The Keys To Owning (a real estate podcast)
By KeysToOwning
Keys To Owning harnesses the experience of real property owners to educate their fellow Canadians through real stories about real transactions, allowing subscribers to learn what to know and who to ask in order to navigate the real estate market with confidence!
The Keys To Owning (a real estate podcast)May 24, 2022
Triplex On It's Tippy-Toes
Guillaume shares why he DID NOT purchase a property due to the outcome of an Expert Report followup on a standard building inspection. An Export Report is conducted when a building inspection comes back inconclusive about a particular item or if there is reason to consult an Expert Opinion on a component of the property. Y’all know how I feel about inspections and this story only further emphasizes why they are so important.
Spoiler it - Guillaume eventually did find an apartment to buy in the Plateau of Montreal and just moved in last month, but I wanted to share this story because we haven’t talked about expert reports before and I also find his journey to be a great reflection of the realities of the current Montreal real estate market.
Be sure to check out Guillaume’s local business pick:
📷Khyber Pass - Le Plateau-Mont-Royal - Photos, Menu, Avis Restaurant & plus - RestoMontreal
Short Term Rental Riches
We broke the rules and brought a non-Canadian onto the show, but his knowledge about real estate and the short term rental game can be applied to real estate in Canada as well. Short Term Rental Riches, Tim Hubbard, shares his expertise on short term rentals and shares his why real estate. You can find https://podcasts.apple.com/ca/podcast/short-term-rental-riches/id1488518397
You learn more about Tim, find his recommend resources and sign up for his Masterclass on short term rental strategies at https://restmethods.com/
And if you’re ever in Medellìn, Columbia be sure to check out https://www.vervesano.com/?fbclid=IwAR3c4NS06d-KldUkMZYLdhkPEa_ftFVbME2RaOaajQPMwAZogADELCTzQpY
Miniseries 3/6: Sourcing your team!
There are several professionals that you will inevitably encounter throughout a real estate transaction. In this episode, we we review the most common stakeholders, their roles and some tips to choose the right professional for you! We speak about:
1. Real estate brokers
2. Mortgage brokers
3. Building inspectors
4. Notaries/Real Estate Lawyers
with some honorable mentions of other professionals you will want to have on your radar.
Listen to learn some DOs and DON'Ts in choosing your real estate team.
Nuisance Of A New Build
Amir shares a cautionary tail of the importance of inspections, even in new build situations. He tells us about his luck with a builder who had their permits taken away and how he was lucky to be left with just a faulty tub and not a leaking roof, like his neighbor.
Amir also suggests visiting https://www.zomato.com/montreal/golden-bol-bol-dor-brossard/menu if you are ever in Brossard, Quebec.
If you're interested in following the Trigone story further, you can check out https://www.townoflaronge.ca/habitats-trigon-loses-everything-to-rbq/.
4 Tips From A 4plex Owner
1. understand that revenue properties are a people business and you could be dealing with tenants of all sorts
2. when getting a quote for renovations, be sure to get at least 3 and see if you are able to save by doing some of the work yourself
3. when conducting renovations, talk to your city planning and architecture departments before investing in your plans
4. check in with your tenants regularly, to avoid learning of squishy floors and problems before it's too late
Jon is also a leader of the Montreal Elite (an EXP brokerage team based in the west island of Montreal). If you're looking to buy, sell or are an aspiring broker looking for a tribe, you can see Montrel Elite team and listings at www.eliterealestategroup.com/.
For his local shoutout, Jon chose Solage Solide, a foundation repair company in Vaudreuil-Dorion, QC.
Duplex At A Distance
Eyoel, also encourages you to try out Lalibela (previously known as Fasika) Ethiopian restaurant if you are ever in the Toronto area and looking to try some authentic Ethiopian cuisine! www.lalibelaethiopianrestaurant.com/
Mini Series 2/6: Establishing your purchase budget!
Walk through my real budget and numbers for my first purchase and learn how you can avoid becoming house poor, by not making the same mistakes as younger me.
We talk about:
- Gross Debt Service, and Total Debt Service ratios that lenders consider when qualifying you for a mortgage
- How to establish a budget based around your lifestyle and NOT around you borrowing capacity
- Closing costs. loan to value ratios and downpayment amount that you'll need to account for in the cash you set aside for your purchase
The Real Cost of Ownership
Two Time Olympian, First Time Homebuyer
In this episode we talk about:
1. Using a private mortgage broker
Someone who knows the industry can pull strings and suggest options that might not occur to you as a first time buyer or someone who is not an expert in the financing domain.
2. Knowing your credit score
You can look up your current credit score through borrowell.com or creditkarma.ca
3. Remember to ask questions about divided condo associations
You'll want to ask who is on the board, how they manage things, the annual budget, known upcoming expenses and/or condo fee increases, what the condo rules are (like can you have pets or BBQs, are you allowed to airbnb your unit) etc. before deciding to purchase so that you are can make a controlled and informed decision.
4. If you're ever in the plateau be sure to check out Baguette Brochette and Maison Oflore for an African inspired bite or a Montreal coffee
5. If you're in the market for digitized portraits or stickers be sure to follow DesignsByTheCrown on instagram!
6. Get to know your neighborhood
Really explore the neighborhood you're looking at property in. Speak to people who live there if you have the chance. Use tools like Local Logic and Walkscore to really understand what life there might be like. If you're able, walk around and see how it feels.
Beat The Market, Buy It Broken
Andrew Mitchell, Chartered Real Estate Broker in Montreal, walks us through his advice for first time homebuyers, market predictions and the basics of purchasing land.
On this episode Andrew shares his knowledge on the following, and more:
Don't buy based on aesthetics alone
Make sure you consider all of the not-so-sexy aspects of a property, such as the roof and the furnace - don't be fooled by an uplifted interior. Things like new flooring or a counter replacement generally cost a lot less than a new furnace or a new roof for example.
If you're a first time buyer, wait a minute
Wait to see what the market does as travel and businesses in Canada start to open up again.
Avoid mortgage insurance fees
If you're not taking on some sort of flip or BRR, try to put 20% downpayment to avoid mortgage insurance if you can.
Consult with the city when buying land
Go to the city with your plans and see what the zoning is for different areas and ask them what modifications you would need to make in order for your plans to be approved.
Be aware of flood zones and if your property will be insurable
Some insurance companies and financing institutions don't want to insure or finance high risk properties. It doesn't mean you shouldn't buy them, but it's good to educate yourself on the risk.
Looking for Sushi in Ile-Perrot?
Sushi Perrot has you covered. Look them up for takeout or dine in if you're in the area!
http://www.sushiperrot.ca/menus/
Andrew Mitchell Real Estate Broker
Andrew is a joy to work with. As someone who has worked directly with him I can highly recommend. Check out his facebook!
https://www.facebook.com/AndrewMitchellRealEstate/
MiniSeries Ep 1/6: Deciding To Take The Plunge
We're trying a miniseries: 6 Steps To A Smooth Transaction in response to many of you asking for more about my personal experience or advice that I would give to someone entering into a real estate transaction.
For most of us, purchasing a property is one of, if not the, largest and most costly transaction we will make in a lifetime. It would be crazy to go into it with little knowledge and without a plan, yet that's what many of us have done or continue to do. This mini series holds a basic framework that I have developed for myself, friends and family, to avoid entering into a transaction in the dark and to minimize the number of not-so-nice surprises that we might encounter in our real estate journey.
The mini series breaks the residential real estate purchase into 6 steps:
1. Determining if you are ready to decide to purchase
2. Creating a budget and financial plan
3. Sourcing a team
4. Searching for that perfect property
5. Closing
6. Life after close
The first episode is guides you through 4 questions that you can ask yourself to determine if you are ready to make the decision to purchase a property.
New Builds And Breakups
This week, Justin introduces us to the Access Condo new build incentive and Canadian Home Buyers Program and gives his advice on how to manage a breakup when a property asset is involved. Be sure to catch up with Justin on the WRG Media podcast https://anchor.fm/lerundown !
1. For more information about the Montreal Access Condo program you can visit https://accescondos.org/en/standard-option/
2. For more information about the Federal Home Buyers Program you can visit https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
3. For some great eats in Dorval be sure to check out https://www.nonsolopane.ca/
Some other great takeaways from this episode:
- when separating an asset, get a non-partial evaluator/appraiser who has not personal tie to either party
- be sure to familiarize yourself with your rights as a tenant or land lord IN YOUR AREA so that you can navigate lease transfers and terminations without question or confusion
- include clauses in your lease about annual increases in rent so that tenants are not shocked by this news when it is time to renew
- be upfront about condo fees for non-compliance to the condo regulations and if you expect the tenant to pay these, include it in your lease contract
Never Last But Always Leased
Eliane walks us through how she has gone from 0 to 3 properties in under 1 years and why she still chooses to live as a tenant herself! Whether it be choosing your broker, finding tenants, or taking on her first off market flip, Eli has gained multiple transactions worth of experience and today she is here to share it with you!
Post-show notes
So Eli has actually since gone and bought her flip, where she and her partner will finally settle for the time being. If you want to follow their journey be sure to follow her on instagram at @el.realty .
If you weren’t able to catch the show or just didn’t retain it all, here is the highlight real of tips and advice Eli passed on in the episode:
1 ) Even if you own real estate, sometimes renting is still the better option - Eli kept her personal monthly living costs low by continuing to rent with her partner. They used this strategy to aggressively save up down payments for their real estate and demonstrate lower risk to lenders until their portfolio was cash-flowing enough to speak for itself.
2) Use a mortgage specialist to be sure you understand what and how your lender is considering you income streams - not all lenders calculate your income/debt ratios or risk the same way. It is important to have the conversations to understand what your lender considers and needs to assess if they will lend to you and how much they will lend to you.
3) Find the broker like you’d find your life partner - just like with dating, there are so many brokers out there. It’s important to take the time to find the broker that feels right for you. If you’re not sure how to start, check out this page about how to choose a broker: https://www.canadianrealestatemagazine.ca/expert-advice/how-to-choose-a-realtor-to-work-with-190382.aspx
4) To keep condo fees pouring back into your asset, you can try to find a condo with fewer amenities. This increases the chance that your condo fees will be used toward necessary upkeep of the building and common spaces, rather than being lost on things like pool maintenance or amenities that your tenants might not even be using. That being said, make sure to consider the type of tenant you are looking for and what might attract them - if a pool is a must for your tenant avatar, then it might be a good investment. This is simply food for thought.
5) Ask about different mortgage types before committing - there are more than one type of mortgage, for example fixed vs variable vs open, and each are appropriate for different scenarios. There are even more options when it comes to refinancing a home or leveraging other assets, so be sure to ASK about these types of mortgages to determine what is best for you and your situation before committing to the first thing that is offered.
6) Pay attention to detail on your visit or walkthrough - make sure to look for the little things on your visit to the property to avoid small and sometimes costly pains. For example, when I bought my first condo, I did not even think to check if there were ceiling lights in two of the rooms. There were not. You must have standing lamps that plug in in order to light the rooms. It was daytime and I was so excited on my visit that it didn’t occur to me to check. Adding ceiling lights isn’t the most costly thing, but it is something I hadn’t budgeted for.
7) Take time interviewing your tenants - although it's tempting, make sure to take your time as a landlord to find the right tenants for you.
8) When in Cote-des-neiges Montreal, eat at Cuisine de Manille : https://cuisinedemanille.com/
Triplex With Defective Tenants, Verdun Quebec
Tune in to hear from Michael Jang about his experience with family joint-ventures, buying a property with existing tenants and how title insurance can save you thousands!
Post-show content:
- - As promised, here is a link to Scott McGillivray’s website https://scottmcgillivray.com/.
- - Here is a little resource about title insurance. This particular resource is from Ontario but the concept exists nationwide.
- - Mike mentioned Woodland Pizza as his local business shoutout. If you're ever in Verdun, be sure to grab a slice!
Have a question or want to be on the show? You can follow us on instagram @keystoowning and or leave us a voice message at by clicking the following link: https://anchor.fm/keystoowning/message
A Keys To Owning Teaser
After purchasing her second property and reflecting on the things she wished she had known with her first transaction, Caro decided to launch The Keys To Owning real estate podcast to pool her networks' experience and demystify the Canadian real estate industry for herself, her friends and her family.
Keys To Owning harnesses the experience of real property owners to educate their fellow Canadian through real stories about real transactions, allowing subscribers to learn what to know and who to ask in order to navigate the real estate market with confidence!