With the upcoming launch of his new book “The Canadian Real Estate Action Plan: Proven Investment Strategies to Kick-Start and Build Your Portfolio”, JAC News asked Peter Kinch what inspired him to become an author and what general knowledge-gap he felt needed to be filled.
As co-author of the number-one bestseller “97 Tips for Canadian Real Estate Investors”, “The Canadian Real Estate Action Plan” is his first solo-effort and has already received positive reviews from senior industry executives.
On what inspired him to become an author, Mr. Kinch shared his background with JAC News.
“I have always had an affinity to writing. In fact, I graduated as an English major in University and went on to do teacher training, so writing and teaching come naturally to me. As I started my mortgage career, I quickly reverted to my core roots as a teacher and built my business model on education, which eventually led to ‘The Mortgage Minute’, which aired daily on Rogers radio in Vancouver.”
Having collaborated with Don Campbell (the owner of the Real Estate Investment Network, who already had a best-selling book under his belt) on “97 Tips for Canadian Real Estate Investors”, the publisher (Wiley and Sons out of Toronto) was soon asking him to write a book solely on mortgages.
“Of course I agreed, but it took me another two years before I could create a topic that was not dry and boring. I didn’t simply want to write a technical book on mortgages. I wanted to write something that I was passionate about – something that would have an impact on people and something that would leave a lasting and positive influence on those that read it.”
Having extensive experience in educating Canadian real estate investors on how to successfully develop their real estate portfolios through workshops that he has held across the country over the years, “workshops that I know have changed and impacted people’s lives,” Mr. Kinch set-out to create a meaningful book based around characters that would impart his knowledge, without being too technical.
With that in mind, Mr. Kinch spent a week last May locked-away in a remote cabin to focus on his thoughts and writing and so “The Canadian Real Estate Action Plan” came to be.
JAC News asked Mr. Kinch what the knowledge-gap was that he identified that provided him with the inspiration for his new book. He identified two key areas.
Mr. Kinch feels that the average Canadian consumer has no idea about the differences between how a bank views a home owner versus a real estate investor. He points out that while real estate investors represent a relatively small percentage of the overall Canadian mortgage origination market, “that small niche is wrought with the highest rates of fraud, foreclosures and defaults.”
“The majority of fraud results from ignorance and a lack of education on the behalf of both the consumer and the brokers and bankers. I am one of the few brokers in Canada who have made it my business to specialize and become an expert in this niche, so the book is an opportunity for me to educate those consumers, make them aware of their inevitable roadblocks and teach them how to develop and build a portfolio that will make it easier for the banks to say yes.”
Secondly, it is his opinion that too many Canadians are running out and spending large amounts of money on US-style seminars that give them the impression that anyone can get rich through real estate.
“Terms like ‘Joint Venture Partners’ and ‘OPM’ get bantered about as if they’re the magic pill to getting rich,” states Mr. Kinch. “The result is a lot of individuals who are going out there, throwing mud against the wall with no real plan and no clear vision as to why they are doing what they do. In the meantime, there is a whole other segment of the population sitting on a lot of underutilized equity, but are either disenchanted with what they see or have not been taught how to invest with confidence, so their capital sits underutilized – frozen by fear.”
Mr. Kinch believes that this book will address these issues. It will help the reader identify their purpose through a reverse-engineering goal-setting process that starts with the end in mind. The investor begins by determining why they are investing in real estate and then puts together a three-phase action plan that will ensure that every decision they make is consistent with the results it must produce.
The result is that the investor is equipped with the knowledge to invest with clarity and confidence – not fear.
“The Canadian Real Estate Action Plan” is available online and in bookstores across Canada beginning on Tuesday, June 8th. True to his belief that successful people give back to the community, a portion of the author royalties from sales will be donated to Habitat for Humanity Canada.
About Peter Kinch
Peter Kinch is the founder of The Peter Kinch Mortgage Team and the PK-Approved Dominion Lending Centres network of brokers across Canada. As a speaker, author and educator, Kinch has been a mortgage guest on many radio and television programs across Canada and in 2008 was recognized by Canadian Mortgage Professional (CMP) Magazine as the number-one volume-producing mortgage broker in Canada.
Since 2004, Mr. Kinch has worked almost exclusively with real estate investors in the financing of investor portfolios and is considered one of the foremost experts in Canada on helping real estate investors develop their mortgage portfolios. On behalf of the Canadian investor community, Kinch has been an active lobbyist with senior executives at major chartered banks for customized products.
He is a co-author of the number-one bestseller “97 Tips for Canadian Real Estate Investors” and is a highly sought-after speaker for real estate investment groups across the country.