In this engaging episode of the Wholesaling Syndicate Podcast, host Ky Logue talks with Michael DiFazio, a furniture builder and real estate investor based in Windsor, Ontario. Michael shares his journey from building furniture to support his band's tours to becoming a significant player in revitalizing the neighborhood he grew up in. The episode delves into Michael's strategic investments in the area, including purchasing multiple properties and creatively financing these deals to transform the community and enhance its value.
They also discuss the major differences between investing in America and Canada.
Key Points Discussed:
- Introduction to Michael DiFazio:
- Background as a furniture builder.
- Transition into real estate investing.
- Motivation behind choosing to invest in his childhood neighborhood.
- Investment Strategy and Community Impact:
- Purchasing his first property and adjacent lots.
- The approach of investing in properties on the same block to foster community and business growth.
- Impact of his investments on the neighborhood's valuation and revival.
- Challenges and Lessons in Real Estate:
- The complexities of dealing with tenants and the Ontario tenant law.
- Experiences with difficult tenants and the eviction process.
- Creative Financing Techniques:
- Insights into vendor take-back mortgages (VTBs) and other creative financing strategies.
- Success stories of no-cash deals and refinancing to fuel further investments.
- Advice for Aspiring Investors:
- Importance of community involvement and personal investment in real estate ventures.
- Tips for navigating the real estate market in Canada compared to the U.S., highlighting differences in capital gains and financing options.
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