Table of Contents - EPISODE 5: THE ONE WITH TIM COLLINS (STUDENT RENTAL INVESTING)
Rob Break [00:00:01] Hey Sandy
Sandy MacKay [00:00:04] Hey, Rob, what's that you're reading?
Rob Break [00:00:06] Oh, this it's the new book by award winning real estate investor Quentin de Souza. The property management toolbox is all of the tools and systems for starting out as a new landlord and all of the resources to create less stress while expanding your rental portfolio. It is awesome.
Sandy MacKay [00:00:24] Wow, that sounds amazing. Where can I get one?
Rob Break [00:00:28] Just go to w w w dot the Ontario landlord toolbox dot com.
Sandy MacKay [00:00:38] The property management toolbox, a how to guide for Ontario real estate investors and landlords. I'm going to order my copy right now. If you break through real estate investing podcast episode five.
Rob Break [00:01:15] Hello and welcome to the Breakthrough Real Estate Investing podcast, we put this show together to inspire you and help you live the life that you want to live through the power of real estate investing. My name is Rob Brake. Here with me again is Sandy MacKay. How are you, Sandy?
Sandy MacKay [00:01:32] I'm great here again. Ready to go and really excited for this one. You know, we've got an amazing guest here, so it's going to be great.
Rob Break [00:01:42] Before we get into that, I just want to say thank you to everyone for checking us out. We really appreciate each and every one of you for listening to the show. So please keep it up. And if you have a question or a suggestion or comment, go to your breakthrough RMI podcast. There's a little section there to enter your comments and we'll answer all the questions that you have right here on the show.
Sandy MacKay [00:02:09] Yeah, that's over a break through our podcasts and of course, we should also check out our free report. All you gotta do is put in your email address and we'll send it over to you. It's called Seven Freedom Activators you can trigger in your property right now.
Rob Break [00:02:24] And this is a. This is a truly amazing system that Cindy has built from the ground up, was very generous to share with all of you for free. I know he put an incredible amount of hard work into it. And there's a there's just. So much good info that we're going to dedicate an entire upcoming episode of the show to an in-depth review of this report. So, again, like Sandy said, just enter your email and we'll make it available to you for absolutely free.
Sandy MacKay [00:02:57] Yeah, I know it's not enough. We we do these podcasts for free, and I think we're delivering some awesome value. But we're going to give you that for free, too. So go check it out. And yeah, like Rob said, we're going to break it down a little bit more. In an upcoming episode, we'll dove deeper into the seven freedom activators and tell you what they're all about. So go pick it up. That's Breakthru Area podcast Dossie.
Rob Break [00:03:20] And after the show, hop on over to iTunes and leave us a rating or a review that would really help us out and just remember that if you ever meet either one of us and you haven't left us a review, you're going to have to look us in the eye and tell us why you haven't done that. So everybody go over and read a little review. Let us know what you think of the show. Five stars, please, and click the
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Rob Break [00:03:51] click the subscribe button while you're there. And that way you won't miss any of the new episodes as they come out.
Sandy MacKay [00:03:58] Yep, perfect, and I guess let's let's get into this one today, we have an amazing guy on the line here and an amazing interview we just did with Tim Collins. He is a focuses on student rental investing and just some tremendous value here to share with you in this interview. He's going to talk about the importance of having a great team behind you and and how you can build that team. He's going to, of course, talk about how to invest properly in student rentals and what the biggest challenges are, and we're going to dove deeply into some of his experiences there. And and maybe a little horror story here, here and there. And he's also going to tell us. I was going to fill us in on what the heck gazumping is, and that's a really cool, actually kind of scary topic, but interesting topic nonetheless.
Rob Break [00:04:48] Scary word. Scary topic.
Sandy MacKay [00:04:49] Yeah, it's it's actually it's fascinating, really, what it is, because it's something that I'm sure people in Canada take for granted and and don't really know about. But it's pretty cool. And it's also going to tell you why you owe it to yourself to start thinking big in life, in business and in real estate especially. So that's all coming your way in the interview with Tim Collins. And here it is.
Rob Break [00:05:19] Hello, Tim, how are you?
Sandy MacKay [00:05:20] I'm good, how are you doing?
Sandy MacKay [00:05:22] Great, Sandy there, I'm here. I'm ready to go. I just rushed back from my beer league hockey game. I'm pretty amped up and I got lots of energy.
Rob Break [00:05:33] So how'd you do? Did you win?
Sandy MacKay [00:05:37] We lost. You know, I was telling you earlier that I didn't want to go into overtime or anything because I wanted to make it on the call, on time. And we ended up going to overtime and a shootout and it was like mayhem and we ended up losing.
Rob Break [00:05:49] So who was doing the shootout?
Sandy MacKay [00:05:51] You I you know, I was in it and I blew it.
Rob Break [00:05:56] Oh, I see your think your mind was somewhere else.
Sandy MacKay [00:05:59] I know. I was thinking I got to make it back for nine o'clock. Come on, let's get out of here.
Rob Break [00:06:05] Well, thank you for being on the on the show to really appreciate you taking the time out to come on with us.
Tim Collins [00:06:12] No problem. I'm excited to be here.
Sandy MacKay [00:06:15] Yeah, great to have you, Tim. You know, I guess we should start out, maybe I'll let you just give us a little background on on yourself. I know listeners listening right now can tell you're not probably a native Canadian. So maybe just tell us a little bit about your background, your history.
Tim Collins [00:06:33] Yes, it's a long story, but I'll try and consolidate a little bit for you. So I was born in Canada, actually. My dad was in the Air Force, so born here. And about a year after I was born, my whole family went back to England, which is where the weather accents from. And so I grew up kind of English, but always with a connection back to Canada. And when I was about 15 years old, I said to my dad, can I can I get Canadian citizenship? Because it just be really cool. If I could tell the people at school that I'm Canadian instead of just being born in English. So my dad wrote this big letter essentially to the Canadian High Commission in London, and they wrote back and said, yeah, you are 100 percent Canadian as far as we're concerned, and gave me citizenship. And I then applied for a passport. So that was kind of that was kind of why I've always come back to Canada. And speaking of hockey, when I was 19 or 20, I came back to Canada and played to junior hockey over here for Trenton team Trenton Sting. At the time, they were called and played there. And then then I kind of realized that he wasn't going to make the NHL and all the NHL probably. And a lot of the stuff below that was just, you know, journeyman getting knocked about for not a lot of money. So at that point, I went back to England to start my career and and start out my life in IT sales. But my investing also started off in England. So when I was about when I came back from that year of hockey, I wanted to rent an apartment and my dad said my dad was just really against renting. For whatever reason. He said, you're not renting is a waste of money. You throw money down the drain. And I said, fine, well, you need to help me buy some of that. And so we bought this little apartment and it was a two bedroom, typical stinky apartment. I remember the carpets in the in the living room, but one through to the concrete. So that might give you a bit of a mental picture as to what state it was in. Anyway, I didn't care. I was like, this is great. New carpets, did a bit of other work and I lived there for a few years. And then my job took me to a different city so I would continue to rent it out for a bit. So I ended up being a bit of an accidental investor just because I didn't really have time to list it and sell it and do everything involved in selling a house. So I just rent it out. I found a local property management company and just go on with it and just left it alone. I didn't really need to do anything with it. And then three or four years after that, I wanted to buy another property closer to London. So I sold it and when I went to sell it, the price had gone from forty five thousand pounds, whatever we bought it for, to over one hundred thousand pounds in four years. And I think that was part of the aha moment for me when I was just like I couldn't save that much money, I couldn't have made that much money and I didn't really have to do anything for it feels a bit like cheating where when, when something like that happens. But it was obviously fortuitous timing. It was entry level property into the market and and I a good wave. So that was kind of what I call the bug. And then I went on from there to try a couple of other investments. I some of which worked well, some didn't. I bought into into what I would call like a fully managed investment where a company came along and said, we'll sell you the house, we'll put tenants in. It will be the property manager will kind of do everything. And that didn't work out particularly well. And then my job kind of gave me the opportunity to transfer over to Canada, probably I think it was 2006 when I came over here permanently. So that's what kind of brought me back. And and when I go back over here, I then started after a best selling in time and started looking again, investing and bought a duplex, which was fine. And then I bought another duplex, which was fine. But what what really was the catalyst for me to to get into student rentals was when I looked at my career of islet cells, which I've been in for about 15 years. I just kind of had enough of being on that circuit of I always represented great products. That wasn't the problem, but they weren't necessarily my products. So the passion behind them kind of wanes after a while. It's hard to keep that level up. And so I just decided I wanted to know, do something. On my own, and so I looked at the real estate industry in Canada and said, what is the quickest way essentially for me to leave my job? That was the kind of brutal way of looking at it at the time. And student rentals, obviously, and I'm sure we'll get into this, but can be a lot more work. But on the financial side, they for the amount of money invested, I think they provide one of the highest returns in terms of cash flow, obviously, depending on where you buy and how you manage it and all that kind of stuff. But that's what I looked at. And that's why I, I kind of that's a bit of an intro as to how I got into student rentals in the first place.
Rob Break [00:11:56] Cool. OK, yeah, that's really great. Before we get into the student rentals, though, I just wanted to ask you a couple of questions. I know. Well, you were saying that I guess the reason you got into the student rentals and into investing was because your it wasn't providing like there wasn't your product. Is that the same reason why the that turnkey deal that you had going didn't work out or was there another reason that you didn't like that one?
Tim Collins [00:12:29] The turnkey deal was I felt like it was a bit of a scam. I felt like it was because it was managed and packaged and they said they put the tenants in. They were obviously providing an end to end service. But I think well, through my experience, A, the sale price was too high on reflection, and B, the tenant profile was horrific so that there was a lot of turnover, there was a lot of damage to the union, the units, which conveniently they had a team to fix and charge me for. And it was just one of those one of the horrors that people have in in being an owner or a landlord is that you have you basically don't get any money at the end of the month because, you know, everybody's been taking a piece and something needs repairing and that kind of thing really, really was was going on there for sure, thinking it was it wasn't a particularly good area. It was just I mean, it's kind of a good story because it's exactly why I invested into being coached and being in mastermind groups, because you don't need to make all the mistakes that other people have made. And yes, the numbers might work and it might fit the good old one percent rule. But is it in a good area? All the tenants are going to stay in there for a long time was the expertize level of the people who are managing it and are they in it for the right reasons? So there's all those sorts of things which I look back now. I think, wow, that was that was a mistake. But it gave me it gave me some more background in terms of really thinking about, you know, where where to invest. And and I don't that kind of concept of the end to end thing just sounded too good to be true. And normally, when it sounds too good to be true, it usually is.
Rob Break [00:14:12] I feel like they're the equivalent of well, I'm not saying there's anything really fundamentally wrong with a mutual fund, but that they're almost the equivalent of that because you have such little control over what exactly goes on with your money and and and all of that. So, yeah, I like to stay away from those kind of things to feel like I just you need more control over over your investments. And that's what all of my real estate deals that I've gotten into are providing to me. So that's why I like them.
Tim Collins [00:14:44] Yeah, I guess I guess nowadays I'm on the other side of it, which is in addition to coaching people who want to be active student rental investors, I, I also do joint venture partnerships. So people come to me and say, you're an expert, you know, we're to buy, you know, all the pitfalls to be aware of. So how about I put the money in and then you basically run this investment for us? So again, that comes down to them. They basically look at me and say, is he credible? Does he have a track record? Who are the other joint venture partners he's working with today and and all those sorts of things. So it can be something which is is successful for both parties. Obviously, I'm not a property manager and I'm not a contracting crew. And so I'm not really doing all those other things. I'm just pulling the team together and being the the the kind of linchpin, if you will.
Sandy MacKay [00:15:39] So I want to go back just and ask you, because I remember there was one thing, one funny word actually, that I know we kind of joked about on Twitter and stuff after you were speaking at the meeting, there was gazumping. Why don't you just
Tim Collins [00:15:56] go to gazumping
Sandy MacKay [00:15:57] where you just have some fun with us here and tell us what that's all about?
Tim Collins [00:16:01] Yeah, gazumping is a funny thing. So in in England, the there is this concept called gazumping and depending on the state of the economy and interest rates and house prices and all sorts of other things, it becomes more prevalent at different times. But gazumping is essentially a phenomenon where A, somebody puts the house up for sale. A buyer comes along and says, I'd love to buy your house. What's the price? It's two hundred thousand pounds. Great. They agree on it. They instruct their solicitors or lawyers to start essentially putting the documents together, doing the survey, the inspection and all those sorts of things. And what gazumping means is, is that during that process, the seller basically kind of kind of keeps keeps his hand in the game. So if another buyer comes along and says, I'll give you. Fifty thousand pounds more than the salad basically dumps the first buyer, takes the second buyer for more money, and that is where gazumping comes from. So is this the difference? And I think I talked about this before with you, Sandy. But the difference in and that's why when I came to Canada and said that you actually you get that offer accepted, you get a contract which is legally binding, essentially is just makes investing so much more stress free and fun. Right. Imagine being in a deal. And I've been where you're like eight to 10 weeks into a process and somebody says, sorry, I changed my mind, I'm going with somebody else, but it's terrible. And until the day we get the key and exchange contracts, it's not it's not a done deal.
Rob Break [00:17:45] Is there any consequence for the seller at all or that that's it?
Tim Collins [00:17:49] Just no, they just walk away. Maybe they'll be on the hook for some legal fees, and that's about it. There's no consequence for that. I don't I don't know you. There's some other interest in where there's another one called,
Sandy MacKay [00:18:06] because wandering and wandering is essentially when the seller decides just halfway through the process, they just decide to take the house off the market and wait for better times. So another breakdown in process and then the last one is Gesang, I'm not making this up, believe me, Alaska and Gesang, which is the other last minute, the buyer goes back to the seller and lowballs them a bit and says, you know, we sell 200 actually, normally we a 175. So you can either let this deal fall apart or we can accept my 175 and just deal with it. So it sounds pretty. But yeah, so with the concept of gazumping, mixed in with, when you have the concept of somebody wants to sell their house, they go on an offer in another house and that person then goes in person on another house, you have these kind of chains of transactions together and one person gets gazumped. It breaks the whole thing down. Wow. And I know people who this has happened to. So this is a stressful process. I'm sure there's probably good ways to mitigate it today. But come on over here and be not like, you know, agree to a price with a couple of opt outs, basically be in financing and a home inspection
Tim Collins [00:19:35] and then firming up. It just feels like the power's a lot more equal and maybe even slightly in favor of the buyer where you once you've agreed to a price, you still have the ability to walk away. So anyway, that's why. Is much better place to invest as far as I'm concerned.
Sandy MacKay [00:19:54] Yeah, so the next time any Canadians are complaining about how the US is so easy and all this, we should probably consider ourselves lucky that we don't have to deal with stuff like that. So it is pretty.
Tim Collins [00:20:06] Yeah, exactly. Yeah. Yeah. Good old Canada.
Sandy MacKay [00:20:11] OK, let's maybe get into it. Let's get a bit deeper into the student rentals. What are the main factors you look for when you're looking for a student rental?
Tim Collins [00:20:21] If I'm looking at an area in particular,
Sandy MacKay [00:20:24] whether it be a university or college, and I work with both one of the first things I do and it sounds kind of sounds kind of weird to say, but one of the first things I do is I drive there and I parked my car as close to the university or college as I could get. And then I walk from there and I see what I can see within about a 15 minute walk. So I will walk the streets a lot of that and see kind of what radius I can build within a 15 minute walk, because I know myself in speaking to a lot of students. And this is impossible everywhere, because sometimes you have the universities out of town and you only can only bus tour. So you have to look at your own individual market. But where possible, students would like to walk. That is their preference because they want to roll out of bed, look at their watch, brush their teeth, grab a piece of toast and go to class. And if they could go there in 10, 15 minutes, they don't have to worry about waiting for a bus to show up or starting their car in the winter or whatever it is, they can just get out of there and go. So one of the first things, one of the main factors I look at is, is location is just huge, because even if the house doesn't look particularly nice, as long as it's functional and clean and looks nice inside, those are the key criteria that the students are interested in. So the buying behavior is different than if you had a single family, for instance, who would be looking at other things like how big is the backyard and what is how
Tim Collins [00:21:57] esthetically pleasing is that house from the street for students? I'm thinking about they're thinking about does it look nice on the inside? Is it clean? Is it well taken care of? And how long is it going to take me to get to school? So those are some of the the first things that I would I would get into essentially the other things then outside of that
Sandy MacKay [00:22:18] is is really looking at sufficient demand. So one of the other things I do is whilst I'm doing my little walkabout is look around and see how many Florentines signs there are. Because even if you're an A student, a kind of dense student area that be Florentines and in various places. And one of the things I do is when I'm walking around, I pull out my old cell phone and I will phone up some of those friends and say. Hey, I'm a student. Do you have any rooms available? And the answer to that question, I'll give you an indication of how much demand there is. Other times I phoned up the number and said, are you the owner? And the person typically says, yes, I am. And I say, you know, I'm also looking to get into the student rental market. I just wanted to know how you find it in this particular area. Or sometimes I'll ask, are you interested in selling your student rental house? All these different questions are going to give you different impressions of the market you're looking to invest in. If people are desperate to sell, then you got a question. Why is people high up on you then? Maybe that's a good sign, right? So whilst you're walking around, you can you can call a couple of these numbers and see what's going on. And sometimes, if it's appropriate, I try to get in and see some other competition. So I'll say I am a mature student or I'm looking at a place for my brother. Can I come in and have a quick look and just see what the competition is like? And I can tell you from my own experience that the competition is not very good in student rentals, because what happens is a lot of people think about the great cashflow and they kind of get dollar signs in front of their eyes. And then they then they just go into a negligent slumlord mode and they don't reinvest in the property so that people gradually. Deteriorate and obviously wearing ties with Ohio students and they get left alone, and if you compound that over a few years, then it's done pretty quickly without looking after it and reinvesting. So, yeah, sorry, I went off on a bit of attention there, but that's a couple of things. And then outside of the walking around and speaking to people, you obviously get into the the numbers and of things. And this is this is essentially different for different people. But I'll tell you a bit about some of the key things I look for. So first of all, one of the things you got to look at is how many rooms can you put in the house that you're looking at? If it's only going to fit three rooms in it, then three students paying anywhere between four hundred and six hundred dollars a month probably isn't a very lucrative business for you and probably won't even cover your bills. So you've got to look at purchase price and look at how many rooms you've got and start building a picture. And when I work with my coaching clients, this is one of the things we go through is looking at the market that they want to invest in. And then we start looking at purchase price. How many rooms? Average rent costs. We build all of our utilities and property management costs. Then we can see what our positive cash flow is going to be. And then you can get an idea of how you can break down further in terms of what type of house you're going to look to buy. My average in terms of my own investing is between five and six rooms, probably closer to six bedrooms in a house most of the time. Some people do more than some people do less. Some people have to do less. If you're in an area where there's licensing, then sometimes they regulate that to four or five rooms. You'll also find that the rent is increased a bit to compensate for that. So there's a handful of the things that I would starwars.
Rob Break [00:26:19] You know, student rentals have a lot of different and sometimes strange situations, though they have different rules as well. What are what is one of the biggest challenges when you're dealing with student rental?
Sandy MacKay [00:26:36] From with the shooters themselves or what aspect? Well, I
Rob Break [00:26:40] mean, like, OK, so I have a student rental as well and I know that I have a problem because in Oshawa, if you start letting students put key locks on their doors, then that turned you into a rooming house. But then, like a lot of the kids don't want to move into houses with people that they don't know necessarily. And I mean, I could go on and on about this, but, you know, you try to get a group and then you can't. So you move to the individual and then those kind of things pop up as well. As, you know, some of them almost want you to be their father and like, mediate disputes, you know. Yeah. So. And what kinds of other things and I'm not thinking of. So for you, what kind of things come up.
Sandy MacKay [00:27:25] Yes, I think that the key fundamentals are things like making for somebody new to shoot rentals, the first thing is to make sure you have one lease instead of multiple leases. If you have multiple leases, you in the eyes of the powers that be, you are running a rooming house which has a whole different set of requirements, but from a fire and safety standpoint, insurance standpoint. So in Ontario at least, the concept of student rental should be that it's a it's a single family unit. Everybody signed the same lease living in a habitable area where they have access to shared facilities, kitchens, bathrooms and all that kind of stuff. The sticky subject of locks on doors. I just make a point
Tim Collins [00:28:14] of saying to people that they they they can't put locks on doors. And that's also written in the lease. What typically happens is next time I go in for the house to be on lock on a couple of those. So I think the main thing is, is to to to sit down with them and just say, you know, here's the reasons why you shouldn't put locks and then you've signed the lease. So you want and and then you just got to try and enforce that way. You can some people, you know, some kids are still going to do it. I think it's as a as an owner and a landlord, you've got to make sure that you've documented the fact that you've
Sandy MacKay [00:28:51] requested for people not to do that. You can't be there all the time watching everything that goes on. Obviously, you can only kind of check it out periodically. So I think one of the main things is just maintaining a good relationship with the tenants. And and and by doing it allows you to from the outside, if you have a good relationship with them, allows you to tell them some of the reasons why they why they shouldn't do certain things. One of the other ones to cheer me up in the past is people bringing pets into the house. Now, in Ontario, you you can't enforce no pets but the landlord tenant board. But from a student rental point of view, there is really about five or six young adults in a house. There's no place for pets because it just adds to the the mess. And funnily enough, also, students probably aren't the best at taking care of pets because they're out of school and out, you know, and even sometimes as well. So I will always, you know, not really thought about being a major concern, but I'm one of my early dealings with a student. I walked into the house one day and and saw a lot of furry things scuttling around in the basement. And I said to the young man involved, I said, what was going on? And it's like, oh, well, a friend of mine gave me a kitten, so now I have to take care of it. And I said, well, I don't think this is the right place. I would suggest and appreciate it if you could take it to your mom and dad's house or do something else for that. I can't stay here. And so he luckily got rid of them and moved on, move to town. But yeah. So that's been a problem. That particular cat, while I was there only for a short period of time, caused some damage to the house and and made a bit of a mess, probably because it wasn't being cared for. So those are a couple of things I've come across.
Rob Break [00:30:57] Hmm, yeah, maybe
Sandy MacKay [00:30:58] a little tired, I heard I was going to say in terms of the dispute saying. I I've I've kind of all of the stuff I do, I'm trying to make sure it's as efficient as possible. So I used to I used to go and put my fingers on every day, and I used to text back and forth with the students and arrange the showings. And then I have a local person, a property manager or something like do the showings for me in that. So it's an end to a lot of my time. And in addition to even into a lot of my time, I saw getting texts from the students and stupidly the staff. I gave them my personal cell phone number and texts from the students. And attendance is too hard. And somebody else would say to John in the room next to loud. And I told him and he told me to get lost.
Tim Collins [00:31:50] If you have any young people. And in many cases, I left home for the first time
Sandy MacKay [00:31:57] and they did, first of all, don't know how to run a house. And secondly, they need somebody to play referee and kind of internal disputes, so. I dealt with a couple of ways, first thing was I stopped my phone number out, a personal phone number, and the second thing is I said to the students, and this is kind of premi, again, a full time problem. But I would say to them, if it's an emergency, you can find me. If it is a real emergency fund, the police or armed. And so have you know, if it's an emergency, such as this water pouring on the floor or a spokesperson or something bad happened or the heat's gone off completely or whatever it is, you can fire me. Anything else apart from that, please send me an email and I'll respond to within 24 hours
Rob Break [00:32:45] or do they follow?
Sandy MacKay [00:32:47] So for the most part, they did. They did. For the most part. Yeah. To start with, a few people would phone me up and say. They'd start saying somebody left a moldy plate of food in the fridge and I say, hang on a second, as disco, you could just go for me for emergency. Please put in an email and I'll I'll make sure I get to it. And then but see,
Rob Break [00:33:09] like with me, I'm thinking that shouldn't like this shouldn't even be bothering you with an e-mail with something like that. I just don't understand. I've had the same exact thing happen where people are, you know, so-and-so drank my milk and. Yeah. And I mean, these are things of my opinion that they should be able to deal with themselves as a house issue, not a landlord issue. I don't. Yeah. Yeah. So I mean, yeah
Tim Collins [00:33:34] it doesn't mean it doesn't mean they're not going to ask them. But given the, the 24 hour email response means that people normally don't bother because they realize the delayed gratification and then get an answer they don't ask you anymore. So when you go to email. Well, somebody said, somebody's driving my milk, I would say I would respond and say this is difficult for me to to help you. What I want to suggest you ask people
Sandy MacKay [00:34:00] in the house, I mean, honestly, when I give people the ability to text me and get an instant response, they ask me all sorts of stuff. If I tell them, I'll reply within a day and it don't really bother. Ask me anymore unless it is something important, like it just tends to go away. So that was my first. That was my first method of attack. And the second thing I've done is I now have a virtual assistant who works for me and he's based out of the Philippines, but he works Canadian hours plus. And so he's although right now it's a 12 hour time difference for them. So whatever if it's nine thirty here, it's nine a.m. over there. But he works Canadian hours.
Tim Collins [00:34:44] And so I set him up with a text account and I've sent him over the email account. So now if people e-mailing or text, then he responds to my behalf. So I totally outsource that whole issue. The other thing he does for me is he takes care of all my ads. He organizes all my showings. He liaises with my property manager to make sure that the proper amount is there on time.
Sandy MacKay [00:35:11] Concerns with the student, make students, make sure the students, the group of students show up on time for their show. So I'm only telling you that because when it was student rentals, if you just buy one, then you'll probably be fine. If you still get into a couple and you're very quickly going to become completely maxed out if you try and do it all on your own. I mean, I did to start with and if I hadn't put some systems in place to alleviate all the contacts with me all the time, then it wouldn't have continued to grow.
Rob Break [00:35:48] Yeah, I mean, well, it's basically the same as if you got six rooms, it's basically the same as six vacant apartments really that you're trying to fill in as far as the applicants go and how much work there is involved in it. So, yeah, that makes sense.
Sandy MacKay [00:36:01] Yeah, that's really. Yeah. I mean, like you said. Yeah. Like you said, Rob, ideally you wanna get groups of people who all know each other and they can all cohabitate and get on well, but it doesn't always work. And sometimes you get you a three and a three or individual people or whatever it is, and you go and do the best you can to bring them together as a group and and hope
Tim Collins [00:36:25] they hope they get along and figure it out. And it doesn't always work out. I mean, you're going to with all the best people in the world, you're going to have the occasional issue from time to time. Do you have to deal with. But I would think I do think that's true for any type of real estate investing. And and and one of the reasons
Sandy MacKay [00:36:47] I enjoy working with students is on the whole, for the most part, they are people who are in a good place in their lives. They they want to get on and, you know, they go to university or college and they're going to be positive. Some of the people I deal with who live in my duplex aren't quite as friendly all the time, so.
Rob Break [00:37:10] Well, you mentioned your lease there a little while ago, talking about how you have everyone on one lease. So let's just go a little bit deeper into your lease. How is it structured? And I know a lot of times student rentals, you go from May till May, but what are the terms of your lease?
Sandy MacKay [00:37:32] Yes, a mine, the same. We were typically going from from May to me. And my lease just means essentially that we typically have one person who signs at the front of the lease and it kind of puts their name down against the amount of money for the total amount of money for the house. And and then in the back of the lease, there's a place for individuals to for the rest of the group to kind of sign their names and and agreed to the conditions within the lease, the on the back of the lease to then also space for parents to sign, because we like to have the parents be guarantors on the lease. So if one of the kids decides to. Break the door down or cause some some sort of damage. We sometimes have to phone up mom or dad and get them involved to get the situation resolved. That does happen from time to time. Most of the time, the parents are helpful in terms of rectifying the problem and and
Tim Collins [00:38:44] fixing the damage. So it's just good to have the escalation point. And I think when the students, the students know that mom and dad are kind of on the hook as well, they tend to behave themselves a bit better.
Rob Break [00:38:59] So do you ever help? That certainly helps. Responsible for for the for the for the money.
Tim Collins [00:39:08] I haven't had to be honest. I haven't had a situation where everybody else is left. I take on a case by case basis. I do have groups where sometimes one of one of the people out
Sandy MacKay [00:39:22] of the group decides to stop going to school. And my typical point of view of that is, is to essentially say you're responsible for this this contract you've signed. If you want to find somebody else to replace you, that's ideally the best situation. But if you don't find a place who you are responsible for paying until the end of the term. Now, in response to that, some people say, all right, fine, I'll find somebody and then they don't. But they continue paying. And some people say, yeah, I think I'm going to leave. And at that point, it's tough, right? Because the the likelihood of you going after them and enforcing that and getting that last couple of months or whatever it is, I don't always think it's worth my time to do that. So my next course of action would be to go back to the group and say, hey, guys. Your friend is as moved out. Is this somebody else, the you know, who would like to fill that room? Because if not, then I'll find somebody who would like to fill that room for you. And then I cut my marketing machine into action and find a replacement for however many months I need to.
Rob Break [00:40:41] Cynthia, I know I'm stealing all the questions here, but I have another one that I came up with now. Go for it. I'm listening.
Sandy MacKay [00:40:47] I'm thinking it all up. Go for it.
Rob Break [00:40:50] Well, OK, so we've got advertising costs. You mentioned that if you don't upkeep, you know, and keep on doing improvements, that your your your house is going to deteriorate over time. And I agree with that. 100 percent advertising is very expensive. I know the one site that we go on here place for students is over 50 bucks a month. If you want it for the year, it's three hundred and sixty some dollars. So all of these things put a dent in the cash flow. Would would it be fair to say that you are essentially coming out even with with a decent cash flowing duplex, but just doing all of this extra work to counterbalance that? Or or are you still coming out ahead?
Sandy MacKay [00:41:41] I'm still coming out ahead for sure, like I. If you take into account some more major things that may happen over the year, whether it's just something a bit bigger than it's doing, I, I my house is run between 500 and a thousand dollars a month and positive cash flow, so say 750 the average.
Tim Collins [00:42:05] Right.
Sandy MacKay [00:42:08] But that probably has a lot to do with where I'm investing and I have six rooms and getting a good market rent for the other six firms on the basis
Tim Collins [00:42:20] that it's a nice house in a good area. If you didn't have such a nice house anywhere in such a good area, then, yeah, you probably could find an investment which was less
Sandy MacKay [00:42:33] work intensive for the same amount of money. But the other thing is for me is that in a lot of cities, the area where the accommodation is for students, that the kind of student area of housing tends to be some of the most expensive real estate in a lot of cities and holds his value very well. And the other thing I like is that we do have constant demand all the time for for our rooms and for our houses because we look after them and make them look nice. They are the desirable ones. They get rented out for us. We get more monthly rent. And, you know, as they say, even more people go to school in a recession. So it's kind of foolproof for a number of reasons in terms of a strategy for me. Hmm.
Rob Break [00:43:25] So how do you avoid your student rental house becoming the party house or if that happens, you just kind of go with it and start attending the parties?
Tim Collins [00:43:35] Yeah. Frank, the tank rank. Exactly. You. Yeah, I think I think part of that comes back to the relationship side and I literally think there's a lot of student out there who kind of cash the checks and don't have
Sandy MacKay [00:43:55] a lot to do with the people that live there. So again, through my through my team, I put together both my local property manager and my assistant who helps me. We keep a pretty regular contact with the people who live in the house. And, you know, and obviously as part of the lease, we say no parties in the house. But in my experience, the houses that have turned into the houses that I've seen have been ones where the landlords never around and the people who live in them really know who the landlord is. And the tenant selection is just bad. So you could tell upfront these people are probably going to be trouble. And I kind of totally about tenant profile. But with students like if a student knows anything about the Landlord Tenant Act, then the person renter is
Tim Collins [00:44:52] like, how could they have enough experience to have been through an issue with a previous landlord before? So, you know, for that question there at the start of an experience with the landlord tenant before, or if they're like, well, yeah, you know, I kind of know how that process works and maybe that's somebody you take a pass on. But one of the houses close to one of my houses that became
Sandy MacKay [00:45:18] the party house was essentially because the property manager they had wasn't wasn't there too often the owner wasn't there or or visible to the people at all. And so I think this kind of a big deal for you and for them to start inviting lots of people over. But, you know,
Tim Collins [00:45:39] I had
Sandy MacKay [00:45:41] an incident a couple of weeks ago with a brand, a house that I recently bought and we've been renovating and a girl moved in and she came with the mom. And so all the refillable and kind of above board. And I got a call one morning from my contractor saying that he'd walked in to find a bunch of people sleeping on the floor. And I found out they'd put out a few people over. So I went to the girl and spoke to her. And then I spoke to her mom and we decided it was probably best if she moved out. So she only ended up being there for about a week. And that wasn't invoking any landlord or an act or anything. I just said, look, this isn't this is not that kind of house and it's not a good fit. And I think it's very best for everybody if you if you go somewhere else. So it I think a lot of it really comes down to like being engaged. If you're not involved, then you're going to have problems. And if you want the quiet life, then go after some rent to own houses to the renters for that extra cash flow you're going to get you're going to have to have somebody driving by the property, you know, once a week, once every couple of weeks, make sure they put the garbage out, making sure there's no Franklinton going on and just maintain that relationship.
Sandy MacKay [00:47:11] One thing that I want to
Sandy MacKay [00:47:12] add one final point to add wherever possible, when I'm at places and I see other people around, neighbors or or other students from other houses, I always make a point of saying hi and given given the office no more. So that essentially if things are going on the house, the word gets back to you. So. If you're just if you're not in a student area and you do that, people might get upset with you because you're bringing students into what was a nice neighborhood. But in areas that are densely populated with students, it's always good to true to the chart as some of the other kids around and and just introduce yourself and let them know how they can get hold of you or cause any problems.
Sandy MacKay [00:48:01] Cool. Yeah, there's there's there's a lot, right, that goes into student rentals especially definitely it is a lot more work for sure. Is there something what would be your number one tip for new people out there listening maybe right now who are thinking about getting into student rentals and they're looking at it, they're loving the cash flow that you're going to get. And but they're you know, there may be worried about all this extra work. What's the number one tip that you give them for getting started?
Sandy MacKay [00:48:31] I would say give the team in place first. Because without the team in place, if you just start going by trial and error, then it can be it can
Tim Collins [00:48:44] be really hard
Sandy MacKay [00:48:45] very quickly. I mean, even now, we still face challenges with the wrong student here and. You know, people not paying on time or whatever happens to be, if you if you start with a good team around you and and that includes property manager and realtor and contractor and all sorts of things, then you can avoid a lot of those mistakes. And yeah, I would essentially say that to get the team sorted out and and get some get some good advice from one of the one of the things one of the sounds of a self-serving I don't mean to be one of the things that accelerated my development the fastest was when I hired a real estate coach. Prior to that, I was the year before that thing. I bought one house and and I was still kind of trying to figure out how to escape that dayjob. And when I hired a coach, I got super focused. I just avoided a lot of mistakes that they then threw themselves into. I had to pay for that advice for that year. I bought six houses and then left my job and really took a huge leap forward. So whoever you speak to, speak to somebody who's already doing it, you know, runs a bunch of experience to other people who invest in student rentals, chat to them and see if it's something for you.
Sandy MacKay [00:50:18] Exactly. Yeah. Know, I would totally agree. And if anything, they of course, you forward. Right? They're going to you're not going to sit there and wonder about things. You're going to have someone to chat to. And and maybe this isn't right. If you're not stuck kind of in limbo, you're going to be you're going to be pushing forward, which is always something that people have trouble with, I think in real estate especially.
Tim Collins [00:50:40] Yeah, I think I think it's I think I was speaking to one of the personal trainers at the gym I go to about us today. But I think it's accountability, right?
Sandy MacKay [00:50:49] People need to have accountability, whether it's to go to the gym and go on a diet and lose weight or whether it's to go and buy a house and take action and actually do something. And that's why a lot of people are kind of some people kick the tires and some people get involved. If you can get involved with with your team of people saying, yes, that seems like a good decision because, you know, I've done this before and that's a gray area and that's a good time to turn profile. And you put those pieces together and you make great decisions if you just go on doing your own. Then you could end up with a house that's too far away, or the Tange, again, totally wrong. And they're not even students, they just young adults. And and then you have all sorts of problems. Right.
Sandy MacKay [00:51:39] Yeah, exactly. Just quickly, going back to the outsourcing and your assistant that you have there in the Philippines. Can you give us an idea of. Well, first of all, I think a really cool concept because a lot of people, especially in the online world and things like that, utilize people in different countries. And and the Philippines especially, I know has become a big one for Internet entrepreneurs and things like that, for outsourcing things and basically just being a personal assistant. Can you give us an idea what you pay your person over there in Philippines?
Tim Collins [00:52:17] Yeah, I think it's I don't want I don't want to get it wrong, and I mean,
Sandy MacKay [00:52:25] I've
Tim Collins [00:52:25] I've found them through I found them through my through my coach as well, actually, who already use somebody over there. So, again, another another good
Sandy MacKay [00:52:35] example of getting something from your team. I was able to get introduced to them, so. Yeah, seven bucks an hour. Seven bucks an hour. And so the the guy I deal with went to the University of Hawaii. He's got a degree in accounting, speaks perfect English, and I basically hire him for two hours a day. So he works for other companies as well as my business cronies are probably taking longer, but I haven't for 10 hours a week. So what's that, 70 bucks a week, 300 bucks a month?
Tim Collins [00:53:07] I say totally worth it. Right. But if you look at my time and where I should be spending most of my time, these are the kind of to and fro type conversations on tax and all that kind of stuff. And I there's a a free tax service called text now dot com. And you can go and set that up and actually use that from your PC or your computer or whatever without actually having
Sandy MacKay [00:53:37] to be on a mobile device. So he's just got this app open on his desktop and he goes in and has conversations with people. So it's this massively helpful.
Sandy MacKay [00:53:49] Yeah, that's awesome. I think a lot of people can use like student rentals for sure if you're having a lot of property and that type of things to deal with. But anyone really can use that. And and seven dollars an hour, I know it seems like you're paying nothing but someone in the Philippines who where the average salary is. Maybe I don't know what it is, but it's probably somewhere around maybe three hundred dollars a month or less even. And. Oh, so, so, yes, paying them something like that, it's not a bad thing. And I mean people over there too. I know from what I've heard, they take a lot of pride in working for someone from Canada or the US and things like that. Right. So it's it's a really something good for them and you. I think it's a great thing that people can utilize.
Sandy MacKay [00:54:38] I mean, this guy lives in Manila and he used to be working in the corporate world and he loves doing the virtual assistant stuff because he gets to work from home, he's kind of creates his own hours for some of the work he does. And I guess he makes more money than than if he was full time working somewhere locally. So, you know, that's the kind of world we live in now. I don't think it's exploitation. It's just utilizing the tools that you have, your disposal. And the way I look at it for my businesses, if I'm doing something in my real estate business, which is taking me a lot of time and or I don't even particularly enjoy it, I always question all these tasks. Now I say, could I give that to to my assistant? Could I ask could I give that to somebody else to do? I think that's another way that people can grow is essentially by looking at what could be a list of tasks you have to do, make a list. And I do this periodically. I'll make two lists, one list. I'll write down the things that give the most value to my business, you know, financially or monetarily. What's the most valuable things that I do? And then I'll have my second list, which is one of the things I enjoy doing most and all the way through to the things I enjoy doing that leads to the bomb. And then then I can basically look at those two lists and say, which of the money moneymaking things and the things that I enjoy match up. So then those are the things I should be doing most of. Right. And the things that are the bottom, which is, you know, posting ads on websites or texting back and forth with students all day. It doesn't in that moment make me a lot of money. It takes a lot of time. It's kind of frustrating for people to respond. That's a perfect example of something. I'll hand it off. It's not a media. I trained my guy up. I gave him a script. I'm given him canned responses. So it's all very professional. But, yeah, you can. And yeah, as you said, standing, whether you're in real estate or whatever your business is, if you're if you're an entrepreneur for sure, you can you can get yourself something like that.
Sandy MacKay [00:56:54] Yeah, for sure, I think it's a great idea. Have you ever had a student rental horror story or anything like that? I know you mentioned the cat issue. Anything other anything else that's popped up that was kind of
Rob Break [00:57:06] a little kitten? That's not quite the horror story that we're looking for. But, yeah, maybe something maybe maybe something went a little bit worse than that.
Sandy MacKay [00:57:16] Yeah, I mean, I. I always think, like the the myths and realities of children's lives are often worse in people's minds than they are practically, you know, a damaged a hole in the wall or somebody's chicken indoors is what you may see from time to time. I have quite a good story, which is I am one of my properties. I have a house and I am a detached garage which goes with it. And in a detached garage I am restoring the kitchen, which I had removed from another house. I had a brand new kitchen, countertops, all this stuff. And I went and then my father in law was renovating his basement. So I said, don't buy it. And I got a kitchen is brand new and I took I have a house and it's ready to go. Let's go and pick it up. So we got in my car and with the trailer on the back and drove over there and I went to unlock the garage door and the door was open like somebody had picked a lock or forced to open or whatever was open. And I walked in and to my horror, the the kitchen was kind of all over the place. And there was a then kind of was a big part of it missing. The whole countertop was missing. I walked into the backyard and I saw the countertop out of the corner, my eye. And one of the students had obviously pulled the blind down inside the house. So instead of going and buying a new blind or replacing it or telling me, they decided to take the countertops in the garage and leaning against the window from the outside, thus creating some shade from the sunlight. So that obviously been in the rain. So it was warped and fallen apart. So that was useless.
Rob Break [00:59:01] I guess your A student one blanket. So you can't you can't be hanging your other way or your blanket from the inside.
Sandy MacKay [00:59:09] I don't know why it would be a waste then. And then I found and then I found that the drawers to go in the kitchen and I went one of them was missing. So I went into the house and said that the kids was in the drawer. And I need this for myself. And the one student with a card said, Oh, you might want to come with me. I've got it downstairs. And he'd been using it. CALITRI Yeah. And then the rest of the furniture in the garage had been turned into like a massive beer pong table with just empty cups and stuff like that on there. So, you know, maybe in hindsight, I should have been more explicit that they weren't to touch the kitchen in the garage or break into the garage to start messing around with it. But that's probably about the worst touchwood that I've I've had to date. The idea of I've been aware of things that have gone on when a neighbor's house, a few doors down in one location, they did have a big party. They had a lot of people in their house. And somebody had picked up some some buckets of paint which were in one of the cupboards and managed to jimmy the lid off this pain and just thrown into the wall like a full gallon for gallon cans of paint. Just throw them in the wall. So I know all over the floors and that kind of stuff,
Rob Break [01:00:34] the worst one that I've had is that showed up at a place and and the neighbor came out and said that you should have seen the party here last night. The cops were everywhere. They had the line. They had the kids lined up at the front of the house at the back of the house, and one of them threw a beer bottle through my bathroom window and broke it. So that was the fun one there. Luckily, yeah. That that that tenant agreed to pay for the front of the window and everything. So I guess that, you know, it could have been a lot worse there to.
Sandy MacKay [01:01:13] Yeah, yeah, I mean, it's mitigate mitigating risk, I guess, and you can do that by getting the parents to countersign the least, you have to have the right type of insurance and then you make sure that you make sure you pick out good, good kids live in your houses.
Rob Break [01:01:32] So was this the same dreaded cat that was that how you found out about this little kitten? Yeah. The thing about her, you know, perfect. Yeah. Um, so do you have a is there a quote or a piece of bone for advice in business even it's always stuck with you. And how is it helped you? Yeah, I mean,
Sandy MacKay [01:02:02] a couple of things come to mind, I worked with a guy when I was in London in my early years in sales, I worked with a guy who was just a big thinker and he is a very successful technology entrepreneur and has sold a couple of companies and made fortunes. But he just said that he finds generally people think small. And one example of this, one day we were walking down the road in central London, in England to go grab some lunch. And he just stopped and kind of looked to the buildings around him and said to me, he's like, who's to say that you couldn't own all the buildings on the street in ten years time? And I kind of said, well, I suppose I could. I suppose that could happen is not impossible. Right. And so that I always kind of take that interaction and it's not really a quote or piece of advice. But just at the time, I had a feeling which was you can you can really do something if you if you put your mind to it and you really want to achieve it. The other part of the best piece of advice is that I think it's important to do something even if you do the wrong thing is better than doing nothing. And this applies to buying real estate in a big way because a lot of people sit on the sidelines and not do anything. And I bought places and made mistakes. But those mistakes have provided me with an education even when they haven't always provided me with money. Right. I always go back to the the the Warren Buffett quote, which says, the best time to buy real estate was 30 years ago. The next best time is now, because it is just one of those things where it takes a long time to get rich buying and looking after real estate. So you kinda need to get on with it now. Then you need to take action. And sometimes the action might be wrong. But if you learn from that and continue to move forward, then you're going to be successful.
Rob Break [01:04:12] See, I mean, as far as investments go, you can say it takes a long time to get rich with real estate. And I know and everyone thinks that way. But I mean, what other what other type of investing will get you rich in the same amount of time? I don't think there's any. I mean, in 10 or 15 years is not really it's not really the same as investing in a mutual fund, hoping to God you've got enough money in there when it's time to retire or to, you know, to get you through the rest of your days. So I was I really like it that, well, your quote came from your advice, I guess came from a real person and we we're getting a lot of that. And I like those kind of like those kind of things. Yeah, thanks. Big, big one. Yeah.
Sandy MacKay [01:05:05] You're going to think I know
Sandy MacKay [01:05:08] exactly I mean, his his IT company went on to end up being acquired for 700 million dollars and it started as just his thing. Right. So he was thinking big all the time. And, you know, I think you got to keep keep pushing yourself and not not sell really. And you can get places. But for most people that I come across, most of the time it's accountably. And actually a lot of people are afraid of what happens if interest rates go up. What happens if I can't run the house? What happens if somebody breaks a window or, you know, there's a lot of potential pitfalls. But those of us that are lovers of real estate, we we we like the we like the physical assets as opposed to let's go and buy a load of Apple stock. And hopefully they invent the next iPhone right. Way less than controlled and than something we can get involved with. So.
Sandy MacKay [01:06:11] Yeah, exactly, so kind of segueing into your we mentioned that you offer some training and stuff and and, you know, first of all, this whole podcast episode here has been awesome. You've got a ton of great value here, a lot of great advice and actually just reminds me of a quote where I forget who said it. And I'm sure a lot of people have said it. But, you know, the worst advice or the most expensive advice you could ever get is is bad advice. And I know you've got a lot of good advice here in this show. And if someone wanted to get more advice from you, tell me a little better about your training course. It's called the Personalized Student Rental Investing Plan, and it's all about helping people get involved in student rentals. Tell us a bit about how that works.
Sandy MacKay [01:07:01] Yes, so I get to work with people in a couple of ways. One of them is the the personalized plan and essentially the personalized plan was put together because I kept having people come to me and say, I want to ask you a few questions about this. I want to ask you a few questions about that. And then I answer them for them and then they come back and say, oh, yeah, one more thing. And so, again, back to the accountability thing. If people are just getting periodic answers to questions, they're probably never going to be satisfied and never going to get all the help they need. So when I put this plan together, I kind of put it together. Is this a five session thing? So it's five one hour phone calls and allows us to walk through the process of working on from the first of the city profile. So which do you live close to that you want to invest in? Because although, you know. The university in Halifax might be have great fundamentals, it's nowhere near where you live. So what what university or college want to invest in the year to then a more micro level? Which neighborhood around that facility do you like? And really just look at that whole city, the area, the houses and everything, and just figure out what's going to work for them in the next session. We go into team building. So who's your realtor? Who's your property manager? Who's your lawyer? Who's your accountant? Who's your contractor? Who's your coach? All that kind of stuff to make sure that you've got the best team around you because those people will steer you in the right direction or stop you from making the wrong mistakes, though, as a contractor whose experience with students would stop you from, you know, being Khampa everywhere instead of one by law laminate flooring in, you know, like they're just going to help you out and then property selection. So then we would look at what type of house bungalow, the Tatsumi townhouse condo. Some of those just aren't relevant to students in and they shouldn't be in there. But if we're looking at Hasbi, we can then look at what's the layout, what's the configuration like? I almost have this thing that as soon as I walk into the house, I just start right. Two bedrooms there, go over the basement unfinished. We put two bedrooms and a bathroom there, maybe a small kitchen, but you just start piecing this stuff together. The experience helps people massively when I'm not sure where to put things. And then and we get into attracting students. How do we market to students? What do the millennial generation want while they're interested in how should how can you speak their language? How can you communicate with them? Are the cycles in terms of when do they start looking for housing for the coming year and all sorts of things about attracting them? And then the last one is for people who either don't have the money or want to get more money and it's really funding the deal. So I give people a plan so that they can start speaking to people about what they do and start getting people to step forward who are interested in investing in their business. So it could be, you know, they're talking to people at work about it or they're introducing it to a conversation with their son's hockey game. And all of a sudden, as you start owning your value, people will step forward and say, can you tell me a bit more about that kind of interest in real estate? So I don't know anything about it. How does that work? So I use a model that's worked very well for me in terms of getting to know Davidsen and getting involved in the process. So that is the the personalized plan. I do have people who come to me and say that plan is great. I just want to cover these things in the in the allotted time slots, which is fine as well. And then I am doing a couple of new things at the moment. So I'm actually just finishing the the launched page for an online series and doing some rentals. So it'll be country wide. And essentially there will be a seven week course where we're going to go through a lot of the things I talk about and I know a lot more detail. So all of these things in the personalized plan and obviously a lot more detail, we're going to have Q&A sessions and live sessions and they get unlimited email access to me and all that kind of stuff. So I've got a seven week course, which is starting on June 3rd. I'm going to be announcing that this is the first time I talked about it. So you guys got the scoop, but I'm going to be announcing that the next couple of days. So, yeah, that's really what I'm up to the moment. And everything I'm doing will be kind of updated on my website, which is student rental investing dot com. So you can go there and see the blog post. I write the courses I've got going on. I've just recently been asked to write a blog post on a monthly basis for Canadian Real Estate Wealth magazine. So I'm going to be putting some stuff in there for them as well. So, yeah, I think that we be a good amount of content for people who want to get involved.
Rob Break [01:12:30] Well, that's great. Congratulations on that. Sounds like a good gig there.
Sandy MacKay [01:12:35] Yeah, for sure.
Sandy MacKay [01:12:36] Yeah, you're crushing it totally. And like I said, the most expensive advice you can ever get in life is bad advice. So you've got a lot of awesome advice. And definitely we want to encourage people to check check out student rental investing, dot dot com or gutsier sorry, dot com. Right, dot com in. And yeah, definitely we're going global. Yeah, perfect. And then you have the other link for for that, the new promotion you're running or is that's not set up yet.
Sandy MacKay [01:13:07] Yeah, you are the the the the online course is going to be is student rental, Cash-Flow, dot com, student rental, cash flow, dot com. So that's going to be where people can find out about the seven week online course and get information as to what's going to be involved in what we're talking about and sign up for the.
Sandy MacKay [01:13:29] And so. That's awesome. That sounds like really exciting stuff. Is there another place people can contact you? I know you're on pretty active on Twitter and Facebook and whatnot. Can you give us or give some people a way to connect with you there?
Sandy MacKay [01:13:46] Yeah, my Twitter handle is real estate winnings, which is WGAN I. S on the end state wins. And then I've got a Facebook page, which is Facebook's go home for the first few months of investing. Yes. So any of those methods
Tim Collins [01:14:05] and links to those things are on my website as well. So for sure, if you if you I'm I'm always happy to hear from new people. And if they have, like, a one off question, then I'm usually good to answer that. If they want to get into a lot of stuff. And I would direct them
Sandy MacKay [01:14:22] to one of the things that I got going on so I can I can give you some good advice. And as has certainly pointed out, you know, I think it's I think getting good advice early on is, you know, for all the coaching and health I have paid for, it's been it's been worth every penny. I've been lucky that I have been steered to good people for sure. But if you can find somebody good and knowledgeable on an issue, you want to focus on it, it's just going to save you a lot of time.
Rob Break [01:14:54] Perfect. You know what? We really appreciate you coming on the show again tonight, and we'd love to have you back maybe after your launch goes off and come back and talk about that. And thanks again. Thank you so much.
Tim Collins [01:15:09] Yeah, this is awesome. Thanks for having me, guys. I appreciate it. And I look forward to seeing when this is over.
Rob Break [01:15:16] OK, we'll let you know about that. Have a good night.
Tim Collins [01:15:19] You. Thanks, guys, thanks. Thanks.
Rob Break [01:15:48] Through the power of real estate investing, my name is Rob Brake. And here with me, oh, boy.