🎧 Buying Rentals with Existing Tenants, Damage Deposits, and Wear & Tear
Real Estate Investing Morning Show – Hosted by Wayne & Gabby Hillier

In today's episode, Wayne and Gabby answer listener emails covering common but often misunderstood landlord topics — from how to handle security deposits when buying a rental with tenants, to clarifying what counts as wear and tear versus damage. They also discuss the realities of working with your spouse in business and how experience shapes real estate decision-making.

🧠 What You'll Learn in This Episode

• What happens to the tenant's damage (security) deposit when buying a rental

• Why you should never call it a "damage deposit" and what legal term to use instead

• How to tell the difference between wear and tear vs. tenant-caused damage

• What to do if your insurance requires monthly inspections

• Tips for buying properties with existing month-to-month tenants

• Why working with your spouse can be both a blessing and a challenge

• How experience builds decision-making systems in your real estate business

📘 Get the 5% Rule™ Book
The 5% Rule™ – A Real Estate Cash Flow Test for Canadian Investors
Learn how to confidently evaluate rental properties and build a storm-ready portfolio.
Order Now → https://a.co/d/3Xrcnhw

🧾 Free Webinar: Accounting for Real Estate Agents
Hosted by Steve Tsonev & Wayne Hillier from Finngo Bookkeeping & Tax
📅 November 10, 2025 | 11:00 am MST

💼 About the Webinar
Are you a real estate agent who's tired of wondering what you can and can't write off?
Join us for a free, value-packed session designed specifically for Canadian real estate agents who want to keep more of their hard-earned money by understanding their business deductions.

🧠 What You'll Learn

• What expenses real estate agents can legally deduct

• Common tax write-offs most agents are missing

• How to separate personal vs. business expenses correctly

• The biggest bookkeeping mistakes that cost agents thousands

• Simple ways to set yourself up for a smooth tax season

🔗 Join on Facebook

🏘️ Edmonton Real Estate Investor Meetup
Join hosts Patrick Mooney and Samuel Huberdeau for another on-site meetup, this time at Sam's newest BRRRR project!
📅 Saturday, November 8th, 1:00 – 4:00 PM
📍 12322 102 St NW, Edmonton, AB T5G 2H4
🔗 Event Details

👥 About Your Hosts
Wayne & Gabby Hillier are full-time real estate investors and coaches based in Edmonton, Alberta, Canada. Through their REI Masters Mentorship Program, they help Canadians build long-term wealth using rental properties, BRRRRs, flips, joint ventures, and creative real estate strategies.
New episodes every weekday morning featuring real stories, coaching moments, and tactical investing advice.

💡 Resources & Contact
Learn about our Mentorship Program: www.reimasters.ca
Bookkeeping & tax help: www.finngo.com/rei
Submit a question: info@reimorningshow.com

🤝 Thanks to Our Sponsors
🏠 Krystal Kromm – Red Deer Investor-Focused Realtor
📞 (587) 377-8584 | 🔗 Facebook

🏢 Calvin Realty – Edmonton Investor-Focused Realtor Team
🌐 calvinrealty.ca | 🔗 Facebook

📊 Finngo Bookkeeping & Tax – Investor-Focused Accounting Firm
🌐 www.finngo.com/rei | 🔗 Facebook

💼 Kirkwood & Brennan Mortgage Group – Investor-Focused Brokers
🌐 www.kbmortgages.ca
📧 keaton@kbmortgages.ca | 🔗 Facebook

🏗️ Calvert Home Mortgage Investment Corporation
📞 403-278-0249 | 📧 info@chmic.ca
🆔 FSRAO License Numbers: 13267 and 13268