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Michele Has Some Flip Tips

Posted by Brad Fry on July 27, 2021
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Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!

 

Curtis Pope: 

Is that time again it is time checking with Michelle Cummins here for the Cummins Real Estate Group show. My name is Curtis Pope. Good morning, Michelle. How are you doing?

Michele Cummins - PREC: 

Good morning, Curtis. I'm great. How are you doing?

Curtis Pope: 

Oh, you know, I'm doing okay. I mean, it's another, you know, Saturday morning where I'm indoors which, you know, it seems like I should be outdoors enjoying the weather, but I know you will be. Because I know you recently got your learner's permit for your motorcycle license.

Michele Cummins - PREC: 

Yes, I did. I am so excited. So excited. Actually, this morning, I am going bike shopping with my brother in law. And Richard and my brother in law is an avid bike rider and he knows his stuff. And so I completely trust him. He says, Michelle, you can't get a used bike. No, it's no, it's not going to happen. Because Because I'm looking at marketplace. I'm looking at all these sites and all these great deals, and they're so beautiful. And I keep on wanting to buy. And he's like, nope, you know, the tires. And he's telling me all about how you're, of course, it's all comes down to safety. So I'm going to listen to my brother in law's wise advice and get a new bike. It looks like

Curtis Pope: 

okay, well that's awesome. What kind of bike are you looking at? You get no getting a full Harley. Are you gonna get yourself like a triumph for

Michele Cummins - PREC: 

me? No, hardly No. Okay, he sent me the photos of the Vikki has picked out for me. And it's really really cool looking. It's actually really nice looking a Vulcan. Vulcan asked, it looks like okay, yep,

Curtis Pope: 

yeah, I gotcha. All right, well, it just opens up a whole new world for you too. Because now once you get the full license, you get your bike. Well, then, you're gonna need all the gear, you got to look fashionable and like the leather and the jackets and the helm. I mean, this is gonna open up a whole fashion and for you, too.

Michele Cummins - PREC: 

So you got it. Oh my gosh. And now that I have my new closet, I have room for a new outfit. I'm going shopping for that, actually, this weekend, too, because I need it because I'm going to start I'm actually going to my first time for a real ride is going to be on the bike course that I'm taking. It starts Tuesday. So I need my fashionable boots and you know, all the garb.

Curtis Pope: 

You see. That's what I like to hear. Because one thing I know hey, to each their own, but it scares me when I see people riding motorbikes in like sneakers or flip flops. So I'm glad you said boots.

Michele Cummins - PREC: 

Yeah, no, I think. Yeah. Yeah, I think I'm gonna get the right stuff.

Curtis Pope: 

Yeah, my brother had the full leather. You know, he just recently sold his bike as well. He's getting too old to ride his bike, but he recently sold his bike but he had the leather jacket, the leather chaps which were just awful to me and I couldn't just get full leather pants. Which creepy on you, man. And he always laugh at me. But yeah, you know, he had to fight. My brother was all about safety. And so I'm glad to hear you are too.

Michele Cummins - PREC: 

Yeah. And I'll have to send you a picture of my bike when I get it. And, and yeah, oh, Kelly just had a birthday the other day. How did that go?

Curtis Pope: 

It went well. The birthday. I think so wasn't feeling so great yesterday morning because when I dropped her off at work, I dropped her off with a full two liter of ginger ale but she got through the workday so she Rockstar powered through it.

Michele Cummins - PREC: 

She's awesome.

Curtis Pope: 

Well remember we bought 25 bottles of wine in the Okanagan and I think she made a dent in that so

Michele Cummins - PREC: 

nice. Oh my goodness, My birthday is next weekend. So we share the same month.

Curtis Pope: 

Yeah, well, I mean, yeah, except that you're only turning 29

Michele Cummins - PREC: 

I think we share the same symbol or five is Julio? No,

Curtis Pope: 

she's a cancer.

Michele Cummins - PREC: 

Oh, that's right. Okay. Yeah. Yeah. 29 That's

Curtis Pope: 

right. 29 forever is that we have told me.

Michele Cummins - PREC: 

Yes. And I'm glad you have a good memory

Curtis Pope: 

for some things.

Michele Cummins - PREC: 

Keep it that way.

Curtis Pope: 

So what are we talking about today? We've talked about your motorcycle and your training, but what are we talking to when we come to real estate?

Michele Cummins - PREC: 

probably get into that. So Oh, I first want to say though, okay, so I'm going to this VIP realtor event tomorrow is a pre construction six storey wood framed condo project in Langley. It's called East lay, and it's a 10 minute walk to the new SkyTrain and premium it for a client of mine as well for myself as another investment. So the ETA on the completion of these faces is 2023. So great for pre construction buying in the upcoming Langley area with that SkyTrain coming buying prices, too. day they started a 400,000. And for tomorrow, right for a few years from now, so the only cent deposit is to buy with VIP realtor. So that's very good, it's 5% less typical and what they will be charging, if you don't even buy a VIP realtor like myself. And so it's a great opportunity. So I'm going to have, I'm also going to probably get them to waive the agency, a lot of developers charge 1000s of dollars in order to assign and then what it's finding is, it's like flipping a property, but you signed your contract to a buyer before it completes. So you put the 10% down, now, you flip the assignment before it completes. And you may even have to get a mortgage, you've never had to close on that you don't have those closing costs. You don't come up with any more money and you profit from it. So I typically when I buy pre construction by two units, and get the assignment fee waived, because I buy multiple units in Britain clients and assaults great opportunity and then you the profit you make from from the slips, I sell one I set, I sign it, and then it pays for pretty much the one I keep. And I usually keep my condos, I have a 10 year plan for all my condos, townhouses, any new product I usually keep for around 10 years is the plan. And so you know, in the future and everything you just you know, you sell one a year, eventually, and you've got all this extra profit and income coming in, to subsidize you and your family in the future. So it's a great way of building up that and doing that because tax wise, you don't want to sell too much. I had a client wanting to sell a couple of duplexes a couple months ago, and they were selling something else a commercial building as well at the same time. And I said, well, we'll talk to your accountant because I don't think it's very wise selling everything in the same year. You may have to stagger it year over year. Sure enough, that's exactly what the accountant advised them to do is to wait to sell the duplexes until the commercial unsold and then you know, wait, so anyways, yeah, that's a great, great project. I've been really waiting for a new really great project I can get behind. And this one is a good one. So if you're looking to invest in something, you can give me a call. Contact me, Google me. And I can help you out with that one. So they're not selling this Sunday. Tomorrow. I'm going I'm previewing it, they start to sales for us to VIP realtors next week. So tomorrow the preview, so I'll know much more about it after tomorrow.

Curtis Pope: 

Very cool. I see no, I'm, and we talked a little bit of this I I love architecture. I mean, it was something that I I've really developed a love of as, as I've gotten older. And it must be cool to go into these VIP events as a realtor and you get to see all these things, you know, in advance and get an idea how it all plays out. It must be kind of fun to do that

Michele Cummins - PREC: 

is because you get to speak with the architects to find out that, you know, they're designed, why they came up with what they came up with. And I was just talking the other day to somebody about how every new place now comes with air conditioning that he pumps with something with the cool air. And that's that's only typical the last maybe 10 years have things come with air conditioning. Usually back in the past. I've been in 18 years now I guess almost my team and we It was very rare that you would have a new project come up with air conditioning, right? So they're always implementing things and like implementing Age Friendly. Things like supports behind the wall in places you want to put a handle one day and wider hallways and things like that or Safford elevator in the future if it's more than one story, so I love seeing what they implement lately. The big ticket item has been roof top deck on townhouses I've

Curtis Pope: 

seen a little bit where that seems to be a new trend. I've noticed that too. And what a great idea.

Michele Cummins - PREC: 

Oh my gosh, it's like it's up there. Why not enjoy it? You've got views all of our area. There's so many amazing views. And now you've got a much larger back and yeah, there's a great place project in Abbotsford, there's some projects coming up in mission they're, they're starting to pop up. So I really liked those too. And of course, a smaller, much more significant thing, but just a sign of the times. noticing a lot of places now that have their wall plugs have the USB ports built into them. Yes, exactly. That one too. And then more smart. You know, lighting and garage door openers and door bells and things like that. alarm systems and everything. Yeah, I'm liking the smart, the the temperature control to control it when you're on vacation, right and see, you know, staying warm in the winter and things like that. Absolutely. So we only have we have a few more minutes do we

Curtis Pope: 

we have a couple more minutes. Yep.

Michele Cummins - PREC: 

Okay, before we go to break So I had brought up that pre construction project is later on second segment we're going to talk about I have a tip about flipping a flip tip for everyone. So definitely stay tuned in after our little break that was happening. That's coming up. But as I wanted to also mentioned something brand new. That's how that's come out. As of July 1, realtors now have a new form and new questions we have to ask our clients and already it's a little invasive with some of the questions we have to ask some people go Why do you need two pieces of government ID and one being a picture ID and both can't be expired either. And people ask well, why well, this is the government has requirements that realtors have to take. And of course, we want to, you know, when we see you, we want to see your face on the name on a government ID that is it hatched to the title right? So it makes sense that obviously we we want to make sure we're selling the right person's property. But then there's questions the government has to make us ask such as, what do you do for a living? And where do you work? So these are the questions. But when it comes down to me, somebody's been retired. And the other question we have to ask is, what are you retired from doing? So there's those questions. But this new form, actually that come out is the short is PE EP. And what it is, it's called a politically exposed person form. So for each client, before we go into any agreements, we have to now fill out this form. So it's another requirement and what it is it's actually asking questions about if you work for the government and things like that. So the questions that are on the forum that we have to ask is, we have to determine whether you're individually, our clients is a politically exposed foreign person or family member or close associate of one politically exposed domestic person, or a family member, close associated one, head of an international organization or family member or close associate of one. And those are the questions so. So if it seems awkward that your realtor is asking you those questions, please No, it is not something that we're happy about it just adding things that we feel isn't necessary for us. But it's all has to do with money laundering. So that's where it comes down to. So these are now requirements Just so you know,

Curtis Pope: 

everyone. Okay, so that all makes sense now perfect. So if now people want more information about something like that, since we should go to a break now, where can they go? Alright, we'll take a quick break. We'll be back right after this. Number two of the commons Real Estate Group show with local Rockstar realtor, Michelle Cummings and myself Curtis Pope. Now I understand you've got a flip tip. I do not a tipping flip. I mean, we got to get the word writer just gets all kind of weird.

Michele Cummins - PREC: 

Right, flip chip. Alright. Okay, so a lot of speculating investors have been buying properties this last year and flipping them. It's been happening a lot. I've been seeing some for hundreds of 1000s of dollars in just a few months from buying these properties. And they're not even doing anything with them. They're just buying them. And then flipping them, like not even doing renovations or anything. However, the market will go back to a more balanced market again. And when it says you will have to be smart and savvy as a real estate investor, by the way of flipping. So I have a tip for you. All right. Yeah. So if you want to be an investor, by the way of flipping, you have to have good chemistry with your realtor. So ask yourself, do you have the chemistry with the realtor? No, I

Curtis Pope: 

don't I don't get along with my realtor at all.

Michele Cummins - PREC: 

Chris, don't make me flip, you know.

Curtis Pope: 

As you can see, we don't get along at all.

Michele Cummins - PREC: 

And then are you capable of impressing sellers? So that's a good one. Well, that's where you come

Curtis Pope: 

in for me.

Michele Cummins - PREC: 

And how about your mortgage broker? Do you trust? Do they trust you and do you trust them? And even how about the connections To the right people to run your business, and to support one like yours if you want to get into flipping. So there's many people success. And flipping comes from having these good connections that bring you closer to the people you need supporting you, or at least to those who can point you to someone who can, you can't flip properties on your own. So, building a new house or putting renovation together takes a village. And this is so very important to have your dream team assembled before you even start sending offers out. A team with the right people in it is your key to success in real estate. I it is took me years to find the right people. So it does take some time. But if you ask a lot of questions, if you start with a great realtor who has a lot of connections, you you will do really, really well. But definitely no, you can't do it by yourself. So if you place your projects in the hands of people you can not count on, then your clips may not turn out the way you plan them to and probably not on time as well. And you'll probably lose money. Rather than make money. Being an investor with no access to the right resources, on the other hand, may take you to a dead and so don't go that route, because you need to meet and make connections with the right people because they will bring you good deals. And they'll bring you access to reliable trades and contractors and effective consultants to help you keep business moving forward. Because this is a fun business. There is so much wealth in real estate. But there's also so many aspects to investing in real estate and flipping is one of them. And if you love that, that high you get from buying something and improving it and flipping it in a short amount of time and making some really good cash. It's exciting, it's fun, you may be the captain of the ship, but the ship needs a crew too. So don't forget that you are not expected to well be well versed in every area of the renovation or in construction. And you may not be the go to person for the project's legal work either. And that's the way it is supposed to be, you can't be the best if you're working multiple jobs all at once. So the best thing you can do is to find people who are great at what they do, and let them handle it for you. That is why I have an amazing group and amazing team that supports me because I can't be out doing everything I would get nowhere if I was and I'm not the best at everything. So that's an only get the right people that will do a great job. And by doing this, you don't only get to make sure your projects become successful. You also save yourself from a lot of stress, expensive mistakes, and setbacks that can hurt your investment. So, so the flipped tips is find the right people.

Curtis Pope: 

You know, it's absolutely true. And I will say that from you know, from my experiences in real estate. And when you talk about getting good people like this week, for example, my wife got a birthday card from our mortgage broker. Oh, how nice isn't that and but it's those little touches that you know, create those relationships with the people that you work with, that you like to get along with and that you can work with, right?

Michele Cummins - PREC: 

So true. So true. It makes a big difference.

Curtis Pope: 

Absolutely. And like you said, you really, really do have to be simpatico with your real estate agent, you have to understand each other. I know from past experiences, I can't say I've ever dealt with a real estate agent that was bad, but just was much easier working with you because we've worked so close together for the last three years. And we had that chemistry and and Kelly jumped right in and was right there with us. And it was just so much easier.

Michele Cummins - PREC: 

Oh, you're so you know what? Yeah, it's the stress levels of everything goes way down. When you have good people around you.

Curtis Pope: 

It does. And like you you've like I keep saying when we walked into that house, you beat us there. And you'd looked out the house already. And you knew it was the house we were gonna buy because you knew and ticked off pretty much all the boxes because of the conversations we had in the houses. We looked at you just you knew what we were looking for.

Michele Cummins - PREC: 

Yeah, and that was so fun. I miss it. Hey, do you want Should we do it again?

Curtis Pope: 

Well, you know, there's a house on old Yale that right by Diller Park. It's been for sale for a while. It's a beautiful, nice, cool, different home, but no, I don't think we want to move yet.

Michele Cummins - PREC: 

Well, I do have a couple new listings that might pique your interest.

Curtis Pope: 

Let's Let's hear about those.

Michele Cummins - PREC: 

There is one actually on K bar in Michigan. I just listed this on Friday. The first two people viewed it wrote offers on it right away. Wow. And Yes, and today, there's so many showings there. So you know, multiple offers the market softens for sale, sales have actually come down overall and but the so the multiple offers are around 50%. Now you'll see listings go into multiple offers, so not 100% that they were, you know, a month for two months, three months ago. So it's a little better for buyers. But this one's a hot, hot ticket item. This is a property that is in superb condition. It's built in 1993, but totally renovated it. It's just wonderful. It's actually quite nice. The backyard is fully usable, and it's on paper, it's a great area of mission. Anyways, we we are going to look at all offers tomorrow. So definitely if you want something that's it's got a nice sweet actually they use it as an entertaining area man caves, if you want to call it, they've got the whole thing just laid out. So nice. And it's so pretty. I just love showing this property. But that one's actually on the market for 950 is the asking price. But yes, both offer techiman. On Friday, we're well over that so but the ticket price is 950. It's a 6000 square foot lot four bedrooms, three bathrooms, and the size is almost 2700 square feet. In total. I have an awesome Of course, drone video and cinematography video of it and wonderful photos of it. So you can just put in 847 5k bar street or my name and you'll find it on my website. And then the other brand new listing that actually just hit the market yesterday. At they it is a corner townhouse. So it's really unique. It's in Abbotsford. And it is built in 1994. It's a three bedroom, two bathroom, almost 1400 square foot now. It's in a complex called country lane estates off Upper mccullar Road. And it's really neat the way it said back and this one has breathing room, it has two depths, it's got breathing room, in the backyard and off the deck because it's got this huge like kind of like a green space and then trees and then there's detached homes on the opposite side. So it's not facing other townhouses at all. And the inside is gutted and completely renovated. They gutted it, it's completely renovated. It's gorgeous. So the exterior of the building, yes, 1994. But the inside is like wow, gorgeous, beautiful white kitchen. The price on that one is only 649,900. So that is a really good one. And rentals aren't allowed in that complex but pets are. So when I edit this corner is a slot for Windows and freight is beautiful. So those are the two brand listings. But I also got coming up. I've been working on three land assemblies, I love land assemblies we've had so on land assemblies, but it is where I look at kind of the the use of a neighborhood and I go well, the current use is not assessed use and I look at the overall Community Plan and I look at the area and the building permits in the area and the applications to rezone in the area and what the city has idea of the area and I go wow, you know this, these properties, if they sold together would offer a developer a really good chunk of land for a really great amount of units that they can fit on it, whether it's high density, commercial flash residential duplex zone, whatever it may be better than what it currently is. So I bought three I've been working on actually they all happen to be in Michigan, these these three, that will all be on the market. Well, I'm going to start marketing them probably in about two weeks from now. But if if anybody's interested in Queensland is that your street together, definitely give me a call. I love doing this. I love getting home owners the best price possible and if that means not your current zoning, but something else. And you make more more neighbors that come together because it's a larger parcel and better for the developer. I love doing that. Plus there's so right now even being the seller's market, but selling to developers for their future market and future developments. You can stay in your home for like a long time a year or longer you can do you know, rent back even closer, there's so much flexibility, and it's just a way better way of selling. So if you're able to do that, that's a great thing to do. So if I come knocking on your door one day, just know and saying hey, I'd like to put your neighborhood together as a land assembly that you'll know why. Make sense. And I've got a quote of course this week. It's actually by Jon Kabat Zinn and I the other day, I was During the evaluation for this lovely family, they homeschool their kids and their kids are so amazing. They're smart and social and they are. But they're their whole design of their home is all through. beachy. Like there's surfboards on the wall and the beautiful colors and light and I felt like it. It should have an ocean view because it's just that's, that's, it was so beachy. Love that. So this This quote is, yeah, it just reminds me that okay, you cannot stop the waves, but you can learn to surf.

Curtis Pope: 

I like that.

Michele Cummins - PREC: 

It's the I've never served ever my life have you?

Curtis Pope: 

I've done I've done some body surfing but I've never been able to stand up like I can barely stand up on a paddleboard.

Michele Cummins - PREC: 

Yeah, I'd like to fear I like my I like my seat in front of me both feet. I don't like like, I don't snowboard. I can't do this side thing. It just, I just have to have my feet, my legs in front of me. So you're

Curtis Pope: 

a Southern California girl. What do you mean, you've never surfed?

Michele Cummins - PREC: 

I know my, my sister Heather. She was an amazing surfer. I don't think she's served in a long time. But she used to serve like, it seems like every day, but I mean, I never searched No, I just liked watching. I like watching servers.

Curtis Pope: 

Make sense? All right, well, I should probably let you go get on with your shopping for a motorcycle. But before we let you go, if people want to get more information from you about what you do as a realtor, where can they go? Michelle, come in. And join us again next week when we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening

 

If you missed last weeks episode where Michele gives updates and talks fun, please go back and take a listen - it's well worth it!

 

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