technique in a flip is “High vs. Low”. Do you have to use the expensive version, or can you use the cheaper DIY version? You need both high and low in most projects. The key is to balance the two, for both your bank account and the overall look of the remodel. It’s always about flow. Does it fit together?  

You don’t always need to have a big renovation to make a big change. Sometimes, the smallest things make the biggest impact. “Staging 1-2-3” is the backbone of flipping. The three tiers include (1) the things that are free, easy, or cheap; (2) changing items that require a little more effort or money; and (3) things that might cost a lot more money and/or effort but are worth considering. You don’t want to over-improve a home when doing a flip. You will not get your money back if you overspend.

The key to a flip is to give the buyer the impression that there is more space than there actually is. Instead of trying to create more, try to find the potential in what you already have. It’s often the smallest spaces that create the biggest impact. Go neutral on the bigger elements. Be brave, be bold, and be first. And always ask for help!

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook

Property Management 101

In this episode, Natalie is joined by her personal assistant Lihi Edelman to flesh out what exactly professional property managers do. There’s so much that goes on in their roles and each day brings new excitement and surprises!

This past month, they've had 4 dishwasher leaks, 3 washing machines die within the same week, an exploding toilet, hallway bugs, and a water tank blow.  So, what's their role in this? To do all the work so that the investor/owners don’t have to worry about a thing.  This also includes tenant evictions, move-ins and outs, inspections, professionally drafted leases, bylaw reviews, arranging for repairs and inspections, booking elevators and moves, and more.  

“Our tenants aren’t just renting an apartment or house; they’re renting us and our systems. The chances are, the more properties you have, the more stuff is going to happen.”

They recognize it’s a partnership of where they're living and the experience they’re going to have living there. Natalie and her team have amazing automated systems for payments, repairs, communication, and tenants like the fact that this is what we do all day long and have the systems in place. It makes them easy to reach. They’ve also recognized there’s a growing resistance from tenants to not rent from owners that don’t properly manage rentals full time.

If you want to learn more, Natalie’s second book, So, You Want to be a Property Manager? just came out and is packed full of stories and advice about starting your property management journey. There’s a lot that property managers do that renters don’t really think about.  Understanding leasing is super important, you must be a management expert.

“To owners- My job is for you to never think about your rental and you just receive your deposits every month. But, we get a little bit of everything. We want to do the best possible job for our owners.”

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook | linkedin

Investing is Different for Everyone

Everyone has a unique story of their entrance into Real Estate. In this episode, join Natalie as she interviews investor Tamara Gehring. Tamara shares her unique story of getting into the business of real estate investing and how she’s diversified her housing portfolio.

Instead of selling a home when it was time for a new one, Tamara has turned all previous homes into rentals. She’s gone from being someone who owns rental properties through the traditional lending process, to becoming a lender herself! Eventually, the banks will say “no” to giving you money and you must get creative. Preparation, education, and information are the pillars of a successful real estate investing business.

Where do you find the money when the money runs dry? Started taking courses! Tamara found herself in mastermind groups, which led her to a joint investor deal as the lender. It’s pivotal to recognize that there’s always an opportunity to learn more and grow. If you stop learning you might as well quit.

“I think that you’ve really opened people’s eyes to the fact that they don’t have to get their hands dirty to be a real estate investor.”

Real estate is such a rabbit hole. You go down and there are so many other tunnels you get drawn into. It’s so exciting! There are SO many ways to find your path in this field.

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook | linkedin

The Funnier Side of Real Estate

Real Estate is always serious. Sometimes the best stories come out of closings and working with a diverse set of clients. Join Natalie and Amy Skinner in a casual conversation of hilarious, offbeat and weird things that happen in real estate closings.

“Most of the time, real estate closings go really well. One of the ten, some sort of problem happens. Frankly, money usually solves everything.”

We don’t wish to spoil our stories in the show notes, but we’ll give you a taste of what to expect. What do you do if you discover a half million dollars in the walls of the house after purchase? What if after closing, you discover the house is on the property line, with not enough easement on the property barrier? What would you do if, upon moving in, you discover the previous tenants camping in the backyard of your new home?

A moral of the stories is to always get an updated real property reports! These documents usually show problems early and can help be proactive in dealing with anticipated issues.. Always trust your realtor. If there’s a problem, call them right away. Just being out of the house by noon isn’t enough for a possession, you must be off the property completely. Your lawyer and realtor are here to help cover your back if any odd situation occurs!

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook | linkedin

Amy Skinner - Amy Skinner Law: website | twitter | facebook | linkedin

Building Series: Preserved Wood Foundations

Let’s stop the stigma around Preserved Wood Foundations. In this episode, Natalie is joined by Verlin Koch, a structural engineer for 45 years who specializes in preserved wood basements. A popular foundation technique in Calgary, you have nothing to fear when you see one in a house.

So, what are Preserved Wood Foundations? They’re built of engineered wood that has been specially treated in a way that prohibits breakdown and insect burring, then frames the basement out of that material using special details, such as galvanized nailing. They grew popular starting in the 1960s in Calgary. When the wood basements were catching on in the mid to late 70s–90s, there were a lot of wood basements being built.

There’s a stigma around it… Should people be freaking out when they see one, instead of the typical concrete foundation? No! Wood basements are significantly warmer. Over time concrete degrades as well, and given proper maintenance, PDF & concrete basements have the same lifespan. All wood basements must also have an engineer design & inspector; thus, quality is always checked. Concrete foundations aren’t engineered or checked the same way. !

“It is absolutely imperative to have a specialized structural engineer come out and inspect your PWF basement because a home inspector is not experienced enough to give you an opinion on this certified engineered build. You need a structural engineer for those kinds of situations.”

It has the same life span as concrete and there are no negatives. It’s nothing to be afraid of. If you become more educated about this, it will also level you up in your own real estate experience!

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook | linkedin

Verlin Koch - KTA Engineering: website | linkedin

Building Series: After the Big Move

This episode is dedicated to the end of the seemingly long journey. You’ve purchased your home and now it's ready! You think it’s as simple as getting your key and moving in, but there’s a lot more that goes on behind the scenes! Natalie speaks once more with Corey Mitchell, owner of Sticks and Stones Custom Homes, about the wrap-up after a client moves into their new home. 

Marketing a home to potential buyers is tough and staging is critical! You must get good sales representation. Realtors doing open houses, advertising, a spec sheet- anything possible to attract a buyer. In return, buyers shouldn’t be afraid to make an offer on the new property. It’s no different than making an offer on a resale home. Buyers who offer early in the build process are going to get the best deals!

“You don’t need a good lawyer when things go right, you need a great lawyer when things go wrong.” That is insurability. Things unintentionally go wrong about half the time and contracts are there to save you. There’s nothing wrong with protecting yourself, it’s just prudent. Always look for a great lawyer who can create the most detailed contract possible to protect you in your purchase experience. Buying homes under construction are more complex contracts for sure!  

What’s important to recognize is that just because something is new, doesn’t mean it's problem free. And just because something has a problem, doesn’t mean it’s a weak build. Sometimes there’s brutal weather that causes delays. Things happen! Things are going to go wrong but it’s how your builder handles your requests that says everything about who they are as a businessperson.

“An experienced realtor that understands building is worth their weight in gold! They get that it’s all about minutia and not missing a single detail. This is true right down to what the toilet paper holder will look like.”

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook | linkedin

Corey Mitchell - Sticks & Stones Custom homes: website | instagram | linkedin

Building Series: What is a Condo?

In case you didn’t know, condos are awesome! In this episode, Natalie demystifies the wonderful world of condo buying and condo living. From bylaws to insurance and condo specialists, all this information will help equip you for your first condo purchase.  

Condos are basically a group of people with a shared style of living. It can also be the cheapest way to enter the real estate market. In many cases, the entry point is significantly lower than townhouses or duplexes, with the price being a real attraction to first-time buyers. 

All condos have monthly fees that you must factor into your budget. This is a lump sum that typically includes some utilities, professional management fees, and a reserve fund.

Using Certified Condo Specialists when looking at purchasing a condo is critical. These specialized real estate agents provide a knowledgeable layer of discernment into what you will be agreeing to. From breaking down the financials and the bylaws, this type of agent will really do the work to find out all the nitty gritty you need to make a decision. Bylaws even control rental restrictions – a big deal if you are planning to turn your unit into a rental.

“I personally can’t wait to retire in 8 years to a condo. I want someone else to shovel snow for me!. I’m moving into a condo for the lifestyle. It's easy, maintenance-free, and offers me the amenities I am looking for. It’s also an incredible opportunity for new investors to get onto the real estate ladder.”

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook 

Building Series: Draw Mortgages

We’ve all heard about the traditional mortgage. But are you familiar with a better option if building a new construction? In this episode, Natalie and her guests discuss new construction and draw mortgages and how they differ from the everyday side of lending. 

In a draw mortgage, the dates of funding are different. Standard mortgages start funding the date you take possession of the home. In a draw, the fund starts at certain stages of the build process. Typically, it is your builder who determines the type of mortgage you will need. 

With a Draw mortgage, once the initial draw funds are at the foundation, the interest rate locks in for you for the entire next year until your home is built. Then the five-year term will start when you have occupancy. Thus,  you’re locking in the mortgage rate for 6 years. 

If you are thinking of building a home, whether commercial, custom, or private, before even looking at pieces of land you need to talk to your mortgage professional. Get your prequalifying set up and be ready to go. Then, when you find that piece of land, you know exactly what to do to get it because your mortgage professional already knows what you need.

“Always be as honest as possible with your mortgage professional as every detail triggers a conversation. Reach out to your professional, build that trust, and be completely open with them.”

If you’re withholding information, that could be robbing you of a better opportunity, another product, or a way of keeping you out of trouble. It's about having the right conversations and understanding what the ultimate goal is. At the end of the day, do we want to be knee-deep in the trenches of the reno with you? We don’t need to. We do have to consider all of the risks. Those are the things we need to know about, and the bank wants to be informed of major structural renovations. 

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook 

Building Series: Interior Design

In this episode, Natalie is joined by LeAnne Bunnell, an established Interior Designer in Calgary, Alberta. They discuss designing a home from the ground up, renovations, furnishings, and how to make your home unique to you!

“Being a designer is like being a detective. You have to get into the psychology of the client and homeowner to figure out what they’re really getting after.”

We interchange the words designer and decorator often, but there is a massive difference. To become an interior designer, you need a license and extensive training. If you don’t have that, you can't use that term. As an interior designer, LeAnne takes a holistic review of the entire project and looks at it from the final user's perspective. Designers set the stage for your home, allowing glimpses of your personality to shine throughout. She discusses the design challenges of grand versus intimate spaces and the specific approach to each one.

In interior design, you must consider the house from the client’s perspective, and then guide them through the process. Safety is a huge part of interior design when looking at building codes and specifications for the area. Lifestyle also comes into play heavily when designing a home. Are you coming home at odd hours? Then we have to consider motion-sensor lights and an alarm. These are key things for peace of mind down the road. Lighting designers are more specialized designers and they exist to save you money and give you the best results in the staging of your lighting. If you can’t see what you paid for, what’s the point?

Start designing your spaces for YOU. Time is short. You need to love the space that you’re in and interior designers are dedicated to making sure your house truly feels like home.

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Enjoying the show? Please give a 5-star rating and review on Apple Podcasts - every review helps others find the podcast!

As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor and I'll send you the first three chapters of “Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!”

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Natalie Mitchell: website | instagram | facebook