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Author: John J. Pizale, BSc, JD

John is a member of the Law Society of Ontario. He is the former President of a major Canadian real estate developer and was a Managing Partner of a prominent Toronto based law firm. He also formerly served as a Member of the Board of Trustees of a $1 billion Canadian pension fund and is a former Principal of a leading private media and internet company. As Fundscraper’s General Counsel, John provides general legal and strategic business advice related to everyday operations and corporate growth.

Healthy Real Estate Investing for Medical Professionals

Posted on by John J. Pizale, BSc, JD

1) INTRODUCTION – THE SHOEMAKER’S CHILDREN SYNDROME

The old adage that “the cobbler’s children have no shoes” too often is so true for many Medical Professionals. They are typically so busy caring for others that they, like the proverbial shoemaker, neglect their own welfare.

This paper is intended to be a prescription for the financial well being of Medical Professionals at large — in particular Physicians, Dentists, Chiropractors and Pharmacists. You may be practising, retired or navigating on how to get there successfully — never too early or late to start!

We will cover why your investment strategy should consider including a healthy dose of private real estate backed investing as part of your investment portfolio mix. It’s all about the holy trinity of real estate investing:

  • It is a hard permanent asset and can act as a hedge against inflation;
  • It can provide a stable income stream;
  • It can balance out volatility from wild fluctuations in the public securities markets.

2) SYMPTOMS

Medical Professionals all too well know the hazards of overwork, burnout, stress, depression, difficult patients and colleagues — on and on.

The last thing you need is needlessly to pile on the stress of financial planning and the challenges (and sometimes headaches) that go with it. The good news is that there are some simple tactics you can use to ensure your financial portfolio is adequately diversified.

Younger Medical Professionals are often starting behind the eight-ball (those who play billiards know that is not especially favourable!). Earning your credentials and licence to practise took several years of hard work and sacrifice, often resulting in sizable student loans and a late start to saving.

Some, but not all, more established Medical Professionals may already own homes and cottages, have management corporations and traditional investment portfolios, which may charge management fees regardless of performance and are subject to nerve wracking levels of volatility.

Yet, there is a good chance both the fresh faced and veteran Medical Professionals are too busy and undereducated in the fine tuning of finances to take the initiatives on their own that are so vital to financial wellbeing for them and their families.

The anecdotal record suggests that Medical Professionals are not always astute investors and often are the targets and victims of nefarious promoters and highly questionable schemes. Investopedia quotes Dr. Jim Dahle, a hockey playing emergency room doctor and blogger at the White Coat Investor, who says that the common reasons that most people struggle with money apply to doctors. These include “a lack of financial literacy, poor financial discipline and a lack of long-term perspective.” “In addition, there is a bit of a culture within academic medicine where you don’t talk about financial topics,” he says.

And so, if you are financially literate or not, read on to learn about a simple framework that anyone can adopt to achieve a more diversified investment portfolio which includes alternative assets and hopefully can generate a premium risk weighted return.

3) DIAGNOSIS — THE IMPERATIVE OF A PERSONAL WEALTH PLAN

Of course, we all need sufficient capital to support our desired lifestyles, now and in the future, and in many cases that of our loved ones. These are the so-called “necessaries of life”, the levels of which will be as varied as there are different Medical Professionals.

Someone said, “The best thing money can buy is financial freedom” — Easily said, not so easily accomplished. Financial security is not automatic. Its achievement necessitates careful planning and personal discipline.

Now that you have the benefit of a secure and steady flow of patients and customers with the prospect of solid earnings and some discretionary capital, what’s next?

Creating an investment portfolio that mimics your practice! A rich capital base that produces a steady flow of income with a future prospect of growth and surplus capital to spend! Real estate as an asset class mimics such attributes and can be a cornerstone of any such portfolio.”

as of 2022-11-16

Sources:

https://www.td.com/ca/en/personal-banking/personal-investing/products/gic/gic-rates-canada/

https://www.rbcdirectinvesting.com/pricing/gic-bond-rates.html

https://www.morningstar.ca/ca/report/fund/performance.aspx?t=0P0000Q34Y

Coming up with a sensible plan designed, not only to maintain your lifestyle and wealth, but grow it for your future that includes the critical element of real estate, will take a large number of Medical Professionals into some unfamiliar territory.

Nevertheless, it is all important to your financial health to adopt a personal wealth blueprint to build your fortune and future.

This, no doubt, is the time to seek the wise counsel of your lawyer, accountant, and/or independent investment manager, but before you do so, let me give you some food for thought about why your wealth plan should consider adding real estate secured investments.

4) REAL ESTATE — A GOOD IDEA

Most of us find it axiomatic that real estate is a good idea.

After all, Mark Twain, the late famed American author, long ago advised us to “Buy land, they’re not making it anymore”. This was repeated in spirit by Louis Glickman, the famed real estate investor and philanthropist, when he said “The best investment on earth is earth.”

From the moment we stopped being nomads and “staked” claim to property, we began trading real estate. It began with lands used for agricultural purposes where the intrinsic value of the asset was realized (“Hey, we can stop wandering, grow food, get strong, and beat off the nomads!”), to housing, to commercial uses. A good idea does not die and real estate investment has been around almost as long as we have!

It’s not hard to appreciate why owning an income-producing building can potentially generate long term uncorrelated premium returns, often acting as a hedge against inflation since rental rates often correspondingly increase as incomes and inflation increase.

5) THE BETTER MOUSETRAP — BUILD A MORE PERFECT PORTFOLIO

Sticking with investments in public stock market equities and fixed income securities is often unimaginative and open to vagaries of unexpected events beyond control that can subject your savings to volatile swings in value. In 2008 and more recently this year, this painful lesson was learned again by millions of investors around the globe. There is an investment bias that many amateur and seasoned investors possess: investing in stocks and bonds is all I have to do! These are only two asset classes. When assets are highly correlated within asset class as they are in both public stock and bonds, their prices tend to move in lockstep with one another, leaving those who hold them vulnerable to dramatic market swings. Without diversification outside these two public markets, investors can be in for a wild ride! This opens the case for diversification into private markets and alternative assets, like real estate.

Here’s how the wealthiest 1% invested, based upon data from one of the largest alternative asset managers, KKR Inc.:

Why not piggyback onto the tried and true paradigm of real estate investing strategies established by major players like endowment funds, pension funds, insurance companies, and high-net-worth and ultra-high-net-worth families.

Sources:  

  • https://www.investopedia.com
  • https://www.origininvestments.com
  • https://www.investments.yale.edu/about-the-yio

6) REAL ESTATE BACKED INVESTING AS AN ESSENTIAL AND UNIQUE INVESTMENT

We differentiate from vehicles like mortgage investment corporations (“MICs”), real estate investment trusts (“REITs”), mutual funds and the like, that pool any number of projects. By real estate secured investing we mean you select the individual projects one by one.

A decent level of real estate focused investing, whether in land or buildings, in your portfolio can mitigate volatile market swings.

I will tell you why.

Real estate, for the most part, fluctuates quite distinctly from other conventional asset groups, like stocks and bonds. It has unique features. For instance,

  • Real estate is tangible and is what lawyers call an “immovable”. In other words, you can kick it.
  • It is often scarce, particularly in growing areas and provides an opportunity for appreciation in value over time.
  • Real estate is a hard asset with a potential income stream. It can allow for reasonable leverage and the miracle of compound interest.

7) THE PRESCRIPTION — THE DIAGNOSIS

“A simple fact that is hard to learn is that the time to save money is when you have some.” Joe Moore, American TV personality.

So called “best investors” like pension funds allocate 9 to 10%(*) of their entire investment package to real estate investing. Benchmark returns, with and without real estate, make a compelling argument for including real estate investing in your portfolio. See the previous sources for the Yale University Endowment Fund.

*source: https://www.wealthmanagement.com/investment-strategies/pension-funds-eye-higher-real-estate-allocations

Meaningful real estate investing can be a prescription for a healthy, well-rounded and diversified investment package designed for today’s Medical Professionals.

Medical Professionals who invest wisely in real estate type securities for the long term can enjoy an excellent diagnosis for their financial health.

8) CALLING ALL MEDICAL PROFESSIONALS — MAKE FUNDSCRAPER YOUR ALLY.

You may hear from naysayers who dispute the prudence of real estate investing, at least by those among us who might be considered neophytes who don’t know any better. Their position basically distills down to the proposition that most people, including those whose main pursuit is in the medical arena, do not have the requisite knowledge, time, or expertise. While this is cause to be cautious, Fundscraper Capital provides a seamless online solution. We will professionally handle the search, due diligence and financial analyses to aid you to assess and make decisions with the relevant data points at your fingertips and then work with you to complete your investment in compliance with relevant laws and regulations.

Simply put, let Fundscraper help you diversify your portfolio with real estate backed investing by doing the heavy lifting.

If you are more comfortable, we are quite happy to liaise with any of your trusted advisors or investment managers. Please feel free to link them to this paper and invite them to connect with us to explore how we can collaborate on your behalf.

a. Background

It is important that you feel you are in trustworthy and capable hands and not have to worry about an unreliable sponsor or nefarious investment scheme. Governments everywhere are being proactive in enacting consumer protection legislation and strict regulations are the order of the day.

Fundscraper Capital Inc. is on the leading edge of online investing. It is an exempt market dealer registered with the Ontario Securities Commission in the Province of Ontario, and equivalent regulating authorities in other Canadian jurisdictions.

Further it is registered as a mortgage brokerage with and comes under the jurisdiction of the Financial Services Regulatory Authority of Ontario.

b. Online Platform and Technology

Fundscraper is an online platform that facilitates direct private investments by qualified investors into an array of real estate backed projects and investments sponsored by proven developers and owners. You select individual projects that interest you and invest directly, rather than through a conglomeration.

Fundscraper’s cutting edge technology uses best of practice compliance standards and introduces investors to real estate investing opportunities usually reserved for institutions or deep pocketed and well-heeled, connected investors. There is a high degree of comfort, not to be underestimated, in knowing exactly what you invest into, a unique experience you do not often get when investing in private markets.

c. More than a Platform

Fundscraper is far more than an online platform.

Our team is comprised of dedicated and experienced industry experts in all facets of Fundscraper’s business.

Transparency and trust are priorities. While we do not charge for or provide investment advice per se, we put forward the pros and cons of the real estate investing opportunities listed on our website, so you can make an informed decision on which to choose.

We take substantial steps to ensure that a given investment is suitable for you. We go to great lengths to observe the regulatory rules related to “Know Your Client” (KYC) and “Know Your Product” (KYP). We have a concierge service which makes a knowledgeable, registered representative available to assist you in things you need to know to take advantage of Fundscraper’s platform for real estate investing. Being part of the select “white lab coat body of Med Pros” will entitle you to “white gloves treatment” from Fundscraper.

d. Attractive Net Returns

Fundscraper opens up select investments to a large group of qualified individual Canadian investors as established by legislation, the general intent of which is, among other things, to make real estate investing more accessible to qualified investors.

As a generalized bare bones overview only, typically these qualified investors (including their spouses) fall into the following classifications.

  1. Accredited Investors — high net worth, of at least $1 million in net financial assets or $5 million in net assets, or sustained annual income of $200,000.
  2. Eligible Investors — with an offering memorandum, $400,000 in net assets or at least $75,000 of sustained annual income.
  3. Minimum Amount Investors — corporate investment of at least $150,000 in a single investment.
  4. Permitted Client — high net worth, of at least $5 million in net financial assets, ability to waive suitability.

The precise criteria for each of these categories as defined by applicable securities laws is somewhat complex and beyond the scope of this paper. Fundscraper is standing by to help you determine where you and/or your spouse fit in.

e. Conventional Wisdom

John Kenneth Galbraith, the late acclaimed Canadian born American economist is widely acknowledged to be the father of the phrase “conventional wisdom”.

It is that precise sense of conventional wisdom combined with old fashioned common sense that dictate that you consider diversifying your investment portfolio.

Fundscraper can make diversification into real estate happen for you. Keep in mind:

  • We humanize digital investing with state of the art technology and open up private markets not usually available to a vast majority of investors.
  • You will have a real concierge desk responsible to help you at every step in the real estate investing process.
  • It isn’t hard to invest in real estate the Fundscraper way – we are primarily online and digital, but also can provide white glove services.
  • We do a lot of the work to make sure you are able to make an informed decision on what the risks and rewards are when investing.
  • Our highly experienced team underwrites and vets each deal based upon our collective management team’s experience of decades working with institutional investors.
  • We have successfully processed some $500,000,000 of transactions.
  • Fundscraper is licenced by and complies with strict governmental laws and regulations, in particular those of the Ontario Securities Commission and the Financial Services Regulatory Authority of Ontario.
  • Our systems and people will help you determine your status as an investor qualified to participate in our select real estate investing opportunities under applicable securities laws and regulations.
  • We are dedicated to building a long term relationship with all our clients and helping you to achieve your real estate investing goals through a diversified portfolio with real estate at the forefront.
  • We are a community of real estate people standing by to welcome you to the neighbourhood.
  • We standby at your direction to work with your trusted advisors and wealth managers.

Start Investing in Real Estate Backed Investments Today

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Calling all Accounting Professionals – Growing Your own Wealth and That of Your Clients With Real Estate Investing

Posted on by John J. Pizale, BSc, JD

1. SOME HISTORY

First, a bit of the history of Accounting – one that is thousands of years old. Its ancient roots go back to Mesopotamia and weave through societies in India, Egypt, the Roman Empire, the countries of the United Kingdom, America and on and on.

 Early Accounting emerged from bartering and trade and was essentially a bookkeeping exercise. In the 15th Century Venice was a major centre of trade and commerce and it was there that the mathematician monk, Luca Pacioli, did the spade work for modern Accounting. His treatise, while not an invention in itself, was a digest of scholarly work to that time and which laid the footings for today’s methods of recording financial data and ultimately the birth of a proud profession.

 Through the era of colonialism, with the development of creatures called corporations and today’s global world of free and open markets, Accounting Professionals continue to be indispensable. They are the successors and gatekeepers to long tested and honourable traditions.

2. THE ACCOUNTING PROFESSIONAL’S UNIQUE PROFILE AND ROLE

Members of the Accounting Profession occupy a unique and well deserved respected place in Western Society’s business community. Enviably, they are regarded as knowledgeable and trustworthy in all things financial.

Your clients invariably rely on you for tax, insurance, estate planning and business advice. You mostly deal with people with sufficient assets and their tax returns are invariably a good place to start. Issues of corporate structure, family succession, tax drag, dividends and profits (never losses!) are some of the everyday topics you face in advising your individual clients.

 Not to be forgotten, is the role Accounting Professionals play as investment advisors. Unlike some wealth managers, you do not earn commissions and have the advantage of dispensing independent counsel.

All in all, when it comes to financial affairs, Accounting Professionals are the quintessential confidantes. 

3. WEALTH ACCUMULATION THROUGH REAL ESTATE BACKED INVESTING

Most Accounting Professionals have more than a rudimentary understanding of the intricacies of the real estate industry. So this paper is not intended to cover what for most of you are redundant subjects. Suffice it to say:
  • Real Estate is a hard permanent asset (you can kick it) – as such, there are potential tax benefits through depreciation and other interest expense deductions for investment property;
  • Diversification of your portfolio with Real Estate backed investing will potentially balance out the vagaries and unpredictable fluctuations in public securities markets – since private real estate is not publicly traded on a stock exchange, valuations are generally based upon appraisals, which can impact the correlation with public stocks and bond indexes;
  • Real Estate can provide a regular fixed income steam over a set time frame – if the contracted rental rates are adjustable for inflation, then it can serve as a meaningful hedge against inflation; and
  • Real Estate secured Investing, when managed well, will ideally pay off in the long term and at the same time maintain premium risk weighted returns that can combine benefits of capital appreciation and income.

4. HYPOTHESIS

Recognizing the intersection between the two disciplines of Accounting and Financial Planning, Accounting Professionals are ideally positioned to quarterback the entire investment playbook for themselves and their clients; including liaison with other experts i.e. bankers, asset managers, stock brokers and lawyers.

You all know about the golden rules of Accounting, those Generally, Accepted Accounting Principles (“GAAP”) which form the cornerstones of the authoritative standards by which Accounting Professionals conduct their affairs.

Let’s add a new one – Help create wealth by helping clients consider diversifying their investment portfolios with Real Estate Backed Investments!”

CALLING ALL ACCOUNTING PROFESSIONALS – MAKE FUNDSCRAPER YOUR ALLY

Accounting Professionals are skilled with numbers, but remember the arithmetic often tells only part of the story. Strategic investing requires more and that’s where Fundscraper comes in. As the late famed American broadcaster, Paul Harvey, might  say – Fundscraper will tell you the “rest of the story”. And so let Fundscraper help you and your clients strategize wealth creation strategies with attractive real estate investments.

Please visit Fundscraper’s website at www.fundscraper.com for the full story.

In the meantime, consider the following:

  • Fundscraper opens up private opportunities for qualified investors not typically available to the vast majority of investors;
  • With Fundscraper you will be in capable and trustworthy hands. It is an Exempt Market Dealer and registered Mortgage Broker licenced by the Ontario Securities Commission (“OSC”) and the Financial Services Regulatory Authority of Ontario (“FSRA”) respectively;
  • Fundscraper uses cutting edge technology to facilitate online Real Estate focused Investing;
  • Fundscraper’s team is comprised of experienced experts in all facets of its business, who underwrite the deals with a level of care and sophistication based off of decades of institutional experience; and
  • You and your clients can access key underwriting information and make informed decisions with Fundscraper doing the heavy lifting. A real concierge desk will help Fundscraper users at every step of the way.

MAKE FUNDSCRAPER AN ALLY NOW!

Sign up at www.fundscraper.com with no obligation and receive Fundscraper’s newsletter and regular updates on available investments.

Start Investing in Real Estate Backed Investments Today

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A Glossary of Real Estate Related Acronyms

Posted on by John J. Pizale, BSc, JD

Acronyms are a sort of abbreviation using initials and there are virtually hundreds of thousands. Our compendium is a short list of many of those most closely associated with real estate. 

AML – Anti Money Laundering

AMV – Affordable Market Value

APR – Annual Percentage Rate

ATF – Anti Terrorist Funding

ARM – Adjustable Rate Mortgage

AUM – Assets under Management 

BPO – Broker Price Opinion

CCO – Chief Compliance Officer in an EMD

CFE – Crowdfunding Exemption

CIM – Confidential Information Memorandum 

CMHC – Canada Mortgage and Housing Corporation 

COFI – Cost of Funds Index 

CRA – Canada Revenue Agency 

CSA – Canadian Securities Administrators 

DD – Due Diligence

DICO – Deposit Insurance Corporation of Ontario

EBIDA – Earnings Before Interest, Depreciation, and Amortization

EBIDTA – Earnings Before Interest, Depreciation, Taxes and Amortization.

EGI – Effective Gross Income

EMD – Exempt Market Dealer

FICO – Fair Issac Co. (credit score)

FINTRAC – Financial Transactions and Reports Analysis Centre of Canada (money laundering and terrorism)

FMV – Fair Market Value

FS – Fundscraper 

FSCO – Financial Services Commission of Ontario (part of Ministry of Finance

FSRA – Financial Services Regulatory Authority of Ontario 

GDS  – Gross Debt Service

GP – General Partner

IIF – Investor Information Form

IIROC – Investment Industry Regulatory Organization Canada

IRR – Internal Rate of Return

ISDA – International Swaps & Derivatives Association

KYC – Know your Client

KYP – Know your Product

LP – Limited Partnership

LTC – Loan to Cost

LTV – Loan to Value

MI – Mortgage Insurance

MIC – Mortgage Investment Corporation

MLS – Multiple Listing Service

OM – Offering Memorandum

OME – Offering Memorandum Exemption

OSC – Ontario Securities Commission

OSFI – Office of the Superintendent of Financial Institutions

PITI – Principal, Interest, Taxes, and Insurance

PM – Portfolio Manager

PN – Promissory Note

PPM – Policy & Procedure Manual

REIT – Real Estate Investment Trust

ROI – Return on Investment

TDS – Total Debt Service

TVM – Time Value of Money

UDP – Ultimate Designated Person in an EMD

VC – Venture Capitalist

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Why The Wealthy Favour Real Estate Investing

Posted on by John J. Pizale, BSc, JD

Table of Contents 

  1. Introduction
  2. The traditional investment portfolio misses the mark
  3. The case for diversifying your investment portfolio
  4. Real estate as an essential part of your investments
  5. Invest like a big player — the 20% rule
  6. How to pursue real estate investing as an individual
  7. Summary
  8. The last word — make Fundscraper your ally

1. Introduction

Most of us might find it self evident that real estate investing is a good idea. After all, Mark Twain, the late famed American author, long ago advised us to “Buy land, they’re not making it anymore”. 

Interestingly, the New York Times recently reported that the Mark Twain Historical Centre has mildly disputed the attribution of this often quoted advice to Twain. My guess is that it probably can be sourced to an over zealous real agent unwittingly dispensing sage counsel in order to boost their commissioned income!

Of course, there are naysayers who dispute the evident wisdom of real estate investing, at least by those among us who might be considered neophytes who don’t have much real estate investing experience.

So let’s have a closer look at why wealthy investors will consider including a good dose of real estate, whether by way of equity or mortgages, in their portfolios. 

My goal is not so much to convince readers that real estate, in itself, is a good bet, but rather to make the case for diversification of their portfolios to include a meaningful segment of direct real estate holdings.

We will cover fundamental roles private real estate plays in a diversified investment portfolio:

  • It is a hard permanent asset that can moderate risk and enhance your net worth through potential capital appreciation;
  • It can provide fixed predictable returns through potential rental income of interest income; 
  • It will balance out unexpected wild fluctuations in public securities markets which in a worst case scenario could without notice crush the paper value of your public securities portfolio at any given time; and
  • It is a source of additional benefits you won’t receive by only investing in stocks or bonds.

2. The traditional investment portfolio misses the mark

For the most part, financial professionals, wealth managers and often well-meaning friends recommend a pathway to balancing your investments — likely something along the lines of 60% in public stock market equities and 40% in public fixed income securities.

The idea is to mitigate risk through prudent asset allocation in various classes — stocks, fixed income (bonds) and cash.

Too often, the traditional portfolio mix fails to achieve optimum diversification because of the under-representation of alternative assets such as real estate backed investing.

3. The case for diversifying your investment portfolio

 Our thesis is that overall you can better diversify by adding solid real estate secured investing, at the same time reducing your correlation to public markets volatility.

Most of us are naturally risk averse. Common sense tells us to spread our money out into a diversity of pots, hoping the ups and downs will balance out and we will enjoy a somewhat stable, if unspectacular, return on our investments. 

Needless to say, the investment environment, especially in the stock and bond markets, can be volatile. There have been historically high and low returns in the last few years. Investing limited only to public markets always risks the chance of devastation if an “asset bubble” precipitously bursts. This can be brought on unexpectedly by major events beyond our control or ability to predict, for instance: 

  • world tensions and conflicts;
  • environmental disasters;
  • widespread technological advances or miscues;
  • fluctuating interest rates;
  • galloping inflation; and
  • changing investment preferences of major institutional investors.

As to holding cash, trading in commodities or speculating in domestic and foreign currencies, all have short and long term risks, the nuances of which are generally only understood by a select group of expert investors and sophisticated professionals.

4. Real estate as an essential part of diversifying your investments

Real estate investing for the most part fluctuates quite distinctly from other conventional asset groups, like stocks and bonds. It has unique features. For instance, real estate is tangible and is what lawyers call an “immovable”. 

By way of an aside and as a matter of general interest, in feudal times and for ages because few people could then read and write, the only recognized method of conveying land was by the gesture of actually handing over a piece of the dirt or the landscape to the new owner. This method of acquiring an interest in land, called “feoffment”, has long since been supplanted by conveyances founded in statutes — for example written and registered deeds and mortgages. Despite the obsolescence of the feoffment ritual, the notion of intrinsic permanent value of real estate remains embedded in our collective psyche. And so, a centuries old real estate investment strategy continues and thrives in today’s modern times. 

Back to the discussion.

Unlike stocks and bonds real estate trades privately based on local factors such as:

  • location (including comparable property values);
  • supply;
  • demand; and 
  • investment lifespan. 

It is often scarce, particularly in growing areas, which translates to supply challenges and appreciating value. In your portfolio, real estate investing is a channel to investments backed by real hard assets that can provide a regular income stream and long term growth coupled with the benefits of diversification. Other benefits to note include:

  • the ability to take advantage of leverage;
  • tax deductions; 
  • a chance to create added value; and 
  • an increased voice or insight into the management of the asset. 

There is no reason not to be able to enjoy superior diversification and potential performance at the same time. 

Real estate investment for women, particularly, can practically be very important for their portfolios.  On average, women simply live longer than men!  The need to maintain and grow the value of a retirement portfolio is a pragmatic concern. Good real estate investing can only enhance the prospect of enjoying the benefits of things like reasonable leverage and the miracle of compound interest over an extended period of time, while protecting against the volatility and vagaries of other classes of investment and vice versa. 

5. Invest like a big player — the 20% rule

Most of us never get a chance to participate directly in a major real estate project — usually grabbed up by big players, like private equity firms, banks, insurance companies, pension funds, and government institutions. We are mostly left to public mutual funds, real estate investment trusts (“REITs”), exchange traded funds (“ETFs”) and the like. 

In fact these well-informed institutional investors typically employ a direct real estate investing strategy. Typical allocations can range from 9% to 15%(*) of their entire investment portfolio.

*source:  https://www.wealthmanagement.com/investment-strategies/pension-funds-eye-higher-real-estate-allocations

Benchmark returns with and without real estate make a compelling argument for the inclusion of real estate investing. 

 

Sources:

  • https://www.td.com/ca/en/personal-banking/personal-investing/products/gic/gic-rates-canada/
  • https://www.rbcdirectinvesting.com/pricing/gic-bond-rates.html
  • https://www.morningstar.ca/ca/report/fund/performance.aspx?t=0P0000Q34Y

In that regard, consider the experience of and the lessons to be learned from the Yale University Endowment, which is one of the best performing investment portfolios in North America, having a current value in the range of $30 billion. The fund is often known for its “20% rule” which at its peak allocated approximately 20% in private markets, including real estate.

Sources:

  • https://www.investopedia.com
  • https://www.origininvestments.com
  • https://www.investments.yale.edu/about-the-yio

This invariably translates into potential premium risk adjusted returns over time for a real estate investor over one who employs a more traditional allocation based in public markets. 

One can only conclude that it makes sense to piggyback onto a tried and true paradigm of real estate investing established by the major players. 

6. How to pursue real estate investing as an individual

How can a smart, modern investor get in on the real estate investing action, especially since going on your own may require prohibitive amounts of capital?

Besides buying a home or taking on a private mortgage, there are any number of vehicles designed on a broad platform to facilitate an individual’s ability to put money into real estate — whether it’s equity or debt. You can in fact add real estate to your portfolio without actually buying property.

In Canada, we have mortgage investment corporations (commonly called “MICs”), mortgage trusts, limited partnerships, real estate mutual funds and the like. Generally these are all set up so that their investors share in any number of projects. This means returns are not necessarily fixed and depend on the performance of a pool of assets. 

Yet, once you decide to add real estate investing to your portfolio, putting your plan into action brings with it a number of challenges — Where are the opportunities? Do they make sense? Is the asset mix right or over-concentrated? Is a direct investment better than a pooled one? etc., etc., etc.

This is precisely when you need a trusted party to step in and guide you in the right direction for real estate investing.

7. Summary

 Meaningful real estate investing is essential to consider in developing a well-rounded and successful investment package. 

Here’s a recap of why:

  • Real estate is a hard permanent asset that can be securitized;
  • Real estate backed investing can balance out the vagaries and unpredictable fluctuations in public securities markets, both domestic and international;
  • Real estate can provide a regular fixed income stream over a set time frame; and
  • Real estate investing, when managed well, can ideally pay off in the long term and at the same time maintain premium risk weighted returns that can combine benefits of capital appreciation and income.

8. The last word — make Fundscraper your ally

You may hear from a small minority of commentators that there are reasons to avoid direct real estate investing as part of your portfolio. 

These basically distill down to the proposition that most people do not have the requisite knowledge or expertise. Individual challenges include assessing such things as:

  • financial implications;
  • neighborhood dynamics;
  • data analysis; 
  • types of opportunities and comparable properties;
  • property management skills;
  • leverage;
  • cash sufficiency; and
  • physical inspections.

While many of these are valid reasons for an individual to be cautious, Fundscraper Capital provides the ultimate solution for your real estate investing knowledge. We will professionally handle the search, due diligence, and financial analysis to aid you to assess and make decisions with the salient data points at your fingertips and can assist with the completion of your investment in compliance with applicable laws and regulations. 

Start Investing in Real Estate Backed Investments Today

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The EMD – The Layperson’s Guide for Everyday Real Estate Investing

Posted on by John J. Pizale, BSc, JD

Introduction to the Exempt Market Dealer

Many Canadians are keen to invest in real estate-backed securities. 

After all, Louis Glickman, the renowned American investor and philanthropist famously said: 

“The best investment on earth is earth.” 

Yet often all the bureaucratic and complicated legal protocols hold us back. 

This article intentionally avoids arcane legalese and references to specific provisions of statutes and regulations, policies, bulletins and adjudicated cases. That’s right, there will be no long explanations of what a national instrument 45-106 prospectus, national instrument 31-103 or 45-106 prospectus and registration is.

Instead, the intent is to explain in understandable language how a layperson can best participate in real estate investing using an Exempt Market Dealer (“EMD”) to a meaningful advantage.

A Background on Exempt Market Dealers

It’s important to understand the basic background related to the regulated Canadian securities investment landscape. 

Start with the fact that interests in real estate are considered “securities”. 

Securities legislation and regulators across Canada are increasingly looking to implement appropriate levels of consumer protection measures, especially since the financial crisis of 2007-2008. 

Typically, companies who offer stocks, bonds, mutual bonds and the like in the publicly traded capital market are required to prepare a disclosure document called a “prospectus” and have it precleared by a securities regulator like the Ontario Securities Commission (the “OSC”) before going public. 

However, there are some important prospectus and registration exemptions, one of which is where there is an offering memorandum (“OM”) detailing all the material facts to assist prospective purchasers in their decision whether to invest in the securities being offered by an issuer. An OM is similar to a prospectus but need not have the regulator’s prior sign-off.  

Interested in Learning More Inside-Industry Real Estate Investing Knowledge? Read these Articles Today.

It is this OM Exemption that gives birth to alternative investments exempted from the rigours of a prospectus and brings into play an Exempt Market Dealing representative, all within what is called the Exempt Marketplace. 

Exempt Market Dealer

Examining the Exempt Market Dealer

The Exempt Market Dealer is the vehicle that facilitates your purchase of real estate-backed securities in the Exempt Marketplace. 

An Exempt Market Dealer is a fully registered government-regulated securities dealer who acts as a dealer to distribute prospectus-exempt securities to qualified investors. Those include various categories of investors, defined by prescribed income and asset tests and investment limits. An exception is made for so-called “accredited investors” where investments and investment funds are not capped. 

The criteria for determining where you fit in can be complex and is beyond the scope of this paper, but suffice it to say, the Exempt Market Dealer will figure it out as part of their “Know Your Client” (“KYC”) obligations.

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This means collecting salient information about a client’s complete financial circumstances, investment objectives and risk tolerance. Importantly, any Exempt Market Dealer in Canada must ensure the exempt market security is “suitable” for the investor. 

For example, an elderly investor’s proposed investment of 90% of their wealth into a risky long-term real estate play is “unsuitable” and in the ordinary course must be rejected by the Exempt Market Dealer.

Why Choose Fundscraper as Your Exempt Market Dealer?

Fundscraper Capital Inc. (“FCI”) is Canada’s premier online platform for real estate investing. FCI is registered on the Exempt Market Dealer List as an Exempt Market Dealer with the Ontario, British Columbia, Alberta, Quebec, New Brunswick, and Prince Edward Island Securities Commissions.

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As such, FCI files regular reports to and is subject to periodic audits by regulators. It meets government requirements for operating capital (such as mutual funds) and must make timely reports to clients.

What sets FCI apart?

  • An informative, easy-to-navigate website www.fundscraper.com. 
  • Modern technology and best of practice compliance standards.
  • A marketplace with a wide variety of product offerings by proven issuers for the most conservative risk-averse investors to those more adventuresome.
  • In addition, we offer Fundscraper Property Trust sponsored investment opportunities, which qualify for investments by Registered Funds, like RRSPs, RIFFs, and TFSAs. 
  •   A comprehensive dashboard that keeps you informed in real-time of the status of your investments handled by FCI.
  • Concierge services by knowledgeable Dealer Representatives, all of whom have completed extensive training and licensing requirements of the OSC.
  • FCI’s senior management and Board of Advisors are comprised of seasoned experts in real estate development, finance, private equity, law and technology. 
  • FCI’s track record includes 7500+ registered members of its community, 10%+ in earned net annualized return since it launched in 2017 and $420 million in capital placed in real estate projects across North America. 

Conclusion on Exempt Market Dealers

Don’t bother taking an Exempt Market Dealer course. Instead, engage Fundscraper and make us your trusted ally by joining the Fundscraper community of investors.

The Modern Playbook for Super Successful Real Estate Investing

Posted on by John J. Pizale, BSc, JD

Every winning team has two things: a great coach and a great playbook. At Fundscraper, our coach is Luan Ha, MBA, our founder and CEO. And he recently published “The Modern Playbook for Super Successful Real Estate Investing.”

What is the Modern Playbook for Super Successful Real Estate Investing?

Luan is one of North America’s leading real estate experts. His playbook — which you can download for free — is filled with valuable insights about putting your money to work. He writes in a conversational, easy-to-understand style, drawing comparisons to the sport of professional football: scouting, leading, game-planning, and play-calling. But you don’t have to be a sports fan to get a lot out of it. If you’re interested in learning more about real estate investment, this free resource is an excellent place to start.

A good playbook is the secret of success, whether in sports or business.

Luan methodically describes the background homework behind his playbook. In the “Tips and Quotes” section, he explores advice from industry icons that helped him find success. Very informative is the “Profiles of Best Investors” section, a look at the big players, banks, institutions, wealthy families, and pensions. Have you ever heard of the famous 20% rule of investing, practiced by the Yale University Endowment Fund? Luan will tell you all about it!

Luan’s 9 best go-to plays for successful real estate investing

At the heart of Luan’s playbook is his actual list of go-to plays. These are the real, tried-and-true methods that got him to where he is today:

  1. Do your Due Diligence – from creating a checklist, to relying on experts to make sure the “story” makes common sense
  2. Determine the Location Works – all the factors to bear in mind
  3. Assess the Fundamentals of Supply and Demand – key things to remember
  4. Understand the Zoning – useful rules of thumb
  5. Consider Debt as an Investment Vehicle – important considerations
  6. Carefully Analyze the Debt Leverage of the Project – a double edged sword
  7. Figure Out Your Real Estate Investment Style – match your risk appetite, liquidity, expectations and return objectives to the deal
  8. Maximize Your Exit Options – more are better
  9. Avoid Mistakes – automatic if you follow the first 8 Go To Plays

Luan is convinced his playbook will give you a leg up in making real estate decisions. At the same time, he recognizes that not everyone has the time or skills to make these types of decisions on their own. That’s where Fundscraper comes into play!

How to get started

Who are we? We’re a team of experts who can do the heavy lifting for you, but at the same time, leave it to you to decide which real estate investments are right for you. We’ll be your coach, or your cheerleader, or both. We’re here as much or as little as you need.

Fundscraper is on the cutting edge of technology and government compliance. We’re registered with and regulated by the Ontario Securities Commission and also falls within the jurisdiction of Financial Services Regulatory Authority of Ontario.

To quote Luan, “Go for the touchdown and pass the ball to Fundscraper.”

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Why Real Estate Is an Essential Part of Every Investment Portfolio

Posted on by John J. Pizale, BSc, JD

Think you can’t afford a real estate investment? Think again. Worried now isn’t the right time to add another property to your portfolio? It is possible, and we’ve got you. Even if the extent of your financial experience is a high-yield savings account, you can should consider diversifying your portfolio with real estate backed investments. Fundscraper will teach you how the 1% invests.

Key Points

  • Think you can’t afford a real estate investment? Think again. Worried now isn’t the right time to add another property to your portfolio? It is possible.
  • Too often, the traditional portfolio mix fails to achieve optimum performance because of the under-representation of direct real estate investing. 
  • Every investor’s goal should be to build a more perfect portfolio designed for maximum rewards and minimum risk.

The case for diversifying your investment portfolio

Too often, the traditional portfolio mix fails to achieve optimum performance because of the under-representation of real estate secured investing. Our thesis is simple: You’ll likely be more successful if you diversify into solid real estate investing, while at the same time maintaining a higher degree of safety by reducing correlation to public equities.

Being risk averse is a good thing. We’re risk averse, too! Most people are naturally risk averse. We’re drawn to what we know and hesitant of what we don’t know. The average person knows more about traditional investments like mutual funds, publicly traded stocks, GICs, and bonds, so that’s where they put most of their money. But the investment environment, especially in the stock and bond markets, can be volatile. If you’re risk-averse, you should know that limiting your investments to only the public markets can be an investing risk itself due to a lack of diversification and highly correlated volatility.

Investing limited only to public markets risks the chance of devastation if the “bubble” precipitously bursts based on factors beyond our control, such as environmental disasters, world events, inflation, or fluctuating interest rates. Common sense tells us to spread our money out into a diversity of pots, hoping the ups and downs will balance out and we will enjoy a somewhat stable, if unspectacular, return on our investments. As such, it’s a good idea to consider diversifying into real estate backed investing.

Every investor’s goal should be to build a more perfect portfolio designed for maximum rewards and minimum risk.

Why is real estate an essential part of an investment portfolio?

Real estate secured investing fluctuates quite distinctly from other conventional asset groups like stocks and bonds. For instance, real estate is tangible and is what lawyers call an “immovable.” It’s not a substitute that should take the place of other assets in your portfolio, but rather an asset group all its own.

Unlike stocks and bonds, real estate trades privately based on local factors such as location, supply, demand, and investment lifespan. It is often scarce, particularly in growing areas, which translates to a history of appreciating value. In your portfolio, real estate investing is a channel to investments backed by real hard assets providing a regular income stream and long term growth coupled with the benefits of diversification.

You can enjoy superior performance and diversity at the same time. This is especially true if you’re maintaining and growing the value of your retirement portfolio. Smart real estate investing can  enhance the prospect of enjoying the benefits of things like reasonable leverage and the miracle of compound interest over an extended period of time.

You can add real estate to your portfolio without actually buying property.

What are the benefits of real estate investment?

Meaningful real estate investing is essential for a well-rounded and successful investment package, and the benefits go well beyond diversification. The most obvious benefits of real estate investment are the potential financial advantages. Real estate can earn attractive stable monthly returns based upon regular fixed income like cash flow streams over a set time frame. Speaking of tangibility, that’s another benefit: Real estate is a hard permanent asset that can be securitized. It has value, and you can calculate that value based upon appraisals and analytical techniques different from techniques used on publicly traded securities like stocks and bonds.

Take advantage of having solid real estate investing as a meaningful part of your portfolio. It’s a self-evident way to enjoy risk-adjusted returns and balance out the volatility and unpredictable fluctuations in public securities markets, both domestic and international. It works best when you can invest for the longer term while maintaining a high degree of safety through careful management.

Other benefits of real estate investment to note include:

  • The ability to take advantage of leverage
  • Tax deductions
  • A chance to create added value
  • Professional management of the property in larger asset pools

What is the 20% rule of investing?

Most of us never get a chance to participate directly in a major real estate project — usually grabbed up by big players, like private equity firms, banks, insurance companies, pension funds, and government institutions. We are mostly left to public mutual funds, real estate investment trusts (REITs), exchange traded funds (ETFs), and the like.

Consider the experience of and the lessons to be learned from the Yale University Endowment, which is credited with an enviable investing track record in North America, having a current value in the range of $30 billion. The fund is known for its “20% rule” which has historically allocated up to 20% be invested directly in private markets, including real estate (1) (2) (3).

Notes: 

(1) https://investments.yale.edu/about-the-yio

(2) https://investopedia.com

(3) https://origininvestments.com

*Historical returns are not indicative of future results. Returns are never guaranteed. Always seek professional financial and tax advice before investing

One might easily conclude that it makes sense as part of an overall investment strategy to piggyback onto a tried and true paradigm of real estate investing established by the major institutional investors.

Your investment portfolio can enjoy superior performance and diversity at the same time.

How do I get started?

If you’re new to real estate investing, the idea of adding such a large asset to your portfolio may seem intimidating. But it’s easier and more attainable than you might think.

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The Role of the Credit Committee of an Exempt Market Dealer

Posted on by John J. Pizale, BSc, JD

The Credit Committee, sometimes called the Investment Committee, is a panel of individuals ubiquitously found in financial institutions, pension and endowment funds, credit unions, banks, insurance companies, and the like. Here, we’ll focus on the role and inner workings of the Credit Committee of an Exempt Market Dealer offering real estate products to the public.

Key Points

  • An EMD is a firm that has been licensed to distribute investment securities that are exempt from the rigours of a prospectus normally required by the Canadian Provinces in which it is registered to carry on business
  • The Board of Directors of an EMD normally establishes the Credit Committee comprised of senior management individuals with authority and relevant skill and experience. They meet regularly to consider new investments and approve, amend or turn away investment opportunities being brought forward under the auspices of the EMD
  • The credit committee serves as a natural buffer or safeguard against an overly enthusiastic promoter. An essential part of its mission is to protect the ultimate consumer of products offered to the public under the umbrella of an EMD

What is an exempt market dealer (EMD)?

An EMD is a firm that has been licensed to distribute investment securities that are exempt from the rigours of a prospectus normally required by the Canadian Provinces in which it is registered to carry on business.

EMDs may act as dealers for prospectus exempt securities sold to qualified clients. Typically, an EMD offers products covered by an Offering Memorandum (OM) which need not be pre-cleared by a Securities Commission. An OM is an issuer-prepared document purporting to describe its business. OMs assist prospective purchasers in their decisions of whether to invest in the securities being offered by the Issuer.

The Credit Committee does much of the “heavy lifting” for investors in evaluating the underlying merit of any investment opportunity.

What is a credit committee and what does it do?

The Board of Directors of an EMD normally establishes the Credit Committee comprised of senior management individuals with authority and relevant skill and experience. They meet regularly to consider new investments and approve, amend or turn away investment opportunities being brought forward under the auspices of the EMD.

The Credit Committee has a broad range of duties and responsibilities, including the obligations to:

  • Ensure regulatory compliance for each investment
  • Review regularly investment policies and recommend to the Board of Directors changes in policies, procedures, internal controls and underwriting guidelines
  • Promote wise investment and credit management
  • Rule on investment opportunities, taking into account credit, market, operational and legal risks
  • Ensure any investment is consonant with the EMD’s published investment criteria and policies

What is a loan officer?

The Loan Officer assigned to any proposed transaction is an experienced underwriter charged with presenting the investment opportunity to the Credit Committee, including all the supporting research. An underwriter’s main task is to assess the quality of an investment, its sponsors, and its inherent risks. Oftentimes, the Loan Officer’s presentation to the Credit Committee will have been previously vetted and endorsed by the Loan Officer’s supervising manager.

Why is it called underwriting? The term comes from the historical practice of Lloyd’s of London Insurance of requiring each risk taker (often for a sea voyage with risks of shipwreck) to put their “written” signature “under” the total monetary risk they were willing to assume in return for a fee. Hence the term “underwriting.”

It’s the credit committee’s job to approve, amend, or disapprove of an investment application.

How does a credit committee evaluate an investment opportunity?

Over and above its general obligations, on a daily basis, the Credit Committee is charged with evaluating potential investment opportunities falling within the EMD’s jurisdictional orbit. The review begins with the Loan Officer’s discussion paper, which includes a profile of the people behind the deal, its proposed terms, detailed analyses, and recommendations.

After deliberating over the Loan Officer’s underwriting report and completing any follow up interviews, the Credit Committee can approve, amend, or disapprove of the investment application at hand.

If the application is turned down absolutely or with amendments, the Loan Officer will advise the applicant accordingly. If it’s approved, a letter of intent will be sent. Upon acceptance by the applicant, a term sheet and commitment letter prepared by the Loan Officer and approved by the Credit Committee is forwarded to the applicant for signature and acceptance. The Loan Officer then will confirm that all due diligence and funding requirements are in order and that arrangements are put in place to fund the transaction. The EMD’s Legal Counsel will be retained to prepare and register the mortgage and/or any other security documents and ensure all conditions have been satisfied before funds are released. Barring the need for an extension down the line, the work of the Credit Committee is now done.

At this juncture, the EMD moves on to fulfill its regulatory obligations and attends to matters related to qualification of investors, suitability, conflicts of interest, disclosure, and more. It’s a complex process; the full treatment of these tasks is beyond the scope of this paper!

The credit committee serves as a natural buffer or safeguard against an overly enthusiastic promoter. An essential part of its mission is to protect the ultimate consumer of products offered to the public under the umbrella of an EMD.

What is due diligence?

Due Diligence, as applicable, covers many things, including:

  • The credentials of an Issuer or Sponsor
    The financial details of the proposed deal, including principal amount, yield, duration, and other salient features and conditions
  • Creditworthiness of the borrowers and/or guarantors, including credit checks, financial statements, personal references, and net worth statements
  • Third party reports such as valuation appraisals, architectural certificates, environmental reports, building condition assessments, geotechnical appraisals, and quantity surveyor reports
  • Leases, rent rolls, and estoppel certificates
  • Development budgets and construction schedules
  • Ability of the originator to fund budget shortfalls and need for a Deficiency and Cost Over Run Agreement
  • Zoning and building permits
  • Details of prior and subsequent encumbrances and availability of lender consents, if necessary
  • Assessment of loan to value ratios and other compliance with the EMD’s investment criteria
  • Evaluation of current competing market conditions for similar deals, including prevalent offerings by competitors
  • Timing of advances to the borrowers
  • Availability of collateral security
  • Builder’s risk and liability insurance
  • Validity of repayment schedules, as well as feasibility of exit route through refinancing or sale of underlying property
  • Evaluation of originator’s track record and project’s progress to ensure continued sustainability in case an extended term is needed
  • Location of the property, including marketability, condition, and value
  • Contemporaneous assessment of general economic and societal forces, including state of financial markets, existing and proposed government policies, local issues, and force majeure conditions
  • Review of commitment administrative and all incidental expenses and fees
  • Legal structure and supporting documentation

Meet the Fundscraper credit committee

Our team has over 125 years of experience in real estate development, finance, private equity, law, and technology. We’re proud leaders in our fields! Meet the Fundscraper credit committee here.

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SECURITIES DESCRIBED ON THIS WEBSITE ARE OFFERED BY FUNDSCRAPER CAPITAL INC. IN ITS CAPACITY AS AN EXEMPT MARKET DEALER REGISTERED WITH THE ONTARIO SECURITIES COMMISSION (AND EQUIVALENT REGULATORY AUTHORITIES IN OTHER JURISDICTIONS IN CANADA) AND NOT IN ITS CAPACITY AS A MORTGAGE BROKERAGE UNDER THE FINANCIAL SERVICES REGULATORY AUTHORITY OF ONTARIO.

The information presented on this website may consist of investment opportunities that include projections and forecasts based upon information, including forward-looking assumptions and estimates. There can be no assurance whatsoever that these projections and forecasts will be achieved. Readers should refer to the offering documents contained within each investment opportunity only for full details including risks relating to such opportunities. In addition, Readers should consult with their investment advisor and other advisors, including legal and tax, before making any investment through Fundscraper. Fundscraper may also be a “related” issuer (as such term is defined in National Instrument 33-105—Underwriting Conflicts) of a party offering securities on this website. Readers who are considering purchasing any investment from this website should read the applicable offering materials, including any related offering memorandum, before making an investment decision.

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