Brenda Schuiling and Mat Piche
Alfonso: With 15 plus years of residential real estate experience, first she's an investor, and a landlord, and now as a licensed realtor. She is on absolute fire right now. And the hummingbird the news is that, she as early as last night closed on winning a duplex with multiple offers. Still getting in and owning, getting those properties accepted.
Let's figure out what that recipe is, how you got that offer accepted, how you're getting to the front of the line and calls back and sign backs from buyers. Thank you so much for joining us, Brenda. I know you are a long time REITE clubber and I miss seeing our people, but it's so great seeing your face in a virtual high five to you and welcome.
Brenda: Thank you.
Alfonso: Again, enjoining Brenda and myself tonight is Mr. Mat Piche. If the only way you haven't heard of Mat is if you don't have this thing called the internet. If you have the internet and you're even typed in anything to do with investing, you've heard of Mat. He is an amazing real estate agent specializing solely with investors, self-made millionaire by the age of 28, self-made multimillionaire by the age of thirties. Flipped over 75 properties. One of my personal favorites follows on the whole social platforms. I'm looking forward to seeing the fruitful house getting the front doors on and parties over there soon one day when it's all safe. Welcome Mat tonight to the REITE club focus event.
Mat: Awesome. Thanks for having me, man.
Alfonso: Wonderful, we're going to dig right into it. Brenda, as early as last night, you're winning in multiple offer situations, right? I see it's for every single day, you're walking through closing deals. You know what, maybe you guys can tag team this answer a little bit, but with this market, how are you handling those ins and outs? The constant changes, multiple offers. Like, what are the things that you guys are doing?
Brenda: Well for me, preparing my buyers, first of all in this market, it's crazy. I'm sure you all know, going into multiple offers. Every single deal is going into multiples. The deals are going a hundred thousand to 150,000 or more over asking. And Just prepare the buyers for that in the first place. Make sure I always make sure right in the beginning. What are your numbers? Do you know your numbers? Do you have a mortgage broker? Do you have one that you trust and that really knows your numbers and has your information down.
When you go in to put in an offer, you're going all the way. Like you're going all the way up in these deals right now. So, make sure that you have your top number, your shopping. For properties at least a hundred thousand below what you plan to land on. So, if you're looking at a property, you have 650,000 to spend, you should be shopping in the 500,000 range. Because you know you're going to spend 600 or 650 to get that property. It makes sure that they're prepared, if they're not, that's okay.
When you first start looking. You think you're going to get a deal somehow, or you think you're going to win, but chances are, you're not going to win in the very first couple because you just don't realize how wicked it is out there and how serious it is. So, I'll go through it with them. I'll swing for the fence every time. But soon they learn that they're going to have to come up and make sure they're ready to fire. And pretty much no conditions.. Not pretty much, no conditions on the deals. That's about it. Just go in hot and heavy for sure.
Alfonso: We've been hearing a lot of both, and there was a question in the chat, which areas are you guys working in and focusing on? So, maybe I'll go to you Mat. Give a little bit of a background of the areas that you focus on to share with the REITE club community. And then, maybe some of your tips on how you're handling the constant changes and multiples and all that's going on.
Mat: I focused on the Kitchener, Waterloo and Cambridge region. And same thing as Brenda said, the market is the gong show. We all know that, but it really comes down to knowing your numbers and just knowing that you have to go up to that point, potentially and almost yells. When I tell most clients, go with the expectation that you're going to lose, because you're going to lose 5, 6, 7, 8, 9, 10 times before you finally win that offer. And that's just how it is.
Yet knowing that you're probably going to lose and just making offer after offer that's the game. Now it's just making an offer, taking action, being quick and listening to your expert, realtor and relying on them to tell you, hey, this is probably going to sell for 650. I know it's listed for 499. It's going to sell for 650. You have to listen and put an offer of 651, at least there'll be like, okay, I'm gonna throw an offer of 500. It's no, I told you 650. You have to rely on your expert realtor and just take action. That's all it is. Just take action. You will win. You will get a deal. If you just take action and put as many offers as possible, that offers that make sense, of course on deals.
Alfonso: Yeah. And you know what? I think that's one of the, I don't know, in my mind thinking of the main principles of real estate investing in general, is making offers up hot markets, cold markets. If you're not asking or putting an offer to buy, you're not doing it. You can get walkthrough properties all day. Mat, the videos that you put up there, they're great. You're walking through, but there's already been offers to put all the multiples right? To get onto those ones there. That's how you get the deal.
You have to ask, get those different creative financing options, see what's out there seeing those specific areas. When they say know the numbers, like you have to be really hyper-focused in terms of that area. So, if it hits that number, it's like knowing a stock almost, and I don't know anything about stocks. Okay. But you know that if that's a good price or that's a bad price, when you can pull that trigger and do that number, and that's the advanced work.
Once you find that, like the gem, the property, that's like the crowning jewel or like the last step, getting that prepared, aiming, if you have a hundred hours to cut down a tree. You should spend the first 150 sharpening the axe, that kind of mentality. Yeah. Awesome tips going in with no offers. What are some of the, let's call them the buyer beware or some of the tips that some purchasers, buyers should know out there and maybe some of the mistakes that they're making in this hot market, maybe getting emotional, we're going way over pricing. Oh no. Now, I'm looking at the numbers, but I want to get into the market. How do you balance all that? And what are some of the buyer beware tips and purchasers and buyers should know?
Brenda: One of the big ones that I'm doing with my buyers is, I have inspectors that can pretty much do an inspection the next day. I'm lucky to have an amazing network thanks to the REITE club, honestly, and to Mat, by the way. I have an amazing network and that's what makes me probably a killer realtor right now is that my network is stellar. And so I have inspectors on call and I'll say to my buyers it costs about 325 plus HST. Bring them with you.
If you're serious about the property, we'll vet the property, I'll go do a walkthrough. I'll do a video walkthrough and I'll send, I'll upload it to YouTube. I sent it to Mat, sent it out to interested investors and buyers. They look at it. One, they get the MLS and they look at that. Yeah, that's pretty. But how about a live walkthrough? We do a live walkthrough. I'll even do a live walkthrough like with a person on the phone and I'll walk through a property and I'll point stuff out and just show them the property live before they have to leave their house and go look at it when they're serious about it.
Then I say to them, okay, if this is you love this property and you need to have it and your numbers are right and you can win this, here's what you're going to pay for it. I tell them right upfront, you're going to pay 700,000 for this house. Oh Brenda. But it's priced at 599. I know because I've done it so many times. I know which ones are going to go for 650 or 700 in that range. I'll say if you're serious and you want this one and you have the numbers, bring an inspector with you, I have one. Do you want it? Do you want to pay for it? Yeah. Then they go, I go with them, bring the inspector, go do a seven point inspection. Just, not a full two hour inspection, but a seven point.
Make sure that it has no issues with it. And then they're ready to go in with no conditions and financing as well. I hook them up with streetwise, which is the one I work with the most streetwise mortgages. And I have a broker there that I work with specifically. I could call her or message 12 o'clock at night and she answers me and I'll be in a property and color or texture.
I really vet, I really go hard on making sure the property is ready to fire on that's how I can win. And I'm taking the inspector and being able to go in, people are afraid to go in with no offers. I don't blame them. There's a lot of not so good houses out there. You want to make sure they're not buying junk, that they can't fix, or that's going to cost a fortune.
Alfonso: It's key because with both Brenda and Mat, you in my mind are investor first with the ability to realtor eyes the investing market, and you have that mindset, you've walked out path. What your investors are looking for. What to tell them why they're begging you for that and be like, no, really don't it took me a year or two years to figure out that I shouldn't have done that and realize that here's the easier path. And having those, all things laid out, they have to walk down that path, but you slowly have to leave those crumbs for that experience that you've shared with them. I'll come to you.
Brenda: I have a system that is almost foolproof. It just comes down to if there's 25 offers, can you go that far? Up until that point, even 10 offers or so we can still win it easily. And after that, it's a gong show like Mat said. Yes, we have a system.
Alfonso: Absolutely. Yeah. Mat, maybe in addition to Brenda, some buyer beware, some mistakes that, I know you guys we're going to work with you. put the blindfold on, let's go like that, the trust falls. And getting into that kind of stuff, but what are you seeing that the solo investor's going out there and I know how to do better. What are some of the mistakes that you're seeing that you're like, nope, got you this time, because I've done that before I made that mistake.
Mat: The biggest mistake I'm seeing, especially now in this time of the market, is short term thinking. They're playing stocks, but with real estate where I can buy this, I can sell it three months from now or six months from now and not do a real flip, just short-term thinking. I always stress long-term thinking when you buy property, at least have the mindset that you're going to hold on to this for at least three to five. But especially now, we're obviously at the top of the market or the boom phase, sorry, we don't know where the top is yet, but we know we're in a boom phase. You need to plan for at least three to five years of holding that property, just in case there is a correction or a slump, you don't get caught with your pants down kind of thing.
Always have the intention to hold it for that long. If something happens, then it happens. But that's the biggest mistake I see is people chasing deals, chasing cash flow, quick deals, and leaving that more for the veteran investors. I'm talking about flipping but have a long-term mentality because it's almost foolproof. If you hold a property for five years in Ontario, you're going to make some money, like almost guaranteeing it doesn't get any easier. Just have that mindset when you're looking at deals, especially right now in this market.
Alfonso: Absolutely, great advice. And you know what, I'm going to use a visual. So, for those that are watching this diagram here was not a mistake, it was not by accident. I'm not sure if everybody can see that, but like up and down in an upward thing, right? If anybody bought 20 years ago, 30 years ago, 40 years ago, no one is saying, oh, anybody that wants to trade the price for that time to now literally you guys know how to get ahold of us.
And getting into that market. But thinking about that long term or worst case scenario, I'm going to hold onto this rented fight another year. Yeah. Great advice, awesome. And I do want to point out as well, too, that, we have many partners that are actually that you saw right off the top of the call that are on here tonight as well too.
I think I've seen Claire and Amiel as well as Stephanie from Carson Law as well. So, say hi on the chat as well too. Those are the partners that you want involved, ready to go that have done, multiple, like Mat said, 75 of these and going and on, and that's not even, I don't even think it's including his own as well, too. Like, Brenda, 15 years plus investing in real estate, they've made the mistakes so that you don't have to, and awesome stuff.
Buyer expectations, Mat, Brenda, I want the best deal out there. Come on. I want 2018 prices. I should've bought it three years ago, but I didn't. So, I want that price. How are you handling those expectations? Mat, maybe I'll come to you first a little bit, because sometimes it is outrageous. I want 38% return a month twice on Sundays. Like how do you handle the expectations with buyers and as well as some, maybe some investors you work with?
Mat: It's just telling them the truth and just educating them. So, I always say we'll get you a deal, but we're not going to get you a deal in terms of like off-market or like under market or undervalued properties. If you're buying on the great properties. There's still a ton of great properties and great deals to have, but you're not going to get a good deal as in 50,000 under asking or whatever, it's just not going to happen.
It's just knowing the expectation. And again, if you're buying on the MLS, especially long-term, long-term thinking, long-term strategy, long-term haul. If you want to do the flips and the wholesaling. Okay. Then we can talk about that. You need to get a real deal, usually off market deals. So, you just have to set the expectation.
Alfonso: Nice. I'll come to you Brenda a little bit by the crazy buyers syndrome out there, right? The full model. How are you handling some of the expectations?
Brenda: I tell them, I think Mat said it earlier. You're going to lose more than likely you're going to lose once or twice or 10 times. I've been there. Understand that you're going to lose now. Some people, especially in the beginning. They get very disheartened and they quit. Like they'll almost ghost me. They just disappear and they're just fed up, but I keep in touch. I'm gentle with them. I've let them know what certain properties sold for. They still don't answer me, but still, I know they're there in the background watching and listening.
I won't give up on them. Let them know they're going to lose. I'm probably going to lose and don't worry about it. I tell them like, you're like a prize fighter. You're going in the ring. And I literally tell him that. I said fishing people who fish. I'm like when you fish, you're not going to catch a fish. Every time you throw your line in and some people like are avid fishermen or whatever their sport is. And I just said, put yourself in that mindset, you can't win every time.
You're not going to get the big one every time, expect that. And I know you're going to get frustrated. They get sad, even depressed. And I'm like, I let them go do that, to an extent, but then I bring them back and I'm really motivational and I have a lot of energy, I just bring them back in the ring and we just go back fighting. Don't give up, know that you're going to pay right now a hundred thousand, over a hundred thousand, for sure. Know that. Oh, that's it.
Alfonso: I love that. I wish we just had the Rocky theme music going on in the background right now. Like I'm ready to run up like the library stairs. Go ahead Mat.
Mat: I had one thing is a lot of it was expectation is they want the home run grand slam deal, every single time. I want to make a hundred thousand dollars in three months where I'm not buying the deal and that's where you lose. Just go in and get the small little deals. I love the little deals I made my whole entire career and majority of my money on the little baby deals that everybody was like, man why are you buying that? It only cash flows a hundred bucks. You're crazy. But in five years, seven years, 10 years of me holding 30 little baby products, made me a multimillionaire. Love the baby deals. Just know it's a long term game. Don't plan on making a hundred grand every single time. That's great. We love those as well, but just buy a lot of deals. Simple as that.
Brenda: I'm going to add to that, B lenders. Don't be afraid if you have to go to a B lender, do not be afraid. I did that on my first property. I bought it for 196,000. I had a co-signer and I went with a B lender. I made $300,000 profit on that property. My realtor at the time said, Brenda, whatever you do whatever it takes to keep this property because it's going to make you a lot of money. I thought it was going to be like 60,000 or something. I made 300 over 300, $320,000 profit. And I started that with a B lender and a co-signer. So, whatever you borrow from your grandma. Find a way, and you will make the money. Pay them back or do whatever you have to do. Get in the market.
Alfonso: I love that, Brenda, we gotta get you a hashtag. Don't be afraid for Brenda. The B lending, obviously that is great advice. Get in that property. Figure out a way to pay that down and get it out there. Digital financing. Yeah, I can sharpen that up. Okay. We've got a couple of minutes left and I want to get some quick, tight answers. What are, and where are the opportunities for real estate investors today? I know you guys are primarily in the KWC Tri-City area in that, those types of maybe it's the strategy. Maybe it's a certain area. There's the transit there as well. What are, and where are the opportunities for investors?
Mat: Yeah, I'll take this on first. Duplex conversions are really hot right now. Me and Brenda are doing a lot with our clients. It's getting a little hard right now. The market's increasing, but Brenda just got one yesterday for a client. They're still out there. And when you thought it was impossible for him to smash it, got the deal done. They're still out there. Single family's pretty much dead and like that was my bread and butter. I made all my money in the past 11 years with a single family, not really doable anymore.
We got to do less conversions and multi-families are fantastic. A lot of my clients that we're losing, and they're getting fed up. They're taking it too personally. I'm saying, Hey guys, let's go over here to multifamily land where almost nobody is. No multiple offers hardly any, it's like way less multiple offers. You can think you can do conditions like homeless fashion. Imagine that. We can go over here and play this game.
One thing I want to just tell people. Just because the market is hot, you don't stop real estate investing. A lot of people say it's too crazy. I can't make any money. I'm just going to stop. No, when the market is hot, we just pivot. Maybe we go over here to multifamily areas for a bit in 3, 4, 5 years when there's possibly the next recession in the next softening, maybe we can go back to single family. It's just a pendulum. We don't stock real estate investing. We just move with the market. I keep making money.
Alfonso: Love it. Great. Brenda, to you what are you seeing in addition to Mat's advice there?
Brenda: Mine is way in left field here, but I'm a hundred percent with Mat. With him and I, a hundred percent were on board with that. But I found recently that my buyers couldn't do 'em, they just got offers and they reached their cap. I turned around and I think I'm on the third, almost a fourth. Apartment condo, oddly, I sold three in a week, in the same building, I think I'm going to sell the whole building, but they only had X amount of dollars and this certain amount of down payment and that they reached their cap and they can't, there's no way they're going to get a single family.
We tried a million times. I'm like, okay, how about this? And I put them over to the apartment condos down by the university. Nobody's buying them. They're sitting there. They're not vacant. They're there and they're not on our regular MLS, like on our board. So, I just find them through other means and beautiful units. And yeah, there are clients buying those that just couldn't buy, but they need to buy, they want to buy.
Alfonso: That's awesome. If opportunity doesn't knock, build the door, right? Isn't that the saying? So, absolutely find opportunities where nobody's knocking and knocking on those doors, less competition, less eyes, and it sets you up for a better chance of success. Quick yes or no from both of you guys from Katrina. Thank you guys. Are those condos cash flowing?
Brenda: Yes, a hundred percent.
Alfonso: These are REITE club investors. We invest for cash flow. I want to wrap it up really quick, maybe under 30 seconds for each of you guys, for Brenda, for Mat. Thank you guys for being amazing with your time. What's one last thing that you want to share with the REITE club community? Some advice that they could take away from you guys tonight with your amazing advice.
Mat: Yeah, I'll say, speed. Speed, that's been my whole thing. My whole career is just acting quickly. Taking action. When you see a deal, make it happen. Get yourself out there. Attracting some JV partners is all about speed. Speed., As soon as you learned something in a book, a video here on the REITE club, I want to see you implement it tomorrow. Speed, that's the name of this whole gang.
Alfonso: Love it.
Brenda: And for me, I would say build your network and the realtor. I am a realtor, but there's a lot of amazing realtors out there. Find them, know them. Ask us here at anyone at the REITE club. Who's working with great realtors. Have a great realtor. One that knows what they're doing with investment properties and what the market that's in the trenches every day, all day I'm 24/7 on, and also makes sure that he can connect with them. They're open to communicating with you by text or email or phone call. Like I said, I'm on 24/7 and my clients, my reviews that people leave, they say it felt like we were her only client. And that's how I roll.
Find a realtor and a mortgage broker, a really good mortgage broker that knows investment properties that knows how to run numbers fast. And that gets back to you. And some of them are like, I said, do you have a mortgage broker? Yeah, I do. Okay. Can you call them up while they usually get back to me in a couple of days? I'm like, I can text mine or call mine right now. She's back like immediately. Find people who connect with you that you trust and that are in the trenches and willing to go the mile for you.
Alfonso: Amazing, sound advice. Thank you both. I couldn't agree with you more than having that power team, those people that surround you to amazing superstar rockstar agents in the KWC area. Mat Piche, Brenda Schuiling, thank you so much for joining us tonight.
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