All Forum Posts by: Ming Lim

The holidays are done and the credit cards have been filled just as high as stockings. January is looking tight and keeping your job is on your mind, let alone early retirement.

This time of year, we get approached by a lot of novice investors who want to take control of their financial futures. So, what better way to kick off 2022 than by reviewing our systematic method for investing in real estate based on our years of experience. STOP THE CYCLE! Do something in 2022 to achieve financial freedom. Learn to make real estate work for you.

This is the ideal event for those looking to start investing or those with 1-2 properties. For those who are more experienced, having a strong understanding of the fundamentals will sharpen your skills as an investor, plus you're always welcome to share your knowledge!

During our session we’ll cover questions like:

- Where should you invest?
- Is now the right time to invest?
- Should you buy a condo or a multi-family?
- What are the ways in which real estate actually makes money?
- How can “house-hacking” or buying a house with a basement suite help you get started?

Make a change this year. Keep that promise to yourself that you’re going to learn to take control of your finances.

Since 2012, Volition has helped hundreds of investors build over $100M of wealth and have changed countless financial futures along the way. If you have ever thought about investing in real estate, you don’t want to miss this session!

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Schedule
6:30 pm-7:00 pm: Networking (remember that your network is your net worth!)
7:00 pm-9:00 pm: Presentations begin

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Volition Properties

Volition Properties is an award-winning Toronto boutique real estate investment firm. We provide real estate education, help clients buy investment properties, renovate and build income properties, and have sophisticated property management. We have helped clients invest over $228MM in real estate in the Toronto area – we can guide you too!

[Volition (vō-ˈli-shən): The power to make your own choices or decisions; free will. Living life by design, not by default.]

Contact us today for any questions about investing in real estate in Toronto! [email protected]

@Seb Ko - Hey Seb! I'm happy to give back. If you find my stuff useful just upvote the post to help others too.

Refi requirements are pretty much the same as qualification for a new mortgage - in that it's going to be a deep financial exam. T1's, T4's, leases, bank statements, etc, etc, etc. I go through refi's and mortgage qualification so often that I just keep a Google Drive folder with all my key details in it. Every time I get a financial slip, I just put a copy in that Google Drive link and my mortgage broker has access to it at all times. Requirements will differ across lenders and will be different if you already have existing financing with that same lender. For example, you could have a collateral mortgage already set up as part of your first position mortgage making is easier to get lending from the same lender (or harder to get a 2nd mortgage from a different lender). 

Generally, improving a property, as long as your lender lends against these types of properties, you should be able to refi. What is more key is that your improvements aren't beyond the norm of the area, as there won't be comps to support your ARV.

Commercial vs personal qualification is an entirely different kettle of fish. In broad terms, it's generally harder to qualify for any financing as a corp.

The best thing to do is to reach out to an investor focused mortgage broker like @Jacob Perez to go through your personal situation.

Hope that helps!

Cheers,

Ming

@Jon D. The time horizon is 12+ months from closing to tenants moving in, with additional consideration given to the longer lead times for permits and other construction-related activities during the pandemic, plus an additional 1-2 months for refinancing.

We will be discussing these case studies and other ways to make Toronto cash flow in our Jan. 30 Masterclass on the fundamentals of Toronto real estate investing - event details are posted in BP events and we would love to see BP investors at our event! https://www.biggerpockets.com/...

Appreciate the Volition shoutout David! We specialize in making Toronto-area properties work and have access to properties as well as individuals who can offer the 'hustle' on a JV. We're also working on an investment vehicle launching in Q2/Q3 for those who have the money and expertise with the desire to invest in Toronto real estate but have limited time or competing priorities and prefer to hand the hustle to the experts.

We're running an online Masterclass on Jan. 30 that teaches the fundamentals of investing in Toronto including turnkey and value-add triplex conversion strategies, and it's a great opportunity to network with like-minded investors. It was held in person at Ryerson last year with over 100 attendees, and we are doing our best to maintain the same level of engagement and connection on our virtual platform: https://www.biggerpockets.com/...

Today is the last day for early bird before prices go up to $149 from $97! Register for the class here: 
https://hopin.com/events/toronto-rei-masterclass

If you only go to *one* event this year – THIS IS THE ONE!

Come learn from the Volition team, Toronto’s real estate investment experts and organizers of the largest and most active Real Estate Investment Meetup in Toronto with 2,300+ members. We've helped clients generate $113M+ in wealth, and $10M+ in cashflow using these strategies and we are here to help you do the same.

Who this Masterclass is for:

- If you are NEW to real estate investing and don’t know how to get started – this is the event for you!

- If you are a SEASONED investor and are looking for ways to take your investing to the next level – this is the event for you!

- If you have a partner, spouse, or family member who has RESERVATIONS about your desire to invest in real estate and is concerned that it’s too risky – this is the event for them!

- If you ATTENDED LAST YEAR, COVID has changed the market – this is still the event for you!

What this Masterclass is about:
We have jammed years of experience and knowledge into one intense day of learning. We’ve distilled 5 years of Volition Meetup content down to the essentials. This course will cover THE BEST AND MOST RELEVANT content with a singular goal in mind – to give you the confidence and knowledge to be successful in 2021!

You’ll get answers to the MOST PRESSING QUESTIONS from investors, including:
- What is the role of cashflow?
- How can I quit my full-time job?
- How does my real estate help me retire?
- What is the difference between Cheap vs Value Investing?
- How are sophisticated investors handling the current market?
- What are the relevant factors that I should consider when investing in an area?
- What fundamentals underpin a real estate market for long term sustainable growth?
- What do more advanced business models (multifamily conversions, laneway housing) look like?
- What kind of ROI can I expect and how does real estate compare to other investing methods?

This Masterclass IS:
- A comprehensive course containing EVERYTHING you need to know to get started with your investing in 2021
- Covering various real estate investment business models that work in Toronto, being used in 2020/21 by Volition investors
- Your chance to learn real estate theory and fundamentals, and more importantly, how to APPLY them to the Toronto market to understand if Toronto is a market worth investing in
- An opportunity for you to speak and network with successful investors that were in your shoes who took massive action, as well as other aspiring investors who are at the same level as you

This Masterclass is NOT:
- A “get rich quick” scheme
- How to flip houses for a quick buck
- Trying to convince you that this is going to be an easy journey
- Trying to convince you that wholesaling is easy and that anyone can do it
- Endorsing $0 money down investment schemes or any other hair-brained “strategies”
- Trying to repurpose US-based content or strategies specific to other provinces or small towns for Toronto
- A theory-only seminar that only gives you high-level information about investing, but doesn’t make it relevant for you and the Toronto market

You’ll leave the session with a repeatable, risk-mitigated blueprint teaching you how to invest in real estate the right way. You’ll learn how real estate makes money, how to properly analyze properties, understand the cashflow myth, how to mitigate risk, and so much more!

How this Masterclass is run:
- This all-day intensive is completely virtual
- A mix of pre-recorded content and live sessions allowing for a streamlined approach and a chance to ask your questions and get answers in real-time, without detracting from the presentations
- An expert panel of “Real People, doing Real $#!T” – they all started from somewhere different but have one thing in common, they took massive action!
- Special guest speakers and experts on mortgage financing from Vine Group

Notes:

1. Sign up before January 19, 2021 for $97 early bird pricing - prices increase to $149 after: https://hopin.com/events/toron...

2. This event is FOR YOU! If there are burning questions you have that you would like addressed during the event, please email them to [email protected] and we will do our best to incorporate them into the presentation.

@Anthony Panepinto - Yes, absolutely Toronto works!

1) All we do now are BRRR's in Toronto for a multitude of reasons (reno lift, better tenant profiles, infrastructure spending, etc.). We've done almost 10 projects this year with our clients in Toronto.

2) Yes, we also only BRRR multifamily. This let's the ARV be established through both cap rates and comps. We do legal units as well which helps with the establishing the ARV.

3) We used to invest in Hamilton, Sudbury, Edmonton and Waterloo, but it didn't work out for us. We had trouble with tenant profiles and project execution. Not to mention, we didn't have a strong enough team in those locations to execute.

Anyway, hope that helps - DM me anytime!

Cheers,

Ming

@Ally Z.I will echo @Zorya Belanger words. Absolutely! Our entire company is actually based on the BRRR methodology and we do it in one of the most expensive markets in Canada. BRRR isn't about buying undervalued, it's more about achieving a high enough ARV upon completion. If we buy a house that's $1.5M, but with an ARV of $3M, the model still holds strong.

Hope that helps!

Cheers,

Ming

@Jacob Perez - Tagging one of the best investor broker agents in the GTA on this thread! He's speaking at our meetup on Wednesday. DM me if you're interested in attending!

Cheers,

Ming

Hi Amber,

Much like a standard business, you want to approach your investing with your customer (tenant) in mind. Who are the best tenants? Well for us, they're young professionals, responsible, mid to late 20s into their mid 30s. They're earning 60-80k a year. About 5 years out of school. University educated. They work in tech, finance, consulting, engineering, etc. Most of them work in the downtown core, or these days at a home office as their knowledge workers. They like to live / work / play all within the same neighbourhoods. They don't drive or own cars. They take public transit and uber. 

With all this information, we work backwards - where do these people want to live?  We've done our research and most of these folks want to live in the downtown core. Pre-covid, about 75% wanted to live right in the core, about 15 mins max from work. 25% wanted to live a bit further as they wanted more space and are okay with a 35min max commute to work. It's this 25% of folks that we target specifically. 

The question is for you, what tenant profile are you after - more specifically what is a "good" tenant profile to you? Students can be "good" if they fit your business model for example. But students are "bad" for our business model. Why are you after that tenant profile? And lastly, where to do those folks want to live?

The question isn't "does my area have good tenants", rather it's the other way around. Where do "good" tenants want to live?

Hope that helps!

Cheers,

Ming