STORIES OF SUCCESS WINNERS!

DECEMBER 2020

FRANK SELLAN 

DIANA SPREMO & STEVE LYTLE

  • Member Since: November 2019 
  • Province: Quebec
  • ​Number of Real Estate Investments: 3
  • ​Portfolio Total Market Value: $1,600,000
  • ​Number of Doors/Units: 18
  • ​Dollar Value of Real Estate Transacted: $1,600,000
  • Member Since: October 2018
  • Province: Ontario
  • ​Number of Real Estate Investments: 7
  • ​Portfolio Total Market Value: $2,200,000
  • ​Number of Doors/Units: 7
  • ​Dollar Value of Real Estate Transacted: $1,950,000

STRATEGIES USED:

STRATEGIES USED:

  • Flip to Yourself
  • Conventional Financing
  • Private Lending
  • ​Buy, Reno, Rent, Refinance
  • Multi Residential
  • Underperforming Properties
  • Turnkey Properties 
  • ​Rehab Properties
  • Flip to Yourself
  • Conventional Financing
  • Private Lending
  • ​Buy, Reno, Rent, Refinance
  • Flip to Yourself
  • Conventional Financing
  • Private Lending
  • ​Buy, Reno, Rent, Refinance

My Story...

Where were you when you started?

Happily married to my beautiful wife Karine since 2004 with two amazing children, Sabrina just turned 12 years old and Luca who just turned 25 years old. What a great family and family life.
However, work was another story. In early 2019, due to unresolved partner issues over a disagreement that got out of hand 3 years prior (my polite version of the story 😉), I was attempting to close a 12 year old company I had started with 2 other partners. The reason for wanting to close was due to a very restrictive partnership agreement which forbade me from working in the field I have been doing for the past 30 years, within a 200km radius, if I voluntarily left.
Very stressful situation for the past 4 years and not getting any better. Plus the fact that I was turning 60 years old on December 24, 2019 and worried about maybe being forced to change career and go work for someone and the proverbial question “Who’s going to hire a 60 year old who has been self-employed for the past 30 years?”
After attending Keyspire’s first presentation on April 13th in Montreal, I started to see a glimmer of hope. I thought to myself I could do renovation work, as I have that skill set having done many renovations on my own home from building a retaining wall, large deck, wood floors, ceramic, painting, etc...
We had signed up for the 3-day workshop but where not able to attend due to a prior engagement. We ended up going to the workshop of November 15-17, 2019, purchased the top tier membership and have never looked back. From there the story really begins.
November & December 2020: My coach, John Brook, put me on a Keyspire video diet of what felt like a million hours of training videos. Had loads of fun.
In January 2020, remortgaged my fully paid home for 80% with Northeast Mortgages to invest in RE. Also pulled out all my RRSP & Insurance investments from the stock market (a bit of great luck there) to invest in RE & private lending.,
On February 11, 2020, the failing partnership was finally closed 🥳
February 28-March 8, 2020: Karine & I took a well-deserved vacation to Mexico
March 16, 2020 to September 10, 2020: Purchased a killer deal condo in Beaconsfield, then a 6-Plex in Moncton and then an 11-Plex in Moncton.
Currently in Moncton staying in one of my 2 bedroom units to renovate 3-6 units in the next couple of months. What an adventure so far 🤗🤗🤗
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What role did Keyspire play in your success?

All of our success (except for the closing of the company, that was my doing 😉) is attributed to our joining Keyspire in November 2019. Starting from the amazing teachings at the workshop, to the people we have met along the way (starting at the workshop), the great coaching, the on-line resource material, the incredible networking, the awesome summit (and my amazing t minute 1 on 1 coaching with Michael Sarracini) and of course “Coffee with Michael” that got me through the worst of the pandemic.

Have you made money or increased your net worth since joining Keyspire?

March 16, 2020: Closed on a new condo in Beaconsfield, Quebec June 1, 2020: Closed on a small private lend to a Keyspire member July 4, 2020: Closed on a 6-Plex in Moncton October 10, 2020: Closed on an 11-Plex in Moncton October 19, 2020: arrived in Moncton NB with a truckload of tools to renovate my 11-Plex

How has a Keyspire coach or advanced training helped you?

John Brook has been amazing all along the way with initial guidance to learning the ropes and identifying my best direction. Also met Judi and Catherine at the summit and was lucky enough to impart some of their wisdom (smart ladies). And don’t know if it counts but I got a 5 minute life changing coaching session from Michael Sarracini on Saturday night right after the days events which helped immensely clarify the total confusion I felt as to what do I do next. Thanks Michael 🙏

What would you say to someone thinking of joining Keyspire?

Go for it! If you're serious about investing, investing in yourself first is a great way to avoid costly mistakes and learn from others who are where you want to be.

What obstacles did you face and how did you overcome them? 

Surprisingly, not many challenges or obstacles. Once I was clear on my direction, organised and educated as to what to look for, things just kind of flowed from there..

My Story...

Where were you when you started?

BEFORE:
- Nowhere in real estate. I needed to be told what cash flow was!
AFTER:
- 3 brick and mortar properties
- 1 pre-con condo
- 2 land development investments
- 1 private lending
- TONS OF EDUCATION AND LEARNING through on-site Summits, Monthly Meet-Ups, member socials, and now, through online monthly-meet ups, weekly seminars, webinars and YouTube videos.
- some NETWORKING (working on getting better at this)
- building our TEAM (of real estate agents, contractors, tradesmen, accountant, lawyer, etc.)
- And a goal for us to have our real estate investing business as our full-time jobs. Not there YET (thanks Scott for reminding us to add the "YET"), but will be one day....
- And most of all, HAVING FUN
- and lastly, with the risk of sounding corny, it has STRENGHTHENED OUR MARRIAGE (it's given us a PROJECT to work on together -- aside from raising kids and keeping house)
Here we go !!!

What role did Keyspire play in your success?

EVERYTHING.
We walked into that big room in Mississauga's International Centre two years ago and haven't looked back.
Keyspire has given us:
knowledge, motivation, inspiration, partners, confidence

Have you made money or increased your net worth since joining Keyspire?

As mentioned above, we were actually dormant until about May 2019, then off we went. We refinanced our house, got a $400,000 line of credit, and started searching for our first property.
Targeting London, with Keyspire partners Prime Real Estate (who were awesome), we bought a student triplex -- 3, 2-bedrooms.
As soon as the dust settled on that one, we searched for our second property, in Hamilton, with Keyspire partners The Heddle Group (equally awesome). Bought a duplex - 1BR & 2BR.
And as soon as the dust settled on that one, we searched for our third property, still with The Heddle Group. Then Covid hit. We bought our third property in Brantford at the end of March. Bought a duplex - both 2 BRs.
Interesting note about our Brantford house: Because we were taking vacant possession, we negotiated as long of a closing date as we could due to Covid. We were concerned that no one will be moving during the shut down of a global pandemic. In the end, we asked the previous owner to MOVE UP the closing date by a month because we had new tenants screened and ready to move in!
Thanks to Keyspire Summits (we have attended 2), we learned about Greybrook, REC and ProFunds, and have subsequently invested in a Greybrook opportunity in Miami, purchased a pre-con condo near Downsview with REC, and invested in a Niagara Falls development with Profunds/Valour Capital.
Diana also learned about private lending and lent money to Coach Judi for her Pickering project.
And now, because most of our Line of Credit is gone, we are diving into learning about OPM!
All this purchasing has been fantastic, but on top of all that, our monthly calls with our Coaches (we have had two) have been great

How has a Keyspire coach or advanced training helped you?

We've had two different coaches, who have given us:
- knowledge
- tools
- motivation
- direction
- advice

Their willingness to share their knowledge and experience has been wonderful.

What would you say to someone thinking of joining Keyspire?

Our biggest challenge has been a VERY challenging tenant. How do I summarize a long story?
In mid-September, she gave us notice via text saying she'll be leaving at the end of October, and:
- we should not expect October rent from her as her 'last month's rent' will apply
- not to contact her again, and when she is gone, she will text us to let us know
- not to have showings
Since she was in the middle of her 1-year lease, we explained how this broke a few different Landlord-Tenant Board rules. She didn't care.
She refused to let us in when we went for showings and eventually changed the locks on us.
After giving her written notice, time and the chance to give us the new keys, we went to the property and began drilling out her new locks. She called 911 to say we were breaking and entering. The police came and it was obvious that she was irrational and in the wrong. The police explained to her how she was wrong to change the locks, and stayed while we continued drilling out her locks, replaced them with new ones that we purchased, and gave her a set of keys to the new locks.
We weren't sure if she would actually move out when she said she would, so we prepared for that by filing appropriate documents with the LTB. She did move out when she said she would. Not before she left windows open, lights on, and two water taps running full blast.
How we handled it:
- MANY calls to the LTB to ensure we understood the rules and parameters, and we were acting properly.
- Few calls/emails to Kyle Hampson for legal advice
- issued her a number of LTB forms: N4, N11, N9, N5 (twice)
- gave her written notice and 24 hour notice, when we didn't have to, to enter the unit
- spoke to her (and wrote to her) rationally and professionally, even when she was irrational
- calmly explained LTB legislation to her when she clearly didn't understand our rights as owners/landlords
- always acted respectfully around her (knocked first, wore masks, kept our distance, spoke calmly)
- documented everything with dates and details
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