Aditya Soma: Just know that you don't need a lot of money to get in. You need a decent credit. You need a decent down payment. If you are, unless, if you're going for a dream home and if your aim is to invest, don't go for the dream home. Go the opposite way. Go for the ugliest home and you do that improvement and go for the cheapest possible price so that you can put less money off yours into the deal.
Alfonso Salemi: Welcome back, REITE Club Community. It's Alfonso Salemi here and my co-host today is Francois Lanthier. And you are listening to another episode of the REITE Club podcast. We are so excited. Thank you so much for joining us. We have an amazing podcast today. Uh, truly an inspiring story where, you know, if you think you have an excuse or you.
You can't get into real estate investing. It's too late, it's too early. You have too many debts, you have no time. Well, you know, this, uh, this story is really gonna inspire you. Adit, uh, you know, is, is a real feel good story about how, you know, he immigrated here from, uh, from India and, uh, and is just, just knocking out of the park now with, uh, with a large portfolio of, uh, of real estate investments, uh, you know, a brokerage that, uh, that he's managing as well.
So, just a great, great conversation. So, Yeah, first of all, had a great chat with him and, uh, we're, we're excited to, to show this episode or to, for you to listen to this episode.
Francois Lanthier: Yes, pay attention, you'll get some great tips there. And again, it's like always it's mindset, but also action, putting it into action and what is, what is doable.
So Aditya shared some tips on how to get started, and that's the number one question I get is how do I start? Well, he gave you lots of options in this podcast episode, so stay tuned.
Alfonso Salemi: Yes, absolutely. So please, if, uh, if you like this podcast, if you love it, make sure rate review us. It definitely helps us and helps others find us on, uh, on the interwebs to, uh, to find, uh, to find our podcast.
Make sure, uh, to follow up and get onto the REITE club.com. For all your real estate investment and training needs, uh, other episodes of the podcast power team members, just a plethora of information forums, all different types of great conversations that are going on there. So please, uh, yeah, please check that out. And without further ado, let's get to the show.
Aditya Welcome to the REITE Club podcast. It's, uh, it's an honor to have you on. Francois and I are, uh, super excited to chat with you today to get to share your story with the REITE Club community. Um, I think, you know, as we were just, as we were starting to record here, we were talking about when we first met and, uh, I think it was very early on or right at story at the beginning of your real estate career when we had first met.
But for all those in the REITE Club community that haven't had a chance to, uh, to meet you or speak with you, Uh, or see you on your, uh, your social media channels. Give us a little bit of a background, your story, who you are, and, uh, yeah. And we'll get to know you a little bit better.
Aditya Soma: Sure. First of all, thank you so much Alfonso, for having me here. It's an honor. Um, I've been following you guys at the REITE club, uh, for years now, so, uh, I know you guys are doing great. So it's, it's absolutely an honor to be here. So, where do I start with my story? . That, uh, you want me to keep it short or like just the two, two minutes or 10 minutes?
Francois Lanthier: Go kind of longer cuz it is super inspiring. I mean, you went from kind of hum Well, humble beginnings to really Wow. So sure.
Aditya Soma: I'll start from like, you know, uh, from India because that's where I belong to. Uh, born and raised in a small village in India, uh, where parents are agriculture, you know, farmers, uh, till the. My dad worked his for years in Dubai as a laborer, not as a professional job. So he lived a very hard time, but one thing he always made sure, like, you know, he gave me and my sister an education. Um, so. From there. Um, I came to Canada in 2012 for studies where my, my dad borrowed money from his friends, relatives, to just get me here.
So the reason I'm mentioning that, you know, I'm not coming from any, any kind of, uh, you know, what do you call those, Uh, rich, Um, or not even middle class family. I would say like lower middle class
Francois Lanthier: family, no trust, fund, no silver spoon,
Aditya Soma: nothing. Nothing. So started with the. That's how my career started. So, came here as a student, um, you know, worked all sort of hard jobs, you know, worked in, uh, mortals, worked insurance, worked in, uh, uh, you know, malls, cleaning toilets, cleaning dishes, everything.
You name it more in my first two years as a student, because just, that's the only way for us to survive here as an immigrant. So from there, After my graduation, um, struggled like six months to get, get into IT field because that's where, what I studied back home and what I studied here, um, in school. I got into it, um, and I, I got the job in Windsor.
So that's how I moved from, I was in, uh, Sarnia for first year for my education and then went to Toronto for part-time jobs and then moved for a full-time job here in Windsor. Um, And, you know, the first year had a software developer, was growing, going great. Um, life was good because in, in Windsor the salary I was making like 80,000 per year, uh, salary.
You know, IT. Decent enough, uh, from livinmg standards. And for me, I was paying off my debts because, you know, my education debts. But, um, everything's, that's where like, you know, some challenges came into picture after first year of, uh, my work. Um, I was not enjoying as much as. Um, as I started number two, I wanted to travel back home.
This has been like three years after I came to Canada. I haven't visited back home.
Francois Lanthier: That's hard. Wow. Missing your family, loved ones, your food, everything.
Aditya Soma: Exactly. You know, pretty, because pretty much I grew up there. All my friends are there. You know, this is completely a new land like, Because financial paying that was going through, I couldn't afford to go back.
The debts that the interest I was paying, um, was crazy. So I was like, you know, I, I just put my head down to just pay off my debts. And it took almost like one and half year, um, after I got my job to pay off my, the debt I had so far at that point. But my dad told me, my dear son, you have to be prepared for another a hundred thousand because your sister wedding is coming
Francois Lanthier: That's how it works. I get it.
Aditya Soma: Yeah. So it's a, it's a family responsibility. And, you know, I take pride in, uh, helping my parents because, because of them I'm here. But that was the moment where my brain start. Holy cow. So this salary is not enough for me. I don't want to live in debts because my parents, they, and my family were never together.
My dad was in Dubai for like seven years, eight years. So he was a part when I was growing up. And by the time he came, we didn't had a higher education in my village. So I have to go out for boarding. So we were, as a family, we were never together because of, uh, financial. So, and that's still continuing. I was like, you know, this is not what I want.
I want a better life. So I started, uh, researching more, like I started trying different things. I was driving Uber, I was getting into like, you know, doing pizza deliveries. I was um, got into mlm, different sort of like, you know, side gigs. I was trying along with the IT job because that was not enough for me.
So, Long story short, um, just, uh, luckily I found about real estate in 2016. Um, I read a book called Most of Your Guests Might Started With, That, Rich Dad Poor Dad in 2016. And that literally blew my mind because, you know, no one, I, I came from a lower middle class family where, you know, no one taught me about finances because my dad, even till the day, he doesn't understand.
For him, it's all about like, you work for someone, make some money, live off of that. That's the mentality, you know, I grew up with. So all of a sudden this book teaches assets, liabilities. I'm like, this is in interesting, but how do I start and how do I buy an asset?. And then I started re uh, you know, reading more books.
I searched literally like how to buy rental property in Canada with less money. And then the books shop, like investing in rental properties. But actually it's a US book because there is not that many books written by us author. There's few, some great books, but, uh, not that many resources as us. So like it lead one after the other.
Finally, I've, I've got my first rental property house hack, or 5% down, um, uh, BRRR strategy or whatever you call combination of everything. Uh, in 2017. So that's how I got into real estate. And from there, fast forward now, um, I own a 47 units, rental units. Um, and, um, I quit my job in 2019. Um, got into full, full time into real estate, investing in sales.
My sales business is doing great. Last year it was over a million this year, uh, over a million as. So, yeah, that's a long story
Francois Lanthier: Wow, that's amazing. And I'm burning to ask this question, How's your sister ? So how did you, I guess, with this business, ?
Aditya Soma: Yeah, so honestly, that's a blessing. I had to pay my sister's wedding.
It was a hundred thousand. I borrowed, like, she's doing great and now I'm a, I'm a uncle. Uh oh wow. Cool. Yeah. Uh, I, that's uh, another reason why I went to India recently as. So they're doing great. Um, because of that depth. I quit my job and got into sales. That worked out in my favor.
Alfonso Salemi: And, you know, that, that's the cool part. We've heard, you know, you know, Francois, your podcast, The REITE Club podcast, all these, all these different stories, there's, there's always something that motivates and it's usually, you know, that's, that's a great thing to motivate you. It's not like a hundred thousand dollars of negative debt or, you know, gambling or something like that.
You know that all these different things that motivate and inspire people to get started and to, to do that, to find, you know, a different way. You mentioned driving Uber and pizza delivery and, you know, I, I think a lot of people maybe that aren't listening to this podcast, that should be, so definitely share this with friends or family that you think that should be, uh, listening to this, but, Would just say, Hey, this is the only way, that's the only thing that I know how to do.
I'm not gonna go and, you know, get out of my comfort zone. You could have had every excuse in the book to say, No, I'm just gonna do what I, what I know what to do, what my family does. But you took it upon yourself to educate it and of course, you know, having that blessing, um, ultimately to, to, to go out and, and to find that way.
Someone that's listening to this and maybe is on, on the newer side. Or, um, you know, starting off in real estate investing and now here's, Okay, great. You have 40, you, you know, started off with, you know, pizza delivery and work the side hustle from your job to now 47 units. Well, you know, that's cuz of this or that, or thinking of all those reasons, what advice or, you know, what kind of guidance could you give them, uh, you know, at the, at the closer to the start.
Aditya Soma: I would say, you know, blessing in this country, um, in North America in general is the credit. You don't have to have a a lot of money because back home, if I have to buy the same real estate, I have to have liquid cash.
Francois Lanthier: So there's no financing or very little
Aditya Soma: wow. Very few times you get some financing, but generally, most of you raise it all.
Francois Lanthier: Yes. Wow, that's expensive.
Aditya Soma: So that's, honestly, that was one of the reason why I never got into real estate until 2017, even though I'm in Canada from 2012. Um, so if you are brand new, um, first thing, if you have a good job, you know, if you're already making decent income, Just know that you don't need a lot of money to get in.
You need a decent credit. You need a decent down payment. Uh, if you are, unless, if you're going for a dream home, Uh, and if your aim is to invest, don't go for the dream home. Go go the opposite way. Go for the ugliest home. Um, and you do that improvements and go for the cheapest possible price so that you can put less money off yours into the deal.
And the great thing is this 5% down concept that, and I got the 5% down with improvements. Purchase plus improvements. So, um, if you find the right property and right deal, do, do find something that you can improve as well, so that you can learn lot of things from your first project alone if you are comfortable enough.
But you know that that being said, you might be just started listening, maybe spend a solid month or two learning, networking, you know, listening to this podcast, reading. Networking with, you know, you know, your club does that monthly meetups, right? Like, whichever the city you are in there are meetups. I started like, when I was brand new, like when I was just looking to get into investing, um, my realtor at that time started, uh, And networking meet up WIN City
Now it's my team, but at that point, she was the one who started. So I, I used to go every week and, you know, observe as much as possible, ask questions, whatever the situation. I mean, hey, you know, how can I do this? How can I do that? Just like learn and you will
Francois Lanthier: figure out. Yeah, that's a great way, a great strategy.
That's how I grew my business. Alfonso, I think that's kind of how you grew yours. There wasn't a club in Burlington and you're in Hamilton. So that's how the REITE club came to be. Win City and Windsor, uh, which is amazing. And that's, that's such words of wisdom. And even you learn from others, but also you, you hear about others.
You got 47 units. You have so. Then, I don't know if you're like me, I'm a bit competitive, so I'm like, okay, he's got 47. I need to get 48 . So, or I need to do something. At least it's kind of motivating. It's like at at the gym. I mean, if I start comparing, yeah, I'll be quite depressed. But anyway, I'm like, well this guy, it's a little bit better.
So you incremental and you. You get there. So that's, that's so inspiring. And just before we came on air, you said you ca just came back from India, so your lifestyles totally changed from the, the poorest student with debt and then a job that you could have stayed with. I mean, 80,000 a year is still a very good job, but you were not satisfied by that because you had your sister coming and as you said, That, okay, this is gonna be a lot more.
And then now we're seeing inflation. So maybe that's someone else's sister , that's her name, . And it's, it's affecting your lifestyle. So you mentioned side hustles, but I mean, delivering pizza, Uber, all that is very demanding. That's, that's a lot of hours to make very little money. So, And you mentioned house hacking. Maybe let's explore the house hacking a little bit more. Because that's a great starting point, leveraging your credit. Maybe you can tell us more.
Aditya Soma: Sure. Like I said, I got my first property in 2017. Right. Um, because the reason I bought this house hacking is when you're starting new, the biggest thing like Robert Kiyosaki you say, is to reduce your liabilities, increase your assets. That concept actually like, you know, till the date, like I'm afraid to buy a million dollar home, you know, till the date I'm living in the house that I purchased like three, four years ago for house hack as well. The only thing now just, um, my parents are occupying that house hack . But, but, um, the concept, the, the main reason why this house hack is a great place to start because number one, you are reducing your expenses, so your qualification for future properties doesn't go down.
So you can still qualify for more because you have income coming from one unit. So you're, instead of you paying all the expenses on a property, you're paying only half. So, and, and with the market where it is currently, you can some find some great, you know, duplexes, great deals, or maybe even seeing families.
You add a basement suite, uh, where there is, you know, all, uh, the property has all the requirements met, all the requirements that you can turn into. So either ways you are reducing your cost, you are increasing your income along with, you know, along with your personal income. You have this income as well, so your qualification goes up and when you're looking to go into another one, it becomes much more easier.
So, and, and, and if you add on top of it, that renovation part, like if you are not buying a completely brand new turnkey duplex, Where your price of the property is much higher. Rather, what I did, I bought a property like the cheapest duplex possible in the, uh, in, in, in a average neighborhood, um, where I can renovate the kitchen flooring, you know, washrooms all the cosmetic work.
And of course, you know, um, even though I didn't know anything at that point, but my realtor. She already owned like six or seven properties at this point. Most of them are duplexes and she had contacts for all the contractors. So, o only question I asked, like my realtor, like how can I do the same thing?
So she helped me with all the contacts. She helped me to, you know, get some quotes. Um, before I bought it. She helped me to get the inspection done. So all the things. Um, so by another session is having a right mentor along the way helps alot. So my realtor was my mentor, even like till recently years. Now they're traveling the world. I would definitely strongly recommend someone starting out, getting, look into this deeper.
Alfonso Salemi: And it's such a, a different mindset of having that, right? Most people think that, you know, they're the home that they're going to live in or their first home needs to be their dream home. We see this all the time with, with our rent to own clients where we have newcomers into the country or young professionals that are coming at a school and thinking that they need to live in like the Drizzy Drake mansion from day one.
Even just you explaining your story, that background, it's just a different mindset that you have of saying it's, this is not gonna defeat me. I'm gonna find a way to win. And if it's not going to, if, if it's not the first way, it'll be the second way or the third way.
And that unrelenting. So maybe talk a little bit about like how, how you. You know, continue. Now your mindset's completely shifted, you know, from where you were to where you are now, But a, as you've gone through, how do you continue to work on your own mindset as you continue to grow and inspire other people?
Aditya Soma: That's a great question because, you know, um, I see biggest difference why people go into those bigger things is they are not clear about what they want in life. You know, one thing for me from my childhood, like, you know, people always talk about like in movies or everywhere, uh, the biggest, the people who has pain, they try to, you know, either give up themself or some people who has pain.
They try to find solutions for their pain. So I was that second person where, you know, I always, like, I was from my college days, I was like that, like, you know, my, from my schooling, I saw my parents always struggling. I saw our family, you know, um, suffering because of financial issues. So for me, I always wanted a financially better life.
Not the luxury things. So that was there. But on top of it, I didn't know how, like I didn't know what to do, so I was just trying. I was just trying. So the first thing I would say is like, you know, keep trying different things. And the biggest thing that helped me a lot, um, especially in the beginning. I understand myself better because, you know, without having a deeper understanding of yourself, you won't know what you really want in life. Because we were, we were living in the social media life where a lot of us tried to compare ourself with someone who is having that Ferrari or, you know, a big mansion.
They're showing up on that Instagram and you know, without knowingly, we tend to think that's our. Unless we sit down, take time for ourself and we don't go deeper into our wants and needs, our desires and dreams, um, we won't be able to find what it is. So that's why like majority, 80% of the people, you know, even like I I, I have a lot of clients.
You know who I, who called me on a regular basis, right? They come to me saying that, Hey, I want the same thing. But after a few calls, they've figured out, after viewing some properties, they're like, No, no, no, I don't want this. Just buy. And then trust me, like I have seen so many people because, you know, and then they don't have that clear picture on what they really wanting.
Like, so one thing that helped me a lot is the books. Um, and, and networking, honestly, like, Is a huge, uh, impact on me because networking with the people that who are going towards what you want. So for me, um, the reason I got into these books was like, I want something better in life. I want that freedom.
Financial freedom, freedom to travel to my back home country because the, if I, if you remember, I was telling, like in the beginning, I couldn't travel to my own country and I couldn't spend time with my family and my parents couldn't spend time with me because of that same financial issues. So for me that financial freedom was way more valuable than, you know, having a big luxury home.
So how would I know. Of course, you know, not right away, right? Like, it was like, I, I wanted something better in life from my childhood, but until I got into this reading books, networking until that I didn't get better clarity and I didn't focus. So yeah, getting into books and get, you know, um, getting into networking groups and, and focusing your energy into the areas that can get you what you want, what helped me along the way.
Francois Lanthier: Those are game changers definitely. And, and that's how you ended up here with your on the right club. We love hearing those stories. Quite a transformation over 10 years. And, uh, now it's time for our lightning rounds. So we get to ask you four questions. All our guests get the same questions, but sometimes we mix it up. And if you can answer them fairly quickly, about 30 seconds or less,
This week's lightning round is brought to you by Butler Mortgages. Canada's number one mortgage brokerage three years in a row. If you need a great mortgage broker to help you with investing in real estate or to help you purchase your next home, reach out to Daniel Patton and Michael Zanzini from Butler Mortgages.
You can do that by calling 9 0 5. 5 6 9 8 3 2 6 or toll free at one eight MT G T E A M. And check out their website, butler mortgages.com or by email daniel.patton@butler mortgages.com or michaelzanzini@butlermortgages.com and let's go to the lightning round.
Francois Lanthier: and I'll start with our first question. So, what is the best advice you've ever received from another investor or at a networking event?
Aditya Soma: I have, uh, so many advises come to my mind. Uh, if I have to pick one, probably sticking to the, uh, Strat one strategy that works well that, that you are seeing, you know, that is working out well for you instead of like jumping one to another one.
Alfonso Salemi: I love that when, when somebody said that to me, they said, Go deep, not wide. So if you're, you're looking at a strategy, go deep. And then once you go deep there, then, then, you know, you have different options. So. Great. Uh, great answer. All right. Question number two, the lightning round. What is your favorite resource for real estate investing? So that's be something that you could be using today. You know, whether it's a book, a training, uh, you know, specific person, an event, uh, what's that resource,
Aditya Soma: Bigger Pockets. That's I that, that's like, you know, my Bible. I love it.
Francois Lanthier: Very cool. Yeah. And bigger pockets is great. That's what we're trying to do at the REITE Club as well. You type in investing in Windsor and then you're gonna come up or investing in Calgary and we have Natasha Phipps and her team, and Bigger Pockets does that too. And it's, yeah, great resource. So question number three, what is the attribute that has made you most successful?
Aditya Soma: One is a mindset, you know, definitely having a clear mind on what really I want in life. Um, two is, you know, the real estate BRRRR strategy.
Alfonso Salemi: Wonderful. To wrap up the lightning round, last question here. Uh, on a typical Sunday, What does your Sunday morning look like? What, what are you doing? Uh, what, how are you spending your, your, uh, early hours in Sunday morning?
Aditya Soma: That's a great question because Sundays are the, from last three years, two and a half years, Sundays are my complete day off.
It's completely like, you know, I'm waking up maybe like 9, 9 30. Um, me and my wife, we are generally spending time like, you know, we are either I'm making omelets for her or for both of us, or you know, we are just going out for walk biking, so it's more personal time. The Sunday is like completely personal time. We're going to Riverside, just if it's summertime, um, biking, walking. Sleeping on the
Alfonso Salemi: recharging. Recharging, recharging.
Aditya Soma: Sundays are like completely off. Yeah.
Alfonso Salemi: I Love it. Well, it's been amazing talking to you for our REITE Club community. What's the best way for them to reach out and contact you?
Aditya Soma: I'm on Instagram and YouTube. Uh, Instagram DM is a quick estimate. Um, it's my first name, uh, it's my full name, @AdityaKumarSoma, That's my Instagram handle. That's, uh, easiest way. And of course I can give you the contact info, phone and email address, uh, that you wanna put in. But in Instagram, you cannot miss me.
Alfonso Salemi: Yeah. You know, some awesome stuff that, what, what you're doing on there. It's, uh, I call, it's edutainment. It's educating. Yeah. And, and it's entertaining. So you're doing a fantastic job, inspiring so many others. It's, uh, it's been a pleasure. Like I said, I think, uh, yeah, it must have been, That was probably what, 2017 maybe?
Uh, that, that we had, we had first met maybe earlier. Yes. I, I'm getting confused.
Aditya Soma: Was that I, I was very early. Yes. London. What's that call? Matt McKeever
Alfonso Salemi: convention? Yeah, the convention center that in, in London, Ontario. But, uh, no, it's been amazing, uh, following your journey and see how you're doing and just again, inspiring others. Keep up the fantastic work and thank you so much for your time today.
Aditya Soma: Thank you so much for having me. Thank you. Cheers.
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