🎧 Listener Q&A: Legal Basement Suites, Converting Homes to Rentals & Investor Mindset
Real Estate Investing Morning Show – Hosted by Wayne & Gabby Hillier

Today’s episode takes a fun Friday turn as Wayne and Gabby mix in personal stories, live banter, and important listener Q&A. From legalizing basement suites to converting a primary residence into a rental property, the discussion blends practical advice with real-life examples. Plus, they tackle the myth of “more doors equals success” and explain why profitability and risk management—not the number of properties—determine true wealth.

🧠 What You'll Learn in This Episode

• Whether you need to inform your lender when converting a CMHC-insured primary residence into a rental

• The importance of updating insurance and CRA status when changing property use

• Steps and challenges of legalizing a basement suite with tenants in place

• How renovations impact tenant rights, enjoyment, and lease obligations

• Why waiting until tenancy ends may be the best option before legalizing suites

• The difference between confidence and competence when scaling a portfolio

• Why “number of doors” is a misleading metric for success

• How to properly measure portfolio performance: profitability and risk

👥 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
Get the 5% Rule™ book on Amazon: The 5% Rule™ – The Real Estate Cash Flow Test
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🤝 Thanks to Our Sponsors
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