Alfonso Salemi: Welcome back, REITE Club Nation, to another episode of the REITE Club podcast. Today I am with my co-host, Sarah Larbi. Really pumped for this interview and this podcast. Rod Refcio is in the business of law. He's an economist, a banker, before he became a lawyer. Works with real estate investors, is an investor himself. Gives some amazing tips. We get into a whole lot of information, a really great podcast.
Yeah, make sure that you guys pay attention. Take the notes and if you like what you hear, make sure to rate and review us on the podcast on all the listeners that are out there. Thank you. REITE Club Nation, on behalf of Sarah. We love doing this, interviewing amazing people. And yeah, this podcast is gonna be amazing. You guys are gonna love it. Let's get right to it.
Sarah Larbi: Alright. Let's bring in Rod.
Alfonso Salemi: All right, and welcome to the show Rod Refcio from Refcio and Associates. And I love the tagline, the Business of Law, and that really is what Rod's all about for those of the REITE club community that haven't had the chance to to meet Rod or speak with Rod. He's a friend of mine. And rod, why don't you give a little bit of an intro to the 30,000 foot view a little bit of a background of yourself for our listeners today.
Rod Refcio: Appreciate that very much, Alfonso. Yes. I'm Rod Refcio. For those of you who don't know me, just a brief bio. I've been a lawyer now for approximately 17 years. Time flies when you're having fun or suing people for 20 million as I like to say. But a little bit more about my particular background. I was an economist and I worked in banking before I was a lawyer. And I model myself as a business person first.
I started my own firm after working for large firms for the first part of my career. I started about 12 years ago now at my own firm. And at the time I saw that there was gonna be a huge change with technology. Specifically the legal industry has always been antiquated because it takes time for things to go through the courts, for the laws to change the statutes, that type of thing.
I saw how tech was gonna change all industries in the mid to late two thousands, and I thought, This will be a great opportunity to create a new style of 21st Century law firm. So the firm now has grown. I take pride in San and Alfonso knows the story. I started the law firm with my new laptop on credit from Best Buy $50 of Staples business cards.
Very impressive at the time and my kitchen table and just had a work ethic and a dream. I've always been an entrepreneur. I've owned businesses before and I thought that I would try to create a new and improved style of law firm. So I take pride in saying we've now grown to have three locations in London, Burlington, and Toronto.
We pretty much provide legal services throughout the province of Ontario and very often. Internationally or nationally, and I believe we now have grown to 16 employees in that respect. We have junior lawyers, etc. But our approach is different from your typical 20th century law firm.
We'll talk more about that as we go through, but the idea is to be progressive. I'm the type that is Alfonso, to know if you need to text your lawyer, You can text me. In that respect, I remember about five years ago I worked with a lot of startup companies and I had a younger guy. He was 22 and he was out of Ottawa and he said, Hey, I found you on the internet.
Can I use you as my lawyer? We're a part. And I said, yeah, not a problem. I said, you can even send the retainer. And he says, how do I do that? I said, you can do a credit card or you can send an e-transfer. And I'll never forget what he said. But it's telling, he said, wow, a lawyer that knows what an e transfer is, you are cool, man.
Pretty impressive. Cause he said, I've been talking to lots of lawyers and they don't get it. So that story is a little bit antiquated now, but it shows you what we're all about. My approach is always fascinating. I did not predict, as you've heard my joke, a global pandemic in 2020 that would re mandate technology, but, We like technology and I like technology and I like being progressive.
We're very client oriented and we do a lot of different things that are unique. We don't charge extra for phone calls, emails, or text messages, and we use things that are flat fees. So we're really geared towards the entrepreneur, whether you're running a 25 million company and we have some of those clients.
You're the first time real estate investor. I spoke with one today. I took a half hour and I gave her the wealth of my particular knowledge and I said, Hey, you know what? Shop around. Do what you gotta do, but educate yourself. We like long-term relationships with our clients, so I like to invest. And if you invest, that leads you to different opportunities.
Alfonzo and I have known each other for quite some time in that respect, and that led me here today and I'm happy to be here. So that's the 30,000 foot view of what I am and what I bring to the table. And I'm looking forward to today to give you as much opinion from a legal perspective as I can.
Sarah Larbi: Very cool. Thanks for that. It's great to see that you were prior to us going virtual, that you were progressive and you were using as much technology as possible because, ultimately, having to do things manually is just a nuisance. If you can get things done.
You can sign on, virtually, you could have these meetings virtually, and you were implementing that. That's huge. And you can be anywhere in Ontario and you can even be in Costa Rica or somewhere warm and get some transactions done, which is my dream. So I also wanna ask you, because you are also, so you obviously work with real estate investors, but you are also an investor yourself, is that correct?
Rod Refcio: That's correct.
Sarah Larbi: What kind of investing strategy do you do?
Rod Refcio: What I will tell you is I'm a little bit old school and a little bit new school in that respect. So I've always and I have my qualifications for investment planning, although I'm not allowed to give any invested advice.
Speak to your qualified advisors, boys and girls out there, but all joking aside, what I will say is that I kind of practice what I preach. So I invest in commercial properties, I invest in residential properties. I tend to take a longer term approach when it comes to real estate investing, simply because I wish I had the skillset to get out and do plumbing, electrician, etc that sort of thing.
But my day job keeps me pretty busy, so I tend to focus on things cause I'm a big fan of positive cash flow. And the great thing as the old expression goes: they're not making more land and they're not making really more real estate. So what I can tell you, and it's timely that currently we're all dealing with the fallout of the Covid 19 pandemic.
My prediction is that five years from now, we won't be talking about the pandemic, but we'll be talking about, wow, did you see all the potential buying opportunities and the free money that they were giving out in 2020? Interest rates are historically low. But if you follow what real estate essentially does, Is it a sure bet?
Absolutely not. There's no such thing. But real estate pays off in the long term and it's one thing that currently this year for sure has held its value, if not increased. The worst case scenario is you can live in that place in that respect. And generally I like to diversify my own portfolio, so I'm fascinated with things that have a proven track record.
As well as the potential for growth, whether it's commercial or residential, etc. In that respect, I'm not your flip guy in that respect. I like watching those TV shows, but I don't wanna get in there and do it myself. That being said, we have many clients that they, I am envious of when they get their checks in that respect.
It is a lot of work and frankly, my day job probably keeps me a little too busy. But that being said, for the first time investor out there, you generally want to look at something that is low risk. So I'm a big fan of, obviously as a fan knows the rent to own. That's a great way to get into the market without having to worry, per se, about a lot of the heavy lifting.
That's something I always recommend to people as they're initially starting. But the big thing is do what you feel comfortable with. Commercial investing generally requires a lot more upfront capital to get into it. The residential can, but it's a little bit low. And it generally carries a little less risk as well, I would say in that respect.
I think the big thing is really what your goal is. I'm a big believer of what I call reverse engineering. So for example, if I wanna make a million dollars and I wanna do that in the next five years. I will say, okay, if that's my end goal, then what steps do I have to take to get there in five years?
Then if I go and work back to where I am right now, then the path is gonna still go back and forth. But I'm gonna stay focused on my end goal of making a million dollars. And I'm a big believer that you should. Consciously and subconsciously focus on that. Why I'm mentioning this is that when it comes to real estate, I'm paid to be paranoid and I'm paid quite well.
That's one of my taglines because I'm legal counsel. So of course I'm gonna tell you your pros, your cons, there's risk in everything, but the risk should be what you are comfortable with in that respect. So that's why I would basically say as if you're going into real estate investing, then make sure you are comfortable with the following.
You plan for the worst, hope for the best, and see where your target is a year from now, three years from now, five years from now, and then work towards those particular goals. And that's basically the best advice that I've applied over the course of my investing career. And that's why I'm a big fan of Educating yourself so that you can make an informed decision.
It's a privilege in my position. I'm your humble advisor and I give you the wealth of my knowledge so that you can make an informed decision in that respect. One of my favorite jokes to tell because it's not really a joke, is the first time home buyer, as Alfonso knows, has no clue about land transfer tax.
They always say to me Rod, land transfer tax, that sounds like a scam made up by lawyers. And it's not. I say that's half right. It's a scam made up by politicians. And that's my joke because the reality is that most people aren't aware of land transfer tax and you do get a rebate if you're a first time home buyer.
After that, You have to essentially pay that land transfer tax, and that isn't a cost. So anytime you're going into a real estate investment, you have to factor in your particular costs and know what your profit margins are, etc, that sort of thing. So that's why like the land transfer tax, I've had so many first time home buyers say, I didn't even know it existed.
I said, why would you? Everyone accepts in Ontario that we pay 13%. H s T. You don't question it. Everyone on this podcast who's watching, has paid HST today. Not everyone is paid land transfer tax and yet the government raises tons of money and it's quite expensive, especially if in the Toronto area you pay double the municipal land transfer tax as well as the provincial.
That can be pretty pricey, especially when you're looking at the prices of homes in Toronto, for example, hovering around a million bucks. So that's where I like to advise clients and say, Hey, make sure that you are making the corrections. Decision for your particular current financial position and your risk tolerance.
Think about the pros and cons, and that's my job is to try to advise clients from a legal perspective so that they're making informed decisions whether it's land transfer tax or VTB mortgages, etc.
Alfonso Salemi: Yeah, absolutely. And as, as we started working with Jack Properties, working with Rod more and more over the last few years, it's always about, having that in the back of my mind okay, what would Rod do? What would Rod say? How can we say, okay, we have to run this by Rod to make sure that it's working, especially when we're talking about agreements or bringing on new people.
I don't, you definitely work with a lot of investors as well, too, that are, looking to grow their portfolio. And maybe what are some of the, like maybe missing some costs is one of them that you just touched on, but what are some other. Common mistakes that you see once they're in front of you.
Maybe private lending is a very popular strategy these days as well. So maybe what are some of the things that, from a private lending or from a rookie type investor, newer investors, That you're seeing?
Rod Refcio: What I would say is that the advice that I give most often is don't forget about the spread. Okay, so who is the most successful, and I'll see if you two can get it. Real estate investors in the world who are and I'll give you a hint. What institutions are the most successful real estate investors in the world?
Alfonso Salemi: I'll let you go first, Sarah.
Sarah Larbi: Oh my God.
Alfonso Salemi: I have a random guess and it's because I watched the movie, the Founder, like mcDonald's.
Rod Refcio: That's great. They don't even rank. Bigger than that.
Alfonso Salemi: Bigger than that. Okay.
Sarah Larbi: I give up. I actually don't know. It's quite intriguing. Banks. Oh yeah.
Rod Refcio: Okay, so here's why I'm mentioning this, okay? Is that a former banker? Full disclosure. Okay, but why are banks billionaires? Because, for example, the Big five Canadian banks, they just started investing in real estate 200 years ago. Okay. That's the reality. Okay. They've been around their billionaires because of that. The reason why I mention is they literally have trillions of dollars invested in real estate, okay? Fully secured.
Therefore, I've always been fascinated as a former banker, you watch what they do, okay? Which is to control the spread. Even in the current times where you can get a five year fixed mortgage for less than 2%. But I ask you if the banks are charging 2% and what are they paying you on your savings account?
A quarter of 1%. Okay. So in that particular scenario, if you have a 2% mortgage, the bank is making an eight times spread. Even though the quantum is very small, you go 2% versus a quarter of 1%, that's not much. But if you amortize that over 25 years, which is the standard mortgage.
Sarah Larbi: Yes, absolutely.
Rod Refcio: In that respect, and that's why. If you look at that, I always go, Hey, imitation is the highest form of flattery. There's not too many people that are gonna listen to this podcast that are billionaires. If you are, give me a call. I'll give you my direct cell number. But all jokes aside, okay, the idea is to look at what successful real estate investors do, and that's why I mentioned the banks.
We all know them. Okay. In that respect, and that's essentially where they make the majority of their money and they focus on that spread. So back to Alfonso's question: whether you're a first time investor or you've done 10 deals, when you're evaluating a deal, you want to make sure that the chances that your profits spread are going to pay off.
Are as high as possible. The candid reason why the banks are so good at it is that basically they control what we described as an oligopoly because they've been around forever and they're good at it. Their default rate or of not maintaining the spread is very low. Even in tough times, they plan accordingly.
The best advice that I can give from a legal perspective is to make sure that you're focusing on the spread. What is your particular benefit? There are some transactions that I've purchased where I'm solely focused on equity. I go, that property is undervalued. I know and I'm willing to bet in my gut that I'm gonna double my money. In five years.
I don't care if the rent pays the mortgage and the overhead costs, and I'm even funding it a little bit, okay, per se, because my spread doesn't cover it because I know the equity is going to be there. Other times you look and go, Hey, for example, on a rent to own or something that's a rental property, go, okay, I'm buying a $600,000 property.
I can rent it out. The overhead costs are 2,500 a month, I can rent it out for 3,500. Not only am I building equity, but I have a cash flow positive situation. Okay. I have a recent client that acquired a property. He was thinking it was going to be a long-term hold when he bought it in April, and he just sold it.
Okay. And his comment to me was, how can I not Okay. I can make myself a hundred grand in six months. I thought this was a long-term hold, but I know I can pull that money out. And redeploy in something else. So again, it really comes back to what are your particular goals. Some people just want that second property because you get the tax benefit.
No capital gains in your private residence. But if you have another property and you're looking to supplement an early retirement, then making extra 500 bucks per month over 25 years, and then you sell that. Is a nice little way to go. So it really comes down to the individual and knowing what I call your spread.
It's really just if you're the bank, you know that you can live with a small interest rate spread because you have billions of dollars invested and, 1.75% return on your money times a billion. That's a nice chunk of change.
Sarah Larbi: It's quite a bit. Absolutely. So the goals and the spread, obviously you're giving us tons of great information. I do wanna pivot a little bit cause I know we're talking a lot about the newbies, half of our listeners are experienced investors and investors that already have a handful of properties. And I wanna go back to something that you said, you were talking about Vtb and I think in the upcoming market, depending on what happens, there might be some more opportunity coming where there will be somebody that's wanting to sell and, okay. With a VTB, can you briefly, from a legal perspective, go through what an investor needs to do to get that deal and properly put the VTB together?
Rod Refcio: Sure. The first one, you gotta find one. Okay. That's the challenge. So a VTB stands for vendor take back, obviously. So the standard would be I'll give you a kind of quasi real life that we just did. The seller owned the property and did a private deal with my client, the purchaser for 600,000. Okay. And then, There is no mortgage. So when I said you have to find one, the person that owns the property generally has to own it free and clear in order to be able to do a VTB. Not always, but generally that's when a VTB shows up.
In that particular recent example, my client put down 200,000 and took a VTB, which is the vendor Take Back. So they have to pay the seller who still has an interest in the property, the monthly payments, and it's a two year term at a set interest rate. Okay. The great advantage to the seller is that they don't give up control of the property.
Example, if my client doesn't pay and defaults, guess who gets the property back? Plus they kept the $200,000 down payment. So there's very little risk. For the person that holds the VTB, why I'm mentioning this is that from the person who's buying using the VTB, you can usually negotiate down your interest rate cause it's fully secured.
If you follow what I'm saying. So can you do VTBs when there's a first mortgage, say with a major bank? Yes, you can, but you still have to come up with money to be able to satisfy all of the debts currently registered on the property. So this is a little more advanced question, so I'm gonna give a little more advanced answer.
Let's change the scenario that the seller wants to sell for 600,000, but he has a first for 250. In order to put the vtb on, that seller has to get at least $250,000 down upon closing to pay off that first mortgage. Then they can put a VTB, because as my joke has been for years, you don't own that property until you pay down the bank.
If there is a first. You can only give a vtb in second position for the difference. It all comes down to the spread. Okay. How much, in this case, it's the equity spread. So the VTB can be a hundred percent of the remaining equity. Generally, people won't do that because they've gotta incur their lawyer's expenses, that sort of thing, and it all comes down to LTV, which is loan value ratio, and most even with VTBs, they want a little bit of a spread between what the property is worth, so just in case you default, they can recover their legal costs, etc, that sort of thing.
It's like any other mortgage recovery. If there's a default, it takes about six months. Before they can take the property back, they'll, you'll spend thousands of dollars in legal costs. You should avoid it at all costs, but you can have a vtb and it can be negotiated directly with the seller so you don't have to jump through the hoops that you would with a major financial institution. So that kind of gives a brief overview of how that vtb works. It's great though, because you can move very quickly.
You can sign the agreement of purchase and sale and include a vtb clause in it. And as long as the seller is in the financial position to do so you can close within two weeks. And we've done so within the past month. So that VTB is very powerful.
Sarah Larbi: Just to recap though, obviously you've gotta find somebody free and clear. Property is ideal. It's better, it's easier to do. And then you would sign a purchase in sale agreement, add the vtb clause in there. And then essentially agree what the Vtb looks like, send it to you, they have a lawyer and then you guys work it out from there. Is that how you would recommend people do it?
Rod Refcio: That's correct. And what's essential is that if it's a private transaction without realtors, or even if it's with realtors, I'm a big fan with the V TB that you put the clause in saying that both the purchaser. As well as the seller having the option or it's conditional upon five business days, reviewing the contents with their legal counsel.
That way I'll get the call. Hey Ron, I got something going on. Can you check it out real quick? Absolutely. Because I'd rather talk you out of a bad deal, I gotta do this. And it didn't make sense. So that's why I'm a big fan of including that clause, and there has to be on both sides. I say if you're considering doing a VTB, which some of our listeners might be, then in my opinion, also review it with your legal counsel to make sure that you understand absolutely how this is going to play out.
Because there's a lot of work that needs to be done for the holder. Of that Vtb which is the seller and the purchaser has to make sure they can qualify, or I shouldn't say qualify, but they can afford paying that VTB cost.
Alfonso Salemi: That can definitely be a great strategy to use in this competitive market, right? To get a property under contract, get it in your possession rather quickly, like Rod saying five, six days a week, something like that versus these long-term periods. Two part question, one to wrap up. The VTB is. What would, how would you know when to qualify that and say, Hey, I should put in that V T V or I shouldn't, because when you're just looking, it doesn't say that on a listing or anything like that. What are some indications or signs that we can look for General public wise?
Rod Refcio: Yeah. What I would say is that just ask the question. Ask the realtor, okay, hey, did they have paper as the expression goes or mortgage registered on title? Okay. And usually if it's a realtor, it does, that realtor should be able to know that information. Okay? Sometimes clients will ask and say, Hey, we're doing this and we wanna make sure that person actually owns it.
Can we pull the title on the property so that we actually can create the agreement of purchase and sale and actually put a private offer in? Okay. What I would basically say, it never hurts to ask. Okay. It is a lot more in private transactions without realtors. Okay. I find just because that is generally off the market properties where people will go after it aggressively in that respect.
The simple answer to that question is ask. Okay. Love it. It doesn't hurt. Love it. If you come to offer me, 8% VTB, fully secured, I'll take that interest only. Oh yeah, sure. Take your time. How about you take 20 years? Paying me 8%. I'm good with that right now.
Alfonso Salemi: Absolutely. And the second part of that is just as we're recording this as you mentioned, it's a super competitive supply and demand. Not a lot of inventory, a lot of people going out there, but still a lot of people finding success and finding those properties.
What are some quick, some tips or strategies? Is there a clause, is there something that we can put in those agreements of purchase and sale that makes that offer more attractive to that seller, that makes them wanna work with us versus the other tens of dozens of offers that they're getting?
Rod Refcio: Yeah. What I would tell you is that ultimately, I keep saying the spread, but it's the, what's the rate? Of return on investment. Okay, so for example, if I sell the property free and clear, I get 600 grand, I got 600 grand, what am I gonna do with it if I put it into my bank account? Okay. I get a lousy quarter percent.
Okay? So I'm losing because inflation is still 2%. Okay, so if Alfonso comes to me and says, Hey how about that 8%? I'll put $200,000 down. No offense to Alfonso, but the nuclear option, if he drops dead, I get the property back and I keep his money. So in that respect, I'm looking at going, that's very attractive.
Sarah Larbi: Does the title stay with the VTB and the seller then?
Rod Refcio: No, what happens is it goes to the purchaser, but there is a mortgage registered against title to the property. So we hate to pick on, but if he drops dead, then I get to essentially take over that property, unless his estate wants to deal with it accordingly.
Okay. So there's no risk. He can't abscond with the property. He can't sell it without paying me out. So that's, If you follow my example in that $600,000 that I keep focusing on a $400,000 VTB first mortgage at 8% interest only means I'm making, if my math is correct, $32,000 a year for doing nothing.
Okay. Just I'm owning the property. And you don't get the tax hit. Exactly. Okay. In that respect. Now, do I lose out on the equity increase? That's why Alfonso's doing it. Okay. But I can sit back and let Alfonso worry if the furnace goes okay. Or if there's a problem with a tenant. Okay. etc. I just sit back and collect the monthly return on that particular mortgage and easy peasy is the only way I can describe it. It's the best type of investing as far as I'm concerned. Zero risk.
Sarah Larbi: Awesome. Very cool. So the next part of the podcast is our lightning round. Rod, we can keep talking to you forever and you got so, so much great insight.
Rod Refcio: Everybody likes free legal advice.
Sarah Larbi: I know, right? So we'll have to have you come back on at some point in the future, but the next part is our lightning round. Alfonso and I will take turns asking you four total questions and try to keep your answers within 10, 15 seconds each. Done.
All right, so question number one. What is the best advice that you have ever received from another investor or at a networking event?
Rod Refcio: The best advice is to take the shot. Okay. If you take the shot, you have a chance to succeed if you don't take the shot. Your fate is sealed.
Alfonso Salemi: I love that. Wayne Gretzky, right? You miss a hundred percent of the shots you don't take.
That's great.
Rod Refcio: There's variations, but yes, Michael, Jordan, you name it, you Got it.
Alfonso Salemi: Awesome. Alright, number two, what is your favorite resource for real estate investing? And that could be anything. A book, a training, an event, a person.
Rod Refcio: This podcast. Shameless what I would say, I don't think I have one in particular. What I will say probably is Google. Okay. I'm not a big fan of everything that is put out there, but the, because there's a lot of misinformation. But, Just educate yourself by finding this type of podcast. Getting as many opinions as possible is always the great way to do it, in my opinion. And then go from there, books, etc, that sort of thing.
Magazines, I'm fascinated. If you're passionate, it's easy to find it out. Start Google and see where it takes you.
Sarah Larbi: Google is actually how I learned about real estate investing to begin with before I found all the podcasts and everything else, so great. Great resource for sure. Number three, what is the one attribute rod that has made you most successful?
Rod Refcio: I would say work ethic. Is a personality character trait where if you want to essentially achieve, then you have to put the time in. So I had a whole bunch of ambition years ago and I was willing to put the time in, but I would very often see people that either had things, careers, assets, whatever, and I was always fascinated.
I would just simply say, Hey, how did you get that Ferrari? Okay. Or How did you get that big fancy building? And people like to talk, oh, I did this, I did that, etc, that sort of thing. So having a strong work ethic and a sense of curiosity. Is, and genuine and curious, like how did you do that?
That's fascinating. I would say those two particular characteristics. And the other thing too is distinguish yourself. Okay, do what others will not. And if you do that, then you're going to essentially set yourself up. When you take that chance, luck meets opportunity. Combined with hard work, that's basically, in my opinion, the formula for success.
I impressed a client of mine by returning a text message at 11: 30 at night, cause I happened to be up and the client was like, I knew you would answer. Okay. And I'm like, yeah, and you knew I, but I knew it. And that's why I did. And that's why even this type of meeting of the mind sort of thing is always a good thing, work hard. Best advice I can give you.
Alfonso Salemi: Absolutely. And yeah, when the rod's on your side, it's like working like a pit bull to make sure that we have all sides covered. So last question of the lightning round rod, I know you have, I guess they're one year old now, just new one year olds, but maybe that has something to do with it. But on a typical Sunday morning, what are you up to?
Rod Refcio: I'll tell you if a typical Sunday morning is generally when I like to relax. Okay. In that respect, unless we're doing a speaking engagement or something like that, I'm gearing up for Alfonso and I have done that in the past. But generally what I like to do is I like to educate. And relax.
I'm a big fan of the news shows, et cetera, that they put on in American television in the mornings. And I like to basically use that time to do some reading, etc, that sort of thing, and just educate. You need some downtime. And Sunday mornings, in my opinion, enjoy sleeping in if you get the chance.
Doesn't happen to me too much. These days. But also take that time to just refresh. And I'll tell you what I do is I plan during that what I'm gonna be doing the following week and what my goals are. So I start right away as soon as I get up, okay, have breakfast, do this, and then what am I gonna use Sunday time for to ensure that my week goes successfully and what do I want to achieve?
Sometimes that's, you know what? I'm feeling tired. I had a super busy week. I'm gonna try and catch a nap. Okay? If you have that, I. That might be what's required to go through a heavy week. Other times it's gotta do this, I gotta do that. But plan your week at some particular point in time.
Usually by around noon on Sunday, I've got my week planned. So planning is absolutely essential because life throws all sorts of curve balls. We all have 24 hours in a day, and it's how you use them. The other little tip I would say is that, Is this a problem today?
Is it a problem tomorrow? Is it next week, next month, next year? Organize what needs to get done today. I knew today I would be on this podcast, so I said, yep, I'm gonna make myself look as pretty as I can in that respect. And then what do I want to talk about, focus on that sort of thing. And I had it in my mind. And was planning accordingly. I've been doing so since you first presented the opportunity in that respect, and it's been a fun time.
Alfonso Salemi: Amazing interview and a wealth of knowledge. For our REITE Club Nation that want to find out more and get in touch with you and your team, how can they do that?
Rod Refcio: Shameless self promotion. We're on Instagram. I told you I was. That was cool. I spent a lot of time, so it's refcio_and_associates. I am not a rockstar celebrity, that sort of thing. So I think I have a humble 400 followers in that regard, but that's a great way I respond to the dms.
If you need to slide into my dms, as they say. Email is great. It's refciolaw.ca. Our website is www.rrlaw.ca. We have pretty much the full firm services there as well as my contact information, but I would primarily say, Send me an email. It goes direct to my phone.
That email again is refciorrlaw.ca. Everybody gets a free consultation. As large as the firm has grown, we're still continuing to grow. I really enjoy meeting new people, taking on new clients because for me, I enjoy it if I can help you secure your first investment of property and then it leads to you being successful, achieving what you want, I enjoy that.
That's really what motivates me is helping people achieve their success. Another last bit of advice that someone gave me, focus on making others wealthy and you'll do just fine. And that is.
Sarah Larbi: That's great advice. Rod, thank you so much for being on the show. It was a pleasure having you on and thanks for all your insights.
Rod Refcio: Thank you very much for having me. I appreciate that you know how to reach me folks, and we'll look forward to doing it again soon. Awesome. Thanks Rod.
Sarah Larbi: That was great. You know what? I really loved how he broke down the vendor Take Back and how to do that from a legal perspective. Rod we could have kept talking for hours and hours. He's got so much information willing to share. He's also a very successful real estate investor, so I really enjoyed this podcast. Any takeaways on your end, Alfonso?
Alfonso Salemi: Yeah I've been lucky. Rod was one of the first people that we met in our Jag's real evolution into real estate investing and making us think more of a business and how big businesses operate and not just one or two or three properties.
It's everything else that's involved. Yeah, he's just really generous. With his information, his time, and his truly means he wants to build those relationships. So Rod's fantastic and yeah, the vendor Take Back, I know I've heard it explained before, but breaking it down into those steps and even going out and getting ideas, I'm sure a few of you have different thoughts and ideas now how to go and find those clients and the actual benefit.
Remember guys, it's yes, there is a benefit for you because now you don't have to go to the bank. But there is a huge benefit for those people that are actually. We'll be the vendors that are gonna do that Takeback. Yeah, great podcast. Always love doing these with you, Sarah. And yeah, check us out thereiteclub.com. But until next time.
Sarah Larbi: Come grow with us.
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