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.

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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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

In this episode, Garret Wong breaks down the most overlooked but mission-critical number in real estate investing—market rent. Learn why pricing too high or too low can kill your cash flow, and how to use real-world data (not guesswork) to nail the number every time. Whether you're a first-time investor or seasoned landlord, this episode could save you thousands.

Timestamps:

[00:00] Introduction

Garret explains why accurate market rent is essential to any real estate strategy.

[00:36] Topic 1: Why Getting Rent Wrong Costs You Real Money

How bad estimates can sit your property vacant for months—or ruin your returns.

[03:01] Topic 2: How to Analyze Comps Like a Pro

Pulling active and rented comps, factoring in square footage, condition, and amenities.

[05:28] Topic 3: Why You Shouldn’t Ask Your Realtor About Rent

A bold but honest take on data reliability—and avoiding conflict of interest.

[07:54] Topic 4: Demand, Vacancy Rates, and Pricing Power

Understanding economic indicators that help you adjust rent intelligently.

[10:11] Topic 5: Seasonality, New Developments, and Dynamic Pricing

How external factors like time of year and nearby construction affect rental value.

[12:33] Topic 6: Showings, Leads, and Real-Time Adjustments

Using feedback and lead volume to refine your price even after listing.

[14:59] Key Takeaways: Conservative Underwriting and Regulation Awareness

Garret shares golden rules for stress-testing deals and planning for rent control.

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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

In this solo episode, Garret Wong breaks down one of the most debated choices in real estate investing: fixer-uppers vs. turnkey rentals. Drawing from his personal experience managing 75 doors and flipping dozens of properties, Garret reveals how “move-in ready” homes might cost you more and destroy your returns.

Timestamps:

[00:00:00] Introduction:

Garret introduces the episode and shares a personal story about purchasing a supposedly “ready-to-rent” property that turned into a financial mess.

[00:01:20] Topic 1: The Case for Fixer-Uppers

Benefits like built-in equity, sweat equity, less competition, and full oversight on renovations are explained. Garret explains why fixer-uppers often win — if you know what you’re doing.

[00:06:12] Topic 2: The Real Cost of Turnkey Properties

Garret breaks down the hidden risks of turnkey properties, from unpermitted renovations to inflated pricing and weak long-term ROI.

[00:10:55] Topic 3: How to Vet a “Turnkey” Deal Like a Pro

Actionable due diligence tips: what to inspect, what to question, and how to protect your money from sloppy flips disguised as move-in ready homes.

[00:13:22] Topic 4: Fixer-Uppers as a Wealth-Building System

Garret dives into branding, credibility, tax benefits, and scaling your renovation model for long-term portfolio growth.

[00:18:05] Key Takeaways:

Fixer-uppers require more work but offer control, equity, and scalability. Turnkeys offer speed but can be traps if due diligence is weak. Know your goals and match your strategy accordingly.

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’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars 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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

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!

"Are Rental Properties Profitable? Don't Be Fooled!"

If you're not running the numbers before you buy, you're not investing — you're gambling. In this episode, Garret breaks down exactly how to analyze a potential rental property before booking a showing. You'll learn what costs to include, which metrics matter most, and how to avoid falling for “napkin math” that can sabotage your cash flow.

[00:00:00] Introduction: Why running the numbers before a showing is the golden rule for smart investing — and how skipping this step turns you into a gambler.

[00:03:00] Topic 1: Real Numbers vs. Napkin Math. Garret exposes the dangers of back-of-the-envelope math and walks through a real-world example of how a $200 “profit” can turn into a $50 loss. Learn what really needs to go into your monthly expense calculation.

[00:08:00] Topic 2: The Step-by-Step Breakdown of a Cashflow Analysis. From conservative rent comps to vacancy reserves and maintenance buffers — Garret gives you the full playbook for running accurate numbers. He also explains how interest rate assumptions can make or break your deal.

[00:15:30] Topic 3: Key Investment Metrics to Know. Understand how to calculate and interpret your cash-on-cash return and cap rate — even if you’re just buying single-family homes. These tools help you compare deals and make smarter long-term decisions.

[00:21:30] Key Takeaways: A recap of the essential steps and warnings: budget like a business owner, not a hobbyist. $200/month is not a cushion — it’s a trap if you're not prepared for surprises. The numbers either work, or they don’t.

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’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars 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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

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!

"Vacancy Rates Explained: How They Shape Rent Prices & Maximize Profit"

Vacancy rates are more than just market stats—they’re the heartbeat of your rental strategy. In this episode, Garret Wong breaks down how vacancy rates impact rent pricing, tenant turnover, and your bottom line. Whether you're a new landlord or a seasoned investor, this is the episode you didn't know you needed.

[00:00:00] Introduction: A high-level overview of what vacancy rates are and why they matter for rental pricing and profitability.

[00:02:00] Understanding Vacancy Rates: Definition, formula, and real-world examples that highlight how vacancy rates reflect market demand.

[00:04:00] How Vacancy Rates Affect Rent Prices: Supply and demand, pricing strategy, seasonal shifts, and tips for setting rent based on vacancy data.

[00:06:30] Professional Advice & Screening Strategy: Garret shares his proven method for setting rent slightly below market value to attract better long-term tenants and avoid costly turnover.

[00:08:30] Key Takeaways: A summary on using vacancy rates to your advantage, the myth of higher rent attracting better tenants, and the importance of rigorous screening.

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’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars 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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/

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!

"Set Up Smart MLS Searches and Find Hidden Deals Before Anyone Else"

Are you still checking MLS listings manually and missing out on prime investment opportunities? In this episode, Garret Wong shares why setting up a smart MLS search with your realtor can give you a massive edge in the market. Learn how to define your search criteria, leverage advanced filters, and act fast when opportunity knocks.

[00:00:00] Setting up smart MLS searches: public listings alone won’t cut it.

[00:02:00] Why Smart MLS Searches Matter: Garret explains how he used to miss deals by manually searching listings and tells the story of a late-night MLS alert that led to a game-changing property acquisition.

[00:04:00]MLS Advantages and Access: A breakdown of what makes MLS such a powerful tool, what public users miss, and why full access through a realtor is essential.

[00:06:30] Search Strategies and Collaboration: Tips on collaborating with your realtor: setting flexible yet focused search parameters, using keywords like “motivated seller” or “TLC,” and regularly adjusting your search based on results.

[00:08:30]Key Takeaways: Summary of how to structure your MLS search, the importance of realtor representation, and the need to be prepared financially so you can move fast when a deal hits.

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’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars 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.

My First Keys

Personal Website

Wong Capital

Facebook

LinkedIn

Instagram

Subscribe to My First Keys and follow us on social media for the latest updates.

For feedback or questions, reach us at https://garretwong.com/contact/