Large Multi-Family Investing – Pierre-Paul Turgeon

Podcast Transcription

Erwin Szeto [00:00:05] You see, this episode is brought to you by the Halton Real Estate Investors Group on April 28th at Sheridan College in Oakville, Ontario. The Halton Real Estate Investors Group will be hosting a joint venture expert, Joey. We’re going to where he’ll be sharing his secret JV formula, where partners fit around his schedule and his investment strategy. We also will be hosting nearly because myself and many other investors enjoyed the paid version of neighborly, but now it’s free. Jerome, winner of Nimboli, will be coming in to explain how the automated, automated data gathering in the tenant risk analysis works in plain English. We were happy to pay for it before, but now it’s free, so we’re happy to host Jerome and neighborly. Plus our regular from the streets update on rents and prices in targeted investment areas. We will have April’s Best Buy property and the meeting is followed by our street smart tour of one of the top areas for investment in Ontario. To register, go to the WW Dot. Truth about real estate investing dossier slash meeting Again, that’s Dubeau WW Dot Truth about real estate investing, dossier meeting and I hope to see you there. Fellow real estate investors. My name is Erwin Szeto, a.k.a. Mr. Hamilton, and this is the Truth about Real Estate Investing Podcast. This week we are talking about large multifamily investing with former CMHC underwriter Pierre Paul Turgeon, especially. He had to underwrite insurance for apartment buildings for the government. He’s also a veteran apartment building investor now and the country’s foremost teacher, a multifamily investing. Not only is he a leading expert on investing, he’s a philanthropist who offered his vacant units in Alberta to rent free to victims of the Fort McMurray fires, fires plus food and clothing. He’s exactly the type of guest we enjoy having on the show. He’s also going to give us an update on the Alberta market. Lessons in apartment building investing. And with those lessons, you can apply that to basically any sort of rental business mindset for success. And if you stay to the end, we get a little bit controversial talking politics and pipelines. Interesting and informative stuffs peer even keeps it real by a risk by revealing that he had a recent cash call, something that most investors do not like to talk about. Pure Play is also back in Ontario later in May to give an all weekend workshop May 25th the 27th, and you can then quickly learn all the tools that you need to have to be a professional, apparent building investor. For more information, I’ve posted my affiliate link in the show notes you can just go to WW W Dot Truth about Real Estate investing dossier to find the show notes. It is an affiliate link, but I do not receive any personal compensation. Pure Paul Turgeon has kindly offered to provide support to my charity, the Hamilton Match Brigade, based on the usage of the affiliate link. So you can use it. You don’t have to. Either way, it’s cool. Just promise to me that you will grow your wealth and support your own favorite charity or church. So without further ado, I give you pure politician.

Erwin Szeto [00:03:12] Have you been. Good, how are you doing?

Pierre Paul Turgeon [00:03:15] A little hectic life. So how’s your cold, first of all, better?

Erwin Szeto [00:03:20] I’m getting back to the gym now.

Pierre Paul Turgeon [00:03:22] Your Mr. Healthy. How come this happened?

Erwin Szeto [00:03:25] Oh, how much work.

Pierre Paul Turgeon [00:03:27] So you’re overworked. It’s got to be that. Well, the kids are keeping you up.

Erwin Szeto [00:03:32] I’m just going to let everything you know. My kids go to daycare, right? So it’s bound to happen.

Pierre Paul Turgeon [00:03:37] So they’re young. Refresh my memory. How old are they?

Erwin Szeto [00:03:40] We’re now four. And my youngest will be three soon.

Pierre Paul Turgeon [00:03:43] Yeah, that’s that age where they get everything from the daycare. You don’t see me. Here we go. Camera. Now when you see me.

Erwin Szeto [00:03:49] OK, excellent.

Pierre Paul Turgeon [00:03:51] And from the background is not so great, of course, if I could show you that way. Now you can’t see too much snow. The Rockies are just behind me. So, but anyways,

Erwin Szeto [00:04:01] you’re at home.

Pierre Paul Turgeon [00:04:02] I am. I’m always. I work from home. I have a life.

Erwin Szeto [00:04:05] Nice for our listeners benefit. We’re recording. So for our listeners benefit. Where’s home?

Pierre Paul Turgeon [00:04:10] Well, home is in beautiful, snowy Calgary. So hi to all your listeners. First of all, great to be back on your podcast Erwin.

Erwin Szeto [00:04:19] Excellent. Yeah. For anyone who’s not familiar people. Go back to you, just go back to my website. Truth about real estate investing dossier and this is pure third time on the show. So we I want to move the conversation ahead for the benefits of our veteran listeners who’ve heard Pierre Paul speak before. So we won’t go into the beginner stuff as much. I’d like to move the conversation for again, like I’d like to move the conversation forward, more about more about updates, maybe what investors need to know in the markets that you’re most familiar with and you’re under what? You’re coming to Ontario.

Pierre Paul Turgeon [00:04:57] I am coming to your lovely Hamilton city of Hamilton in May, at the end of May for my second Hamilton live workshop, two and a half day live experiential workshop. Pretty excited about that. What would you say to them? As you may have heard, that was quite a success last year, the student rated at nine point one out of 10.

Erwin Szeto [00:05:15] Really?

Erwin Szeto [00:05:16] That is that cool of that? Yeah. Well, I want those. I want those people who didn’t give it 10 out of 10 to tell me what was what, what event was better?

Erwin Szeto [00:05:25] Well, yeah,

Pierre Paul Turgeon [00:05:26] I really, it’s hard to beat, but I’m expecting you there this year. Erwin is that possible that you pay us a visit.

Erwin Szeto [00:05:33] My event is actually the same weekend

Pierre Paul Turgeon [00:05:37] I should have called you before, but it’s a Hamilton. You can, you know, you can visit each other.

Erwin Szeto [00:05:43] But this is the amount of respect I have for you. I’m totally happy to promote your event, which is the same weekend as mine, so it’s totally cool.

Pierre Paul Turgeon [00:05:49] This gracious everyone. I didn’t realize that

Erwin Szeto [00:05:52] okay is a no like, you know, like, we don’t really cover the same content necessarily, right most of the time. Most of my investors, especially clients, they deal more with, like single family or like small, very small multifamily, lot of basement conversions, maybe some student rentals and rent to own. So like, you deal mainly six and up four and up five.

Pierre Paul Turgeon [00:06:16] If I’ve got that bucket of properties, is five units or more. Yeah, correct.

Erwin Szeto [00:06:20] And then what’s the what’s the area play that you prefer to stay in, like 240 units?

Pierre Paul Turgeon [00:06:25] Exactly the bigger, the better read. The economies of scale are significantly better. Your costs, your operating expenses per unit are lower, the more units you have sold. The example I always give is the same boiler. Your cost of operating the same boiler per unit goes down as you add more units to your building. Obviously, the challenge Erwin when you go higher, the challenge becomes that you’re playing in the big leagues box, right? So the pension funds like to buy these larger buildings, like the concrete, high rises that you see a lot in GTA and even in. And so that that that’s a different ballgame, but the same principles, the same math, the same approach, the same analysis. But of course, you’re competing with bigger players that have deeper pockets.

Erwin Szeto [00:07:08] And what I see on the smaller side, like four, six, 10 unit, you know, like a couple of years ago, like five, seven, eight, 10 years ago, anyone with 100 grand could play in that market. Yeah, but then everyone could basically play in that market and it was way too competitive. And then about five years ago, valuations just got crazy and Hamilton, especially for anything that was affordable, like four to 10 units. Yeah, you know, because everyone had 100 grand of home equity line of credit. Yeah, could do that easily. And then they went up to Hamilton and then, yeah, and then that’s been difficult in that now. Well, things I wanted to ask you about. So do some things I want to I do want to repeat because not everyone’s listening to us, our previous conversations. So some things I do want to repeat. Yeah. One thing is. In our conversations, it’s much simpler to acquire a building. I wouldn’t say simple. I think what a lot of investors think, it’s really hard to acquire a building. But then I really, I always direct people back to our previous interviews and talk about, you know, if you are good at what you do, people will bring your business because that’s what happens for you.

Pierre Paul Turgeon [00:08:27] For sure, that is exactly the case or when I don’t. Buildings come to me because I, you know, my reputation precedes me. Realtors love working with me just like banks, love working with me because I have my act together. I know the process that’ll waste anybody’s time. So I’m professional. That’s all I do is, you know, so that is key to succeeding and what I teach this material. This is something I put a lot of emphasis on. And that’s why, you know, the way I teach people, it’s a blueprint. You follow the script, don’t diverge from the script. But then the good news is, yes, I some people have a hard time finding buildings. I don’t I may not always want what I’m getting in terms of listings, but people know because I have my act together. I know what it entails to buy one of those. I know what the timelines are. You’re a realtor. You know what that means, right? When you start, you know you’ve got an accepted offer. The clock starts ticking. You’ve got to order a bunch of reports. So because I know that process very well, as well as the financing aspect. Yes, I don’t have to look for buildings that come to me. But this being said, if I’m not ready to buy one right away, I tell the realtor, You know what? At this point, I’m not in an acquisition mode. I’ll pass. So I don’t play around and waste their time. So it’s a critical component. The margin for error is pretty much nonexistent in this in my world, like the world of multifamily five or more units, you just got to walk a straight line. The street should be a straight shooter.

Erwin Szeto [00:09:52] Yeah, for sure, because you risk ruining your reputation. If you’re not the person that follows through on what you say, you’re going to do and you may get blacklisted.

Pierre Paul Turgeon [00:10:01] And this I think this is an expression. I use people who pretended to have taken my course, you know, in my market, and Hamilton never did, and they ended up spending a lot of time with a bunch of realtor. Yeah, that’s bad. That person shall remain nameless. But it did happen, and a few realtors took her around, showed her. I said her, OK, it’s a woman properties. And she did not end up buying, so she was blacklisted. If she wanted to buy something in Edmonton, it would be a problem. It is a small world. You have to realize that the world of multifamily is a very small world if you mess up. Good luck to you to try to buy another property rental in the sky for a reason. You need work, mentorship or unique training.

Erwin Szeto [00:10:49] And just to clarify about time wasting. I believe a lot of people don’t intend to time waste but to reframe it almost like, for example, someone who’s new and has a lot of questions and doesn’t know what they’re doing. If you want to work with the people that Pierre Paul works with, they don’t have the time to teach you because they have clients like you. They just hand a property and you can run with it.

Pierre Paul Turgeon [00:11:14] Correct? And they’ll go to these people like me who have their act together. But Erwin this being said, I don’t want to jump ahead, you know, but in my training, so as you know, I have a live training program two and a half day live training, which is going to be at the end of May, May 25th to the 27th. And then I have an online version I have within the online version, the online course, there’s a planning module, which is quite extensive and the way we do the live event, we actually give the live event students that those modules or the planning module. The reason being that it does require a lot of time to do your homework in my world, right? And so it’s important that people acknowledge that you cannot just, hey, decide all of a sudden, let’s say you were multifamily a realtor. Hey, knock on your door and show me. Yeah, indeed, they won’t do will do that. You should have a good idea of what the prevailing cap rates are in your market, how much money you’ve got available to purchase, so that you can tell specifically the size of property that you’re looking for, that you and the money to buy a 200 unit building. Well, you know, the realtor needs to know and your banker will need to know. So there’s a number of planning steps that need to be taken well in advance before you make a first offer. And for me, when I do the live training, I want to start crunching because the modality of delivery is the actual number crunching, right? We do a site inspection, as you may recall, and then we crunch some actual deals. So I don’t want to talk about the planning phase. So we release to the students the same planning modules that we give to the online students so that we can cut to the chase and get right into deal analysis. So that’s pretty cool. What was went back to?

Erwin Szeto [00:12:57] Yeah, it and you know, I’ve been a student forever. Everything and sometimes you just miss stuff. Yeah. And then you have all the notes online that people can go back and reference

Pierre Paul Turgeon [00:13:09] or they have more than that course. In my case, you know, or when I’ve been working at this for years to prepare this workshop, right then I used the assistance of a third party international consultant to package it together. Somebody who’s a professional are putting courses together. But in my case, you’ve got to be pretty, pretty dumb to miss any steps. The reason being that it’s also called the blueprint. And in a sense, it’s the spreadsheet that you go through each of the steps and you do checkbox. Did I look at the economic life of the boiler? Did I look at the suite layout? Check, check, check. And then you go to the next risk factor is the market risk factors that I look at. What are the rents in relationship to market average rents and so on? So in my case, you have to be pretty dumb to miss a step because, you know, literally and I’m not going to deny that I have reproduced the same tool that I used to use at CMHC, and my job as a multifamily underwriter was to process these super-fast. We were clocked Erwin how fast we’d get through each of the deal. And of course, if I did well, I got a little bonus, right? This is no joke, really. Literally, in the computerized system moment you start opening the file, the clock starts ticking. And my job, I couldn’t afford to forget anything to skip any of the steps. But there’s big money involved. And so that’s what I replicate. So just to reassure your students at this insight to make that step or take that step to buy the apartment building, you’re covered with me. That’s my job. Why pay me the big bucks?

Erwin Szeto [00:14:38] Well, no.

Pierre Paul Turgeon [00:14:39] But that’s I mean, it’s taken me years to design this and make sure that to get it right, I mean, it’s very cool.

Erwin Szeto [00:14:46] Now I understand you had Kevin Gatchalian speak at the last event. I asked him at the REIN meeting, so if I could drop his name, so it’s OK. Yeah.

Pierre Paul Turgeon [00:14:54] Well, so Kevin’s a former student of mine and so my training and you know, I want to get into some of the stuff, the point. Yeah, so I’m happy that you’re promoting it. But we also want to give content to people. It’s important to me and you both. But I bring people like Kevin and I’m doing this again this time because Kevin, I worked with me. We I coached him, but he had a tough time. OK, very tough time. And sometimes these things will get

Erwin Szeto [00:15:24] worse if you’re mentoring. Well, I worked

Pierre Paul Turgeon [00:15:28] extensively with Kevin is a fantastic person and a friend by now, but I bring people like that on board so that they can learn from people’s mistakes. I personally share my mistakes, right? It’s experiential, right? Learning by trying to do as much as possible short of writing an offer in class. But so I want people to benefit from my experience and that of my former students. This year, we’re having somebody. Unfortunately, it’s not a pretty story, it’s still ongoing, I am helping out that person, and I want your students to think that I can coach everybody, but I am by nature just like you and you’re somebody that I look up to because of your generosity and I want to do something for you. We live in this. Well, I know it’s not exactly like us. It’s going to be recorded and put up later. But for you. So I won’t forget I have a goal here because you’re such a generous person, but I’m working with this person right now as we speak even earlier this week, bought a property. It is in your in your area and it’s a total disaster and unfortunately, it’s a nightmare. So you laughed when you would be crying if you were, if you knew the story. Fortunately, it did take my workshop, but after buying the property.

Erwin Szeto [00:16:42] Oh, OK, not before.

Pierre Paul Turgeon [00:16:45] OK, and I don’t mean this to butter up people to buy my course. I don’t need this. I’m like you. I’ve got my own portfolio. I do love this is a labor of love, this teaching and stuff. But man, I’m trying to help him out fix the mistakes. But all of them, which Heidi had a blueprint like the one I teach and would have avoided stuff that’s easy property risk factor, poor condition of the building and various other things and

Erwin Szeto [00:17:12] a lot of those poor condition builders.

Pierre Paul Turgeon [00:17:14] Fortunately, fortunately, as you know, in your town, that’s helpful.

Erwin Szeto [00:17:21] And you got to know where you’re

Pierre Paul Turgeon [00:17:22] going and where you’re shopping and where and what you’re buying. So no offense, but you know, there are older buildings, housing stock and Hamilton. So but yeah, so it’s. So Kevin, Kevin, I bring so this person is going to come and share their story so that people in the classroom can learn, right? My goal is to shorten the learning curve as much as possible to a reality check. And again, you know, it’s not made money overnight. This is not what I sell. That’s not what I do. This is not what I experienced myself. This is long term wealth creation, steady eddy.

Erwin Szeto [00:17:57] And with our clients, we have the same issues as I have a client who last second wasn’t didn’t get financing and they were lost. They didn’t know what to do. And I, well, you know, to me. I’m not as good a teacher as you, so I sometimes I just deadpan, always got. He’s got to raise the cash like you said that to someone who’s new, that you’ve done it. If you’ve done it before, like, you know, I’ve done that, don’t ever do it that way twice, at least. And I’ve had a couple of clients that go through it before. So I’ve been through it before. So I’m not that, not that shocked or, you know, I don’t get too expressive about it, but for my clients, they’re like, we’re talking about the raise like $200000 and like by Monday, it was like it was Saturday.

Pierre Paul Turgeon [00:18:43] Well, and you know that I’ve been there to not myself because I raise money easily because of my background, my expertize. Yeah, Erwin. These are the kind of surprises I strain. I work hard at making sure that my students do not get into. OK. That’s why the planning that I was talking about when we release it like, as I said, also to the life students so that they figure these things out, that’s what you need to know. How much money am I going to get? So what size of property are you going to buy in relationship to your budget? You know how much capital you have and you have the ability to raise in whatever timeframe. And it’s not a factor when it comes down to the capital aspect of it, I say to my students, raise the money first, put it in a bank account because you may know this. I mean, being a realtor yourself debate now with the anti-money laundering requirements, they need to know where the money came from. Three months in advance.

Erwin Szeto [00:19:35] So they used to not care.

Erwin Szeto [00:19:37] Ideally, well, low blow. Erwin low blow they used to like. In some cases, they didn’t ask so well.

Pierre Paul Turgeon [00:19:48] They ask all my stuff. So you need to ideally have the money three months in advance in a bank account so you can show bank that it wasn’t didn’t come from some shady country. So all this requires a lot of for good reason,

Erwin Szeto [00:20:00] for good reason,

Pierre Paul Turgeon [00:20:01] for good reason and Erwin. I mean, this is feasible by people. I mean, I’m not freaking lunchtime. Yes, I did work at CMHC. I did analyze hundreds and hundreds of deals. But if you have a blueprint, you know, we anybody can do this, but you have to do your homework. That’s part

Erwin Szeto [00:20:17] of it. I don’t think that people understand that. So two things to call it the blueprint a good one. It takes a lot of effort, but you have to have seen like almost everything in order to compensate for every possible scenario.

Pierre Paul Turgeon [00:20:32] And you know what, by the way, so it’s never 100 percent. Oh. I mean, so what I’m teaching essentially are the principles and the approach to underwriting, right? So which is when I say underwriting, it’s risk assessment and risk mitigation. Hmm. So you’re talking about Kevin. Well, he took my course. He was a darn good student and somebody with this great

Erwin Szeto [00:20:52] guy, very bright guy, really

Pierre Paul Turgeon [00:20:53] very bright. And let’s admit to absolutely say that. And yet something fell through the cracks despite all of that. So you also have to be prepared for that, unfortunately. And what you did? I mean, and the big issue that he faced and maybe let’s talk about it a, you know, his story, I’m assuming so he faced a building that had a lot of bedbugs. Mm-Hmm. And you know, we want to talk about bedbugs because it’s a fact. You have that problem across the world. It’s an issue. And that’s a five star hotels. Exactly. I hate hotel rooms for that reason because

Erwin Szeto [00:21:30] it gives all these people slept in those rooms anyways. I have a particular hotel room, but

Pierre Paul Turgeon [00:21:35] the point is Kevin ended up none of this due diligence process indicated in the opening statements that the vendor was spending was having an issue. You know, he didn’t see invoices for pest control companies. So there was really nothing that could be done. This being said, and again, I won’t mention names, but yeah, I got to be careful because I know lots of people, but even the person the realtor has a duty, though, just being said Erwin. And I believe you would be. I know you’ll be able to know what they’re showing to their client. OK. And I think that’s where there was a failure as well. On the realtors part in that particular instance. It’s one thing to collect one’s commission, but you’ve got to be ethical and especially if you want repeat business. So there was also an issue in that regard with Kevin and also the student who’s going to come to my workshop to tell his story. So it’s you’ve got to have that high, high ethics right in this business. So but there were some was there

Erwin Szeto [00:22:39] something that I teach me the realtors on my team, the young, the newer ones is what I teach them is don’t trust the other realtor like, be professional.

Erwin Szeto [00:22:49] Oh my gosh. No, but be professional.

Erwin Szeto [00:22:51] But don’t take their word as a rule.

Pierre Paul Turgeon [00:22:54] Well, can I just interrupt you now? You’re making me smile? I’ll go one more. Yeah. Any realtor around don’t mean this offensively. This is what I tell my students. I’m sorry, but I appreciate what you just made my point. I said that you’re highly ethical person. You just made my point because you’re a realtor yourself. Yes. And I tell my students no offense to realtors because I have lots of friends who are realtors. Don’t take any of these numbers at face value. Your job is to dig in and investigate every single number that the vendor provides you. And I would say, even though even what I do, I give you as much as I can possibly conceive in every year. I keep trying to improve my systems. What else can I offer to my students at the end of the day? Like I said, Kevin, despite having taken my course being a great student, smart, brilliant person, something fell through despite having all my systems and all my tools. What can you do? Mm hmm. Right. So you’ve got to be careful. But yeah, when it comes to realtors, no offense to any of the realtors. Your job as an investor is to go every single number for yourself. All right. No, no filtering. None whatsoever.

Erwin Szeto [00:24:03] And that includes any sort of documentation or financial statement you receive from the seller is you have to go through it and preferably you need someone who knows who knows what they’re looking at to go through it. So, for example, I used to see financial statements that would show like a seven or 10 cap regularly. Mm-Hmm. And then you just dig into it and just having some common sense. It’s an 1890s building,

Erwin Szeto [00:24:30] so it’s well

Erwin Szeto [00:24:31] over 100 years old. And you see, like there’s a very small amount of repairs and maintenance. They better automatically raise a red flag. There’s no property damage, no property management. OK, so tends to manage themselves well.

Pierre Paul Turgeon [00:24:44] And you know, that’s not happening with my training. It’s very meticulous. Yes, and I’ll go one more because it took me a while when I left CMHC. You know, I could see how we look at valuation from an underwriting and an appraisal point of view because we follow CMHC or the banks follow the same approach to income capitalization approach. As you know, that’s coming in used in the in the business to attach a value to the property. But then as an operator, and that’s the cool thing about me teaching this stuff like right, the former CNBC insider. But in addition to that, to be a full time operator of one hundred and sixty doors portfolio worth twenty two million dollars, there is some stuff missing, right? What about precisely pest control, which is something that all landlords should take into account accounting? I mean, you know, it’s not cheap, you know, number two to have my year and financials done. It’s twenty five hundred dollars, three thousand dollars, right? If you have a good, good accountant to do that. I also have a bookkeeper that’s, you know, a couple hundred bucks a month, maybe. And so. So what I teach is here’s the game of getting financing and the, you know, operating expense items that you need. In addition, here’s what you need to add. And then once you do the subtraction of your income minus your operating expenses, you get your net operating income, you’re in a Y and then you know, you figure out what your mortgage payment and do you have a net cash flow? Of course, if you don’t have enough cash or Erwin, there’s a problem. Houston, right? Yeah. Should you buy it? Well, if you think that the market will carry you and you can have an upside at some point in the near future or something, whatever LRT or subway, whatever like that a black driver that can increase your NOI at some point in the near future and then eventually your cash flow. But that’s a decision that you need to make with eyes wide open. Yeah, yeah. And that’s but yeah, there’s a game being played out there, right? And I would just say it’s a game, but it’s because every building has its own. Special or peculiar circumstances, but that’s what I teach my students. Here’s the game when you get the type of numbers you include in your pro forma, when you submit your financing application, but in addition, as an owner, here are the additional expense items you need to include so that you have your full picture and the reality that you.

Erwin Szeto [00:27:10] Yes and disappointed our listeners. Some contexts that who people who aren’t as feeling merely with commercial real estate, especially when it gets into office and stuff. We talked earlier about pensions and rights and stuff like that. So for I have a client who is like a he’s not like him. His clients are like rights and pensions, so he’ll represent them in purchasing buildings or selling their buildings. And it is just crazy about I’m just Real Estate nerd. So I asked him what deal you’re working on. Let’s, for example, he worked on the deal. So for those who are in Ontario, he worked on the deal for the RBC building in Mississauga that you could see on the floor one. Anyone who drives a four long one in that section, they know, they know that exact building. You worked on that building. Wow. That level of deal. Right. So, you know, it’s like the only high rise in the area. So it’s at least three floors, right? Yeah. And he was telling me he was selling a building in downtown Toronto. He said as a building, it wasn’t even a building. All right. A little older and stuff like that. And they have they had like a weight room. I don’t know. That’s right. Word for it, but they had basically an office in in the building with all the documents that you would need every single dollar and the money that was flying in for this. Yeah. And there were buyers from like Saudi, from Australia, all sorts of Canadian buyers, U.S. buyers from the U.K. and they’re buying cash. No mortgage. Yeah, because that and that and I want people understand this. That’s why you’re trying to stay away from the pensions and the rates as well, because they’re not giving you a

Pierre Paul Turgeon [00:28:46] different level of people. Yeah, you cannot compete with these people

Erwin Szeto [00:28:49] because they have legal teams on staff, for example.

Pierre Paul Turgeon [00:28:51] Yeah, yeah. Yeah, yeah, I don’t know what, but it tells you a lot about the market there, the confidence they have in the market, though, when it comes to GTA, right? I mean, that’s one thing as well. But yeah, it’s a different game. And even because I know when the question you wanted to ask me a little further, yeah, but I deal with that in my market, right? I invest in Alberta. It’s a tough time still in Alberta. And one of the challenges that I’m facing, I do compete with smaller rates, mind you, like, you know, to name a few. Obviously, boardwalk although and then another and we’re more of a competitor to me, literally next door to some of my properties and a few instances it’s mainstreet equity. OK, somebody I know very well because I’ve insured his deals back in the days that CMHC, but they have deeper pockets as well. So even at a smaller scale, a smaller level compared to because I know the reality, right? I do get to GTA on a regular basis and went to school in Toronto and all of that. So I know what you’re talking about. But even at a smaller level, I face that deep competition because in a downturn like we’re still experiencing in Alberta, at least at a rent or from the rental market point of view, these guys, when there’s a downturn, if times are well, the economy’s doing well or vacancies are low, they hardly spend any money. They’re on the verge of being slumlords. OK, I kid you not. But at the moment there’s a downturn. All of a sudden, Oh my god, you’re gone. The deshalb no, no, the deshalb a lot of money on their units. Oh, like they dish out. They do all the great upgrades and laminate flooring and all of that. All of a sudden, they start spending money, whereas in good times, they’re all bit of a slumlord so they can withstand the downturn a lot more than I can. They can lower, you know, provide rental incentives. They’d be very much more aggressive in that regard that I can be right. So I do. I do face competition with smaller, smaller reach, even where I’m at.

Erwin Szeto [00:30:42] Sure.

Erwin Szeto [00:30:44] You know, so before I move on to like market information, allow for suffered something presented makes it seem scary to some folks. Yeah. So I want people to understand, like even the Kevin to Chinese example, like he’s still glad he has the building, right? Even though everyone runs into problems, it’s going to happen. You know, I had two leaks at my two my properties from blowing REIN houses that never leaked before, but from dust to dust from the storms. So, yeah, problem doesn’t mean I’m not grateful to have the property and not doesn’t mean that I’m not cash flowing and doing well with it, and I want everyone to remember that still is. You still have to keep your eye on the prize

Pierre Paul Turgeon [00:31:25] and the vision. So you and I both know we’re both ambitious, we’re both successful. And, you know, I’m preparing the marketing for my live events and my online course that I’m about to launch. But that vision drives me like you don’t want. I showed you earlier. I don’t know if you were recording, but I’m looking outside right now facing West, so I see the Rockies. I see the field because I live on an acreage around me are pictures of me and my family and myself and friends and the south of France that we rented three years ago. Know three weeks. Yeah, I mean, it cost African Nermina like to go and rent an apartment in Paris, visit our friends and learn rent an apartment, rent an apartment in Barcelona. But man, and I have pictures of all of this in front of me or me. Hunting with my little guy shot his first year last fall living life. I had that vision that drives me, right? And so when you face these challenges like Kevin, you have to keep, as you said earlier, keep your eyes on the prize. And that’s you and I guys like me, I motivate myself every day. I mean, I, you know, I show you what, maybe you guys, you can’t see this, but here’s a little thing here. Can you see this? How close can I bring this to the camera? You see this. Iraq is not just in Iraq. It’s gratitude. Rob Erwin. And this one, I’m so grateful to have it. You know where I picked it up? Where on the shores of Lake Titicaca two years ago on a five day trip with me and my son, and then we went mountain biking to Bolivia. That’s why when you face these problems, like Kevin faced, like I have faced recently with shareholders on a building, that’s what I have in mind. And, you know, if I hadn’t had time to, that was going to book a couple of trips for my wife and I to Belize, you know, you know, but the point is when there’s a problem and you know, people, people who came to my workshop last year, I always say during my course when I teach, we’re business owners and our job is to solve problems, right? In this case, when I’m an educator, my job is to try to anticipate, make you anticipate what problems you may face. And so to show you how you can resolve them and try to eliminate as many problems before by doing a proper due diligence. But I told my students last year was quite a running joke for two days when there’s a problem. There’s always a solution. If you cannot find the solution, you’re part of the problem. All right. If you let that sink in as entrepreneurs and business owners, that’s what we are. We are problem solvers. OK, but the point is when you face challenges, then you remember, Well, I am free, I have freedom. I know no employer owns me, you know, nine to five. And to me, like these reminders are everywhere. I never go anywhere without this rock because I have felt blessed for the life that I have blessed, for the fact that you’re accepting to help me out. And I’m extremely grateful to that to you for that and trying to spread the good, you know, and be involved in charity, which you and I are going to be involved because I have a surprise for you on this podcast. Okay.

Erwin Szeto [00:34:29] We’ll get to that. So do you cover some of this? Because one of the things that concerns me much, many education programs is it seems overwhelming. REIN Do you guys cover that? Like, for example, even that at other workshops that we both been to? It is overwhelming, but you cannot keep. And then some people get stuck and not move forward is as I covered in your workshops.

Pierre Paul Turgeon [00:34:53] It does because so my job, as I just said, is to eliminate the obstacles for people who wouldn’t invest in apartment building. So long as I said the blueprint, you have to be pretty dumb to skip a step because it’s designed for that. So you always go back to that, and I have graduate students that tell me they still use it four or five years after, because as you know, I’ve been doing these workshops since 2011. So but it’s to take one chunk at a time. What I teach this stuff, for example, the online material, you said that earlier, it’s what short lessons there are short videos, me coming online. I don’t look like Brad Pitt. I apologize, but I do have content. So I come from five minutes. You have one lesson, one notion, whether it’s cap read or whatever. One at a time. You digest it and assimilate. And you know, I’ll be honest, I remember in the old days at REIN, when Russell came out with remember the joint venture program. I was here sitting on my acreage, mowing my lawn. I’ve got a few acres Dubeau and I had a CD player. Remember those portable TV players I know?

Erwin Szeto [00:35:53] I know.

Pierre Paul Turgeon [00:35:53] I’m all look at the gray hair, but there’s not much left out of. Not unlike you got a full head up here, and I would listen to these joint venture videos over and over and over and over until I became ET. And until now, I can raise millions of dollars to buy apartment buildings, you know? So yes, it’s overwhelming, but light training, it’s. I’m not going to deny this the difference when you decide to make a move to large multifamily properties. Yes, there are more moving parts. I can’t deny that to you. OK. And I know so because when it came to time for me to sit down and develop the content, I had to work with this international consultant. We never saw each other. We were always on Skype like this. Of course, I would send him the documents and he knew zero about multifamily or real investing in general. And so I realized by him was asking me questions because sometimes, you know, we know our subject matter so much. We go from A to Z without necessarily describing the steps in between. So he had me to take that apart, and I wrote, Oh my gosh, do a lot of content in here, right? You know, it’s the reason why I focus when I teach the stuff on what does my core expertize. So the way I address that, it’s one step at a time. People come to the live event, they don’t have the videos, but they have a workbook with the same content, the same slides. It’s always there. And so if you want something badly, you’ll find a way to figure it out. But you have to have that burning desire to use the expression a Napoleon Hill. And I teach this to my children. I have two young adults. Second one went to university. You want it badly enough. You will find a way. There’s always, always a way.

Erwin Szeto [00:37:35] It’s a way. There’s easier ways to.

Pierre Paul Turgeon [00:37:38] Well, it’s the multiplier effect of we make more money for less effort. Once you’ve over the hurdle of finding the property, raising the money after that, that’s why I can’t bug off to Costa Rica or Peru trekking in Belize and Europe. And I spent 30 days skiing this year. Erwin Wow. 30 days. I think I overdid it, but we had so much snow here and every weekend. I mean, that’s living right? But you paid the price, and when you face a problem, you say, OK, there’s a problem. There’s always a solution. And if I cannot find the solution, I’m part of the problem. Think about the let that sink. It’s very powerful and it works. I was not like that when I was in my cubicle that because it was all mechanical, I was analyzing other people’s deals and it wasn’t my money. I didn’t care. Now it’s different. The buck stops with people, Paul, every day, all the time. And you know what you do find if you get that mindset. So I do work to answer your question. Yes, it’s a big component of what I do. I feel blessed. I’m trying to return to wealth that I’m slowly creating for myself, trying to return the favor by educating people because it’s not commonly available. This type of knowledge that I happen to have. And so I do try to work and motivate people to book. It’s part of my mission. My mission Erwin is to democratize the access to multifamily investing in Canada. My purpose is to instruct, empower and inspire, instruct, give you knowledge and empower, give you tools and inspire because without inspiration, there’s no action. People don’t take action. So I’m very, very there’s a definite intention. And last year, because I had this brand new content that there was, you know, developed with the assistance of a professional. It was, it was. I think I brought all these students into the zone. It was a quite a magical moment. You can ask your buddy Charles. I mean, it was. And I’m recreating the same thing this year because I’m coming with that intention of creating an amazing event and because they’re small events. It’s important to me to motivate people. If you never end up buying an apartment building, using my knowledge, I’m sure hoping that I left you with at least inspiration. How’s that? I got to give something to people, and they’re not going to use my knowledge. Hopefully I’ve inspired them for a couple of days or, you know, through my online training. But it’s a definite intention and I do have I do have the gratitude sitting on my laptop when I teach.

Erwin Szeto [00:40:13] You need to grab more of them so I can give one to your student.

Erwin Szeto [00:40:16] There’s an idea, OK, I think I should do that, but this one

Pierre Paul Turgeon [00:40:20] is very beautiful.

Erwin Szeto [00:40:22] Yes. Sending a picture of it. I will write that I can take a screen, capture the video and then send me a picture of your view as well so I can include it on the website my website will do.

Pierre Paul Turgeon [00:40:32] That’s cool. I absolutely will do that right this afternoon. Excellent.

Erwin Szeto [00:40:37] Can you give us an outline of what the what the two days look like? And also, you have another date as well, right? Are you doing it locally for you?

Pierre Paul Turgeon [00:40:46] So I will eventually. I’m not there yet. Erwin I’m a little late. As I said, the challenge that I face personally, this educational stuff is a sideline, right? So this is something I want to mention to people. It’s important to understand that first and foremost, I’m an active Real Estate investor because matter of fact, I have a deal that I’m currently refinancing. We’re going to send it to committee next week. And thank God. The Bank of Canada did not increase its overnight lending rate this morning. Thank God, because the numbers were a little bit tight.

Erwin Szeto [00:41:12] OK. Hallelujah.

Pierre Paul Turgeon [00:41:14] I’m safe! But so the workshop, again, everything is hands on, whether it’s the online or the live event, and it is experiential, meaning we try to get you as much hands on experience in assessing deals, various deals. But the first Friday afternoon, we do a site inspection of the building in Hamilton, excuse me, with a professional building inspector. That building inspector is bar none the best inspector I’ve ever worked with. I have a very good one in Edmonton, but he he’s nowhere near that guy. That guy actually doesn’t like the building inspector that we work with Alan Spesa and Hamilton. He has a law degree like I do. I mean, he is brilliant. You know, Inspector Gadget, the cartoon. Well, he’s kind of like that. He’s got a work belt with all the gizmos to measure the humidity in the walls and this and that. I’m actually going to shoot a video. I do have a video when you take away online course. With that, I shot with one of my buildings in Edmonton, but I’m going to Hamilton sooner to shoot a video of him doing the full building inspection. So we get up on the roof. We go into the boiler room. The idea is, I want you to give the give my students confidence about assessing the physical condition of an apartment building, because that’s first and foremost what you invest in. It’s an income producing asset. So we do that the Friday afternoon. That’s the first to the first aspect of the course. Then we come back to class and you all everybody gets a nice little word book like this, very detailed with all the slides so that if you can see

Erwin Szeto [00:42:49] serious Binder

Pierre Paul Turgeon [00:42:51] shares Binder, it’s thick. And then, my friend, we’re not done. It’s got a flow chart and a bunch of great tools like that flow chart, each step how they fit into eventually getting financing and all of that. And of course, I world of multifamily financing, which you know is my expertize is complicated. It can be overwhelming if you try to do all at once but go provide you with a system to take it a bit at the time, then you know, I this is financing you. Which way you go, you go. Conventional financing versus CMHC. Here are the differences at a glance one page I could go on and on. Like that one that you would like as well. This was not planned, but it’s just that’s my office. So, you know, offer flow chart because timing is super critical when it comes to multifamily, you’re going to get your ESG report, you know, I don’t know, man, I don’t know what else I could do for my students. I don’t know. This is like love. I love doing this. It’s a treat for me because otherwise I’m in my office. You don’t get out much. So, but what? I get out, watch out, I give you all. I got there by the time I’m done, by the Sunday night, which is a two day event. So I’m Friday because I’ve given all our got. I am in a zone and I create a state of zone and I know I’m going to pull it off again because now I’ve got this content is professional. So anyway, to go back to your question. So then in class, we go through that. We’ve got we have a realtor that comes in talks about the offer to purchase process timelines, what to watch out for, the kind of mistakes that he sees novice investors make. And then we get into case studies. My case studies, I do a bunch slowly, one at a time again. We play with the numbers in class. Everybody needs a laptop so that they can plug in the numbers. Don’t freak out. If you don’t know, excel. I don’t accept that excuse, right? My job is to solve that problem for you. Green said. You’ve got to put it, No, I cannot put that number for you, but you don’t have to come up with a formula. All the instructions how to use the excel. It’s super. It’s intended for anybody who has the will, the desire, the vision for the life that they want to do this and we go through case studies. Then I bring in a mortgage broker because part of what I’m trying to do is help people create their own power team, OK? And in my world, everybody has to be a multifamily specialist. Whether it’s your realtor, mortgage broker, your banker, your building inspector, etc., etc. all your engineers when you get an essay. So I try to introduce people that come to the workshop to people who can potentially become part of their team. OK, so I have a mortgage broker that comes and also brings new case studies. And of course, we coordinate the kind of case studies so that can see different financing strategies for different circumstances that one might encounter. So that’s sort of the that’s kind of the gist. And as I said, I bring usually a property manager and which I may not this year, we’ll see how that goes, although there’s one that’s going to be hanging around. So if you want to establish that contact, who may not present. But of course, I’ll have a student who had who has a story to share with the student. So that’s the layout, right?

Erwin Szeto [00:45:58] Yeah. Just getting your Rolodex is really worth the price of admission because I don’t want listeners to know like these people are not to specialists. You want the best one.

Erwin Szeto [00:46:10] There’s lots of them who say they’re specialists,

Erwin Szeto [00:46:12] but you want the best

Erwin Szeto [00:46:13] one.

Pierre Paul Turgeon [00:46:14] You want to. Best ones and you want people who are experienced. Same thing with a lender, I hear again, those that the people that I’m coaching right now. They work with some no name lender that hardly does any multifamily deals. Magill, I’ve seen that what I was at CMHC, some broker from obscure mortgage broker that hardly does any multifamily deals. And then the financing application, which obviously I cannot show because it’s gone to the lender now, but it’s twice as thick as this binders about three inches thick with beautiful tabs. Because I’m anal retentive, it has to be freakin perfect because I teach this material right. But those brokers, they don’t do enough deals, multifamily deals, so they submit an application financing application that is so incomplete. And what do you think as an underwriter, it’s going to go right under the bottom of the pile. I’m going to work on the best, you know, because I’m clocked right. I’m times right, though how fast I process an application. So that’s the way of the world. That’s how it works. So you need to work with specialists. It’s critical. And again, amply covered in my workshop and in my training online or a live event for high quality specialists. Yeah, one followed the specialists, for sure. Yes. All right.

Erwin Szeto [00:47:26] Last time we talked and this is my segue into Alberta. Last time we talked, it’s been a while. It was just after the Fort McMurray fires.

Pierre Paul Turgeon [00:47:36] So I think we spoke last year, last spring, the fire was almost two years ago this May, so last year we spoke. I’m sure we did. OK. What’s happened to this guy? We’re both busy, we do lots in the meantime, but no, it hasn’t been that long. Yeah.

Erwin Szeto [00:47:51] So you for our listeners who didn’t know you were renting out rooms for free to victims of the Fort McMurray fires?

Pierre Paul Turgeon [00:48:00] What’s buying food? And they had nothing to say about food and about a few dishes. A few things. Absolutely. Of course, yeah. How do you do a lot more charitable work than I do? Yeah, I do some. But I mean, I. Yeah, but that’s Alberta is something else. We all came together just like now with the hockey team, the tragedy in Humboldt, you know, that’s come together. But in this case, even across Canada. Yes, that’s I believe in that. Yes.

Erwin Szeto [00:48:30] So what else is going on in Alberta, like? What’s going on the markets that you operate?

Pierre Paul Turgeon [00:48:35] Well, in my market, I can speak from behalf of all of Alberta. Things are still tough and these are good lessons and again, which I will share. So just to recap a little bit. People have to appreciate. So I’m a native for Quebec, so I’ve seen province. I still do well and have most of my family still lives there. I spent a great chunk of my life in Ontario. I had two degrees from UV tea and not you, my degree in political science from UV tea. So I have friends, family, also siblings in Ontario and I get around. I travel all the way from Vancouver to Ontario for work, for teaching and speaking and all of that. So I have a good sense of what’s going on in this country and in Alberta and think what we’re experiencing in Alberta. It’s funny because I was looking at the price of oil. I think we went up six, ninety five cents today or something like that, almost by a dollar. As a as a real estate investor and a landlord. Erwin, I am learning new lessons in this current real estate market in Alberta. So on the face of it, if you look at stats. Things are picking up where we are definitely out of the recession. What does that mean? GDP growth is there the highest? Probably in Canada? Not probably. That’s the highest in Canada. But first of all, what does that mean? Remember our good friend Don Campbell, peel the onion peel the onion, right? OK, we’re going to have the strongest GDP growth. I’m going to go on. It’s been a while since I’ve looked at the number, I think 3.7 percent. But we were at minus whatever, for a few years before. So we’re just catching up. So that doesn’t, you know, it is a stimulation of the economy, but that’s you’ve got to put it in perspective.

Erwin Szeto [00:50:21] It’s a bit of a bit of a perfect storm to hurt Alberta with

Pierre Paul Turgeon [00:50:25] the government and our buddy Trudeau. Justin, Mr. Selfie. No kidding. It’s a perfect storm. And then, of course, without talking about there, working in B.C., holy crap. If not already, but what doesn’t kill you makes you stronger. And as a real estate investor, I am getting smarter, so I’ll get to your point. So I’m not. I’m not defeated. I’m scarred. I have bruises. OK, I’m not going to miss my words here. This is this is how I teach what I’m learning, but it’s going to be. This is making me stronger as a realistic investor. Make no mistake, Erwin and I do mean scars. I do mean that have had to do cash goals. OK, not fun. When I thought the smart aleck former CMC underwriter foresaw all the potential risk, well, recession lasting this long, this deep with such fundamental changes. What are some of these changes? Erwin. So the price of oil now has recovered nicely and it was at that early 2016 at thirty bucks a barrel. Now it’s at sixty five. And remember when the crash occurred three years ago, it was at 100 hundred bucks or so in a barrel. Well, here’s the thing. The price of oil is recovering, but here’s the kicker technology in the oil and gas industry has evolved so that they don’t need as much manpower employees to run wells because they have. There’s been some technological advances. OK. So even though you know the price of oil goes up, we are not feeling the impact into Real Estate market. Why? Because first of all, as I said, it will hire as many people anymore. Need because of new technologies in place. So that means that we don’t have the same kind of in-migration that we used to have when there were recoveries in the past. And so our unemployment rate is around 6.5 percent is not coming down much. The only reason it’s come down a little bit from the seven percent it was a few months ago is because some people have stopped looking for work. So what does that mean concretely for me as a landlord? Well, that means you’ve got to be smarter. You’ve got to do smarter marketing. You have to offer a better quality product. You’ve got to really, really, really be you’ve got to integrate technology. As I said, I compete with smaller reach in my market area, so that’s what I’m doing. That means vacancies remain. They’re not too bad in my case, but I spent a lot of my. On marketing, and I do have a great website with the Google Analytics, so I know what time tenants are looking at renting my apartment. You know, my units are, they’re using a mobile device or they, you know, that kind of stuff that you have to be that smart. I believe this applies to everybody, all the landlords across Canada. If you’re not integrating the newer technologies, even on pricing your units right now, there’s something called a spider. I believe it’s called a travels to the web based on your postal code or your apartment building is located and comes up with your pricing should be at about this kind of thing. You’ve got to be smarter, and that’s what I’m doing. But it’s been a tough ride. It’s been a tough ride because in order to fill up our vacancies, we’ve had to give rental incentives in that regard. Because I come from eastern Canada was my point. Earlier in Ontario or even in Quebec, they’re well-established markets. Your economies are dependent upon the commodity markets like we are here in oil and gas. So now that I know this Erwin, I will do things differently from now. In the future, I will probably hoard more cash before, you know, cash flow payouts to my shareholders, I will hoard more cash. I always had a contingency fund. One of the REIN values, right, equivalent to three months of mortgage payments. Let me tell you this this time around, this is the worst recession in 30 years. It wasn’t enough. Now that’s your cash calls. And so I’m being very blunt. But yes, over time, this is just a little blip over time of wealth creation. Keeping that vision in mind, why I’m doing this right, I will be. I am becoming a smarter investor and landlord for sure.

Erwin Szeto [00:54:24] With all these challenges, you’re still buying another building.

Pierre Paul Turgeon [00:54:27] Yeah, I have done the last couple of years, to be honest with you, just because I needed to keep the current portfolio afloat. But yeah, oh listen, mark my words. You know what’s coming next? I can tell you, right? What do commodities do? Gold, forestry, whatever right now? Now it’s going up again. We’re going to have we’re going to have a shortage of oil that we’re still in oversupply position. Mark my words. It’s going to go up again, up and down, all up and down. It’s going to come back. I’m not worried about it because I have a long term vision of where I’m going, and I guess I’m a bit smarter as a result of experiencing the worst recession since the last 30 years. You know, a lot more may be on your show, but remember the national energy program that former premier approved Prime Minister Trudeau Pierre Trudeau brought caused a lot of problems in Alberta. So this is the most severe recession since then. So since the late early eighties.

Erwin Szeto [00:55:23] Can you share your website? Sorry. Yeah, sorry. Did you? I want to see what a good website looks like. You mentioned that your website is highly optimized for everything.

Pierre Paul Turgeon [00:55:35] OK, so this one is Matterhorn apartment, so-called dot apartments dot com. Now that’s my real estate portal is the link to the educational one Erwin. That’s something I intend to do a very in the next few weeks, actually. It’s Matterhorn apartments dot com. And so the back end of it, I would highly recommend. So this is a product. OK, let’s talk about that. I have a new property manager. A you’re a techie. I can tell. I can see you in a beautiful microphone and the headset, the beats headset your gear.

Erwin Szeto [00:56:07] I do what I need to do.

Erwin Szeto [00:56:08] Well, I’m buying all

Pierre Paul Turgeon [00:56:10] that stuff, but I do appreciate it. So first is one of my key lenders from Toronto, based in Toronto. First National Financial and some of those know the shareholders and the does the managers there decided to create. It’s called landlord web solutions landlord web solutions, and you do need to have a significant amount of properties to make it worth the price, right? I mean, I think that we’re coming up with smaller products for people with a smaller portfolio, but this is the Cadillac. So like I said, I can see graphs. I can see at what time of the day people checked out my website to rent my units and all that, whether they used a mobile device and what time of the day the impact of my signage, which I didn’t have until a couple of years ago. So how much traffic I’m getting through my signage and all of that? So these are the tools of the trade now that one has to get in order to remain competitive. And you know, it’s a brave new world. It’s very cool, but it’s called landlord web solutions max. This diamond is one of the guys are running at a terrific service client service, which is my pet peeve. I move my business. Always, people will give me service. Mm-Hmm. Mm-Hmm. Yeah. But people have to be to two to be aware of using incorporating technology in their business. So the rental business, for sure,

Erwin Szeto [00:57:30] in case it helps. I think we’ve actually gone over half over half of my web traffic is mobile now.

Pierre Paul Turgeon [00:57:36] Good for you.

Erwin Szeto [00:57:37] Yeah, I’m sure the same is for you. Yeah, I have. Especially if they see your signs they’re going to, they’re not going to wait to go home or break up their smartphone.

Pierre Paul Turgeon [00:57:45] And check and stuff, if you want to expand a little bit on that. If you get a prospective tenant showing up and they want a suite, then you know you go to your iPhone, your run to the secure deposit right away or you do the credit check right away. You don’t wait. You don’t lose that prospect. So all of that pretty cool, guys. No, no, no. Pretty cool. Erwin pretty cool. I’m very excited about that. Yeah. Yes. No. No, you have to. This is the 21st century. You’ve got to get with it.

Erwin Szeto [00:58:13] Yeah, I like that. Yeah, because the technology exists. I just don’t I don’t know anyone who does it already for property management, like on like you’re showing the property like you want the place to take a deposit and

Pierre Paul Turgeon [00:58:26] right there and then.

Erwin Szeto [00:58:27] Yeah, because everyone has plastic, no one carries that much cash. You don’t want people handling that much cash either.

Pierre Paul Turgeon [00:58:33] But the large landlord, be sure that the large buildings that you see in downtown Toronto, they do that the large landlords and the rights of pension funds, all of these buildings all do that. I like, but I think that the technology now is becoming affordable for smaller landlords like myself. Right. So that’s happening right now.

Erwin Szeto [00:58:49] I’m really proud of my property manager

Erwin Szeto [00:58:51] who is your

Pierre Paul Turgeon [00:58:52] property, that we need to talk about that. But anyway, maybe different color,

Erwin Szeto [00:58:56] different color you don’t want. I’ve heard it. Termed it the hug of death. When you.

Erwin Szeto [00:59:01] You mean well, but you just overwhelm someone else. Someone with way too much business. Yeah, yeah.

Erwin Szeto [00:59:08] And then you’re all service levels fall apart, right?

Pierre Paul Turgeon [00:59:11] I actually think, yep, I know exactly. You make me smile because I think I hear you been there. Yeah. So that’s for the market in a nutshell, that Erwin, that’s the market we are recovering, but you know, and there’ll be another boom because there’s always a boom when you’re involved in a commodity economy like Alberta. But I’m learning valuable lessons and I’m still happy to be doing this. But yes, I am slowly lining up to be in a purchase mode acquisition mode again. Yes. Mm hmm.

Erwin Szeto [00:59:40] I just think it’s interesting because I know quite a few people who are buying Teslas and stuff, and I just feel bad for them when they think the realities are first of all. If you’re if you’re not plugged in at home and you just plug in some on the road like these, things take forever. But you know, the gas station they have how many pumps you’re done in less than five minutes, right? You have to plug in a car. How long until you’re done? And then when you find a plug, there’s maybe one or two. And then how long does it take? You know, you’re going to go, Wait. And then there’s a whole understand of service issues with a lot of these electric cars as well. You don’t know how long you’re going to do until it’s gone. It’s going to take to get your car back and then, yeah, we’ll see what happens.

Pierre Paul Turgeon [01:00:21] But this being said, so it’s interesting. Let me amend that. I’d love this conversation because, you know, like you, I’m passionate and I know my stuff inside out. I’ve had recently my shareholders are saying, Well, we won’t need oil anymore. Everybody’s going to have a frickin Tesla or an electrical car. Excuse me. That ain’t about to happen for quite a while, but it is. We are moving towards that. So the issue with the batteries is being solved. Now here’s a scoop not as cool, but a very fast thing. VIDEO Tony Seba I think he’s from MIT Tony Seba SCBA. It’s an hour long presentation on this very topic. Fascinating, OK, because they are solving these problems. They are, they’re developing that, and our friend Elon Musk is working on this stuff. I know there’s experiments being done in Australia where they can supply entire cities with electricity, so that problem will be resolved because it’s just like, you know, our little iPhone, right? You know, 10 years ago, to have the computing power we have on a $700 device, it would have cost them hundreds and hundreds of thousands of dollars. Dow 700 bucks. It’s amazing. So there’s a I forget the technical term, an agglomeration of the various technologies can put together that will enable us to do that. So I do mind that from a, you know, from somebody, a real estate investor from Alberta, I do mind that I do keep that in mind because everything about real investing is timing. OK, so I’m keeping my eyes on that stuff also, because sooner or later it will impact my investing strategy. Maybe it will be time to sell in 10, 15, 20 years, right when I’m at the peak of the market. So I do keep I do. I’m aware of these things and there are valid concerns, but not for a while, not for a while.

Erwin Szeto [01:02:10] So you’re not upgrading your buildings for parking with let’s

Erwin Szeto [01:02:13] do, I’m not nowhere near that. You know

Pierre Paul Turgeon [01:02:16] what? Given the size of this country and you know, in here in the West, we have the distances are so vast. People are going to need cars. Yeah, they’re not worried about that. You mentioned not buying a Tesla. They went bankrupt anyway, right?

Erwin Szeto [01:02:30] So they’re expensive, by the way,

Pierre Paul Turgeon [01:02:32] but they’re going bankrupt.

Erwin Szeto [01:02:34] Erwin, really? You think so?

Pierre Paul Turgeon [01:02:36] I. I read. So absolutely. He’s gone bankrupt. He’s gone bankrupt. Tesla is in trouble.

Erwin Szeto [01:02:43] You didn’t see that. I missed it.

Erwin Szeto [01:02:44] I’m trying to. I’m trying to cleanse myself from a lot of things. I Szeto stuff

Erwin Szeto [01:02:49] sort of break the news to you. This is real. I’ll send you the Little League because I mean, it’s

Erwin Szeto [01:02:53] a little bit because this is happening. We’re an election season right now in Ontario, so I’m trying to like to block out a lot of stuff.

Erwin Szeto [01:02:59] I do the

Pierre Paul Turgeon [01:03:00] same, but that that my daughter told me about that. Then I looked it up. Yeah, that’s like going bankrupt.

Erwin Szeto [01:03:08] I definitely won’t see that.

Erwin Szeto [01:03:10] You look disappointed, man. Did you order yours yet? No, no, I’m

Erwin Szeto [01:03:14] I’m not that forward thinking. I have concerns still about everything, and I don’t. I’m not an early adopter, especially when it comes to vehicles. I won’t even buy the first year of the model, right? I’m like that kind of, you know, that’s just pragmatic to me. Yeah, I that’s the rule of thumb like promotion by the first two years of any sort of new model. Like this is this is like earth shattering new model stuff like Model three I’m talking about.

Pierre Paul Turgeon [01:03:39] Yeah. Well, like I said, to be out of them, I’m not there. I drive my Ford F-150 like a good, good old redneck from Alberta, and I’m very happy with that shoot. My dude put it in the back of the truck and go

Erwin Szeto [01:03:51] home, drink my beer. I mean, look it up

Pierre Paul Turgeon [01:03:56] while you look at that. But yeah, Tony Seba. Very cool, though. I mean, I think it’s worthwhile. I mean, you know, you have to have the macro picture as well as a micro picture, I think, as entrepreneurs. So but I’ll look it up while we and I’ll send you the link to anticipate. But it is very cool.

Erwin Szeto [01:04:11] It’s very noble to try to have zero emission vehicles, but also know that the reality is. Half of any vehicles emissions are just on building the vehicle.

Pierre Paul Turgeon [01:04:25] Yeah, but. So this is I got it here. It’s called Tony Seba. So Tony Todd and why SEBA SCBA a clean disruption energy and transportation? Yeah. What it is about this very topic. Very cool, very cool presentation. An hour long, very, very cool. Interesting, clean disruption, energy and transportation.

Erwin Szeto [01:04:47] All right. Poor bolt.

Pierre Paul Turgeon [01:04:48] But we’ve got lots of time to make lots of money, buy more buildings and sell more. Believe you me,

Erwin Szeto [01:04:53] lots of time. So over time.

Erwin Szeto [01:04:56] So what are the dates? What dates do you have available? And Hamilton and there’s no other dates then. So people are so well. If they don’t go to Hamilton,

Pierre Paul Turgeon [01:05:05] I don’t know if I should tell you this. You do. You interviewed one of my better students on the online course, Tony T. Miller.

Erwin Szeto [01:05:12] Oh, we didn’t talk about. Okay, cool.

Pierre Paul Turgeon [01:05:14] But you, you. You called in Mr. Key’s buyer.

Erwin Szeto [01:05:18] Well, I

Pierre Paul Turgeon [01:05:19] may be Mr. Multifamily Kiss Buyer, it appears. Well, see for them. We’ll see they was. That’s in the works. So we’ll see which. Well, I quite so, I know a lot of people like you that are involved with them and of course, they’re friends of mine so that I know quite well and I every person said very positive things about ceasefire. So why not, right? So at this point, I have one in Hamilton. May, May 25, 26 and 27th, but it appears that it is for sure I’ll have one every year. Now, what I’m about to say is not to put pressure on people, but as you know, Erwin, because a lot of your folks and friends of yours or personal friends of yours came to mind last year. It is a small thing. I only have 50 seats available, and that’s by choice because it’s experiential to make sure that we provide the highest quality of experience and learning because it’s hands on and logistically would be complicated. So there’s only 50 seats, so depending how it goes, but I may have another once more this year, I don’t know, but at this point we have the one plan. I will have another one, another one in Edmonton in the fall. I haven’t set the dates, but it will happen right now. It will happen. Yeah, and it’s confined to stuff, and I’m going to have a special link for your guys, which I don’t have right now because as we speak, we’re consultants working on that. But in the meantime, people can go to multifamily investing Canada dot com and scroll down and check that out. It’s very detailed, their heavy content curriculum very detailed. There’s nothing like that in Canada all that much, and

Erwin Szeto [01:07:01] you’re still offering the free book.

Pierre Paul Turgeon [01:07:03] Yet the e-book is there. So when you go to multifamily investing Canada, according to your book, is still there very much relevant. But there are concerning things that we talked about playing, figuring out before you make a move, what do you need to the kind of questions that you need to answer for yourself? You haven’t asked me about the pipeline or you are about to let me go before I can make a point on that. Oh, we’re out of time.

Erwin Szeto [01:07:22] It’s controversial. It’s funny. Pipelines. Wow. You know, you know, I don’t know if it’s a good analogy, but I was thinking like, I use a hose. I use a garden hose in my in my garden. I don’t try to. Truck mining water to where it needs to go.

Pierre Paul Turgeon [01:07:42] How often does your hose leak? Well, how long have you had the same hose so.

Erwin Szeto [01:07:49] So I have broken the hose before, but I knew it right away, so I stopped using it. You know,

Erwin Szeto [01:07:55] you went to Wal-Mart, bought it cheap.

Erwin Szeto [01:07:57] No, I was as bad. I left it too long in the winters and stuff. But no, like my hose doesn’t leak.

Pierre Paul Turgeon [01:08:02] Now that’s a different for maintenance of your home. But you know you’re making a valid point, though. I tell you why I would like us to. I would like me to chat. I don’t know what’s the listener if you have time or

Erwin Szeto [01:08:13] if you have time for this

Pierre Paul Turgeon [01:08:15] conversation. I definitely do. Erwin and I appreciate you giving me that opportunity. How many people on this call generally who do listen to your podcast? I mean, I listen to many of them, but not all the time, because I just I’m out of time. But how many people on this call can

Erwin Szeto [01:08:27] be a thousand or a couple of thousand?

Pierre Paul Turgeon [01:08:29] Wow, man, you’re awesome. I tell you why I want to speak to that. So you know, it’s just the way I am. I’m well-traveled. We’ll speak a bunch of languages and I get around. I travel and stuff. So I always as much as I am also my cool guy. And as a former lawyer as well, right? So I am a guy that can go from the micro or the dot on the, you know, the idea to borrow the T up to the world perspective. And it’s just my nature who I am. What I find in this debate, and I’m speaking to your folks in Ontario and you know that a big chunk of my life, my son, my best friends were made in Ontario. And I, like I said earlier, I have siblings and I go there all the time. And then, you know, my family, the rest of my family is in Quebec. There’s a misunderstanding, you know, the two solitudes, you know, between east and west and Canada. This is what we’re witnessing. And it’s. And I used to be like, you guys out east. I used to not care about the price of oil. I used to not know at all how much a barrel of the price of oil is because I didn’t know how important it was to our country. Well, now that I live here, I would like to in a modest effort to try to communicate that reality, how important it is to all of Canada. It is 30 percent of our growth. Our wealth in Canada is our GDP growth and our wealth in Canada is that oil that comes from Alberta. OK. This is, you know, how much a day in terms of money. It’s forty two million dollars a day that we’re losing. OK. And you know, when you live out east, this is a world I didn’t know. Like, I look out literally as I’m speaking to you, I see pumping jacks everywhere. I look. This is my reality. So I have to be aware. And as a business owner and a landlord, no, I have to be in touch with these things. Now, as you said, your hose didn’t leak other than the one you left outside all winter, right? Frankly, the Kinder Morgan that pipeline the Trans Mountain is already there has been there for decades. Never had an accident. All we’re talking about is putting another one, which, as you can imagine, if it’s newer, should be better. And of course, the regulations are more stringent. Is going to be running parallel to the existing one. All right. Hello. You know, and so first of all, no, no.

Erwin Szeto [01:10:39] It’d be pretty simple, but I am imploring

Pierre Paul Turgeon [01:10:42] you people out east and I’m one of the two people from out east. Educate yourself. This is 30 percent of Canada’s wealth is coming from this place in Saskatchewan, northern Saskatchewan. These are schools. These are, you know, hospitals. These are services for the homeless. You know, it’s this is a serious and it is a matter of national interest. And unfortunately, we’re being hijacked by environmentalists. I’m a backcountry hiker. You know, I put a backpack on and I travel all over the world with a backpack, but also here in the mountains. If somebody loves the environment, it’s me. I take all my garbage out. You know, this is what I teach my kids. This is not about being an environmentalist or not. It’s not black and white. And unfortunately, and I send this to my kids, I want my kids, you know, they’re travel. We travel as a family a lot to be well-educated. Some of the environmentalists that are protesting against the Trans Mountain pipeline are actually financed by whom this is, no. This is no joke. This is factual by charities from the US. OK. And the reality is completely distorted. Fake news is now a reality. OK? Why? Because who’s taking the market share? Taking up the market share? In the meantime, our friends to the south Erwin our friends. This is this is not some conspiracy theory that I’m telling you. These are factual. You want. I can send you a bunch of articles every day because I do look at these things all the time. This we are. We’re nice. Oh, excuse me, we’re carrying a. We’re Canadian. Sorry. Sorry, sorry, you always say sorry. Come on. We have one of the best countries in the world. This is in my heart. I know this because I’ve been around and I’ve learned four languages four or five of them almost, you know, let stand for who you know, this great country of ours. In the meantime, energy east, right? We turn to, you know, frickin former mayor of Montreal that I unfortunately knew years ago personally. Well, so we’d rather instead of using our cleaner because we have some of the stringent, most stringent environmental policies in place in the world we’d rather imported, you know, from Nigeria or some other obscure or Saudi Arabia at a premium. It does not make sense to allow me to make it sort of bad guys. But like I said when I was out east living in Quebec, where I didn’t know these things. Now I know and I’m so I apologize for this kind of it sounds like a rant, but this is wrong, and I wish we had more leadership in Ottawa. We don’t know. They’ve done too little, too late, but we’ll see how this turns out. But everybody’s suffering. It’s not just the West Nile bird of Saskatchewan thing, everybody. All you guys out east. Thank you for a lot for that in there. Now feel better. Take a deep breath. I’m going to go to yoga class that we hang up.

Erwin Szeto [01:13:31] It’s a really difficult conversation, and I don’t have it with people because I don’t like to get political. But for example, like we talked about Humboldt. Right? Yeah, right. Thankfully, they were carrying peat moss, where if they’re trucking crude right

Pierre Paul Turgeon [01:13:46] and the risk is significantly higher. Yeah.

Erwin Szeto [01:13:49] And Lac-Mégantic, for example, the train accident, right? Human error involved with driving trucks and driving rail right versus a pipeline up the pragmatically. And I think what people forget also is one of the challenges with a democracy is the voters aren’t necessarily educated. And so one of the challenges is, well, first, Ontario Canadians in general. We’re not that great financially, individually to the person. Good example, but just plain and simple what almost two thirds of Canadians who don’t have a pension will never retire. That tells you right there how bad we are with money, and now we’re voting our financial policies, right? For example. Oh, no, pipeline. I hear bad things, right? There’s some bad things that happen. But I also understand with her oil from Alberta and Saskatchewan, there’s no transfer payments from the West to come to Ontario and Quebec.

Pierre Paul Turgeon [01:14:46] I didn’t go there on purpose, but then you went so well. Yeah, that’s another factor. And my former province of my native province is a big recipient of those transfer payments.

Erwin Szeto [01:14:56] The biggest, I think, well, yeah, it is gross dollars, absolutely the biggest and in Ontario was the second

Erwin Szeto [01:15:01] biggest

Pierre Paul Turgeon [01:15:03] in all that I know that. And then I think it’s somewhere out east in the Maritimes, New Brunswick, I think,

Erwin Szeto [01:15:08] yeah, Newfoundland. Yeah, like follow anyway.

Pierre Paul Turgeon [01:15:11] But all right. So yeah, it’s these are facts. But like I said, also there are there’s lobbying that’s being done. It’s not. It’s all right. It doesn’t make sense.

Erwin Szeto [01:15:21] Mm hmm. And then you just look at what you need to look at each province province’s budget. Ontario, I’ll speak to Ontarians in what the best? What do we spend was for money on education and health care? All right.

Pierre Paul Turgeon [01:15:32] So that’s cost a lot of money because a

Erwin Szeto [01:15:34] lot of money, because that’s partly what makes our country great.

Erwin Szeto [01:15:37] But we need money.

Pierre Paul Turgeon [01:15:38] You know, if I had it, I think I took it down. And you know how much the oil sands represent in terms of carbon emission in the world. Because I teach my kids like, I’m always a teacher, I do have a teaching degree. I didn’t tell you about that, that I put it away. I’m looking here on my wall, but it’s so carbon emissions from the oil sands or oil production Canada’s like point zero one five percent.

Erwin Szeto [01:16:01] Mm hmm.

Pierre Paul Turgeon [01:16:03] So are we going to solve that? We’re not the problem. We have stringent environmental guidelines and all of that. So.

Erwin Szeto [01:16:12] Oh, here’s another one. Here’s another head scratcher I’ll try to find it. But I read previously that the emissions from the oilsands is equivalent to the car emissions of the Greater Toronto area.

Pierre Paul Turgeon [01:16:23] There you go.

Erwin Szeto [01:16:24] So, you know, we want to stop the oil sands. We should not stop driving as well and in the Greater Toronto area.

Pierre Paul Turgeon [01:16:32] That’s, you know, but that’s unfortunately that people don’t, don’t understand it that way, but that’s a fact, right? That tells the whole story. Right. And you little country, but we’re not. But so what happens is our politicians are making us suffer yet. It makes no difference in the big scheme. You know who the great polluters are, but it’s China, it’s Asia, it’s the West for crying out loud. We’re not making a dent into this issue, but we look good. You know, we’ll have our selfie taken, you know who I mean with everybody and I’m sorry, guys. But yeah, I’ve learned better. I used to me used to not be aware of these issues and I’ve educated myself. Like I said, I’m a I’m no longer that civil servant in a cubicle that cmhc on the business owner and listen, listen, Erwin. I signed petitions. Now I send letters to with regards to politics. Even the tax reform last year that our current federal government tried to impose that was detrimental to all of us. I signed all these petitions now I sent letters to my MP. I have never been this involved before in my life because I get it now. I get it. I’m very much aware of these issues.

Erwin Szeto [01:17:40] Yes, it’s a fun time, but you just have a smile on your face. I love it. I love it. That’s great. You can’t

Erwin Szeto [01:17:48] help but smile or you made the decision to move to

Erwin Szeto [01:17:52] Belize or something. I’m the guy

Pierre Paul Turgeon [01:17:56] that we hang out. I almost did it earlier this morning. I ran out of time.

Erwin Szeto [01:17:59] So yeah, this is a great country and

Erwin Szeto [01:18:03] it’s

Pierre Paul Turgeon [01:18:04] amazing country. Let’s do it. Justice for crying out loud. Let’s do justice. I am so proud of being skinny. You know I could not have conceived; you know, this is me when I was a teenager. You hear me speak English now, right? I learned that you have T because by then, by the time I got to U of T nineteen eighty three, I spoke Italian, Portuguese and Italian better than English, and I didn’t pass my English proficiency test when I was admitted at U of T, so I had to take an easel course. This is no joke, but to be I love this country. I could not conceive to learn English being a French can being from Quebec. I love this country, love this country, love this country very much.

Erwin Szeto [01:18:47] All right. One last time people taking up your time. One last time website

Pierre Paul Turgeon [01:18:51] Multifamily Investing Canada dot com and we’ll send you another link as well. I’ll send you an email. It’s being done at Offie Center while we were speaking about another link. But so before we go off, I look up to you Erwin. How do you protect your family? By the way, I’ve never known

Erwin Szeto [01:19:08] Szeto and

Erwin Szeto [01:19:10] we pronounce it only I don’t know. I can’t even say I present properly presents properly either, but we properly pronounce Szeto. But then for simplicity, for four people from my area, I just tell them, you know, the manager of the Blue Jays with Szeto gas. And so if you say Szeto, that’s pretty cool.

Pierre Paul Turgeon [01:19:29] I look up to you. I think you’re from where I stand. You look like you have the perfect life. You’re awesomely fit now. Oh, oh, I see those pictures on Facebook. You got a beautiful family. You’re generous as hell. You work for Cherry. So what can I do to help? Should I? So, so can we raise money on this goal? Well, people like can we have a bidding give a discount on a course of my life event or something like that? What can I do to help some of the causes that you support Erwin and I mean this, I really mean this? What do you have any ideas here on the spot? I’m putting you on the spot. What can I be willing to give to give a discount? What a thousand dollar discount. My stuff is high priced. It’s high priced for because the value is there and it’s, you know, it’s proven products and all of that. So I’m willing to offer a thousand dollar discount. So if somebody is willing to pick me up, you know, unusually, we’re still finalizing the pricing. The pricing on this, well, I’ve kind of done it because my consultant is putting it on the website. So should I divulge the price on this website or if you like?

Erwin Szeto [01:20:41] It’s not necessary, you know, because, you know, I’m in the business of helping investors, too. I got a text this morning that my clients were refinancing his property for one hundred and fifty thousand. You know, I think he paid 170 for it, though.

Erwin Szeto [01:20:57] So what would

Erwin Szeto [01:20:59] people invest in education? It’s, you know, knowledge is power.

Pierre Paul Turgeon [01:21:04] Yeah, but how we could raise money to help cure the charities that you support? Would that be a good thing? How could we do this?

Erwin Szeto [01:21:10] Oh, I don’t know. We’ll figure it out. But. So you’re familiar with what we used to do. So something that we’re trying different for Thanksgiving is we’re trying to go deeper with our faith with the families. So instead of doing, we did. We fed 350 families for four Easter. The plan for Thanksgiving is we’re going to we’re going to adopt 50 families. So the budget will go like three to five times what we used to pay per family in order to provide them underwear. Some toys, maybe that food, some winter clothing. Get this damn cold. Here we live.

Pierre Paul Turgeon [01:21:43] OK, OK. Yeah.

Erwin Szeto [01:21:45] So yeah, that’s what we’re doing. If your students would like to adopt a family, that’d be wonderful.

Pierre Paul Turgeon [01:21:51] OK, I’m going to work something out on that. So I might do that. Also, when I’m in the D and I’ll do something, how’s that? You have my commitment. I want to. I want to get back to you because you’re somebody I look up to and admire. I would like to do so. And as you know, I do the same as you do. We sponsored my building sponsor, two children in Africa, you see. And just let me just reach out a little bit here. But you know what I’m saying? You know what drives me and this is in my presentation. You know, people sign up at multifamily investing in multifamily investing Canada dot com. You know, I’ve just finished shooting a series of five videos and providing content. But you know what drives me? So, you know, now when I look around my office, I’ve got all these pictures. This is Samuel L. from South from Brazil that one of my buildings is sponsoring. This is Ameena Wright from Kenya, that my buildings are sponsoring, and I could go on and got a few of these right. Every month, my buildings are sending money to these kids 50 50 bucks a month for books and education. You know, this is a privilege that we have to be self-employed, to be entrepreneurs to give back. And so I’ll do something. You know, you and I will communicate. I’ll do something to support you, your charity Erwin, because I’m very grateful to you all that well.

Erwin Szeto [01:23:13] And in case people don’t realize, like, I don’t ask for anything for this, I just want people to have, you know, just

Erwin Szeto [01:23:20] this is this is completely improvised and I take the blame and I take full responsibility for it,

Erwin Szeto [01:23:25] and I never ask people for anything in return. I just want people to have good content because I think we both know there’s a lot of people that just that that don’t have people’s best interests in mind.

Pierre Paul Turgeon [01 :23 :36] Yep. Yeah. Well, and yet we’ve got a few case studies like I said that I’m helping out these days on that. Mm hmm. Mm hmm. All right. Awesome. Erwin. So listen, thank you so much. And you know, multifamily investing can overcome next. Live workshop is on May 25, 26 and 27, only 50 spots, so I got a bunch of people that I’m working with. Last year we sold out. We all had three spots. This year we were able to increase slightly, but it’s never going to be more than 50 people. I expect to get to sell out just because I’m working with a number of large people to do this, and if not, the online courses is also available.

Erwin Szeto [01:24:14] Excellent and live as best as just if it’s not live, I just get distracted

Erwin Szeto [01:24:20] to

Pierre Paul Turgeon [01:24:21] give you a hint. I the bundle the pricing, so I’ll leave it for people to look up on the website, which is again multifamily best in Cancun. But you can get for the same price. You can get both live and as long as we have seats available, obviously, and then the dealer line as well for the same price. Excellent a life event, so we do have a bundle package that you can buy.

Erwin Szeto [01:24:41] Excellent. All right. Thank you, Jennifer, for doing this proposal.

Pierre Paul Turgeon [01:24:45] All right. Thank you so much for having me. When you take care.

Erwin Szeto [01:24:47] Cheers and nice afternoon to talk politics of Erwin and pipelines and oil because usually it’s not. It’s a touchy subject and people don’t come prepared to talk about it.

Pierre Paul Turgeon [01:24:59] I did it with class, but we talked facts, facts, facts, thus matters. You know, facts is what matters.

Erwin Szeto [01:25:06] So yeah, and it’s a tough, it’s tough stuff, which is why the politicians make the big bucks and get those big, big, big, big, big pensions

Pierre Paul Turgeon [01:25:14] and politicians, if you ask me.

Erwin Szeto [01:25:17] Very good. All right. Thanks. Thanks again. Get it together. Cheers, participant. Do you want to be a real estate investor and don’t know where to start? Then I recommend you attend our Halton Real Estate Investor Group meetings, where you’ll meet and learn the secrets of many of the guests of the show who have earned seven figures or more from their real estate investments. Almost none of them did so without having to manage their tenants around like toilets. We have the best property managers and plumbers. We can refer to our clients. I can’t promise you results, but you’ve heard from every client of mine who’s been on this podcast, and you may have noticed they’re quite successful and on their way to financial freedom. Plus, I’m a big believer that knowledge is power. To register, go to Dubeau WW Dot Truth about real estate investing dossier slash meeting again, this Dubeau WW dot truth about real estate investing dossier slash meeting, and this could be your launchpad to financial freedom. Do you register as soon as you can? We had a star wait list for the last meeting. Our seats are always limited. I hope to see you at the next meeting.

Erwin Szeto [01:26:30] You.

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