00:00.00

wongga

And I can see that everything's active now all right? So here we go.

00:00.00

Merouane

It.

00:07.23

wongga

Okay, welcome investor community today I have mariju a bed a local investor here in Winnipeg. We're gonna be speaking today about a variety of topics. Marju welcome not a problem happy to hang out with you for a little bit here. So.

00:17.18

Merouane

Thank you Garrett! Thanks for the invite.

00:26.75

wongga

For our audience who don't know you? Um, why don't you tell us a little bit about yourself.

00:33.52

Merouane

Ah sure so I'm a husband at the that this is what takes most of my time as probably like you I'm I'm a real estate investor I've landed in Canada in 16 and I am fulltime employee I'm a sales and marketing manager. Um, so busy life and I guess that's it as a summary.

00:58.10

wongga

Very nice. Um I understand that you've come to Canada I don't know when when recently I know that yeah I've seen some posts in social media. Why don't you tell me a but little bit about that.

01:09.75

Merouane

Sure, um, so we are from Algeria so we moved here in April Twenty Sixteen um and not ask me why Winnipeg I don't know people keep asking me this question and I say why not. You know I just love the city I just love the vibes and the people and so this is the only city where we lived since we landed um again back at 16 we arrived. We didn't almost. Know anybody like we had a few friends that we connected with through social media and other websites and we just started building ourselves from the scratch.

01:52.15

wongga

Nice I know that so immigration and newcomers is a passion of yours. Um, is that because of your own story or is there something else behind that.

02:00.97

Merouane

Absolutely so basically when I started looking for different immigration processes for frocophons like me the basic option was always quebec and to me that wasn't really an option because. I don't know I just don't like the mood there. Um, and like all the english side of Canada was like hidden for forphons like you couldn't find any process or like information about how to do to immigrate anywhere else in Canada. So I started digging and I found out that Mani Toba had like a very easy and great program where you can imigrate in. Let's say eighteen months or a year where Quebec was taking like 11 years So to me. It was an opportunity to make it just easy. So I um I wrote I wrote a guide on how to imigrate to Manitoba. Um I put that on a blog and we started like. Reaching many many people all around the frocophone world and then we decided to ah open a Facebook group and today we have over one forty four thousand people in our group that were helping on a daily basis.

03:24.78

wongga

Wow, that's incredible. Yeah, no, it's I love the big vision and I know you give back a lot to your community. So so tell me about real estate I mean you're a real estate investor you're you're new to Canada. How how did you? Ah, what was the thought process behind that.

03:47.92

Merouane

So the thought pro process I would say the first thought was how are we going to do in retirement. Um I landed here when I was 32 so I've already lost probably you know 10 years of work in Canada. Um, we didn't have enough money in canadian dollars like we had a lot back home. But when you convert it It's like just 1 year of leaving expenses so you have to think about your all days and how you are going to do. And seeing many people struggling in Canada and the us. So I started looking into different options. Lucky me. Um I have multiple friends who are real estate investors that I knew from back home and most of them were doing very well. Um, somewhere in Manitoba somewhere in Quebec and because I'm very um I like asking a lot of questions I'm very curious so we really got into like details and details in details like how do you do that? What is the cash flow. Ah, you know how do you deal with your tenants and the more I knew about that the more I was convinced that that was the part I was looking to start.

05:10.45

wongga

Nice so tell me about the operations. What does it look like today compared to when you started.

05:18.72

Merouane

Um, ah, great question I would say you know with the experience and the knowledge things go fast. It was tougher when I started I ah I'll probably start by telling you about my first deal.

05:28.74

wongga

Are.

05:36.45

Merouane

So. My first deal was a tripplex that we bought here in winnipegins in Boniface and I didn't know a lot about you know how to do renovations how to manage tenants. How um, how to do the birth strategy. What refinance was. So I bought it had a 5 year fixed mortgage on it and I thought it was okay, but then you know when we took possession. We figured like hey we could probably renovate this thing because it's very very old. It's. The the building is from 1898 so you can imagine Stu Foundationation ah bad insulation Knobin Tube and even insurance was giving us a hard time so I was like okay we do have money on the side. Let's just renovate and.

06:16.60

wongga

Right? traits.

06:31.64

Merouane

We just had our third kid at that time. So my son was born in December we took possession in February and I wanted to do the renovations myself and that was the worst idea ever like that worth yeah, it was the worst like I was.

06:44.96

wongga

Ah I hear that a lot.

06:50.32

Merouane

I I listened to like 2 or 3 friends who had the skills and one of them was like okay I can give you I can give you a hand you know let's do the drywall. Let's do this and that so we started. But you know when you don't have the skills. It takes you 3 hours to do something that a professional can do in 15 minutes um so it was a very bad experience for me for my wife too because I was you know working full time going back home. Changing my clothes and going to the trip likes doing the renovations and the first three months I didn't even see my son you know, growing and I realized after that like hey, what are you doing like just pay the price hire people. You know, get professionals. Because time is you know your most important asset there and so I started hiring different people I didn't know who to hire again other mistakes people start. They don't keep working for you. They disappear you know we lost a. Lost some money and holding costs. It wasn't that bad because it's ah it's a triplex we were able to keep 2 tenants at a time renovate one unit and then move the other to the other one but it was definitely a great. Um, a great experience now. What's different today is we.

08:20.21

Merouane

We were able to build the knowledge you know so whenever I go to a property to assess even on a piece of paper I know from the beginning if it's worth it or not and when we buy it. We start to renovate. We know exactly. Like how to manage it who to hire very important what the airv is because usually you make mistakes and now I know that I need to take a variable mortgage instead of a fixed five years because I had to pay like 10 grand penalty to refinance that triplex. So. You know you pay the price over the years ah it was worth it. But if I had to change something about it today is I would probably have invested in ah in coaching probably you know, get connected with more professional people you learn from them. It's. It takes less time. Yes, it takes some money but it takes less time you know to get where I am today.

09:25.17

wongga

Yeah, that's interesting because one of my future podcasts is going to be on the concept of coaching I'm not a coach myself. Um, and and some coaching packages. Are you know they're expensive and they are what they are. But I I mean I think the overlying.

09:31.57

Merouane

8

09:41.16

wongga

Theme that you you speak to anybody coaching collapses time you know it collapses time and you know the money that you're spending arguably you could make maybe if if you choose the right coach. Of course you could make it 10 times over. Um you know.

09:42.55

Merouane

Um, yeah.

09:54.33

Merouane

Yeah, yeah, this is very important to what you're saying if you choose the right coach and the right program because not all programs not are not all coach or coaches sorry are fit for you. You know it really depends.

10:11.52

wongga

Yeah, absolutely would you say that? um your your story and I I was smiling I know that the viewers can't see me smiling in this interview but I'm smiling because I did the exact same thing on my very first rental.

10:15.57

Merouane

Um, and.

10:26.55

wongga

Um I did all of the renovations myself. Um I was twenty seven years old um my my business partner and I got our dads there and you know we're renovating for a couple of months but um I think I had a video on this last year but it's um, what I call holding the flashlight. You know I got the plumber in I offered to hold the flashlight I learned about plumbing that went on to have me learning to do the plumbing myself and then eventually obviously realizing that time is money and but it it I would say you know it probably gave you the knowledge to be able to manage those trades when the time came.

10:46.00

Merouane

Um, if.

10:54.71

Merouane

Now.

11:01.58

Merouane

Absolutely absolutely you know you you find out that you know yes time is money but at the same time you know you can see the challenges you can see where it's easy when it's not easy. And you know the more you do it the more you hire people the more deals you make the more experience you are you know, even today if I'm hiring someone that doesn't mean I would not be you know going to the property and checking their job and asking questions and getting different. Opinions like even when you have a contractor in place. Um it. It is very important to get you know other investors with you go visit with you and give you their opinion if there are any issues you could probably find you know very creative solutions and we've been. Pretty good at that.

11:58.10

wongga

Oh very good so you use a whole bunch of different contractors. Obviously I imagine property management. Do you do the management yourself or do you do you piece that out as well.

12:12.28

Merouane

Ah, right now I do the management myself I might be a client for you in the future. Ah yeah, it's um, you know what? that's that's one side of the business that I really enjoy dealing with my tenants. Ah. The main reason is because most of my tenants and you know that are from the francophon community ah, most of them are newcomers so we get to know each other through our Facebook group so it's easier for us and because. All our units are renovated. You know that it doesn't require a lot of work to be honest. So usually you're doing with sewer backup or you know mice or you know all that kind of things where it's not like intense in terms of. Property management.

13:05.29

wongga

Yes, well and there's a lesson in there too. Um, you know renovating to the point that everything is done in the property. It's only the surprises right? because of the preventative maintenance is already done at the very beginning rather than you know Friday night midnight.

13:21.83

Merouane

Yeah, but you still get that you still get that usually it's a long weekend and Friday night I don't know why but all sewer backups all of them all of them all the ones I had were either on a long weekend or on a Friday night

13:22.27

wongga

When something breaks.

13:27.24

wongga

Of course.

13:39.68

Merouane

Ah, not sure why.

13:39.91

wongga

Yeah, you know we? yeah I've been doing this for so long and I think you're right I don't know what it is but we have a lot of data I should actually put that on a graph and publish it. That's funny. Um, so let's transition a little bit I know that um.

13:51.80

Merouane

Um.

13:55.36

wongga

You You do a lot of secondary suites and for our listeners. Why don't you just tell me about what a secondary suite is and and what attracted you to that brand of asset.

14:05.79

Merouane

Sure, um, so secondary suite as defined by the city of Winnipeg is a self-contained suite in an existing building so it could be an attached secondary suite or a detached secondary suite. I haven't done any detyed secondary suite I've done only attached because they're cheaper to make so if I give you an example because we have so many houses here in Winnipeg with basements so you would be just closing off that basement. Putting a suite there and having 2 tenants instead of 1 basically.

14:47.16

wongga

Okay, so essentially like a duplex.

14:53.15

Merouane

Exactly it is. It is a duplex but legally you could not call it to duplex. Um, really in terms like the only difference will be. You know the zoning and some ah like Techica requirements like. Ah, fire separation. For example, things like that. Um I would not get into details because it's going to be probably too much but they're basically similar.

15:24.16

wongga

Okay, yeah, because I know that to convert a single family home into a duplex. It's quite a process at with the city. You know you have to apply for zoing variances. You know there's probably hearings you have to go through what is the? ah.

15:41.42

wongga

What does the paperwork process look like to to to get a secondary suite going.

15:47.30

Merouane

It's very easy. It is very easy because since 2018 if I remember correctly. Ah one of the city consors actually the city concealer of Sim Boni was fighting to get the secondary suites approved. Um. In a fast way. Ah so he pushed to have them as ah, what we call a permitted use instead of a conditional use. So conditional use means you have to go through a process get approvals. Ah sometimes. Go through hearings where a permitted use is if you meet all the criterias. They cannot say no um so there are few requirements. Um, that needs to be met that need to be met like. Ah, the secondary suite. For example, cannot be more than 33% of the total square footage of um of the building. Um, it has it need. It has a separate entrance but it can't be. Like facing the street. It has to be on the side or in the back. Um, you know a few things like this and then the process itself. It's just one form that you need to fill. You need to submit your drawings and.

17:14.57

Merouane

Basically, that's it and paid the fees of course.

17:18.61

wongga

And and so you say permitted are sorry um, what was the term you used. There's conditional and permitted use. Yes, so if it's permitted use. What is the typical timeframe from submitting an application to them saying. Okay, you can now construct.

17:25.90

Merouane

Permitted use. Yeah.

17:35.23

wongga

Your secondary suite on average.

17:37.90

Merouane

Well, it could be a month it it. could be a month it could be six months depending on who you are dealing with ah at the city level. Um, and you know you know during covid it's been a nightmare to be honest.

17:51.72

wongga

Of course, of course.

17:54.83

Merouane

Um, so I would say the average timeframe would be probably 2 to three months um but that doesn't prevent you from starting the work so you can strip your basement if you're redoing the basement you could renovate your top floor if you're. Ah, planning to renovate the top floor. So it's pretty I would say efficient in terms of holding costs because you don't have to wait for the permit to be issued to start working on it because you know it's going to be approved like there's going to be. Few changes on your drawings like maybe you know moving a wall or ah moving the mechanicals or something like that. Ah so you don't want to start framing for example, um, but anyway like you have to. Do your roughin do your sewer first. They come to inspect before doing anything else. So it's um, it's a pretty easy process I would say.

18:56.27

wongga

Okay, so in terms of permits then is that separate from the secondary suite process meaning I mean you know, let's say that I have plumbing in Hvac and electrical um is that tied to the secondary suite permit Or. You're allowed to do that stuff but you just can't use it as a secondary suite if that the other one doesn't pass.

19:19.69

Merouane

No, so you you have to pass you have to get your secondary suite permit first and then apply for your electrical and ah plumbing. Okay, so plumbing is 1 permit electrical is two permits.

19:29.33

wongga

Okay.

19:36.39

Merouane

Ah, because you have to separate the um, the Hydro basically heating systems have to be separated. Ah, but you cannot apply for them before you get the permit approved because once you get the permit approved.

19:39.99

wongga

And her.

19:52.94

Merouane

You'll see on the city website that you have 2 addresses. So if let's say your address is 1 2 3 you get to see one to 3 and then 1 to 3 8 and that's when you can apply for different permits.

20:06.54

wongga

Interesting. So Um, and this is me being a little bit naive but I'm sure our our listeners would appreciate the question um in terms of utilities. You said that? yeah is it a requirement to separate because obviously a single family home. Could you not have a secondary suite and say all utilities included or does it have to be separate.

20:28.22

Merouane

So Hydro has to be separate um heating systems have to be separate. Um, so you could probably like you could have 2 gas meters but we usually do like baseball heating in the basement and then. Um, we keep the furnace for the top level. Um, water doesn't have to be separated. But as you know we separated because it's more efficient and your air V climbs when you have the utilities separated.

20:59.30

wongga

Yes, Okay, um, the Baseboard heat in the basement I think I know this answer but again for the the benefit of our listeners because we're all about learning here. Why do you. Do the Baseboard electrical heat in the basement is that because it's easier to run wires or.

21:14.81

Merouane

You. Yeah I mean I am a fan of gas furances because it's more efficient. It's cheaper and it's better to keep a tenant definitely but when you're working in the basement especially in a 50 s or sixty s bungalow. Usually you don't have you know the enough height like we're not talking about a nine feet ah height we're talking about. Yeah probably 7 or something like that you know so if you have ducts running all around.

21:49.69

wongga

Right.

21:55.55

Merouane

You're losing a lot of space and you need like very short people to live in your basement. You lose a lot of light. Um, so it's it's more efficient in terms of space. It's more efficient in terms of cost for yourself.

22:00.63

wongga

Yes.

22:13.82

Merouane

But it's definitely less efficient for tenets.

22:18.14

wongga

Okay, so I mean cash flow-wise I think it's fairly obvious but I mean if you can rent out. Ah I don't know a single-family home 1960 s bungalow. Let's say for fifteen sixteen hundred how does that change the the numbers. By putting a secondary suite because I'm I'm guessing you can't charge the same for the upstairs because it doesn't come with a basement.

22:40.36

Merouane

Yeah, so I have a perfect example I have a sixty s banaloo in sin boniface. It's a 3 bedroom thirteen hundred Square foot ah well it had a full basement so we were innovated the basement if you rented as a single family you could probably rent it for seventeen fifty because of the location. Um, now I'm renting the upper unit.

23:04.40

wongga

Okay.

23:11.50

Merouane

Ah, with the garage at 1550 so basically we're losing just two hundred bucks and the base basement is rented for 1180 so you can you can see the difference. Um, now it doesn't mean you're making more cash flow because you're.

23:16.11

wongga

Great. Nice. Yes.

23:30.67

Merouane

Um, you're jacking up your Arv so you're refundancing at a higher um at a higher amount means you know higher cost your property taxes are increasing um your maintenance cost is increasing too. Ah, you do have a bit of more.

23:34.47

wongga

Um, yes.

23:50.39

Merouane

Um, vacancy sometimes because well you know, basement units are not the most attractive ones. But if you know how to price it and if you manage your tenants the proper way. It's definitely a game changer.

24:09.43

wongga

Nice The ah arv does it um change proportionately to the amount of money that you're spending I'm saying specifically for the Bur strategy.

24:16.30

Merouane

There? Yeah so my numbers were showing that to get a secondary suite in a basement it costs 60 grand and the Arv will jump by a hundred grant.

24:31.37

wongga

Okay.

24:33.20

Merouane

Compared to the Arv of a single family now. The challenge is we don't have enough comparables for secondary suites. Um, the um appraisers don't like to compare them to duplexes because they say they're.

24:44.60

wongga

Writes.

24:51.53

Merouane

Like a different animal which I disagree with like it's It's a duplex right? Um, but at the end of the day you would have to work with a very very knowledgeable appraiser so you have to pick the right lener who let you use.

24:54.67

wongga

Of course.

25:10.91

Merouane

Your own appraisers or the appraisers who know what they're talking about. Um I had the gap or yeah like a difference on ah on a four fifty Thousand secondary suite air v I had a gap of 50 grand between 2 appraisers.

25:26.78

wongga

Wow.

25:29.80

Merouane

You know that's that's more than 10 percent so you can imagine the challenge sometimes.

25:34.91

wongga

Yes, no for sure. But I would say you know the secondary suites like you said 2018 I think you said at city um, you know we're only ah at least the time of recording this podcast. It's ah 2022 Five years is a very short period of time.

25:40.40

Merouane

Um, yeah, yeah.

25:52.55

wongga

So maybe over the next decade as more and more people are taking advantage of secondary suites. The rule will be more data. So hopefully that will become less of a challenge in the future.

26:00.41

Merouane

Absolutely well people are from what I've seen there are many many investors who are doing secondary suites but because there's because they're sweet. They don't sell them. They keep them so it doesn't give you enough.

26:13.71

wongga

Yes.

26:18.12

Merouane

You know comparables Unfortunately, but we will see more and more yes in a decade. Um, after a decade probably yeah.

26:23.76

wongga

Yeah I know that I have a lot of clients who are buying brand new secondary suites like bright from the ground up on vacant land and I think those are probably going to skew the numbers a little bit too because you're dealing with 1960 s you can't compare to new new construction.

26:31.53

Merouane

Are.

26:41.46

wongga

But you kind of can because the income is the same right.

26:41.51

Merouane

Yeah, yeah, so um I have 7 infills on the go with secondary suites. Um yes like I don't think you can compare them in a way where they're more modern.

26:49.10

wongga

Okay.

26:58.30

Merouane

Um, the area is usually better and they're larger so you can have like a 3 bedroom in two stories where um, what we're doing today is the secondary suite is basically on the top floor.

27:14.14

wongga

E.

27:16.70

Merouane

And we put the 3 bedrooms in the basement. Ah because usually people don't need a lot of light in their bedrooms. They need light in the kitchen in the living room. So The main floor will be your kitchen living room living area for the main suite. The bedrooms will be downstairs. And upstairs. There's going to be a 2 wo-bedroom suite these appraise ah higher and you can rent them for a better rent and you can keep the tenant longer.

27:48.40

wongga

Yes, because they're not renting a quote unquote basement unit right? So there's a stigma associated with basement units with security and lighting like you said, very interesting. So what it's let's think back to your.

27:54.33

Merouane

Um, that's correct. Yeah.

27:58.77

Merouane

Um, now.

28:07.51

wongga

Your latest secondary suite conversion. What is different now versus your very first one. What lessons have you learned.

28:15.45

Merouane

Um, good question I think the lessons we learn were you know the process itself and how to deal with the city because um, what what we did for our first secondary suite. You know we didn't want to guess. We booked a meeting with the city. Um, so I don't know if you were aware of that but you can request to meet with ah city inspectors ah from different departments so zoning housing. Um, whatever you know inspector you'll get. So you can meet with them and they take you through the process. So I think we paid something like six hundred bucks ah but it paid us like very well you know like we got all the details we even had people contradicting themselves during that meeting. You know, different departments.

29:06.27

wongga

Her.

29:08.50

Merouane

So It was It was a great learning strategy for us and we took notes we recorded we sent emails after that saying hey this is what we understood this this this this please confirm so they confirmed and then. Whenever we had an inspector who said something different we would confront him like using that email saying hey I was talking to the senior housing manager and this is what he was saying So Are you saying things are different so he would go check Again. And get back to us and say well no no and I like you're right and he was right and I was Wrong. You know, um, that was very useful.

29:48.86

wongga

Wow and is that project by project or did you just do this once.

29:53.60

Merouane

No, we did it once you don't have to do it project by project.

29:58.68

wongga

Okay, and you said it costs money to do this in terms of consultation time or is this just a service to City ah charges out.

30:03.23

Merouane

Um, at e.

30:06.31

Merouane

Yeah, it's the the city charges you I think one fifty or two hundred bucks an hour per person.

30:15.17

wongga

Okay, well, that's ah, almost like coaching in reverse though right? I mean that's how much time did that save you you know that's brilliant. Yeah.

30:20.62

Merouane

Exactly now.

30:26.23

wongga

So what is what is one piece of advice. You can give to our audience if they wanted to take on a challenge like a secondary suite.

30:34.70

Merouane

Well, the first piece of advice I would say is like get the knowledge first don't try to do it. Um, you know like don't start a project and then think about it like it has to be prepared. Um. Get get connected with someone who has done secondary suites like I get many questions from different people. Um to ah to the extent where I started you know charging for my time because it was too much. You know now you you filter you filter a bit more. Um.

31:01.99

wongga

Yes, yes.

31:09.30

Merouane

But it's very important to you know to know what a secondary suite is what the conditions are if you can meet with the city. Do it because there's a lot of value there and they're going to give you all the details because. Whatever you see on the city website. That's just a summary There are a few things that you don't know. For example I'll give you just 1 example you know dealing with the mechanical room if you put the hrv inside where well you have to ah put like smoke. Um, separation ah close with the drywall close your ceiling with the drywall so you can imagine like closing a mechanical room with drywall is just crazy so we had to do that for our first secondary suite because we were not aware about that. And then we found the text on one of the documents they sent us where we said well this is not required so getting the knowledge first in advance before starting anything. This is very important and don't overestimate your numbers in terms of. Ah, first renovations and secondly rents because when we started putting our numbers. You know we were using 1400 for a basement unit a 2 wo-bedroom basement unit.

32:36.98

wongga

Her.

32:41.36

Merouane

And then quickly we figured like hey we made a mistake there and I don't know if you remember but we went through you to get a tenant and yeah, we had to drop our rent by four hundred bucks we had to rent it to out of grant. Well it was.

32:48.40

wongga

Yes.

32:58.35

Merouane

Ah, very difficult time because it was in January you know like people were not moving but still um, that's one of the things that I will do different I I'm doing differently today. Is you know, estimating my numbers for the renovations as as usual, you know like.

32:59.63

wongga

Yes.

33:16.60

wongga

He.

33:16.60

Merouane

Put always a higher number and don't don't go too far in your rents.

33:23.69

wongga

Yeah, it's interesting I always I as you know being a property manager I I am called upon a request to to provide quite a few comparative market analysis ah per week almost daily and I always like to to be a little bit conservative. Because people are making decisions on my numbers purchasing decisions sometimes you know and if I tell somebody you know I think this is going to be eleven twelve hundred dollars um and they want to get 14 it doesn't mean they can't but I think it's it's an important lesson. Note there for an investor to do your numbers. At a conservative level and if you're able to get a little bit more That's great, but you want to future-proof yourself, you want to recession-proof your rent if you can and and evaluate your investment at the more reasonable number and if you get more. That's great. You know.

34:08.33

Merouane

Now.

34:18.28

wongga

Um, same thing that you're talking about renovations. Um, what happens if it takes a little bit longer and you have more holding costs or the price of lumber increases just in that one month and your contractor comes back to you with the change order. You know you you don't want the the project to be unsuccessful.

34:36.19

Merouane

Absolutely yeah, very well said, um, the other piece of advice is again about the rents and it's great. What you're saying like first put a number. On your sheet saying how much I need to break. Even it is very important because you wouldn't know from the beginning if you're trying to stretch too much or not, you know if if you have to price a 3 bedroom at $1500 just to break. Even.

34:52.67

wongga

Yes.

35:08.75

Merouane

You probably have an issue there so you're either pushing too much on your airv or you're pushing too much on your rents or it's probably not the right deal for you. So be very cautious about that. Oh yeah, 1 others.

35:09.30

wongga

Yes.

35:26.62

Merouane

Piece of advice I would say is and because I had a lot of issues this past spring like you know, like 50% of the houses Zuni Peg we got a lot of water all around and. 1 of my secondary suites that we just renovated in December was flooded in the basement because we like we didn't know but um, all the weeping tiles were collapsed and we were getting the water from. From the drain actually and like we didn't know where it was coming from so we had to dig around put new weeping tiles put you know like a a sum pump so whenever you could.

36:02.59

wongga

Yes.

36:15.94

Merouane

Put to some pump and you know drain the water outside your suite like you know don't overestimate or don't not overestimate. But yeah I guess you know. How to drain your water from the house to outside is very Important. You know the downspouts and all that kind of things are very very very Important. We didn't do it properly for this house and we paid Cash. So.

36:45.24

wongga

Yeah, you don't want to take it for granted and I think a lot of people who are going into the acquisition phase with the secondary suite at the back of their mind. They just think oh, it's a basement right? and for a rental in an older area with an unfinished basement. You get a little bit Of. Of of water that comes in.. It's not a big deal but this is livable area Now you're talking about and you know if you don't fix it. You get infiltration of mold and mildew and breathing air problems. So yeah, so let's let's transition to The. Ah.

37:05.67

Merouane

Now.

37:12.27

Merouane

Um, yeah, absolutely.

37:24.20

wongga

Last part of the interview here I'm I'm interested in you as an entrepreneur you know you come to this Country. You have a dream like most of us do um I know you like to learn I see it on social Media. You're you know, very thoughtful and purposeful in what you do every day. How do you gather your knowledge to learn and improve. You know where do you go to find valuable new info.

37:47.26

Merouane

Ah, yeah, all over the place I would say but I guess your first source of info is the people around you. You know if you surround yourself with great people. You know like you whenever I have a question about. Property management about you know, dealing with tenants I come to you and that's the same thing if I need to know something about electricity I go to a good electrician same for hrv and I try to surround myself with like minded people. You know people who. Are nice who are eager to share because it's it has to be a win-win anyway, like you you don't want to be bothering someone with too many questions and not offering him. Also your your help somewhere you know, even if you know like. For example, you Garrett you probably? you would probably never need me in the future. But if someone you know is looking for a property management company. For example, it's going to be you because you helped me before you know so that's how we help each other.

38:54.16

wongga

Yes.

39:00.90

Merouane

And we also get the knowledge so that's your first source of knowledge my second source of knowledge um has been connecting with like-minded investors but through a coach ah true coach. Ah, so I'm part of a program but we not name it here but we we had to meet like many many people like great people and we started our journey together. You know we were exploring everything together and it has been.

39:28.42

wongga

Here. Click.

39:38.64

Merouane

You know a great adventure for all of us and the third thing is always internet you know internet is just full of information and but you have to clean a bit. You know it's not not everything is reliable.

39:54.77

wongga

Yeah, you can't believe everything you read? Oh that's excellent. If you could pick up the phone and talk to you know the 20 year old version of yourself. What would you tell him or her the next time. Ah you ah to make the next 10 years of their life. Very successful.

39:56.31

Merouane

Yeah.

40:11.00

Merouane

Oh my god it's that we will need that we will need another podcast for that. Um, but yeah, 1 thing I would say is be who you are you know, be resourceful stay positive. Ah.

40:16.10

wongga

Ah.

40:28.50

Merouane

Help other people because we were talking about this before we started the podcast but you know the more you give the more you get, there's no secret and that there's really no other secret than you know, being resultsful being helpful and. You know, surround yourself with the with good people learn a lot ah read a lot of books I haven't done that a lot when I was younger um a more you know a computer guy. Um. That's how I was I was learning but books are a great resource and you know Mary Young I think that's what helped me you know I I have a I have a great wife who you know supported me for the last.

41:12.86

wongga

Report. Yes.

41:22.62

Merouane

Oh boy 14 years we've been married for fourteen years now and we've been together for 21 years so you know yeah, that's that's the biggest achievement for both of us I would say but mostly for me because she.

41:29.11

wongga

Wow.

41:41.46

Merouane

She's my queen you know she she She's the one who made everything possible.

41:44.99

wongga

Yeah Wow No, that's very heartfelt. Okay, well we'll end off with this I like to ask every guest this question and I'd like to hear what you have to say this is the win podcast. So how do you Define Success What is winning look like for you.

42:03.38

Merouane

Success and winning is being remembered as a great person. You know it's not about Money. It's not about. You know, winning something or winning a cup or you know having X number of doors. That's not success for Me. Success is you know, having your kids proud of you. You know?? Ah, when they go out and. Someone talk about them or talk about you to Them. You know, being proud of their dad and and mom and you know having only positive feedbacks about their their parents to me This is success. This is. Reaching the level of success that not everyone is capable of and because we we find ourselves you know lost sometimes you know changing money chasing I don't know a gold and cars and women and but that's not.. That's not what life is you know life is about the great times that you spend you with your loved ones and life is also about helping others. That's what makes me happy. That's what makes me successful when I see a smile on someone's face when I'm.

43:34.77

Merouane

Proud of someone who I help and that's when I'm proud of myself.

43:40.69

wongga

Very very well said? Yeah, no, it's I almost brought a tear to my eye. But yeah I mean family and um your legacy I mean that's really what it is right to be remembered as a good person thoughtful a family person right? yeah.

43:43.26

Merouane

President.

43:54.56

Merouane

Um, exactly when.

43:56.84

wongga

Well I'd like to thank you very much on behalf of the podcast on our listeners for hanging out with me today I really enjoyed our time together all right? Okay, take care.

44:03.20

Merouane

Thank you so much Garrett I did too you too nice