Table of Contents - Done for you real estate investing with Tyler Souillier
[00:00:00] Scott Dillingham: Welcome to the wisdom lifestyle money show. I'm your host. Scott Dillingham. The goal of the show is to show you how you can grow personally, financially, have a larger net worth and leverage your largest asset to help develop you into the person you want to. I take you through all the steps I did coming from nothing being told, I was nobody and that I was never going to accomplish anything.
Getting kicked out of high school to owning a multi-million dollar real estate portfolio, and my own company, you'll meet our partners, you'll , meet our friends and you'll quickly discover how you can improve your life.
So listen in and enjoy the show. Thanks for tuning in today. I've got Tyler Souillier here with me today. Very special guest. He's a massive real estate investor in the Windsor Essex area.
he's also a full-time realtor. He's an expert at setting up joint ventures. And today he's going to go over his story, how he got into real estate how he got started some of his experience.
And then we're going to talk about joint ventures, which ultimately a joint venture is where you can partner.
with us and we help you to purchase the property and we manage it and we take care of everything so you can become a hands-free landlord. So it's ideal for somebody.
Who lacks the knowledge to invest or the time. So Tyler welcome.
[00:01:22] Tyler Soulliere: Hey, no, Thanks for having me, Scott. It's really good to be here.
And I always love talking about real estate, so,
[00:01:26] Scott Dillingham: oh, that's awesome.
[00:01:27] Tyler Soulliere: whatever this conversation takes us yeah. Real estate related. I can go on for days.
[00:01:31] Scott Dillingham: That's
perfect. No, that's perfect. So yeah, I'm curious, like how you got started into real
[00:01:36] Tyler Soulliere: Yeah. you.
I started with the working here in Windsor, essex After school was. what. 25 and joined the family business and knew, I always. going to a business school, wanted to be my own boss.
Now sitting behind a desk day after day, kinda, got to a point where I was like, I got to do something different.
How can I do something different?
Came across I remember an ebook about rent-to- owns. I
remember that and really read through that and really this seems pretty interesting. I could do this, but how do I get started? So actually, The only way I thought to get my foot in the door was to become a realtor. So I quit my job.
Moved to Toronto became a realtor.
[00:02:13] Scott Dillingham: Nice. That's awesome.
[00:02:14] Tyler Soulliere: Realized being a realtor.
It, it taught me how to learn about real estate, the different areas of neighborhoods, but it's a really get my foot.
in the door to real estate investing, which is where I want to get to.
I really had to learn how to do it. Real estate being a realtor.
in Toronto, starting out. Didn't really work too well. So I ended up, moving back to Windsor an area.
familiar with my networks here. And I ended up teaming up with an investor realtor who.
basically taught me how to get started investing in real estate.
And this is now 2000 and.
End of 2013.
when I moved back. So Windsor was still pretty hit hard from the recession. Prices were very rock bottom and no one was buying anything back then.
It was like, I had properties under $50,000 that no one would even still touch They thought it was overpriced.
[00:03:01] Scott Dillingham: I remember. I remember my first
was around that time. It was a duplex on Irving. Yeah.
Or Irvine. Sorry. And I Bought it for 84,000.
[00:03:10] Tyler Soulliere: Okay. I got I. I got you beat. My first 48,000 a duplex.
[00:03:14] Scott Dillingham: Nice.
[00:03:15] Tyler Soulliere: On Windsor.
Yeah, I pitched it to every investor in my database.
and everyone was going very low and the seller finally agreed to meet me at 48,000. And the only reason I went through with this, because I actually went to the bank about a couple months before. Someone had told me to open up a heloc. So that's a home equity line of credit. And I was like, so I had that open and
Okay, here's what I need to borrow.
Here's the interest I'm going to pay on it. I'm going to flip it. The renovations were only 30 grand.
And, after six months after I renovated it flipped it, I put 30 grand in my pocket. Paid back what I borrowed.
And thought this seems very simple when you just break it down.
to the number side, right? Here's your sale. Here's what you purchased for years. Renovations. Here's the interest on what you borrowed.
And then there, and then whatever's left is your profit right?
[00:04:03] Scott Dillingham: So that's actually known as the BRRR strategy, Ultimately, basically.
[00:04:07] Tyler Soulliere: I so I I didn't.
I didn't burn that one. I flipped it.
And it's funny. So when I'm almost, when I had it sold a buddy of mine told me why don't you keep those. And refinance it. And I go, what's refinance me.
[00:04:21] Scott Dillingham: Yeah.
[00:04:21] Tyler Soulliere: So here I am with an MBA.
and I don't even know what refinance means, and that's a whole nother topic we get into about the school system. Right.
They don't teach you the days and
[00:04:29] Scott Dillingham: No they don't
[00:04:30] Tyler Soulliere: But
So I was like,
okay, let's try that. And I was hesitant because I didn't want tenants. That's what everyone said. though. tenants are terrible.
Like you don't want to get stuck tenants that don't pay their rent. They destroy your property.
[00:04:41] Scott Dillingham: Yeah.
[00:04:42] Tyler Soulliere: But you really it's just the same idea. You just factor those kinds of risks. Those costs.
of vacancies into your numbers when you're analyzing a property, when you're going to have a longterm rental.
[00:04:51] Scott Dillingham: Yep. That's it. And I find too with tenants because I always hear those nightmare stories. And From the financing standpoint, I see people that I didn't originally.
help that went somewhere else.
And now they're selling the property or downsizing their portfolio.
And I find the number one issue is that. People try to manage all their properties.
I use Professional management. So those tenant issues go out the window.
[00:05:14] Tyler Soulliere: Yeah
[00:05:14] Scott Dillingham: I learned
[00:05:15] Tyler Soulliere: that after about a year of, after I built up a portfolio of doing the BRRR strategy.
after I think both three properties. I was like, this is a lot. then I got so oto aboutx. I was like, I can't do this anymore. And went and found a property management company. And from the start I tell people now who are investing, just get management company.
[00:05:34] Scott Dillingham: Yeah. Even on the first Property because people, If they have a bad tenant, they're going to have a sour taste in their mouth. And really it's probably only a bad tenant.
Because they lack the experience to put a good tenant in the
[00:05:45] Tyler Soulliere: Right And that's a whole nother skillset. trying to learn and time and management. I had my.
wife doing it for a bit for
And The amount of time she put in to just screening people and trying to find someone good for a property was like, it's much better to have someone that's got a system place that could screen them better to do that.
Pay them to do it.
It's so much more worth it.
[00:06:05] Scott Dillingham: Yeah. And. They're not much money for a property manager.
[00:06:09] Tyler Soulliere: No, it's honestly. You're between, five to 7% or some charge per door. And let's say it's max a hundred bucks a month. You might pay. What's your time worth. One headache, a text.
Nine o'clock at night after on a Saturday night after coming home from dinner.
going to just ruin your whole night. It's not worth the time.
[00:06:28] Scott Dillingham: No. It's true.
Just as an example.
just to elaborate on this. I had a little bit of water from one of the recent rains in the basement. It wasn't much, it was about an inch.
I was in Niagara falls with my family just a little mini vacation and the property manager texts me. He says, there's a little bit of water. We're sending somebody out to take care of it. And we'll talk later.
And I'm like, great.
So that'll could have ruined someone's week. Really. And for me, it was just
email and that was it. And it's all taken care
[00:06:53] Tyler Soulliere: Yeah.
it's just, hands-off, that's where I always wanted to be when I started this. From that first flip to then I did I just kinda went on a rampage in my first year for so all of 2014.
I ended buying, I think.
I always get the number mixed up, It's been a while, but 15 properties.
Yeah, So my flime I flipped and Some Ited and refinanced. And then that next year I remember I won the CREW investor the investor of the year award.
ththatRecognized. My wife told me to submit my application that, like, why don't you see.
if, you could win, not with this award, but they don't.
You know see comes out
of this and yeah, I, I went to this big event Toronto.
And I was like shocked. So it was cool to be recognized for all the hard work I did. And to be honest, it was.
It was a lot of hard work.
And So after that, I kinda just, I was like, I gotta slow down here.
You start getting capped on lending, I used Lenders, I used private lenders. I used HELOC's. I was using visas, so like pay for renovation. So I really went all in.
but all that hard work, has now paid off.
So to where I am today,
[00:07:51] Scott Dillingham: for sure.
No, That's incredible. And it's funny.
about the award too,
Because I was there for mortgage advice.
[00:07:55] Scott Dillingham: But multiple years after.
[00:07:57] Tyler Soulliere: Oh, okay.
[00:07:58] Scott Dillingham: Yeah.
so It's funny, but that's a great I don't know if they're doing the seminars now with COVID.
but they had them in hundreds of people.
would go to
[00:08:04] Tyler Soulliere: Oh, it was a really neat event. Met a lot of investors. It was just cool to be.
With like-minded individuals and going to those.
conferences. That's what I did in the beginning as well.
Just to really learn as much as I could.
And I thought those were the best in terms of how to learn more about investing in real estate.
[00:08:20] Scott Dillingham: Absolutely. And I know like here in Windsor, There's not many conferences like that. We do actually host them. So if you're interested in coming to an event or a seminar, about investing or anything.
actually, we're going to have multiple topics.
Someone listening today.
you can actually come to an event and we'll have an advertise online so they can see that.
And actually, I'm sure.
Tyler will be at some of them. When we talk about joint ventures, which we actually have to take a quick break right now, but when we come back, he's going to go into joint ventures. What they are.
The details, profits, all that good stuff.
And then now we'll go from there. Okay. So we'll be right back after this quick break.
Welcome back. So Tyler and I were discussing over the break that he's gonna continue with sort of his story.
And then what we're going to touch on the the joint ventures, how they work and the benefits and all that
[00:09:06] Tyler Soulliere: stuff. No, I think we left off with really.
The conferences. So that was the big thing that really pushed. And it pushes you because you're sitting there next to these people will have done stuff.
And you're just, you could read all you want.
educate all you sell if you want, but unless you have something to really push you over that ledge to Hey, I'm going to do this. Yeah.
That being around other people that have done it.
That kind of gets you going. So that's really what got me really to buy my first property.
I sat there and looked at properties for six months.
Finally. I was like, I'm doing it.
I'm doing it so yeah. So after that first year, it was more or less like we talked about, I found a property management company.
And I remember I gave him one property and it went so well. I was going to roll it over for a year.
like here, take another one. I was like, just take them all.
[00:09:45] Scott Dillingham: Yeah.
[00:09:47] Tyler Soulliere: But you can have them all. And the tenants. I think after two months they stopped messaging me because I just stopped answering them. And stopped and, After over time. So that was around 2015. I just slowly started buying. Not as many properties property here, property there.
And like most investors, you start, running out of capital to, to buy these right.
20% down. It add up, Especially as prices are going up. So you start looking to other avenues. Private lending is one.
Joint ventures could be another one. And that's what led me to start doing a couple more of those.
And yeah, that's just a great way to really, when you start wondering how else can I build my portfolio?
[00:10:24] Scott Dillingham: Yeah, no, I agree. The privates. Yeah. We, I haven't personally had to use one, but a lot of investors are using it.
And the one thing that I would say to any client getting a private is don't look at the interest rate because some people look at it and they're
with a private, you need to factor in the interest.
rate, But then look at the profit and say, does this make sense? And if you're still going to profit, Then, what's just the cost of business. It's a write-off and you just move forward.
[00:10:49] Tyler Soulliere: I've I rarely looked at the interest rate because you're just going to factor that into.
your analysis and
it's As long as you're not, long-term at 15% with a private lender.
which most are only one to two years, max. You're still judging that into the, into your cost anyway.
[00:11:03] Scott Dillingham: Yep. In our Private lenders.
we try not to use the expensive ones. Ours are seven to
[00:11:07] Tyler Soulliere: Oh, very good.
Oh, very good. Yeah. I wish I had that.
It's 2015, when I was using.
private lender. Yeah.
[00:11:13] Scott Dillingham: sure. So It's definitely cheaper, but for someone who's a homeowner that wants to get into investing you have to,
Private tit's notthe first thing you get, but you just have to know, like it's. Yeah.
there's options. It could be more money
[00:11:25] Tyler Soulliere: an investor. That's the greatest thing.
is having those other options, because most most, when I started, it was like,
you go to the bank and here where's your down payment.
And then as you start learning more, you're.
like, wow, there's different options, and Yeah. And then the joint venture side, like I learned a ton about it. I did two conferences.
in Toronto trying to learn more how to structure them, how they can be, how.
How to like.
How they can run.
And now it's just very simple process.
Everything is very turnkey. The one I recently did was he was like, that was when it was all said and done. He was like, that was, so that was so easy.
It's what do I do now? I'm like nothing.
[00:11:59] Scott Dillingham: No, that's incredible.
[00:12:00] Tyler Soulliere: Unless You won't hear from me.
unless the building's on fire.
[00:12:02] Scott Dillingham: That's.
[00:12:03] Tyler Soulliere: So it's very, hands-off.
For the investor. He was happy. I'm happy. It just runs so smoothly now because I've had the years and years of experienced.
[00:12:11] Scott Dillingham: it. Yeah, the best. best.
[00:12:12] Tyler Soulliere: in real estate. But, anything that comes to me, just like you, Scott.
It's It doesn't really phase you whereas a new investor It might just be like, oh my God, my, my basement flooded. Oh my God. You're freaking out where you're like no, a quick phone call.
Management company it's fixed.
The bills crap, but that's just part of real estate investing.
You just factor that into your maintenance and longterm thinking. Don't think oh, I got a $3,000 bill. My cashflow for the year has gone. Over 10 years with appreciation mortgage pay down.
[00:12:38] Scott Dillingham: It's well worth
[00:12:39] Tyler Soulliere: it's it's already you already know your return is going to be.
Be there and it's going to be much better than investing mostly anywhere else right now.
And less volatile.
[00:12:48] Scott Dillingham: No, I fully agree. For somebody listening for the very first time and maybe they haven't even heard the term joint venture. Do you want to elaborate on what a joint venture is?
[00:12:56] Tyler Soulliere: Yeah it's more or less just partnering with somebody 50, 50, or however you want to structure the split. That's up to you in the, in your partner.
And really it's just in my terms, it was like I had capital or something at some point.
Since I didn't have any capital.
So I would partner with somebody who had the capital and they also had access to financing and we'd go.
Partnership on the property. I bring the experience the structures.
The analysis find the properties for them. And they're mostly the private, silent money investor. So we team up in that aspect because they don't have the time.
To do this, they don't know what maybe they, what they're doing. The last partner I had, he's I don't know what I'm doing.
He's real estate. Yeah.
So He's I would love to partner with you. He's yeah let's do this. And even the one before that.
It was the same idea.
Like she had no idea what real estate, but I just kinda brought her property. That was. was like, you do not want to pass this up.
This is a great property. Here are the numbers.
Broke it down. A Nice analysis.
A nice little summary of what we want to do. And it was just a longterm hold. And that's usually what. How I structured my partnerships usually long-term holds Like five years kind of minimum.
Unless there's a really good same opportunity where there's maybe a flip, I liked the longterm rentals.
That's where you. You don't build the most wealth,
[00:14:08] Scott Dillingham: yeah, no. And I agree. But behind the scenes, within our
Tyler and I will set up drain ventures for people. So what Tyler is really good at any kind of touched on it. He's good at finding that perfect property. So you don't need to look at 10 20 properties when you work with myself or Tyler.
we'll just say here's the one. Yeah. You just jump on it. It's
[00:14:30] Tyler Soulliere: that's it honestly.
I bet him uncle look at some and if I found it's not the right property or the price is too high. Yeah. Like I don't, I've learned after that first year I was buying everything.
They're not forced the numbers.
[00:14:42] Scott Dillingham: Yeah. So war
[00:14:44] Tyler Soulliere: which I just recently was, this was my number and I wasn't emotionally attached to it.
I said, I, I was like, this is it. And when the realtor called back, and was like, yeah, you got the property. I was happy with.
the price I paid because it met all the parameters that I look for factoring on all those like, costs that,
those costs that you don't see unless they occur.
Your maintenance your vacancies. So I was like very happy with it.
And I always have set benchmarks that I like to meet for my return.
[00:15:09] Scott Dillingham: Yep. And that's perfect. And.
Tyler also said there's pretty much three ways to do joint ventures.
But we only help with two of the three ways. So the three ways is.
You locked the time to invest. You lack the knowledge to invest or you're looking for capital.
So we provide the mortgages at LendCity, so we'll help you with that but you've.
got to have your down payment. But are the partnerships that we set up is for the people that don't have the time or the knowledge. We're looking for the people. With the Capitol. To grow and utilize our unique
[00:15:38] Tyler Soulliere: And the other thing about the knowledge part is like I'm born and raised in Windsor Essex county. You're from Windsor. We just know this market. So it's just, for a lot of people looking at Windsor now, because it's like, they're priced out of these. The GTA. Like it's like I talked to the investors. They're all like it's expensive. Yeah.
So they're looking here. And they've been looking here since I started And more, every year I hear like more and more investors are coming down and it's.
yeah, I've already know the market. So it's very easy for someone looking out oh, I'd love to get into Windsor, but I don't know. It. So we know it.
[00:16:09] Scott Dillingham: Yep. And there's people. So this show is going to air on the radio, of course, on AME a hundred year listening to it now, but we're also, we aired on a podcast. So we're potentially going to have listeners from all over Canada. So for the joint venture partners, I want you to know, like we can help anybody in Canada.
That's Flying in Windsor.
[00:16:27] Tyler Soulliere: know this market.
so it's very good to know what to buy and what not to buy.
[00:16:31] Scott Dillingham: Yep. Exactly. No, that's great. So just to recap,
Tyler and I combined, so I'll help on the financing side to make sure you're getting the best rates, the best terms for investors.
That's what we do. Yeah. For my years of experience in mortgages, it's all been with investors. Yeah. We help on that end and Tyler goes out, finds the property.
He will give you, I believe a monthly expense rate showing or income or expenses, a monthly or annually that you
[00:16:57] Tyler Soulliere: a, I've got, I'm a spreadsheet guy, so, I've got a great breakdown on, on
Projections of what you'd make over five, 10 years.
monthly costs. Like it's all very summarized. And I got the team behind me that it makes the process very smooth for the partner.
[00:17:12] Scott Dillingham: That's
And then we also have professional property management. that We use for every one of these that we set up And within that you get our team of, if you want to know who.
a lawyer is that you should use.
And accountant, like all that stuff. We have the whole team lined up
and we'll share
[00:17:27] Tyler Soulliere: I've learned To just use.
It's so much easier when I can use the people that I use
It just makes it way smoother than you.
Go into another lawyer that, doesn't understand what we're trying to do.
[00:17:37] Scott Dillingham: it.
That's it exactly.
Cause. Yeah, you're right. If they don't know the area, plus if say you're in Vancouver And they're trying to purchase here. If we're using a Vancouver lawyer.
it could delay the
[00:17:46] Tyler Soulliere: And same with the financing aspect with you right here in the background.
working with the buyers. It's, it is much easier that way.
[00:17:53] Scott Dillingham: Yep. No, that's perfect. So to, to join the club, we actually have a two week free trial, so it's a hundred percent risk-free.
And then we're 29 95 a month after that.
But to join to get access to Tyler and the joint ventures.
and the investing courses that we do within the club.
Just go to invest dot lend city.ca and then once you're in there we'll do your pre-approval we'll determine your maximum purchase price.
And then we'll partner with Tyler and we'll find you a home.
[00:18:22] Tyler Soulliere: Sounds great.
[00:18:23] Scott Dillingham: All right
Thanks so much for coming today.
Tyler, and for the listeners as well for your time and everybody have a great day.
[00:18:30] Tyler Soulliere: Thanks very much.
[00:18:31] Scott Dillingham: If you're serious about investing and you want to get to the next level of your life with the least amount of time and without all the mistakes, then you're going to want to sign up for our club. It's only $29.95 a month to join, visit invest.lendcity.ca inside you can chat with me and you'll learn about all the investments that we're speaking of in our episodes. We have classes and courses that you can join, as well as the networking opportunities you have with your peers and other experienced investors that are inside the club to help you to grow.
We look forward to seeing you on the inside. And as a bonus, this membership is free for all of our mortgage customers. See You Soon!