Table of Contents
This content is provided in partnership with Rob Break and Sandy Mackay with the Breakthrough Real Estate Investing Podcast.
Podcast Transcription
Sandy MacKay [00:00:00] Breakthrough Real Estate Investing Podcast, Episode 14.
Rob Break [00:00:24] Hello and welcome to the Breakthrough Real Estate Investing podcast, we put this show together to inspire you and help you break through to the life that you want to live through the power of real estate investing. My name is Rob Break. And here with me, as always again is Sandy MacKay. How’s it going, Sandy?
Sandy MacKay [00:00:42] Awesome, Rob. Glad to be here again and ready to roll. It’s going to be a great episode.
Rob Break [00:00:48] Yes, definitely.
Sandy MacKay [00:00:50] So, as always, we want to recommend that everyone goes and grabs their free copy of the seven freedom activities that you can trigger in your property. Starting right now. It’s a free report available over on break through our podcast, Dotts. Yeah, yeah. I’ll get to do is go over that website, pick up a free copy today, and if you’d like to learn more about us, you can also learn more on the on the website. There have been some articles, blog post bios and and every episode that we’ve done so far. So go check it out there. It’s Breakthrough Aria podcast Dossie.
Rob Break [00:01:22] Yeah, we’ve got all kinds of interesting things there, so definitely check that out and go to iTunes and read or review the show. If you enjoy it, let us know about and let others know what we’re all about. It helps us get the show out there to as many people as possible. So thank you to all of you who have done that. You have our gratitude.
Sandy MacKay [00:01:44] Yep. Forever grateful for that for sure. So Rob and I do a lot of learning by audio. And let’s face it, it’s just a whole lot easier to take an audio recording than to find time to sit down and actually read a whole book or even just part of a book yourself. What do you think about that, Rob?
Rob Break [00:02:03] Oh, I definitely agree with that. I do a lot of my learning that way. I’m out driving around most of the time. So that’s definitely the best way for me to take in any kind of education.
Sandy MacKay [00:02:18] Yeah, and listening to podcasts like like this one and other seminars or downloads is a really powerful tool to make use of your time and just learn. And both of us are are really trying to take advantage of that as much as we can. And we’ve both decided to become members of Audible. And yeah, the library of educational material over there is just pretty incredible and we’ve really taken advantage of it. We like the service so much that we’ve decided to become affiliates of it. So when you send through a link at break through RTI podcast, Dossie Slash Audible Free Trial, you will be able to get one month free. So it’s totally, totally free month worth of audible. You know what you’re going to get with that is actually a free audio book that you can keep forever, whether you stay on as a member after that first month or if you cancel.
Rob Break [00:03:13] And after that, it’s just a low monthly fee, less than 20 bucks a month. And you get one credit to choose from pretty much any audio book that they have to offer there. And I wanted to just mention one thing here, because I had somebody ask me after they had signed up for their free trial, they were having a hard time actually accessing the book to listen to it. So when you go to the website and sign up. That’s all fine and good, but after that, whatever device you’re using, you’re going to need to download the app or you’re going to need to have Internet access to go to the website and listen to it through there. But if you have your app and once it’s downloaded, it should be there, whatever you want to listen to it.
Sandy MacKay [00:03:54] Yeah, and it’s all I mean, they’re like every book you could think of pretty much down there
Rob Break [00:03:59] as far as I can think of.
Sandy MacKay [00:04:01] I mean, everyone I’ve looked for at least to listen to has been there. So it’s really cool. You know, you can go through a book a week easily. So I think it’s a really cool service.
Rob Break [00:04:10] These guys definitely offer a great service. I mean, anything real estate related, anything business related? They’ve just got a ton of awesome material there.
Sandy MacKay [00:04:20] Yeah. So again, that’s breakthrough. All right. Podcast, the slash audible free trial. And go grab yourself a free month today.
Rob Break [00:04:29] OK, so you and I just closed on a deal that we’re doing together a few days late. This is a bank was a bank owned property that we picked up to do a buy fix, refined rent deal on. And yeah, they kind of set our plans back a couple of days by the bank not being ready to close on time. This was close last Monday, but an up close on Friday. The result was we ended up having to call all of our contractors and reschedule everything, call all the other services that we had coming in, which was the furnace, the heating and cooling company and the water, which actually was turned off by the bank as well, or at the street. We had to have them come back in and turn it on. And I didn’t want to do that when we weren’t there, so I figured we’d better reschedule that as well. Plus, we had the garbage bin delivery happening that day as well. So all of those things got pushed back. And that can really be a big hassle when things don’t go according to plan. I mean, a lot of the education that I’ve gotten says have everything ready, get it in the driveway the morning that you close. And so that was what I did. But it’s a tough call because in a way that was a little bit of a detriment this time.
Sandy MacKay [00:05:51] And it’s a good lesson learned that that banks are able to do that really without any any repercussions. Yeah, there’s no repercussion. Like, we couldn’t do anything about it. Right. There’s a really they could have done up to 90 days if they wanted to, which I think is a bit absurd. But but that’s been pretty much every bank owned property agreement that they do. So just something to be aware of, I suppose, going forward is that there’s always that possibility, particularly with sales, that they could do that.
Rob Break [00:06:19] Yeah, because after we found out that they weren’t going to close on the date that the bank actually chose as a closing date, you went through the schedule and it says something about them. They can push back the closed for up to 90 days with no penalties.
Sandy MacKay [00:06:37] Yeah. And for pretty much any reason they they choose anything. And there’s a lot of little clauses in there. But of course, everything is in the favor of the bank. And, you know, it’s something that we worked out. It’s a challenge, right, to work through it and and keep going.
Rob Break [00:06:54] Well, my question is, what if we were wanting to move into the property would be a whole different story.
Sandy MacKay [00:07:00] Well, yeah, it would be hugely impactful, right, if we were sitting there because they let us know, what, two thirty three o’clock on the day of closing.
Rob Break [00:07:07] Actually, it was five thirty.
Sandy MacKay [00:07:09] Yeah. Closes. Yeah, you’re right. It was close.
Rob Break [00:07:10] It was five thirty in the afternoon. Yeah. On the day we were supposed to close. Yeah.
Sandy MacKay [00:07:15] Yeah. So imagine if we’re sitting there with the truck of our like everything we own ready to move in. Right. What would happen. Like I don’t even know. I really don’t know.
Rob Break [00:07:26] But now everything is, everything is recovered. So they took an extra four days and now we’ve gotten in there. The crews have started their work and everything’s going according to plan now. Run along like a little machine.
Sandy MacKay [00:07:41] Yeah, it’s going to be fun. So we’ll probably show some photos and stuff of it as we go right on the website. And we’ll share some before and after shots and just let everyone know how it goes as we move along.
Rob Break [00:07:52] Yeah, that’d be cool. I don’t think that I shot a whole video, but I don’t think that I’m going to have that ready to go for this episode, you know, so we’ll have to put that up on the next one. But yeah, we can definitely throw some pictures up there. People would like to see that thing.
Sandy MacKay [00:08:08] Yeah. So we’re talking about this Tepp here for our listeners the other day. I think it’s a really good one, though, how to use the tax assessment roll look up to basically target properties to desire to drop letters off or whatever you want to do. Right. So I think we should talk a bit about it.
Rob Break [00:08:27] Yeah, well, over the past little while, I’ve realized that the tax assessment roll look up is a very powerful marketing tool when you’re trying to. Private deals, and this is something that every city or town has available to it, but GTA pretty much anywhere in the GTA, you can get this information and as well as Ossur where I do all of my investing. So if you like me and you enjoy driving for dollars and by that I mean you just drive around looking for potential deals in houses, in great neighborhoods that maybe aren’t kept up to the same standard as all of the houses that are surrounding that certain property. Maybe the shingles need replacing. Perhaps the grass is really tall with the weeds taking over. There might be garbage piled up outside the house or the windows, rusty cars in the driveway, a vacant house. There is a lot of ways to identify potential deals, but what do you do after that? Do you knock on the door? You could, but it might be a rental. The owner could live somewhere else, or they might just be very unfriendly to someone banging on the door and asking them if they want to sell the house. So they might be very unfriendly to your idea of why their place was such a target for you as the so called deal. So a better alternative may be to send them a letter that just says that you are interested in purchasing their house. You never know what may be just the thing that they’ve been waiting for or looking for, because a lot of people in a distressed situation don’t know what to do. They don’t want to list the house because they don’t want people walking through scrutinizing maybe the mess or all of the repairs that need to be done. And it could be embarrassing for some people. So then how do you know whose name to put on your letter and what address to send it to?
Sandy MacKay [00:10:32] Well, that’s the big thing, right? Because if it’s a rental especially, well, there’s almost a guarantee that it’s not going to get to the owner. Most likely.
Rob Break [00:10:40] Yeah, exactly. If you just drop it in the mailbox, it could be a tenant. They might just throw it in the garbage. They’re not going to give it to the landlord. They don’t want somebody else taking over the place and they don’t want to move possibly. Right. So you want to make sure that you get that letter into the heads of the person with the decision making power about the house. There’s a really great tool that you can use for free it. A lot of different cities in Oshawa is one of them. I know GTA you could do this and you just go and sit down at the kiosk and if you enter the address of the tax assessment, we’ll look up. What you’re going to come up with is the mailing address. First of all, the full legal name of the owner of the property, the mailing address of the owner of the property and the tax assessed value of the property
Sandy MacKay [00:11:29] and the mailing address. That’s the key one.
Rob Break [00:11:31] That’s the key word. So at least you’ll know if they live in the property, then that’s great. You can still send that. That’s fine. But if they don’t live there, you know, it’s a rental and possibly something that maybe they’re not all that interested in keeping up. You thought that there was a reason to send a letter to that house so that landlords maybe just tired of dealing with it or he’s got tenants in there that have lived there for who knows how long and maybe they’re not taking care of things. That’s a very powerful tool, just having the mailing address of the actual owner of the property. And now the the assessed value may not be something that you can really use to your advantage all that much. It does give you an idea of what kind of taxes that they’re paying. And you can kind of assume that the property’s worth about fifteen to 20 percent more than the assessed value.
Sandy MacKay [00:12:27] Yeah, depending on the area and city and stuff. Right. And you can find that. I mean, the mailing address is a bit tougher, but I mean, most realtors can give you that because that’s value. And all that I know is the mailing address, though. I mean, some people don’t want to bug the realtor too much as little things like that either. And, of course, the mailing address, I mean, that’s the real real key thing.
Rob Break [00:12:48] But I guess what are the reasons why this is such a great thing to do is that if you do find somebody that wants to really has been wanting to sell their house but just didn’t know what to do, those people are out there. You come across them and you’re presenting them with a solution to a problem. And that can be really beneficial to both sides, especially when there’s no realtors involved.
Sandy MacKay [00:13:12] And, yeah, that helped us in this last deal. Basically do. All right. I mean, that’s kind of gave us a head start. And we knew about this coming before. Well, we think before anyone else knew.
Rob Break [00:13:25] I did I knew about it a couple of days before. Well, I knew what the listing price is going to be and who the agent was a couple of days before it went off the market because I had been following it and after I noticed it was vacant in the area that we like to bid. Right.
Sandy MacKay [00:13:41] And that’s going to be part of this episode, too, right? How to identify a great deal. That’s going to be one of the. Well, not that specifically, but that’s going to tie into that as one of our tips coming up in the show here. No area knowing how to identify a great deal.
Rob Break [00:13:56] And the one last thing you get with that look up is the legal description of the property, which I believe is good because that you don’t have to go bugging anybody else for it. You don’t have to call your realtor and ask them to find out what it is. It’s right there for you. So that’s good. And it comes in handy when you’re filling out a purchase agreement for a private deal.
Sandy MacKay [00:14:21] OK, so for this next segment of the show here, we’ve got a really cool and I think really valuable topic here. And that’s the seven Top Tips on how to identify a great deal and I think is just crucial tips and strategies here on how to do this. We’re going to go through it here, diving someone deep into them. But maybe it’s a bit of an overview for a later episode to come, perhaps where we really go into the details of them. I think we might do that later on, Rob.
Rob Break [00:14:51] Well, it’s definitely a good idea. I mean, I think that a lot of these things deserve more of an explanation of where we’re going to give. Well, you could dig deep into them. So tonight, we’re just going to do a brief overview of each of them.
Sandy MacKay [00:15:03] Yeah. So, I mean, let’s get into it. Let’s start with number one here. Is the seller motivated?
Rob Break [00:15:11] So how do you tell if someone is motivated to sell the property? What does that person sell like? How are they different from somebody who maybe just has an interest in seeing like, let’s use the example of you’re sending out letters like I often do to try to find people that are interested in selling the properties. And it takes me no longer than five seconds to determine whether this person wants to sell their property or if they need to sell the property. There’s a big difference. So is the seller motivated? They’ve got to have a reason that they need out of it. And that doesn’t necessarily mean that there’s no deals out there where the person just wants to sell their place. So we’ve had plenty of those, too. But somebody that needs help is immediately identifiable.
Sandy MacKay [00:16:02] You sense it like almost when they say hello. Right. Sometimes.
Rob Break [00:16:07] So these people are often the ones that are in a divorce situation. It could be an estate sale or there’s money coming out of the trustees pocket every month. And they just want out of it. They want to get rid of it. It’s cause of the headache. Or it could be somebody who’s behind on their payments. They’re underwater and they need out.
Sandy MacKay [00:16:26] They really desperately need our in that case, I mean, if someone’s facing a power sale in the near future, you know, that’s a big thing that nobody wants on their record. And you have to help these people really, if you can. And that’s where you’re going to do if you can put together a deal with it, right?
Rob Break [00:16:44] Yeah. And these like there’s probably 100 other reasons why somebody might be in that situation.
Sandy MacKay [00:16:50] So I called back on your letters and I said something like, hey, I got this letter here and I’m thinking about maybe selling in the next year or so. What kind of price are you going to offer me if that person sounds motivated?
Rob Break [00:17:04] Well, they don’t sound motivated. Let me give a little bit of a tip. Basically, what you want to ask these people when they call is what’s your situation? If they have a motivation to solve, they’re going to tell you what it is. The next thing you want to do is ask them what they would like to have happen. These are the three questions. And I and I got this from another podcast, but it’s really valuable information. So, number two, what would you like to have happen? And then just listen and they’ll tell you what they want. And you keep note, make sure that you listen to what they’re saying, find out what they want, because that can be really powerful. That could help you get the deal. And number three is if we can put together a deal that’s mutually beneficial to everyone, when would you like to close?
Sandy MacKay [00:17:53] And if they have motivation, they’re going to blabber on and and just give you everything right away. I that.
Rob Break [00:17:59] Oh, yeah. Anyone anyone who’s really interested in selling will tell you their life story.
Sandy MacKay [00:18:05] Yeah. Because it’s on the top of their mind. They’re desperately need to get out and they’ll just. Yeah, they’ll give you everything. It’s crazy to see how once you know the difference, just how different they really are than someone just kind of thinking about it or are just willing to sell for top dollar kind of thing. And you don’t want a waste your time, those people. Right. It’s. It’s really important to identify these things quick, because you can waste hours, days even looking into a deal that’s just not even close, right?
Rob Break [00:18:33] Oh, yeah, you can you can also find deals in properties that have been listed for a long time and have it sold for whatever reason.
Sandy MacKay [00:18:42] Yeah, for sure. And even on, you can find a lot of those even on MLS too. There’s a lot sitting out there, even in my market here right now that I’m working with some people to throw in some lower offers because they’ve been sitting there for like five, six months. And, you know, those people are starting to get more motivated.
Rob Break [00:19:00] So once you find out whether or not there’s motivation there, once you determine that there’s motivation, what do you do that
Sandy MacKay [00:19:07] well would be number two, right? Look at comparable sales in the area. I think that’s probably the next step to take and any any decent realtor that knows investment properties and knows what investors want and that will be able to pull up some good comparables for you can probably buying properties that have sold in the last probably in the last couple of years and properties that have the same features. So it’s really important that that you make a note of that and look at properties only that are similar, a similar style of properties, similar number of bathrooms, a similar number of bedrooms. If there’s park parking or no parking, finished basements are no finished basements. Same layout, you know, bungalow or two story or two and a half story. Whatever the case is, you want to make sure they’re actually real comparables, not just comparable in the area. Just because a property is 100 meters down the road doesn’t necessarily make it comparable.
Rob Break [00:20:05] But you do want to make sure that your comparables are in the same type of area. You don’t want anything across a major intersection. There may be some houses that don’t even look anything like the one that you’re looking at. They could be million dollar agents across the street. So you’ve got to stay in the same type of area that your property is in.
Sandy MacKay [00:20:27] Yeah, and you want to look at the condition, too. Like if one place is, you know, under the remarks or something you see sold as is condition compared to something setting or just freshly renovated, all this and this. And that’s about the renovations and how new it is while those two properties are going to compare. All right. It’s all important. And you really you really have to keep an eye out for that, make sure the real comparables and use them to assess the property you’re looking at.
Rob Break [00:20:56] OK, so we’re moving on to number three now, which is what is the highest and best use of the property that you’re looking at. So maybe a single family home right now. But what if you added a second suite? Would that increase the value of it?
Sandy MacKay [00:21:11] I think this is a really good one to make. There could be a property with the fourplex on it that looks great and it might work with the numbers and everything. But you know what? If you could put eight units on that property. Right. You want to at least be aware of that and see if that’s possible. And you’re always want to be striving to make the best use of the land and knowing the highest and best use is critical for that.
Rob Break [00:21:35] So let’s use the place that we just closed on us as an example. So that’s a single family home right now. But we’re adding a basement suite into the property. So we’re taking something that fixed up is going to have enough to repair value of somewhere around to 60 to 70 maybe. And with the added basement apartment, we’re going to have enough to repair value of roughly 290 to three hundred.
Sandy MacKay [00:22:03] Yeah, legal apartment. And that’s critical. I mean, we wouldn’t have bought it if that wasn’t a possibility. Right. So the next one here is number four, and we’ve already touched on this briefly, but become an area expert. So obviously when you’re looking at comparables and trying to find out if places are sellers motivated, all this, you want to know what kind of people you’re dealing with. You want to know what kind of properties you’re dealing with. And that comes with being an area expert. You know, it’s not enough to be an expert of, say, Ossur or Hamilton or or Mississauga or Ottawa or Calgary or whatever the city or town you invest. And it’s not enough to just be an expert of that that whole city that you want to block off certain neighborhoods where you literally know every street in that block and you know what homes have been selling for where the home prices are going, what kind of developments coming in. You want to really be a serious expert in a small area. And yeah, that’s really going to help you identify properties. That’s going to help you identify the highest and best use of properties. And really, this is probably should be number one action.
Rob Break [00:23:22] Yeah, I guess it could be number one. I’d say that a lot of any one of these could be number one,
Sandy MacKay [00:23:28] like, for instance, the Oswal property. Again, they were just by like. If we weren’t area experts for that specific area, I mean, it would be a lot harder to identify that as a good deal, right?
Rob Break [00:23:40] Well, you have to jump on deals like that when they come up. So if we didn’t know the area, we didn’t know what was going on. We didn’t know market rents. We didn’t know what the after repair value would be. We didn’t know that we could add a second suite to that place. You have to know all this stuff. You have to be ready. So when that deal comes, you can say, yes, that’s in my criteria, boom, let’s buy it. Let’s put it in an offer.
Sandy MacKay [00:24:02] Yeah, and that’s critical because especially, you know, every market is different. But right now, most places in the GTA are really hot sellers markets. I know Hamilton here is crazy right now. Oche was pretty much the same. A good deal. It comes up. You have to act fast or you’re not going to get it, especially if it’s a listed property. You’re just there’s no way you’re going to you’re going to have to act very fast and you’re going to have to know what you’re doing.
Rob Break [00:24:28] Another couple little things there is what amenities are around the property? What kind of tenants are you going to get that area? Just be aware of all these things.
Sandy MacKay [00:24:39] The maximum after a fair value, like there’s always a maximum, right for each area. It’s all part of being an area expert.
Rob Break [00:24:46] So number five is the renovation costs. Does the price that they’re asking for, the property makes sense for the level of rentals that are needed? So that’s really important, too. And that comes down to. Maybe not so much even experience, but more just a certain level of education. A lot of people don’t realize that this is easier than you think it is. You just have to have a decent idea of what each of the elements that need repairs are going to cost. And you don’t have to have experience to be able to figure this out. Of course, that helps. But you can always say anyone can walk in and say, all right, the floors need to be redone or the roof needs to be recycled. And of course, there are some things that take an eye to find. But I think for the most part, a lot of people can just go in and see what needs to be done. Depends on what you’re going to do with it. If you’re going to resell it, if you’re going to keep it and rent it out. There is different levels to renovate to, but it’s just a system of going and trying to figure out what these renovations are going to cost.
Sandy MacKay [00:25:59] Yeah, and and really having no, not necessarily having I just understanding what the big costly items are to is always crucial. Foundation, windows, roof, electrical, plumbing. That group there is, is something you want to watch out for. Those are the things that really cost you the cosmetic stuff is, you know, it can be done cheaply or expensively, but it’s it’s a lot easier to identify that those things than than these major items. I think we had a good episode on, didn’t we, with Frank Genachowski. I mean, people can go back and listen to that for a lot more information on on that, right?
Rob Break [00:26:37] Yeah, that was a really good episode. Know, that guy has helped me through a lot of tough times when I was starting. He has a lot of good information. Guys been doing this for a while and that’s what he does. So, yeah, he knows what he’s talking about. Everyone should go listen to that one.
Sandy MacKay [00:26:56] So number six, another key tip on how to identify a great deal is knowing the strategy, knowing what strategy you are going to use, and you might have a few strategies, but just knowing what strategy you’re going to use on that particular property or in that particular area is really crucial. Actually, it’s it’s imperative that you have an idea of this or else you’re essentially going in blind, because this is the kind of what the end result is going to be. Right. When you know your strategy, you know that you’re going to either flip a property, you’re going to buy it, fix it up and refinance it and rent it, perhaps you might just just straight up buy and hold. You have to know what your end result is.
Rob Break [00:27:40] So if you’re going to fix and flip, you’re looking for places that need work. And if you’re going to do buy, fix, refind, run, then maybe a little bit less work. It depends on what you’re what level you’re at. But then what the buy and hold. If you’re just doing a straight buy and hold, obviously you want to make sure that the property doesn’t need any repairs. There’s other ones. Of course, if you do and rent to own anything you’re doing, you’re going to there’s going to be different criteria for what the property has to offer. Yeah. So number seven, this is the wrap up one. And and I think it’s a pretty good way to end. It is just great deals don’t have to be home runs. You have to just take the jump, go in there and overcome your fears. You need to take action now. That’s the only time you can do it as now, right?
Sandy MacKay [00:28:32] Yeah, that’s it. And this is honestly, all those first six are all great and crucial. But this is the one I think that most people need to hear is that they don’t have to be home runs. You don’t have to sit around and wait for three years to find that great deal. You’re not going to learn. You’re not going to improve your strategy. You’re not going to create more wealth in your life without taking action and actually buying some properties. And it’s just so important that people don’t wait around and look for that home run because they might be three, five, 10 years before you actually see one of those. It’s way more important for you to hit a few singles and doubles and and just start, you know, moving and making some progress while you still wait for that home run. And hopefully by that point, you’re more prepared and ready to take action on it because you’ve had some more experience.
Rob Break [00:29:26] Yeah, stop sitting on the bench, everybody.
Sandy MacKay [00:29:30] So just to recap here, let’s go through these these top seven tips on how to identify a great deal so no one was is the seller motivated and you know how to identify their motivation. Number two, look at the comparables in the area, make sure they’re good comparables.
Rob Break [00:29:50] You know, something I forgot to mention when we were actually talking about that is a good way to do this. Just initially before you get too far involved in it is just go on MLS and see what’s listed in that area. Check it out from that before you start asking your realtor for a comparable sales to see what’s for sale in that area, what they’re asking for it. And that is a good way for you to become familiar with what the comparable sales actually are to.
Sandy MacKay [00:30:18] Yeah, yeah. Great tip there. And it’ll help us realtors save our time for some of the things. OK, so number three was highest and best use. Know what the highest, best use is for that particular property or that particular area. And and just so you can do that, because really that’s how you’re going to get the most money out of your deals, is by applying the the strategies needed to get the highest and best use out of that property.
Rob Break [00:30:47] It’s all about adding value.
Sandy MacKay [00:30:48] Yeah. So number four, become an area expert. Absolutely crucial that you do this. And really it’s, I think, important that people focus on smaller areas as opposed to being an expert of of offshore in the whole city like it’s too big. You know, you want to focus on a few small areas, get to know them amazingly well and really help you pick out deals superfast. Number five, renovation costs just basically have an idea of what the renovations are going to cost and specifically be able to point out some of the major things their foundation work, windows, roofs, electrical, plumbing, HVAC, perhaps furnace is a good thing to look at just the age of the furnace. Usually they’re only good for 15, 15, 20 years tops kind of thing. Number six, no, the strategy that you’re going to implement on that property. So ideally, you want to have one or two strategies in mind that you’re going to use, but you really want to look at that on a property by property basis and know what the best strategy to use is on that particular property. Number seven, the final one is to just take action right away and don’t sit around waiting for those home run deals because you might be waiting for a heck of a long time and you’re not going to learn. You’re not going to progress and move forward with your investment career if you’re just sitting on the bench all day. Got to get out there to take a few hits, take a walk, hit a single, you know, make some moves and and get in the game.
Rob Break [00:32:33] Really, you know what? Even strikeout. Because think about it this way. I’m not saying you shouldn’t invest in your education, but what if you were to just go ahead, do one of these instead of paying? I’m all for coaching courses. I’m actually going through one right now. But you know what? If you were to go out there and purchase property and just go for it, I mean, even if you fail, that’s how much this, of course, cost you. I mean, at the bottom end of the of the training courses of the real one on one courses, you’re looking at probably around five grand and up from there. Yeah. So I mean,
Sandy MacKay [00:33:10] so what if you lose five grand on a deal. I mean. Right exactly. I’ll be learning almost as much, maybe even more so.
Rob Break [00:33:16] Yeah. Just don’t sit there. Just don’t wait. Get out there and make some stuff happen. Yeah. So I hope you’ve enjoyed that. The Seven Ways to identify a great deal. We appreciate everybody listening and have a great night. If you’re interested in investment opportunities with us, go to break through r.i Daudzai.