Frankie Law - Newbie from Mississauga, Ontario

26 Replies

Hello fellow members of BP!  I am very exciting to have found this website, after spending the past 2 weeks pulling my hairs out trying to figure out the pieces to Real Estate Investing.

INTRODUCTION

A little bit about myself, I am totally new to this whole Real Estate investing arena, at best 2 weeks of experience.  I am currently residing in Canada and have always wanted to invest Real Estate in the US, but never actually found an entry point to this market due to limited knowledge and understand of the business. 

When I ask people how to invest in Real Estate, the obvious answers had always been "Get your license", "Do a course in school", or "Work really hard to pay the mortgage". If anyone knows about Canadian Real Estate, working really hard means 10 years of saving up for the down payment.  Prices go anywhere from $350k-700k and at 25% down minimum... You get the picture.

I know education is very important and I try to be very careful with it, because I went to school for Video Game Design and Computer Programming which both got me nowhere further than a job and a mountain of debts which I am proud to say that I have paid off now.  I used to draw 3D graphics for video game companies and while that may sound really cool at first.  I quickly realized that I cannot do it forever.

I am currently working part time as a pizza delivery service in Canada, while investing the rest of my time learning about investment strategies and improving my public speaking skills in Toastmasters.

I had the opportunity to learn about stocks and made some money there.  For the time being, I stopped trading because of family obligation.  So I am looking for a more conservative way to invest, stabilize the situation and go from there.

HOW DID I END UP HERE?

Call me crazy, but I actually invested 15k on a mentorship program.  I cannot say the decision was bad because I only started it two weeks ago, it did got me some degree of foundation and knowledge that would have taken me many years to gather or worst not know at all.

I got the advice to start network with anyone, which ultimately landed me here at BP.

My goal at the moment is to learn how to Wholesale, learn the business, and connect with people in this community in all forms.

I really appreciate that you have read all of that until this point.  I know I wrote a lot.

Once again, thank you for your warm invite and response in advance.  I hope to connect with all of you.  If you have any questions, please feel free to ask, or personally contact me.

@Frankie Law  

Welcome! I suggest spending more time on free or inexpensive education (books, BP, etc) before you write another check for a mentorship program. Lot's of great info out there, including here on BP.

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@Frankie Law  Welcome to BP.  My investment business is largely located in Michigan and as such I can wave to Canada from across the river.  So "hi there!".  There are many good opportunities to invest in the USA, but "knowledge is power".  Wholesaling requires little money to get started and working as an affiliate will give you inventory and good commissions without the risks. BP is holds a wealth of information and some great "How to" guides. You can also look up some great videos on youtube on the subject. 

@Vala Shahabi I decided to invest in the US is because the cost of entry is much more manageable for me and also my course is US based, so in this instance I don't have much choice.  Unless I can use the same concept here in Canada.

I would have to do more research and connect with people to find out if I can do this in Canada as well. For the course I am taking, it is all US based.

@Andrew Lanoie Yea, I figured that out a little late, but I guess we have to fall down sometimes to learn.  I will be alright, I intend and expect to have a rough ride for the first 2 years in this business.

@Dmitriy Fomichenko Thank you very much!

@Annette Hibbler "Hi There!", the money part isn't much of an issue.  I actually anticipate that I would need some money to start as long as it is not an incredibly high amount. 

What do you mean by "working as an affiliate"?

Thank you all for the supportive reply!  Happy to have found this place!

Frankie

Welcome Frankie! As a fellow Ontarian, I agree with you that it is certainly 'easier' to start real estate investing in the states funding wise. You've got to study the market very well though. I assume you are either looking at Buffalo or/and Detroit being the 2 closest US cities to Missisauga. Let me know if you have any questions.

HI Frankie.

Welcome to BP from a fellow Canadian. I live in Ottawa and invest in SWFL. BP is an awesome resource with many dedicated investors willing to help. I have found the podcasts to be particularly helpful and motivating. Shoot me a line if you want to share. 

Stephen

Hey Susan!  I am so glad to see that there are members that are in Canada!!  Right now I am studying as much as I could, incorporating everything I know from my "expensive mentorship program".  

I only started this about 2 weeks ago, so my main focus is just wholesaling.  At the moment, I am looking in Tennessee Nashville.  Just a random location I picked with reasonable population and market value.  I thought about picking a closer cities like the ones you just mentioned, I would need to research the market a little more.

Hey Stephen!  Thank you for the supportive, I would definitely connect with you all.  There is simply too much that I don't understand in this business at the moment.  If there is anything I can do to help you guys, let me know.  

Every favor done for someone is a step closer to success. :D

Hey Frankie,

Welcome to BP and a fellow Canadian as well.  

I'm assuming you either signed up with M___ W____ or S____ M____.  I believe MW has a better program than SM as his group isn't that big and he is your personal mentor whereas SM is way beyond too big and fluff you off with another 'guru' coach who you only speak with on a bi-weekly basis.  

Good luck with everything, and if you need any advice, shoot me a line.  

Chad

Hey Chad,

I am actually signed up with M___ S____.  Don't know if that rings the bell or not.  I am only 2 weeks into the program, so I cannot judge rather or not if it is worth it yet.  So far, the information provided by the "Mentor" who I talk over the phone for 30 minutes on weekly basis.  They basically just gives me an assignment on things to look for.

Don't know if I should expect anything more.  Will see.

Frankie

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Hey Frankie, no that doesn't ring a bell.  Are they a US based or Canadian based program?  Not that it really matters that much.....

@Ajay Kahlon  Sorry, these are just acronyms for a couple of real estate "gurus" who sell their mentorship programs for exorbitant amounts of money.  Can't or don't want to mention their real names here on the forums.  

Hey Ajay!  Nice to see you, we are practically neighbors.  It would be great to share experiences for sure.  It would be interesting to see how we progress 2 - 5 years down the road. 

Chad, the program is US based, but was preached in Canada.  Like you said, it doesn't really matter all that much.  

@Frankie Law  

Type the '@' symbol followed by typing the person's name you wish to tag, their name will appear at the bottom of the window as you type it.  They must be part of the conversation or be a colleague to show up I believe.  

@Frankie Law  Welcome to BP and a special welcome to a fellow Canadian!!! 

Just wanted to make sure you knew that the min down payment here in Canada for an Investment property is 20% down. Of course each borrower has their own specific circumstances. 

@Frankie Law  So, working as an affiliate means that you contract with a developer or any type of company for that matter to sell their wares.  You are essentially given permission to offer the product or real estate under your own banner.  The company pays you a commission for every sale made.  In real estate, this is often around $6K - $8K to start.  The more sales, the higher the commission rate.  It's a hassle free way of instantly acquiring "product", in this case real estate inventory, without actually having to purchase and own real estate yourself.  Good companies will provide you with unbranded literature, documents and such that you can easily place your own logo and contact info on.

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