In this episode, Garret Wong breaks down the 10 critical elements every real estate investor must include in their offer to purchase. From legal clauses to deal psychology, Garret shares real stories and actionable language to help you avoid costly mistakes and write offers that win — even in competitive markets.

Whether you're just starting out or fine-tuning your strategy, this episode gives you the legal edge to protect your investment.

[00:00:00] Introduction

Garret explains the importance of treating offers as legal instruments — not emotional gestures — and why missing terms can cost you thousands.

[00:01:08] Topic 1: Purchase Price & Payment Structure

How to strategically choose your number, show strength as a buyer, and document creative financing using Schedule A.

[00:02:34] Topic 2: Key Contract Dates

Why closing date, possession date, and offer expiry all require precision. Garret shares his favorite timing formula: Tuesday at 5 PM.

[00:05:25] Topic 3: Contingencies That Protect You

From financing to inspection to appraisal, Garret walks through protective clauses that defend your deposit and your deal.

[00:07:39] Topic 4: Due Diligence Language

The exact clause language Garret uses to maintain maximum flexibility during inspections and partner reviews.

[00:08:38] Topic 5: Conditions vs. Other Terms

Why you must explicitly write in post-condition walkthroughs — or risk being denied access later.

[00:09:12] Topic 6: Included Assets & Exclusions

Assume nothing is staying. Garret shares a costly snooker table story that proves why exclusions matter.

[00:12:53] Topic 7: Earnest Money & Consideration

How deposit size impacts perception, and why documenting how it’s held is crucial in protecting yourself.

[00:14:43] Topic 8: Attorney or Broker Review Clause

A simple clause that gives you an “out” while signaling professionalism in private deals.

[00:15:15] Topic 9: Seller Motivation & Market Positioning

How to align your offer structure with seller circumstances — downsizing, divorce, out-of-town landlords, etc.

[00:16:19] Topic 10: Strategic Offer Dynamics

Utilize schedules, clean formatting, and escalation clauses to enhance the professionalism and credibility of your offer.

[00:18:40] Key Takeaways

Garret emphasizes that every clause in your offer is either protection or positioning — so don’t rely on someone else to defend your interests. Master the language, control the narrative, and write offers that win.

Free Webinar Series – Live breakdowns of legal documents and offer strategies.

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Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he has grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion in assets, with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything...

In this episode of My First Keys, Garret Wong reveals how seasoned investors estimate renovation costs in just 15 minutes—without waiting on a contractor. Learn the exact process his team uses to confidently make offers and stay on budget, including how to build your cost catalog, avoid costly surprises, and leverage spreadsheets that think like an investor.

Timestamps:

[00:00:00] Introduction

Garret sets the stage by highlighting a common investor pitfall—guessing reno costs and blowing budgets.

[00:01:38] Why Most Investors Fail at Estimating Costs

The dangers of relying on hope, gut feelings, or delayed contractor quotes when speed matters most.

[00:03:00] The 10-Step Walkthrough Process for Estimating Costs

How to break down a property room-by-room, create a master checklist, and avoid missing big-ticket repairs like roofs or HVAC systems.

[00:06:11] Building a Real-Time Pricing Catalog

Where to source accurate local contractor rates, how often to update your data, and why even Garret uses Home Depot prices as benchmarks.

[00:08:29] Industry Rule-of-Thumb vs. Real Numbers

Why per-square-foot estimates and online averages can mislead, and how to adjust for quality, geography, and contractor availability.

[00:10:56] Contingency Buffers and ROI-Focused Renovations

Why 10-20% buffers are essential, what hidden costs to plan for, and how to prioritize kitchens, bathrooms, and curb appeal upgrades.

[00:13:18] Garret’s Personal Estimating System

From laser measurement tools to Excel spreadsheets with built-in contingencies and JV scenarios, Garret shares his proprietary workflow.

[00:15:40] Final Thoughts & Weekly Toolkit Invitation

Garret encourages investors to "practice estimating like it's the gym" and invites listeners to join his email list for exclusive tools and resources.

Mentioned in this Episode:

• Upper Edge Property Management
• Home Depot Canada (for cost benchmarks)
• REIkit Estimator
• BiggerPockets Rehab Estimator Tools
• DealMachine

Check out our weekly webinar series HERE, where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he has grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion in assets, with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

In this episode of My First Keys, Garret Wong breaks down why your exit strategy needs to start before you even buy the rental property. From holding periods to renovations, resale timing to buyer psychology—Garret walks through 10 essential tactics to future-proof your ROI and avoid the painful mistakes most landlords make. Whether you're planning a flip, legacy hold, or long-term refinance, this episode shows you how to reverse engineer success.

Timestamps:

[00:00:00] Introduction

Garret sets the tone with a bold truth: "Hope is not a strategy." Learn why having a clear exit plan is the cornerstone of any smart rental investment.

[00:01:30] Topic 1: The Hidden Power of Planning the Exit First

Garret shares personal stories comparing a successful resale vs. a sluggish one—and how the difference came down to decisions made years earlier.

[00:04:20] Topic 2: 10 Exit Strategies to Build Into Your Rental Today

A deep dive into 10 actionable strategies, including setting your holding timeline, tailoring renovations, identifying buyer profiles, understanding market timing, and leveraging refinance vs. resale.

[00:15:41] Key Takeaways: Reverse Engineering Wealth

Garret wraps with a powerful reminder: your exit isn’t an afterthought—it’s the framework for every decision you make as a landlord. Plan early, position smart, and get resale-ready now.

Check out our weekly webinar series HERE, where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he has grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion in assets, with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

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