Property Profits Real Estate Podcast
Business:Investing
Darren Voros is a real estate investor, real estate coach, partner, contractor, educator, and speaker.
In this episode, Darren shows us how to maximize returns on the money inside your TFSA by using it to invest in real estate. Not many know that you can open a self-directed account from your TFSA without facing volumes of document preparation. Darren teaches us a way to avoid these hurdles by suggesting two financial institutions that best handle it.
Checkout: Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/
What you’ll learn in just 17 minutes from today’s episode:
Resources/Links:
Topics Covered:
01:22 – What is a TFSA maximizer
03:42 – TFSA versus RRSP account
04:58 – How to invest in real estate through an arm’s length transaction
07:29 – What are the limitations of TFSA and what works with it
09:17 – Caveat for transferring money from your RRSP to your TFSA
09:58 – Darren’s walkthrough on how to get a 20% return on your money within TFSA
20:07 – How to transfer your money from TFSA to a self-directed account with not much hurdle
Key Takeaways:
“What we want to do is take that money and use it in real estate, we have to do it in a very specific way. And that’s through what we call a self-directed tax-free savings account. And we can only do that with a couple of financial institutions in Canada.” – Darren Voros
“The nice thing about the TFSA is if you withdraw money, like let’s say I just withdrew like $10,000 to renovate my house, I get to now top it up next year. So, if I had 69,000, I went through 10,000. In 2021, I’d be able to contribute 16,000, because I’ve got the $6,000 from 2021. And the 10,000 I took out from 2020. So, you can keep, sort of, putting money back in as you take it out.” – Darren Voros
“This is something that we’re not taught a lot about, it’s relatively new. It came about in 2009 so most people don’t know how it works and they don’t understand what you can do with this account.” – Darren Voros
“As a real estate investor, I can vet the deal that I’m looking at, I can look at that person’s track record, I can look at how many transactions they’ve done, I can look at the loan to value on the property if the loan devalues on the property even when I come in, in second and third position is only 70% loan to value. That property would have to drop by 30% before I would be underwater.”– Darren Voros
“I always tell people, find your transaction first. Find the person that you want to lend money to. And we’re going to agree on a deal, then we’re going to go and set up an account with Olympia trust or Community Trust, and then you’re going to ask them to pull the funds for you, as opposed to pushing the funds to one of those financial institutions.” – Darren Voros
Connect with Darren Voros:
Connect with Dave Dubeau:
Enjoyed the Podcast?
Please subscribe on iTunes for updates
REI Reverse Engineering an Amazing Life with Anita Bongers-Lewis
Create Your Real Estate AVENGERS Team with Matthew Goddard
Good Investor Communication is the Key with Alissa Bickar
STRs Are VERY Profitable, But Also Challenging with Kelly & Amber Gerein
Outsourcing STR Set-Up with Clark Luby
4 Flips, 10 Doors, 24 Months with Jessica Narula
3 Yrs to 1st Deal...But it’s 44 Doors! with Mack Benson
Low Money High Profit ”NOVATION” Flipping with Ryan Gallagher
Wake Up Slumbering Equity Using REI with Catherine O’Neill
Big Money in THEMED AirBnB’s with Janie Granier
Creating Our Own Next Big Project with Amanda Bolan
JV Pitfalls To Avoid with Keaton Kirkwood
Waaay Up, Waaay Down...and Back Up Again with Armond Wright
Scaling REI Using Business Sense with Norbert Lengyel
Market Specialization for Multis with Giuseppe Verrillo
From Covid to the Caymans with Eliav Kling
Epic Failure Turnaround with Joan Latchuk
Single Mom to REI Multi-Millionaire with Ida Yip
From Poker Night to a Cross Border JV with Rryan Dyck
From Paramedics to Their Own REI Reality Show with Paula McFarlane & Jake Taylor
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Dubai Property Podcast
IBKR Podcasts
The Ramsey Show
The Clark Howard Podcast