Episode 10
10 - Best Strategies for Getting Started
In this episode, Quentin talks with a member who is looking to get into his first property. We explore some strategies and some locations that might fit his budget.
The member shares that he has been a member of DurhamREI Facebook group for the last two years. He became a mortgage broker in 2019. As for his real estate career, he is looking to do private lending. Following COVID, he was forced to work in retail full time, but he aims to pursue both real estate investing and his mortgage brokering career. He shares his experience of losing insurance and having to refinance his house twice when he owned a restaurant. He wants to build his net worth and get more into the real estate investing side and be the managing partner of joint ventures.
Quentin adds that if he has the funds available, and wants to partner with somebody, he should focus on partnering with a flipper. He adds “you always have to see how you can add value to like what somebody is doing, in order to make it more valuable than just what it is that you have.” Furthermore, he says that if he can’t qualify in Durham, he might want to look a little bit further out from Durham for properties.
Quentin says that high cash flow requires a bit more work, and he suggests hiring a property manager. He recommends looking at Peterborough student rentals, or even Peterborough rentals, as they produce better numbers. Apart from Peterborough, areas like Kingston, Bellville and Cobourg also have the potential to produce good cash flow. He adds “If you can get a duplex, have two rents and hire a property manager and still cashflow four or 500 bucks, that's what you're looking at.”
He further says that once you get one or two under your belt, then it's easier for you to go to the next person and say, look, this is what I'm doing. Do you want to do it together? And then we can, you know, we can do a partnership. As an investor, the focus should be on putting in quality property management. Quentin also says that knowing the fundamentals of what makes an area a good area is crucial, because and cheap doesn't always mean good.
In conclusion, he suggests going through the First Three Rental Properties and Joint Venture Partnerships courses, and then start talking about what he is learning as he goes along. He adds that “you need to find and talk to the people who have been successful, and then you listen to those people because they'll help you to get to where you want to go.”
Topics Discussed
• Introduction [00:00]
• His Background and Experience in Real Estate Investing [01:25]
• What are His Future Goals in Real Estate Investing? [04:40]
Resources Mentioned
Important Links
