014 How to find High Quality Tenants and like Minded Investors - Answering Questions from the Audience and up coming Training Courses

How to find High Quality Tenants and like Minded Investors - Answering Questions from the Audience and up coming Training Courses

I am passionate about helping new and experienced real estate investors grow their real estate portfolios and build a passive income lifestyle that gives them greater financial options and opportunities. My vision is to empower people by educating them on financial options.

Over the last nine years, I have built my own real estate portfolio to over 520 doors with a value of $60 million. I focus on long term buy and hold, apartment buildings and multi-family units. While I continue to add doors to my portfolio (I added another 85 in 2018 alone and have another 87 under contract to close shortly), my focus is on training others to do what I have done.

I am a real estate investment coach. Multiple Ways to Wealth is a training, education and membership organization for real estate investors that I have developed. It is based on my experience, knowledge and training.

I provide training, coaching and educational resources. Through my programs, I share my real-life experience and practical knowledge. I give those in my programs access to my network of successful real estate investors to learn from their knowledge and experience.

My specialty is finding the money. I know how to find, attract and keep investors happy. I help my students attract the right investors so they can add hundreds of doors to their portfolios by investing with joint venture partners.

Living the life you desire takes work. I am a firm believer that with the right mindset and the best training we can solve our biggest problems to live the life we deserve.

https://ednakeep.com/

Transcription:

Edna

Hey, hey. It's Edna Keep here. Welcome to the seven figure real estate podcast. I'm your host. I hope you enjoy the episode.

Good afternoon Edna Keep here and today we are doing a free coaching Friday on Thursday. And the reason for that is we are going to be out of town tomorrow. So, we want to make sure that we connect with you this week before the holidays all get started so. So, I had a few questions from last week that I wasn't able to get to when I was doing my call. Sorry. And so, I thought I would cover those off first and then of course as always if you have any questions please just type them into the question box and I'll get an answer for you.

Some of the questions that I had from last week that I didn't get to answer was getting started with some small multi-family properties. And after listening to many podcasts and reading it seems that one of the biggest issues with being a landlord is retaining high-quality tenants. And you know what that is so true. It's not easy to retain high-quality tenants but what I want you to think about when you're looking for tenants is get all your I's dotted and your t's crossed ahead of time. Ask everything you could possibly want to know and look at their car if you see their car when they come to look at the property make note of it. Is it clean? Is it dirty? Is it disgusting? Like walk up to the door and have a look in you might be surprised at what you'd find because a lot of people present really really well. But the place they live in and the car they drive is not very clean and so make note of that.  Get their credit check done. That's a really big one. And I know that credit check doesn't say everything. There are some really good renters if even though they've had credit challenges. But if it's consistent credit challenges and its brand-new or not brand-new but it's showing up on their credit report lately. It's probably not a good place in their life and may not be the best tenants.

We kind of go with the rule that we want to have by fifty or above on their credit score if they are lower than that. That's not really good. Now there are extenuating circumstances sometimes, so listen to that. Get their references, definitely call the references. That's a really big deal. And one of the things that we learned early on was in calling references was not just to say, “Hey I'm calling to get a reference on so-and-so” but to call and say things like “Hey I'm looking for a place to rent”. And they're like “I don't have any places to rent you got the wrong number”. Then you know that that landlord reference they gave you is not a landlord you know because they do set stuff up like that.

And the other thing is if you do have a good tenant treat them good, treat them really good, they’re customers, they're paying you, you know anywhere from… well just think if it's a thousand dollars a month that's twelve thousand dollars a year. That's a really good customer. So, get some gifts. Christmas gifts Christmas is a great time to give them a gift and something nice is just a gift certificate. You know whether it's to a restaurant, a local restaurant that they could even just walk to. Those are always appreciated by tenants. And I would think that they'd be really happy. The other thing is to get to know them a bit. One of the things that I was actually listening to my C.D. this week and they said you can't let your property managers do everything for you. You know you think, they can't call every single one of your tenants. They could be managing a hundred and fifty tenants and wish them a Merry Christmas, but you could just don't tell them you're the owner. You could say “Hi this is Jeff I'm from so-and-so property management and I'm just calling to check up on you. How's things going? Is your property OK? Is there any concerns you have?” and you know if they're having some concerns with some of the property management maybe that's when you'll hear about it. So, I thought that that was a really good tip just recently when it comes to dealing with tenants.

What else do we got here? I think Dean Graziosi I was listening to something he said the other day I think it was him. He said he gives every tenant that pays on time like on the first of the month every month, he gives them a twenty-five dollar gift certificates. And I thought that was a really really nice thing to do. I never thought about that before. But you know what. Those are ideal tenants is the ones who pay us on the first of the month.

OK. This is a good question. So, this person just recently bought a building a multifamily and he's taken over ten tenants at one time and he says “So what's your process when you inherit tenants. Do you have them sign a new lease or just get the old one assigned? Do you run credit checks? What else do you do when you inherit tenants at closing? When do you step in, in your process: before closing, at closing or after?” OK so that's a really good question and that's something you need to know, what we've done is we get all the leases from the people that we bought it from. And we go through it thoroughly and we like to get new leases signed. Every once in a while, a tenant won’t want to do that, they have some issues with it, it's not a really big deal especially if they've been a good tenant. But it's nice to have everything on your own lease documents, stuff like that and it gives you a chance to talk to them and just see you know what they liked about their last landlords what they didn't like, what you could do better that sort of thing.

So good questions and what we do is we get the leases ahead of time but on the day of closing is when we send out or maybe a little bit before. We usually try not to take possession on first and the collecting rent the same day, we'll usually try to take possession on the second or third but the other group collect rent and then get our pro-rated portion of it and then it gives us some time to get our signs up and our notices out of who to write the checks to going forward but OK.

So very very good question. A newbie investor says “I'm looking to connect with folks who are like-minded investors who want to work together to build wealth. I have a dual background in being in Egypt as well as an investor so I'm able to find deals and minimize costs by keeping all the work in-house”. Oh, you know what. So, the question is so “Where do I find like-minded individuals?”. Well, you know what. Every city almost the bigger cities anyway have a city real estate investment company. We have one right here in Regina. We run it and it's called Profit in the Prairies Real Estate Investment Group. We meet the last Wednesday of every month. I know there's really good ones in Edmonton Calgary Vancouver. There's probably some in every major city there is and in some cities like Winnipeg, I think there's like five or ten of them. There's a lot so. But anyway yeah. That's a great place to network with fellow investors and the other place is when you're driving around, and you see what looks like a renovation under contract and it looks like it could be an investment area. Pop in and just say “Hi” and just talk to them and see what they're doing, where they hang out and where the meetings are. If you don't know. Then, of course, there's Google, Google it and see who's running the meetings in your local area. That's a good way to go.

Oh, here we go. So “I'm having a heck of a time finding the information to finish up module three. Do you have any resources to complete module three, that's knowing your market to analyze cap rates?” You know what a good place to start is the CMHC report which you can actually sign up to get monthly. Does it come up monthly or quarterly? Anyway, it comes out, you can sign up, they send an email. The other way to look as if you're looking at investing in Regina or Saskatoon check out the city website they got some really good topics in there. So, kind of depending on which market you're going to be in, but the larger ones are mentioned in there. The smaller ones are not mentioned in the CMHC report but each town and city has their own stuff about their own market. Another place to talk is a realtor. Like when you're talking to a realtor ask them what the cap rates are in the different areas in the city and you can let them know that you're new and you're just kind of trying to find out depending on how busy they are whether they'll take the time to answer you. So that's probably the best way just check MLS for any listings that might be on and then check with them. Ask them what they think? What the cap rates are? What things are they selling for? You know just ask them the general questions you'll find out.

So, one thing I really wanted to bring up today Chandelle tells me that she's having a hard time getting her ads through for the course that's coming up and we got a new course opening up January tenth and for the month of December we're offering it on sale. So, all last year I sold this program for five thousand dollars, had some really good feedback and a lot of people got a lot out of it and that's actually what Tyler was talking about in there, he's in Module three of the one that started in December. And so, each week you get homework and your homework is checked by me to make sure that you're on the right track.

Sometimes it is a little difficult like Tyler said like “Where do we start looking?” and you know “where do we know, saying if we're going into a new area, where do we start looking?” I always start looking on the city Web sites that tell you and then I look at the MLS in that area. Those are the two areas that I start with and then I try to have a conversation with somebody who looks like they’re a real estate realtor investor because if they're an investor they understand it a lot better. And then if you go with the commercial side well they'll understand it too. So those are some of the things that you learn and that some of your homework and anyway. I was actually talking to one of my students yesterday and we're talking about what were some of the biggest things that she learned last year as opposed to the year before and she said well “I bought my first multi-family last year and you know I was terrified at the beginning because there is a lot of work involved”. But she said as they went through it “I realized that everyone is there to help. Whether it's a mortgage broker or the lender or the realtor you know my coach, everybody, even the fellow students are all so helpful”. She says that “I just wasn't used to that from our prior job”.

So, she says “It's just so pleasant to be treated like somebody who has a brain and has good questions instead of just kind of expecting that you're going to be treated like a dummy”. So, I thought that that was pretty powerful. You know I said, “The absolute best way to learn what you need to know and to get comfortable is to go through the process”. Now that part a lot of people don't even know what the process is. You won't even get apartment buildings presented to you if you go in with to newbie of language. So be careful with that too.

So anyway, that's part of what my ninety-day course is about. It really teaches you what it takes to be an investor and especially what it takes to be an investor who deals with other people's money. There's just steps that you need to take. I know I get different deals across my desk all the time and you know ninety percent of them, I don't look at it because they absolutely don't make any sense. They don't tell you what you need to know and when you're a newbie real estate investor you don't know what an investor is looking for. So, we cover all that often in the course we teach you what an investor is looking for. And you know I was a financial advisor for twenty years and I know what investors look for and whether it's newbie investors or sophisticated investors or whatever they should know if they're not asking you the right questions so that's the other stuff that's covered in the course.

Just give me one second, I just don't want to miss off some. “Bonuses that are being offered this particular day” I believe she's got some bonuses that are cutting off at midnight tonight and that was one of the things that she wants me to get out because she's having some trouble getting the connections we have, we do have a webinar tonight at eight o'clock CST. So, I think Chandelle’s going to post that on the feed here if you want to look for that and then you can just register, get on and you can have the registration link on here too. Chandelle’s probably well she's smarter at that kind of stuff than I am.

So anyway, the course is starting soon January tenth. And for the special price, you got to enter for the end of the year. And there's some bonuses to doing that I think Chandelle sent out an email the other day about the tax savings if you're a business person you can write off into your education towards real estate any of your education that you're training so that you know how to do this properly is a right off for you so you can get that in on this year's tax return. And the outline as we cover off vision, finding the money, mastering your market which is what Tyler just talked about mindset because I think that that's really really important especially if you're looking at the larger deals, joint ventures, small apartments, making deals come to you, talking to investors, drafting your story into a presentation and marketing yourself, social media, digital marketing.

So, this is a good one. This is something that I think is really important to offer when you're offering courses like this. I have a personal guarantee on my course, if you show up do the work consistently and on time but see no results. I'll gladly give you a full refund. The satisfaction I get from watching people is wonderful and I see the growth in people from week one to week twelve. It's amazing. I've seen people already getting properties under contract within twelve weeks. It isn't for everyone though because I absolutely expect you to do the work and the homework. You don't just sign up and then sit back and by osmosis get yourself a building, there's work that definitely has to be involved. We're going to help you pinpoint your target market. Your ideal investor. Tell you how to reach out to them, you’ll never have to depend on luck to find investors anymore. We'll pinpoint the exact number you need to hit your goals, so you never have to worry about your future again either. What it's going to take, how many buildings it's going to take and stuff like that. You'll have specific weekly homework that'll walk you through step by step what you need to accomplish to add more real estate to your portfolio and achieve the financial freedom that you want. We can help you fast track your results, your credibility and status with proven methods we use every day.

For the month of December like I said, I sold this course all last year for five thousand dollars, for the month of December only I have it on sale for twelve hundred and ninety-five dollars. And the reason is I want to reach as many people as possible, get the knowledge out so that people can start doing something. I believe that we're in the market cycle where now's a good time to be buying. The next eighteen months is going to be a real window of opportunity and I want people to be able to take advantage of it. There's a lot of people out there right now too who are really dissatisfied with the returns they are getting on their money and that's where you come in. You can help a lot of people because as they all the time, you don't get to just use other people's money. You're actually providing really good service by helping them invest in real estate when the investors don't have time to look after themselves. But when there's also three payment option four ninety-five a month if you want to do it that way.

OK. So, the bonuses involved in the program are, you’re going to get another whole course. It's another twelve-week course and it's a mindset training course. I think that too many people don't spend enough time growing themselves as a person and they get frustrated and with the challenges because real estate can be challenging. Just like life can be, it's not anything you can’t handle but you do need to grow as a person and sure as you're growing you're going to get stuck. So, I'm going to be building a twelve-week mindset course, it's not ready just yet. So, I don't have a date to announce it but you're going to get that for free as part of this program. The other thing you get is when you sign up, you have lifetime access. So, if it's not something you can get right at in January know again that there'll be another one starting up again April for sure and that you just have to buy it in December to get the price. So, and you also have lifetime access that you can access at any time you want to.

I'm always updating it so each round that comes out has got newer stuff in it all the time so. Some people like to get back on again and again and again. You're also going to get access to the ninety day to five k mastermind private Facebook group. This isn't a twenty-four hour special, that's something we want all you guys to be in, but it is one of the bonuses. We like you guys to hang out with other like-minded entrepreneurs. It's so cool to be able to do that with everybody you know working towards the same goal, it's really really nice to know that people in the group and you know the very first course we ever took, we actually met partners that we've got the majority of our buildings with today. So, you never know when you're going to meet that next partner of yours.

The ninety day to five k course also includes a one on one coaching call with myself, I do it about halfway through with you, with each of you. I'd like to know what your feedback is on the course. This is how I can course correct if there's anything you're not getting that you feel like you should be getting, and it still gives me six modules to be adding it in. That's why I'm saying, I'm always adding and tweaking and subtracting a lot of it depends on the questions that I'm getting from people. Each and every module is live unless I have something come up, at the odd time I’m out of town and then I might send out a recording but the majority of the time it is live. And at the end of the call we always have a live Q and A, so I'll stay on and answer as many questions as you have. And if you're working on a deal I mean that stuff we can send back and forth to me too and I'll have a look at it for you.

And then there's more. We have a three-day live event coming up in March. March 27th, 28th and 29th right here in Regina Saskatchewan and you’re going to get complimentary tickets to that as well. And one of the things that we do at it, which we've got a lot of really positive feedback, is we do a play on the Dragon's Den and we call it the ‘Profit and the Prairies’ or the ‘Prairie Dragons’ that's what we call it. But it's all based around real estate. So, if you have a deal that you're working on, you'll get a chance to present to the Dragons at the event and you know what they're investors who are looking to invest. So, we actually won, and I got a deal at the Dragons last years was one of the dragons so we're really good. What else do you get there? Oh, in January eleventh I am going to do a half-day strategy of finding deals as well. I think that January is a really good time to decide what 2017 is going to look like for you. And I've got some things that I want to share with you on what I do each year to set up my year for success. So that's three hours that day nine am till noon CST again. And I think you'll get a lot of value out of that as well.

This is the big fast action bonus. So, my marketing team has got together, and they are going to and they're the ones that have got me on all of these Facebook lives and everything else that I'm doing. They're very good at what they do. And they're going to throw in a four-week course that will walk you through step by step what it takes to market your real estate business, what it takes to attract investors and what it takes to get yourself known online. So, they're really good at that. The training is specifically designed for real estate entrepreneurs and will be on sale in the new year for seven ninety-five. So, think about that. You're getting all of this for twelve hundred ninety-five dollars. That bonus the loans for seven hundred ninety-five dollars and I've seen them sell up for that. This course was sold all last year for five thousand, three-day event the regular tickets are two ninety-five. The VIP tickets were nine ninety-seven last year. Just so you know you're getting all that. The mindset training course this is a first time out so it's going to be a bonus. But I have a feeling that, that course will be sold for nineteen ninety-five.

So again, free for you. This course will really really work wonders for you. I've seen it. I put all my mastermind students through it actually, started the mastermind before I did the ninety day and now I'm going to make the ninety day a prerequisite for anybody getting into the mastermind because it really does cover all the basics of what you really need to know. The mastermind is great for if you want to start partnering with other people and doing deals together because there's still a lot of fear involved when you're going with deals and big deals especially and sometimes people just can't raise four or five hundred thousand dollars to get a building done on their own. So, it's nice when you have people that you can work together with. And then, of course, it's ongoing training, it's ongoing masterminding, it's ongoing training and stuff like that. But in order to get there, you have to be here first. So, I look forward to working with each and every one of you.

I get really excited to see what everyone is doing and producing and expect great things from you. I'm challenging my group in January that I want their first deal done within the ninety days. You know so you're going to be out looking at live deals within about week four. And same with my group in December week four is next week. And I want them out, starting to look at live deals. And even if they're not a one hundred percent ready to do it themselves, there might be other people that are ready to work with them and those deals might just be a duplex, but it could be a twelve plex or an eighteen duplex. Who knows. It just kind of depends where you're at with your mindset, if you think twelve plex is too high well it's likely it is. But we're going to work on that too. Thanks, everyone for being on. If you have any questions like I said tonight we've got the webinar and you can hear more about this if you like, more about real estate and why real estate if you're not quite sure this is for you yet. A little bit about my story, how I came to be in real estate stuff like that.

And so, you're welcome to join the webinar or I think Chandelle is going to put a link on here if you just want to go straight to the course and purchase it. It would be a great Christmas present for somebody in your family who's shown interest or friends who've shown interest in real estate investing, don't know where to start, I still think this nice little note I have here I don’t know if you guys can see it, if it might show up backwards but this is from two young guys that just started with me and I'm so proud of them, they're like twenty years old and they bought their first apartment building they took possession on December first and this was attached to a very nice bottle of wine. And it says, “If it wasn't for you we’d still be buying that house in the hood”. So, they bypassed the house in the hood and went straight to almost a brand-new apartment building. So, they are so excited and yeah. Tyler, no pressure no pressure. But we want people to be doing deals.

I'm going to be writing a book next year and I want my success stories to be in it. I think it's going to be huge. And I want to showcase you guys and get it out there to a lot of other people and you know you may get some of your investors that way when they see that you're a person who knows what they're doing, you know how to analyze the deal, you understand a good deal and stuff like that. So, it could be a really great way for you to be, maybe not world-renowned, but renowned a lot next year, you get a lot of attention when you have a book out and check out the program and secure your spot go to 90daysto5k.ca/getstarted so I'd love to have you on board. A great Christmas present like I said, and tax write off and you'll learn a lot. Guaranteed you'll learn a lot. So, thanks everyone for being on and bye for now and we'll talk to you soon, have a very Merry Christmas everyone.

Thank you so much for listening. It's my sincere intention that you got value from this episode. If you're interested in learning more about building your passive income through real estate, either by investing with us, as a joint venture partner or as a student discovering how you can attract investors to your deals and build your seven figure real estate portfolio by helping others build their passive income. Check out my website Ednakeep.com or watch my free masterclass Ednakeep.com/90daysto5k.