Attended Toronto's Real Estate, Bitcoin and Wealth Expo

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Attended Toronto's Real Estate, Bitcoin and Wealth Expo

Maria Hinton
GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes

Hello everyone! My name is Maria. Over the weekend I attended the Real Estate, Bitcoin and Wealth Expo in Toronto (which ultimately led me to this site). Over the last ten years, I have been interested in real estate. I started off with buying my first home, and now that I am almost mortgage free, I am looking for something more. Hence, why I attended the expo.

I have to say that I was pretty disappointed with the expo. It felt like a huge pitching convention, and I left feeling sorry for the people who were sold on some of the programs being offered. Luckily, I escaped without purchasing anything. Partially because someone I met suggested that I check out this site. They mentioned that I could find the same information and have more support from bigger pockets for free. So here I am.

The best part of the expo AND reading The Ultimate Guide to Real Estate Investing, was that I learned a few things:

1. I really love the idea of real estate investing

2. My educational background and current business has prepped me well for real estate investing

3. I am really drawn to wholesaling and tax liens (still in the research phase)

4. I definitely need to strengthen my networking skills :)

I look forward to learning more and connecting with everyone! 

Maria 

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Ming Lim
Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
8y

@Maria Hinton - LOL "I just felt eww" - Right? I know exactly what you mean. It's why I started my own meetup. I attended a bunch of local Toronto meetups and it was "eww". There wasn't even an attempt to hide the sales pitch and the worst part is the people who thought it was amazing. For our meetup, it was a chance to do something authentic. If people wanted to work with us, great, but it's never been our focus. 

If I started all over again, I would start with building my network. It's really true the saying "your network is your net worth" and my network has proven to be invaluable over the years.

I know I just called most meetups eww, but there are good ones out there. You're in Georgetown, correct? Erwin runs a great one out of Oakville. If you're in Toronto, you're most welcome to come to mine. Just meet other Canadian investors and ask lots of questions. This community is so welcoming and helpful - it's what I love most about real estate investing!

Cheers,

Ming

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  • Ming Lim
    Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
    8y

    @Maria Hinton - It's unfortunate that the Real Estate Expo is such a major sales pitch - I haven't been myself, but I've heard the same for many attendees. I think it gives real estate investing, overall, a bad name. There are much better educational events in the Toronto area.

    If you're considering investing in Canada, just make sure you're educated with Canadian content. As many of us Canadian BP'ers can attest to, things are different north of the border. Taxes, corporate structures, privacy laws, mortgage qualification, etc, etc. are all areas which differ from the states.

    Anyway, just wanted to welcome you to the investing community!

    0Reply
  • Omar Khan
    Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    @Maria Hinton 9/10 of these conventions are massive pitchfests. I remember going to one in late 2006/early 2007 at the Exhibit Grounds (right before the market crashed). They packed everyone into the big hall and ran the scammiest promotions.

    The sad part was realizing how many dumb/gullible 45-60 years old exist in the GTA alone.

    As @Ming Lim points out, you should educate yourself on Canadian laws. In particular, wholesaling/tax liens do not work in Canada (the way they are presented in these Expos - they only work in the US). 

    In particular, wholesaling is presented as a magic elixir, where for low-investment you can start making real money (that's not true). Wholesaling, like running any other business, is a PITA and not an easy way to make money. I'm willing to bet over 90% of wholesalers quit or lose money within the first 1 year. 

    Honestly, save yourself the hassle and don't go to these "conventions". Anywhere convention where the focus is on quantity and not quality is a waste of time. 

    Bigger Pockets is a great community to learn but remember it is very American focused. Hence, the advice you get will not always be applicable to the Canadian market.

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Ming Lim thank you so much for the feedback. Yes, I am noticing that there is a huge difference between Canada and the USA. I was confused why the convention was focused mainly on investing in the US. Honestly, the pitching kind of frightened me, and made me questions whether I wanted to pursue real estate investing. If just felt eww. I had a friend with me at the convention who has been invested the last few years. She kept on telling me horror stories about the programs she bought that were $20,000+  and received zero help. So I am glad that I was able to leave there with my credit card in my wallet! :)

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Omar Khan This convention was no different. I felt so bad for the people running to the back of the room, signing up for these programs. I definitely will not be going back. At this point, I feel paralyzed by the amount of information I was exposed to at the convention. I have no clue what is true/not true and where to start/ not start. For a newbie like, what would you say is the best place to start? I am curious @Ming Lim what your thoughts are as well! 

    I appreciate the help! Truly! 

    0Reply
  • Omar Khan
    Rental Property Investor · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    @Maria Hinton There is no ONE best way. It all depends on your goals, objectives, constraints and budget. For instance, many people start with single family residences (SFRs) and move up. Others might focus on commercial real estate (what we do). 

    As you mentioned in your post, the major thing to avoid is the eww factor (i.e. cut out the BS). 

    I would suggest educating yourself in one niche. For instance, you might say you want to learn everything about commercial real estate (just using it as an example because this is what we do). You should then tune out everything about SFRs, wholesaling, tax liens, creative financing, etc. This will help you develop an expertise quickly.

    The RE universe is so big that if you don't pick a niche, you will be overwhelmed very quickly and, potentially, lose interest. 

    PM me and other posters if you need any help/have questions.

    0Reply
  • Ming Lim
    Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
    8y

    @Maria Hinton - LOL "I just felt eww" - Right? I know exactly what you mean. It's why I started my own meetup. I attended a bunch of local Toronto meetups and it was "eww". There wasn't even an attempt to hide the sales pitch and the worst part is the people who thought it was amazing. For our meetup, it was a chance to do something authentic. If people wanted to work with us, great, but it's never been our focus. 

    If I started all over again, I would start with building my network. It's really true the saying "your network is your net worth" and my network has proven to be invaluable over the years.

    I know I just called most meetups eww, but there are good ones out there. You're in Georgetown, correct? Erwin runs a great one out of Oakville. If you're in Toronto, you're most welcome to come to mine. Just meet other Canadian investors and ask lots of questions. This community is so welcoming and helpful - it's what I love most about real estate investing!

    Cheers,

    Ming

    2Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    8y

    @Maria Hinton

    Most of those "guru" speaking programs are focused on parting you from your capital ... whether you learn anything of material and become successful in investing is somewhat secondary.

    If you want to learn about real estate in a classroom-type setting, I would suggest auditing a course on real estate at a local university or community college.   @Claude Boiron may be able to point you to which schools of business in the GTA and Horseshoe are offering real estate courses.

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Omar Khan Thank you so much for your feedback! I really appreciate it and agree 100%. One focus is always the best. I was thinking about doing my real estate license, just to get my feet wet. I am thinking a license will be beneficial at some point. 

    @Ming Lim Hahaha yes, I feel you! Even networking can totally feel that way as well. As I mentioned above I am thinking over the summer to complete my real estate license. I figure it cannot hurt. I also want to definitely focus on building my circle. My whole business is online currently, and over the last 5 years, I feel isolated. Networking via the computer is just not the same lol. I would love to attend one of the meetups - local and in Toronto. 

    I really look forward to connecting and building relationships with everyone! 

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Roy N. I appreciate your feedback, and I agree with you 100%. Today I am going to do some research on completing my real estate license. I think that it will be very beneficial in the long run, and it is a great place to start. 

    0Reply
  • Ola Dantis
    Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    8y

    @Maria Hinton  

    "Luckily, I escaped without purchasing anything." 

    That just made me laugh so loud!. I love that you escaped lol.

    You are super lucky, as I'd guess that more than 90% of people who bought those programs will never buy a single piece of real estate. 

    Now that you are here. I have one advice for you: if you have some capital to deploy in marketing activities to get leads and the patience to wait for over a year or even two to make money, then wholesale. 

    However, if you are thinking of something a little maybe quicker when compared to wholesaling, then I'd say research buy and hold rentals. 

    Now, I already know some people are reading this and thinking WOW! But there is a pattern I've observed: 

    • Go to a "free" seminar, get pumped with the idea of no money down REI
    • Go home and start wholesaling 
    • Don't find a deal in a year 
    • Abandon the REI dream

    I say to people all the time if you have some money $25k or more [and you do Maria it's in your home as equity], then buy something just skip the wholesale step unless you are like super young with a ton of energy to dissipate on chasing sellers and investor "buyers". 

    Just my thoughts you know. And the good thing is BiggerPoockets has many thoughts and opinions, mostly for free! So, you're in the right place. 

    Hope this helps give you another perspective. Goodluck. Thanks! - Ola 

    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    8y

    @Maria Hinton Sorry to hear it was a disappointment. At least you didn't buy anything!! Good luck with your real estate investing journey. :) 

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Rachel H. yes I am super happy about that. :) Thanks so much for your kind words. 

    1Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Ola Dantis Hahahah glad I can make you chuckle. I truly feel like I escaped. I actually really appreciate your feedback. Right now I am in the process of selling my home, so I have a ton of cash rolling over. Originally I was just going to roll it into the new build we bought and be mortgage free...but that is not going to make me money. :) So then I was looking at just purchasing a new build townhouse or two in the same area as our future house and then renting it out. Then I thought maybe I just purchase a few townhouses and then assign them.Ughh my brain hurts. 

    My only concern is getting approved "multiple mortgages". Both my husband and I are self-employed (let's just say we take advantage of write-offs) and cringe everytime we have to apply for a mortgage haha.  

    I know there is no magic pill and that this will require some grit, but I want to make sure I am not one of the people you described above. :) I love this community, it has been so helpful and I am just getting started! Alright, I am off to research buy and hold rentals!! 

    1Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    8y

    @Maria Hinton

    I understand the self-employed dilemma: dragging out 2-3 years of NOAs every time you apply for a residential mortgage.   

    One solution is to go big(ger) ... find yourself a small apartment block (10 - 20 units) which will be commercial financing - based upon the cashflow the business (aka property) and not your personal income.  You could even find a smaller 6-10 unit building and approach a local credit union {unless they have become really hungry, the commercial units of the Big-5 are not going to be interested in deals less than $1-2M in size}.

    0Reply
  • Maria Hinton
    OP
    GEORGETOWN, Ontario · Member since 2018 · 8 posts · 5 votes
    8y

    @Roy N. Whoa I never even thought about that. Ok, my head is spinning haha. In a good way! 

    0Reply
  • Ming Lim
    Investor · Toronto, Ontario · Member since 2014 · 320 posts · 125 votes
    8y

    @Maria Hinton - Good for you! The real estate license process is a bit more lengthy and time consuming these days. It's not as simple as it used to be. The courses and exams are fairly easy, with the exception of Exam #3 - spend a bit of extra time studying for that one.

    As for being self-employed, that's a challenge many of us face. @Roy N. certainly has a point around commercial properties and it's something most investors get to at some point (either the property is commercial or you have your residential properties, wrapped up as a commercial portfolio loan) as you simply can't keep qualifying personally.

    Another option is going with a lender which is able to qualify the self-employed. There are lenders which look at your deposits instead of your T1's, or lenders which have products which are DCR based. Again, this is why networking is key! I wouldn't have known about these products until a broker in my network casually told me about them.

    Anyway, good luck on your journey. Feel free to ping me anytime with questions you may have!

    Cheers,

    Ming

    0Reply
  • Claude Boiron
    Real Estate Educator, Mentor, Investor · Toronto, Ontario · Member since 2015 · 206 posts · 86 votes
    8y

    Hi @Maria Hinton! Interestingly, I have had a lot of students take my course at the University of Toronto's School of Continuing Studies, after attending a weekend expo, bootcamp, seminar, etc. Happy to chat with you about your educational options.

    0Reply
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