Traditional thinking and traditional real estate investing strategies go something like this:
Save up for a down payment. Choose a property. Go get a mortgage for 60-80% of the value of the property. Spend your savings on the down payment. Acquire property.
Then repeat, if you want to grow.
That is what you’ve been taught, right?
Well, here’s the problem: saving up money for a down payment plus closing costs can take a while.
Here’s the other problem with scaling in real estate: when it comes to residential financing - aka - the mortgage - , the bank decides how much they’re going to lend you based on your personal income.
Eventually, you’ll hit an income ceiling
Then you can no longer buy rental properties in this “traditional way”.
That is until we heard about creative financing, OPM - AKA Other People’s Money
We talk in-depth on these issues and more on Episode 79 of Goalden Girls Podcast with Melanie Dupuis where we talk about growing your real estate portfolio using creative financing and OPM.
In this episode ,you’ll learn:
The accident that changed Mel and Dave’s life: and how you can create change without needing a traumatic event. Their story might bring you to tears - like it did me - and remind you of what’s mos important in life.
The power of OPM and how it can help you scale without using your own funds or splitting profits with joint venture partners
Three creative financing strategies and how to create win-win deals to grow your business
The nitty gritty of OPM: what deals can look like, examples of how they’re structured, how to attract investors and what to include in investor presentations and packages
What you need before you get started in real estate, both in terms of resources and mindset
Real talk and tips for how a busy power couple and family - “does it all”, and how to work together successfully
Learn about the common mindset blocks that come up around real estate investing and how to break down the blocks to get out of your own way
By the end of this episode, you’ll understand how to grow your real estate portfolio without using your own funds.
You’ll have a solid understanding of what “creative financing” and OPM is.
Important Disclaimer
The views and opinions expressed in this podcast are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action for more information.What you hear today is not financial advice. We are not licensed financial advisors, lawyers, mortgage brokers, or real estate professionals. This is not a substitute for professional legal, real estate, or financial advice, and in a platform like this where we speak to many individuals, each with your own journey and circumstances, it’s important to get personalized advice. I encourage you to build a trusted team of professionals and consult with them to support you in your personal situation with your individual goals.
Here are the juicy bits you can look forward to:
The accident that changed Mel and Dave’s life (10:05)
Mindset change Mel implemented (19:50)
Creative financing ( 21:03)
Rapid fire OPM questions (24:03)
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Resources:
Mel Bio: Melanie and Dave Dupuis, well known as Investor Mel & Dave, are innovative real estate investors, best-selling authors and award-winning mentors who have SOLELY acquired over 240 apartments in just a few short years in Canada, the US, Mexico, Dominican Republic and Costa Rica. Their strategy gives them the ability to purchase properties… without using any of their own money or relying on joint ventures. This also allows them to own 100% of the property - which means they keep 100% of the equity, cash flow, and appreciation.
With over 23 years of combined experience in real estate investing, Investor Mel & Dave are founders of the Action FamilyTM Mentorship Program and are dedicated to helping individuals create their own time, location, and financial freedoms. They do this by helping them build their real estate portfolio without using their own funds while solely keeping ownership. To date, they’ve helped over 1500 students in Canada and the United States.
Starting out, Mel was working full-time at her local college, and Dave was a full-time firefighter. They understand what it’s like to be stuck in the ‘hamster wheel’ of trading time for money. But they knew they wanted a better life for their family, so they chose to step up and make real estate investing work no matter what. After discovering the “Creative Financing” strategies they now use, they were able to purchase 12 properties in 12 months (56 units) in 2017 and both quit their jobs in their 30s.
Following a horrific life-changing highway crash in 2018, they wrote a Real Estate Investing book “Real Estate Investing Secrets” which topped the Amazon #1 Best Seller list early in its launch. As well, Mel is the co-author of “The Only Woman in the Room”, which also achieved Bestseller status. They are living proof that if you don’t let anything stop you, success can be yours.
They won the 2019 Chamber of Commerce - Small Business of the Year Award, the 2020 Canadian Business Award as Leading Experts in Real Estate Investing, the 2021 Canadian Business Award as Top Real Estate Mentors and the 2022 CBRB Best Investors in Canada Award.
In their free time, Mel & Dave enjoy relaxing at their cottage (purchased with OPM), spending time with their 3 kids and 2 dogs (Rexy and Millie), and creating unforgettable memories on family trips.
Along with podcast appearances on shows like The Real Brad Lea and Bigger Pockets, and stage appearances with Kevin O’Leary (Shark Tank) and Michelle Ramanow (Dragon’s Den) Mel and Dave are well known on social media. To learn from Mel & Dave and join over 350,000 followers - you can follow them on Instagram, Facebook, TikTok, and YouTube under the username Investor Mel & Dave. You can also find them on their website at www.investormeldave.com.
To watch their free Creative Financing Masterclass: (How to Buy Properties with No Money Down and No Joint Venture Partners) click on this link. https://www.iamreadytoinvest.com/now
Contact us:
Book your slot: https://calendly.com/investor-mel-dave-mentorship/mentorship-reschedule?month=2022-01
Email: info@lisamichaud.com
Links to Mel:
Instagram: www.instagram.com/investormeldave
Facebook: www.facebook.com/InvestorMelDave
TikTok: www.tiktok.com/@investormeldave
LinkedIn: www.linkedin.com/in/investormeldave
Youtube: https://bit.ly/SubscribeToMelDave
Additional Resource:
Episode 63: www.lisamichaud.com/podcast/63
Quotes to Share:
Download and share the quotes you loved on your social and inspire those around you:
“It’s really not personal, it’s just that it might not be the right timing.” Melanie Dupuis
“Have the mindset that if all those people can do it, you can do it as well.” Melanie Dupuis
“We don’t regret the things that we ended up doing, we regret the things we don’t do." Melanie Dupuis
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Thank you so much for listening.
xo,
Lisa
PS. Please note: some of the links shared may be affiliate links. This doesn't cost you anything: it simply means that Lisa Michaud might get an affiliate fee. Special care is always taken to make sure only the highest quality recommendations are shared: our highest value as a Community is YOU getting results in your life. We will always encourage you to show up with integrity and encourage you to create a business, income, and life you love - and make money doing it. We share this as an example of how we do this in our business by following these principles to serve you, and inspire you to do the same in your life.