As promised, I'm sharing with you a lesson (7-minute video) from my online course, the Canadian Multifamily Investing Blueprint on how to prepare a 'kick-ass' personal net worth statement that likely lenders will require from you if you decide to apply for CMHC's mortgage payment deferral program.
Here is the link to that video.
Wishing you and your family health!
In this video, I share more details about the federal relief programs which are available for entrepreneurs and apartment building owners and what I'm personally doing.
I have also corrected the links in my previous list of resources.
Here is a link with all these resources: Corrected Links to Federal Relief Programs & Other Resources
Starting this coming week, I'll start doing a series of FREE LIVE TRAINING ON FACEBOOK. The first session will be on how to prepare your personal net worth statement (PNWS) which you're actually going to need in order to get CMHC's mortgage payment deferral. This is actually a lesson in my online course, the 'Canadian Multifamily Investing Blueprint'.
If you want to be notified when the free training will take place, please just like my Facebook page at facebook.com/multifamilyinvestingcanada/. The training sessions will also be recorded.
Wishing you health to you and your family.
I hope you and your family are doing well in these difficult times and that you're all healthy.
I shot this video with for you a while back during a Facebook live session but forgot to post it in my vlog. In this post, I share some great tips for all entrepreneurs, not just multifamily owners.
All the federal programs I mentioned, including the list prepared by my accountant, are included in the link below.
As I come across more useful resources and tips, I'll continue sharing them with you.
Since many of us spend more time online, I'll be sharing a lot of free training online over the next few weeks and months.
Keep in mind, as I say in the video, after every crisis there are always great opportunities, including for multifamily properties, which is a very resilient asset class, especially in challenging times.
Hope you and your families are doing well. Below are some tools to assist you.
Good news for multifamily properties (5+ units) insured by CMHC. CMHC will allow approved lenders to defer up to six monthly mortgage payments (principal and interest) for borrowers impacted by COVID-19.
Here are the links: CMHC Cover Note and Eligibility Criteria
And here are links for the Federal Government's Relief programs put together by my accountants.
I came across this great little tool called 'The Scary Times Success Manual' by the amazing business coach, Dan Sullivan. Dan originally created this manual during the climate of fear following 9/11 and in it, he shares ten strategies for dealing with uncertainty and turbulent times.
The world-wide COVID-19 pandemic definitely falls into the category of highly uncertain and turbulent times.
Although the manual was designed for entrepreneurs, most of Dan's advice is spot on and applies to the current pandemic. It's a short two-page read well worth it!
This is my humble way to help out and I will continue to share whatever other tools I come across that may help you, including, of course, stuff to pertaining to multifamily properties.
I wish you and your family well!
CLICK ON THE PICTURE BELOW TO DOWNLOAD THE SCARY TIMES SUCCESS MANUAL.
When conducting due diligence when purchasing an apartment building, one of the critical steps is to obtain an environmental site assessment or ESA. All lenders and CMHC will require you to get an ESA Phase 1.
Phase 1 ESA is to identify actual and potential site contamination. It looks at the current use of the property and its history.
In this post, I discuss what's in an ESA. The ESA is done by a qualified engineer and you would normally only need a Phase 1 ESA done unless an environmental site contamination potential is found and which case you need to get a Phase 2 ESA, which could be problematic. A Phase 3 ESA would deal with the remediation of the site contamination.
Lenders and CMHC have a huge stigma attached to site environmental contamination and you could run into a lot of problems and be unable to get financing if the site is contaminated.
Banks and CMHC require a 'CLEAN PHASE 1 ESA'!
To know more watch the...
In this post, I discuss the importance of the 'STABILIZATION PROCESS' when investing in apartment buildings. By stabilization, I mean 'maximizing the performance of the asset', namely by maximizing income and reducing operating expenses in order to maximize the NET OPERATING INCOME or NOI.
I always tell my students that NOI is their BEST FRIEND! As investors, our job is always to achieve the highest NOI possible as the value of the asset is driven by the income the property generates.
I hope you'll find this post useful.
Please, leave comments and tell me if there are specific topics you'd like me to talk about in future vlog posts.
I'll be doing an hour-long or so Facebook Live Sessions on the topic: 'The Magic of Cap Rates Explained'. Be sure to catch the replay if you cannot make it as I'll be demystifying cap rates...
In this short vlog post, I share quick and easy tips, with examples, on how to BE IN THE KNOW in areas that matter to real estate investors.
It's critical for real estate investors to monitor things that can have an impact on their investments, be the mortgage market, key financial indicators, the geo-political situation, etc..
In this post, I share with you examples on how I personally do this.
P.S. Registration for my 2020 Canadian Multifamily Investing Blueprint workshops is now open with early bird pricing in effect.
SEE BELOW FULL TRANSCRIPT OF VIDEO:
It's Pierre-Paul Turgeon here, Canada's Multifamily Investing Authority and as you probably know, former insider! That's right, I used to be with an apartment building with Canada Mortgage and Housing Corporation and in today's short vlog posts, I want to share with you some tips and examples on how to BE IN THE KNOW, as in knowing something in areas that can make you a...
In this vlog, I answer a supplemental question from one of my online students related to my previous blog post on how to figure out how much to pay for multifamily properties. In that post, I mentioned that investors needed to get data on recent sales for comparable ('comps') properties they're looking at purchasing to see the range of prices they're currently trading at. My student asked where he can find comps in his market and I answer this question in this post.
In addition, I also share a couple of tips on where and how to find apartment buildings to purchase.
To your life's success and fulfillment!