54: The Road to Financial Independence Via Entrepreneurship with The Invested Entrepreneur's Brandon Love & Tom Moffat

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Estate Podcast with your host,
award-winning realtor, Matt Glenn,

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and top producing mortgage broker,
Taylor Atkinson.

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Professionals in the industry,
enthusiastic entrepreneurs, and

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successful investors.

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When it comes to real estate,

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we're all in.

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comes to real estate, we're all

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in.

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Okay, Matt, Throne Speech came out

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recently from BC government.

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Some pretty exciting information.

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One very valuable piece of
information, and I mean like

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monetary value, which is
potentially saving one of my

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clients over $12,000.

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This is why you got to hire

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Taylor, man.

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He does ideas like this.

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Just listen to this.

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And just to be clear, you don't

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actually have to hire me.

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I'm free.

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The banks pay for me.

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No, dude, I think it sounds better

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when I hire you.

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That means I have my own possible.

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Right.

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Yeah.

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I'm going to send you an invoice.

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So yeah, the property transfer tax

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exemption, which has been an
absolute thorn in my side when

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you're talking first-time
homebuyers, because the limit was

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$500,000.

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like in Now, there's Kelowna, not

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a lot of houses.

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first-time homebuyers are getting

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Like, into yeah, the market, but
it just pushed a lot of people

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over that threshold and then they
had to pay property transfer tax.

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And like it had a sliding scale to
525, which was completely useless.

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Yeah, it needed to be revamped.

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So I'm glad it is.

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So now they've increased that to
835,000, And just to be Right.

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Yeah.

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I'm So now they've which allows a

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lot more people, specifically in
the Okanagan region to get that

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grant for that exemption.

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So I have a client right now,

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property under contract,
everything's firm, we're broker

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complete, instructions are ready
to be sent to the lawyer, but

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we're going to see if we can push
back closing by an extra couple of

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weeks because it's closing in
March.

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And if we close April 1st or
onwards, they're going to save

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$12,700 in property transfer tax.

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And that's not an expense that

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just gets added to the mortgage
like CMHC fees.

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It is directly out of your pocket
time closing.

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Pay it on closing.

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Yeah.

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If you are closing on a property
in the next couple months, you

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know, ideally it's in April, it's
going to be a pretty rare occasion

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that you'd be able to push closing
back a couple months because the

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person you're buying from is
probably moving or needs those

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funds.

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But in this instance, it's

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currently a rental property.

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So we're able to push that back

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and save a bunch of money.

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Like it's only for first time

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homebuyers buying in a certain
way.

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So not every sale has to be pushed
back.

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But yeah, you save them.

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Now they have over $12,000 to

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spend on renovations instead of
tax.

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So good for you.

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So good for you.

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Other things that are positive in
the market?

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Inflation report, Matt?
You were reading that.

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Well, first, hold on.

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Let's go talk about the

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anti-flipping tax.

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So house flipping in BC is, I'd

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say, pretty much dead.

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It was 20% to sell in one year

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yeah or up to two years with a
sliding scale so but interestingly

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there are some exceptions and that
is if you add a basement suite

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assume it had to be a legal
basement suite or a carriage house

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which i've always thought is ideal
if you go find like a two-story

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house and you buy it and renovate
the whole thing you add a legal

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suite into there you make them top
nicer like i always thought that

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was a play anyway to try and get
the most value add into a property

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and then also kind of the safest
exit strategy too because now you

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have a rental property at the end
if you can't sell it so i always

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thought that was a play anyway and
then i got this i think people are

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going to be taking advantage of
the legal suite thing what do you

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think i like it i don't know if it
would incentivize people to make

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that large of an investment like
it definitely helps but i don't

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know if it'd be the deciding
factor would it like it's still

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going to cost a ton of money like
to do a flip at all well to add a

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suite is that going to be the one
piece that changes if someone's

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going to do it or not i don't know
i think it's a good legislation oh

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yeah not everyone for sure i think
flipping is effectively not a

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thing unless you specialize in
adding legal suites.

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Yeah.

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I just thought that was a good

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point.

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That's a good point.

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Maybe now professionals are going
to add more suites, but I don't

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love restricting flipping because
it's a service that's needed.

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There's a lot of rundown houses
and people want a nicer place to

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live in and they don't want to
take the headache, buy it and then

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renovate it and have nowhere to
live in the meantime.

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So I don't love the government
intervention on that one.

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Honestly, I agree with you.

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I always thought it was not a bad

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thing.

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Like obviously the lipstick ones

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and the shitty things that you
hear about people flipping a house

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and it's just absolutely garbage
job and they up the price by 150

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grand or whatever they do.

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Like I always thought that was

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obviously a little little suspect
but people that go in and do a

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really nice renovation making the
houses nicer in the street like

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they are increasing the value of
the house but the house is just

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worth more because it's a nicer
house yeah so i agree with you i

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kind of like when people did it
right there's also the issue with

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people just like buying a house
and not doing anything with it

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like just buying it and selling it
as is yeah yeah, yeah.

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A few months later, like that's...

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Like speculating on it, for sure.

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Yeah.

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I guess maybe it also limits that

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strategy if like an investor is
going to buy and try and kick out

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the tenant based on a renovation
and then sell.

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But I don't know.

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Yeah, I just, I don't love that

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rule so much.

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And I don't think there's any

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massive companies like who is
going around and buying hundreds

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of single family houses to flip
them.

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I don't think think it's that
prevalent i don't know what if

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they are like do they need an
agent yeah that helps oh yeah I

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just thought on it, for so also we
have this inflation report 2.9

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we're now under three percent
which is ticking close to lower in

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interest rates yeah right like i'm
hearing more and more talk coming

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down in the spring i don't know if
i'm totally on that train yet but

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like it also hasn't left the
station so it could happen in the

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spring but i think it's in the
summer i'm loving your analogies

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today you're killing it yeah i i
still think it's probably going to

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be the summer the bond market's
actually picked up a little bit

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from the data from the states
about 10 days ago yeah but it is a

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very good sign for our well not a
good sign for our economy but it's

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a good sign for our balanced
market if you want to say that i

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just i also noticed that since
that inflation report came out gas

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prices have actually went up which
will affect the inflation thing so

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yeah maybe a little too soon but
it's good news it's heading in the

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right direction yeah so that's
kind of killing it yeah i i other

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thing watching the news this
morning global news i saw on the

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ticker going across the screen a
colossally high number of

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canadians plan to buy a home
within a year saw that didn't

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really see any context i was like
man i gotta check this out so i

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googled it went to the old google
machine went to global figured it

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out here's what it says so with
canada's housing market starting

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to turn a corner there is a
growing demand for home ownership

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with a colossally high number of
people planning to buy a home

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within the next year, according to
a new poll.

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Almost half, 49% of people
surveyed last month said that they

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plan to purchase a home within the
next five years.

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That percentage is up from a year
ago when it was only 43% expressed

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the same intent.

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Over the next 12 months, about 1

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in 10, 11%, or 4.4 million
Canadians plan to buy a home,

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which is still a colossally high
number given that the greatest

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number of homes ever sold in a
single year in Canada was 700,000.

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So 4.4 million people in Canada
say they want to buy a home this

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year.

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And the highest number we've ever

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sold is 700,000.

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So obviously not 4.4 million

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people are going to buy a home,
but what if a quarter of those

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people do that's over a million,
that's 1.1 million people.

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Or what if 20% do, I don't know
what the math is on that, but it's

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equaling the highest number of
homes ever sold.

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Yeah.

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So this could be a good year for

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turnover at least.

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I don't know what the price Well,

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is or what that but with the
interest means, rates coming this

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could be a good year down, for at
I don't turnover, know what least.

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Well, the prices or what that
means, but with the interest rates

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coming down, this could be a good
year.

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Yeah.

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I mean, in terms of like our sales

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revenue, for sure, I think it's
going to be a good year in terms

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of like what the government's
trying to do affordable housing.

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I think this is going to counter
that some very interesting number

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of sales, I guess.

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Yeah.

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More people buying buying demand,
but if people moving doesn't

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really well yeah it's tough to see
the transparency in that data

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because we have had the largest
growth of our trying to

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immigration most of those people
need to find somewhere to live

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whether they're going to buy or
rent and then the renter that's

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moving out of that tenanted
property is then going to buy so i

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I think that's adding a lot to it.

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And I've seen some charts recently

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that like the amount we're
building is historically the

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highest we have ever produced in
Canada.

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Like hundreds of thousands of our
projects are currently in place,

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building permits, like everyone's
trying to do their best to build,

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but we can't keep up with the
demand because we have this

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massive influx of people that are
buying.

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So it kind of, yeah, corresponds
with your data there.

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I honestly think there is a
massive opportunity in Kelowna to

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buy a condo this year.

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I've been saying this, condo

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prices are going to come down in
the next few months.

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Like it's almost a certainty with
these certain short-term rental

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things, but they're not going to
stay down.

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Right.

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So they're going to come down.

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Our interest rates are going to
come down.

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There is an opportunity to go buy
a condo i would say mid-range

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condo so i'm talking about one
that's like kind of six hundred

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thousand to a million dollars i
think you're going to get the best

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deals on those condos in the next
six months until the fall i think

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there's an opportunity if you are
a first-time home buyer you should

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be looking at a decent condo there
are going to be sales and you get

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your property transfer tax waived
now that the threshold is high

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enough like there is a huge
opportunity and property transfer

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tax waived now that the threshold
is high enough like there isn't a

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huge opportunity and property
transfer tax on new builds i think

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it's up to 1.1 don't quote me for
sure but it's definitely a million

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but i think it's 1.1 where you
don't have to pay property

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transfer tax on new builds if
you're a first-time homebuyer

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don't quote us on anything
homebuyer don't quote a good year

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to buy a condo in Kelowna.

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I'm telling you.

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You heard it here first.

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Yeah.

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Talking about like a national kind
of figure, like some of the stats

240
00:08:55,048 --> 00:08:55,891
we've been talking about.

241
00:08:55,891 --> 00:08:57,380
The two guys we have on today are

242
00:08:57,380 --> 00:08:59,325
near and dear to us.

243
00:08:59,325 --> 00:09:00,540
Tom and Brandon, both mortgage

244
00:09:00,540 --> 00:09:02,647
agents, brokers out in Ontario.

245
00:09:02,647 --> 00:09:03,750
We discussed the difference.

246
00:09:03,733 --> 00:09:03,933
Yeah.

247
00:09:03,833 --> 00:09:03,883
Yeah.

248
00:09:03,855 --> 00:09:04,316
But big entrepreneur guys, they
have their own couple podcasts.

249
00:09:04,299 --> 00:09:04,526
Like we struggle.

250
00:09:04,510 --> 00:09:04,887
Yeah, they're doing good things

251
00:09:04,787 --> 00:09:05,391
over there at Invested
Entrepreneur and the Commission

252
00:09:05,391 --> 00:09:06,319
Breath podcast.

253
00:09:06,319 --> 00:09:08,359
Yeah, so great guys to reach out

254
00:09:08,359 --> 00:09:08,421
to.

255
00:09:08,421 --> 00:09:09,720
Yeah, good things want to know

256
00:09:09,720 --> 00:09:12,052
about, you know, tips and tricks
just to run a business or kind of

257
00:09:12,030 --> 00:09:14,066
the Ontario market, definitely
give them a lesson to their pretty

258
00:09:14,066 --> 00:09:14,310
knowledgeable dudes.

259
00:09:14,310 --> 00:09:16,211
And if you think our social media

260
00:09:16,211 --> 00:09:20,878
is banging, it's basically because
we copy everything they do.

261
00:09:20,878 --> 00:09:22,571
So they're doing the research.

262
00:09:22,571 --> 00:09:24,828
We're reaping the rewards.

263
00:09:24,828 --> 00:09:28,589
And if you don't like ours, then
tell them to change theirs and

264
00:09:28,589 --> 00:09:29,349
then we'll follow.

265
00:09:29,249 --> 00:09:29,655
Yeah, exactly.

266
00:09:29,655 --> 00:09:29,757
Yeah.

267
00:09:29,757 --> 00:09:30,417
We'll get it.

268
00:09:30,417 --> 00:09:32,240
We'll get it somewhere down the
line.

269
00:09:32,240 --> 00:09:34,130
But yeah, all the improvements are
coming from them.

270
00:09:34,130 --> 00:09:34,270
Awesome.

271
00:09:34,270 --> 00:09:36,412
Well, enjoy the show.

272
00:09:36,312 --> 00:09:40,980
There are a couple of fun guys
connect with them for sure.

273
00:09:41,160 --> 00:09:41,360
Definitely.

274
00:09:41,600 --> 00:09:44,831
if you don't like to the show,

275
00:09:44,831 --> 00:09:45,920
Brandon and Tom.

276
00:09:45,920 --> 00:09:48,000
How are you guys doing?

277
00:09:47,822 --> 00:09:48,022
great.

278
00:09:47,993 --> 00:09:48,560
Thanks for having us.

279
00:09:48,458 --> 00:09:48,580
Fantastic.

280
00:09:48,580 --> 00:09:51,655
Is the vibe different on our show?

281
00:09:51,655 --> 00:09:54,420
What do you notice right away?
We're just getting started.

282
00:09:47,800 --> 00:09:56,926
We're just opening up, so we'll
see where the direction takes us.

283
00:09:56,926 --> 00:09:58,660
feel like we already had an
hour-long podcast before we hit

284
00:09:58,660 --> 00:09:59,080
record.

285
00:09:59,080 --> 00:10:00,994
Well, we like to start our show

286
00:10:00,994 --> 00:10:04,443
for you guys to kind of connect
with our listener a little bit.

287
00:10:04,443 --> 00:10:06,171
What's your perfect productive
Friday look like?

288
00:10:06,136 --> 00:10:09,495
Yeah, basically what gives you
kind of energy throughout the

289
00:10:09,495 --> 00:10:11,585
workday leading into the weekend?
Go for buddy.

290
00:10:11,585 --> 00:10:14,420
it, Yeah, so my perfect Friday, I
get my daughter dropped off at

291
00:10:14,620 --> 00:10:14,820
school.

292
00:10:14,697 --> 00:10:15,805
I come back.

293
00:10:15,805 --> 00:10:17,159
I catch up on a couple emails.

294
00:10:17,106 --> 00:10:18,791
I try not to have any active files

295
00:10:18,791 --> 00:10:21,527
or client meetings on Fridays just
because going into the weekend, if

296
00:10:21,519 --> 00:10:23,120
things get delayed, it's a bit of
a shit show.

297
00:10:23,540 --> 00:10:26,342
I send my weekly realtor email and
then I try to wrap things up.

298
00:10:26,342 --> 00:10:29,983
So right now I'm usually wrapping
up kind of around like that one

299
00:10:29,978 --> 00:10:30,903
o'clock marker on Fridays.

300
00:10:30,903 --> 00:10:32,542
I was saying to Tom last week, my

301
00:10:32,519 --> 00:10:34,693
goal is to just completely remove
Fridays for us going forward.

302
00:10:34,693 --> 00:10:35,447
I love that.

303
00:10:35,447 --> 00:10:36,866
Is that like from any that you

304
00:10:36,866 --> 00:10:41,135
just want like a longer weekend or
what's the purpose of I was at my

305
00:10:41,135 --> 00:10:43,798
chiropractor and he was like yeah
at a certain point i just

306
00:10:43,798 --> 00:10:48,009
eliminated on my friday and i'm
like what'd you do with all the

307
00:10:48,009 --> 00:10:50,116
clients he's like i just jammed
them all in monday through

308
00:10:50,116 --> 00:10:52,899
thursday and i just work like
insanely hard during that stretch

309
00:10:52,799 --> 00:10:56,598
i'm like how's it working out for
you like i love it i feel like so

310
00:10:56,598 --> 00:11:00,568
great for those four days my brain
is so focused on just work and it

311
00:11:00,568 --> 00:11:05,099
works so well for me and i was
like i wonder if i could do that

312
00:11:05,099 --> 00:11:07,602
with mortgages and i'm like always
telling people don't close on

313
00:11:07,602 --> 00:11:07,805
Fridays.

314
00:11:07,805 --> 00:11:08,751
Don't do this on Fridays.

315
00:11:08,751 --> 00:11:11,562
I'm like, what if I just said
we're closed on Fridays?

316
00:11:11,562 --> 00:11:13,465
got a four hour work week vibes
sure.

317
00:11:13,465 --> 00:11:13,584
Yeah.

318
00:11:13,584 --> 00:11:15,357
I do love Timothy Ferris, but not

319
00:11:15,457 --> 00:11:18,070
to the level of like having
everything VCs and that level, but

320
00:11:18,070 --> 00:11:19,798
you you know him pretty well.

321
00:11:19,798 --> 00:11:20,932
I've never heard anyone call him

322
00:11:20,932 --> 00:11:21,138
Timothy.

323
00:11:21,138 --> 00:11:22,685
I was just going to say that.

324
00:11:22,685 --> 00:11:23,780
There's like you're his father.

325
00:11:23,780 --> 00:11:24,886
heard anyone call him Timothy.

326
00:11:24,886 --> 00:11:26,256
I was just going to say that.

327
00:11:26,256 --> 00:11:26,519
There's buddies.

328
00:11:26,519 --> 00:11:27,889
I usually just call him Timmy.

329
00:11:27,889 --> 00:11:28,100
buddies.

330
00:11:28,100 --> 00:11:29,493
I usually just call him What about
you, Thomas?

331
00:11:29,463 --> 00:11:29,876
I love it.

332
00:11:29,846 --> 00:11:31,039
about you, Yeah, so pretty similar

333
00:11:31,039 --> 00:11:33,239
actually because we had this
conversation last week and still

334
00:11:33,239 --> 00:11:36,283
working on it, but I'm trying to
get at least start with a half day

335
00:11:36,283 --> 00:11:38,034
on Friday and be done at 12.

336
00:11:38,034 --> 00:11:40,368
And I tried to get all of my files

337
00:11:40,368 --> 00:11:42,132
kind of like wrapped up for the
week by that point.

338
00:11:42,132 --> 00:11:43,781
But obviously, the nature of our
business, things come up.

339
00:11:43,781 --> 00:11:46,087
So as of right now, I'm still
attempting that.

340
00:11:46,087 --> 00:11:49,616
But to back things up the start of
the day, what I do is Monday to

341
00:11:49,584 --> 00:11:51,662
Friday, I wake up at 445 in the
morning.

342
00:11:51,662 --> 00:11:53,760
From there, I'll either work out.

343
00:11:53,820 --> 00:11:54,900
Monday, Wednesday, Friday is my

344
00:11:55,120 --> 00:11:55,649
workout times.

345
00:11:55,649 --> 00:11:58,470
If I'm not working out, I'll pound

346
00:11:58,470 --> 00:12:00,280
a coffee and just go work.

347
00:12:00,140 --> 00:12:01,360
And then I'll just work until

348
00:12:01,343 --> 00:12:02,760
probably 7.30 when my son wakes
up.

349
00:12:02,760 --> 00:12:03,668
Press the rest of the day.

350
00:12:03,668 --> 00:12:02,074
And on Friday, if I'm done at 12

351
00:12:02,074 --> 00:12:03,416
that day, go do something with the
family.

352
00:12:03,416 --> 00:12:08,700
And then from there, I'll always
finish the day with at least one

353
00:12:08,720 --> 00:12:08,770
drink.

354
00:12:08,768 --> 00:12:12,425
It's either going to be a Negroni

355
00:12:12,325 --> 00:12:14,500
or an Old Fashioned.

356
00:12:11,560 --> 00:12:16,183
I like Most people are Nice.

357
00:12:16,183 --> 00:12:17,124
I'm it.

358
00:12:17,124 --> 00:12:19,709
always going to do with like, at

359
00:12:19,709 --> 00:12:21,504
least one to be a Nice.

360
00:12:21,504 --> 00:12:21,868
Fashioned.

361
00:12:21,868 --> 00:12:22,293
I like it.

362
00:12:22,293 --> 00:12:23,725
It's like most people are I'm

363
00:12:23,725 --> 00:12:24,895
always going to do something
healthy.

364
00:12:24,895 --> 00:12:26,546
like, You're like, I'm always
going to have a Yeah.

365
00:12:26,546 --> 00:12:27,440
I'm healthy all week.

366
00:12:27,440 --> 00:12:29,022
That's my little treat to myself

367
00:12:29,022 --> 00:12:29,930
on a Saturday.

368
00:12:29,830 --> 00:12:30,802
Friday, Saturday.

369
00:12:30,702 --> 00:12:32,645
Friday, How'd you pick 445?
No, never.

370
00:12:32,645 --> 00:12:35,414
So it started probably, I want to
say 10 years ago.

371
00:12:35,514 --> 00:12:37,211
I transitioned to wanting to wake
up earlier.

372
00:12:37,211 --> 00:12:39,993
And it was strictly for the fact
that I wanted to just install

373
00:12:39,993 --> 00:12:42,621
habits in my life, like whether it
was exercise, eating healthier,

374
00:12:42,621 --> 00:12:45,179
and just having a set routine.

375
00:12:45,179 --> 00:12:46,647
And then I started lowering that

376
00:12:46,647 --> 00:12:49,670
time, I want to say I probably
started at like maybe 630 or

377
00:12:49,670 --> 00:12:49,927
something.

378
00:12:49,927 --> 00:12:51,599
And then this year, specifically,

379
00:12:51,599 --> 00:12:53,699
I went from 530 down to 445, like
progressively.

380
00:12:53,699 --> 00:12:57,095
And the reason for that is I just
want to crush out more work before

381
00:12:56,995 --> 00:12:59,160
the day kind of gets ahead of you.

382
00:12:59,160 --> 00:13:01,198
And I found that once like nine

383
00:13:01,198 --> 00:13:03,350
o'clock hits, client emails come
in, you got to deal with active

384
00:13:03,350 --> 00:13:03,715
files.

385
00:13:03,715 --> 00:13:04,872
And I just found that I was way

386
00:13:04,697 --> 00:13:04,944
more productive getting myself
done earlier.

387
00:13:04,769 --> 00:13:05,100
And another thing that was of
influence that was i do have a

388
00:13:05,136 --> 00:13:09,580
young boy he's one years old so he
wakes up even earlier now at 6 30

389
00:13:09,570 --> 00:13:14,130
so i'm trying to get everything
done before he wakes up so at

390
00:13:14,097 --> 00:13:16,820
least i feel a little bit
productive before uh the day gets

391
00:13:16,800 --> 00:13:22,392
ahead me good for you yeah yeah
i'm lucky my son can get till 6 30

392
00:13:22,392 --> 00:13:26,250
is he up earlier i'm usually up
earlier too i'm not up at 4 45 but

393
00:13:26,250 --> 00:13:30,499
i'm up earlier than that i know
his son's up at five and mac gets

394
00:13:30,499 --> 00:13:34,815
up at six so yeah let's walk
around for an hour i know his

395
00:13:34,815 --> 00:13:38,163
son's up at around for an hour
little bit about your guys's

396
00:13:38,163 --> 00:13:40,650
business you guys are both
mortgage agents from ontario yeah

397
00:13:40,650 --> 00:13:45,639
you're speaking to a to a broker
here what is the difference in in

398
00:13:45,739 --> 00:13:49,940
ontario i i can't follow you guys
so mortgage agent level one can do

399
00:13:49,940 --> 00:13:51,917
mortgages mortgage agent level two
can do mortgages private and

400
00:13:51,917 --> 00:13:54,358
alternative as well and then
broker can manage a team wow

401
00:13:54,358 --> 00:13:58,327
really okay well sorry for you can
you manage a team taylor can you

402
00:13:58,427 --> 00:14:00,295
manage a team, Taylor?
Can you can Not well, not well.

403
00:14:00,295 --> 00:14:04,292
In we're BC, just called brokers
or like a sub broker.

404
00:14:04,292 --> 00:14:05,108
Yeah, nice.

405
00:14:05,107 --> 00:14:05,701
Yeah, not well.

406
00:14:05,701 --> 00:14:06,146
Yeah, nice.

407
00:14:06,146 --> 00:14:07,052
Yeah, there's no agent.

408
00:14:07,052 --> 00:14:08,093
I'm jealous of that, man.

409
00:14:08,093 --> 00:14:09,896
Like we had to do a full week

410
00:14:09,896 --> 00:14:10,659
course test after.

411
00:14:10,659 --> 00:14:11,006
Hold though.

412
00:14:11,006 --> 00:14:13,013
on, It's not to get your Hold
though.

413
00:14:13,013 --> 00:14:16,140
on, It's not to get your license
in Ontario, though you can do it

414
00:14:16,140 --> 00:14:18,977
in like a week, right?
Yeah, it's like minimum three

415
00:14:18,977 --> 00:14:19,139
months.

416
00:14:19,139 --> 00:14:20,436
Yeah, it's like Both very short.

417
00:14:20,436 --> 00:14:20,760
very short.

418
00:14:20,760 --> 00:14:22,775
Yeah, no kidding like to help

419
00:14:22,775 --> 00:14:24,043
people with the biggest investment
or purchase in their life and

420
00:14:24,043 --> 00:14:26,783
you're saying like you can get the
course done in three months on

421
00:14:26,783 --> 00:14:29,614
your side even quicker for us
because it's all online for the

422
00:14:29,614 --> 00:14:29,920
agent license i always found that
pretty nuts and that's why you

423
00:14:30,321 --> 00:14:36,462
have so much turnover in the
industry is because of these

424
00:14:36,462 --> 00:14:41,655
people that think it's like a get
rich quick scheme and they enter

425
00:14:41,655 --> 00:14:44,267
and then they leave after a year
because they totally yeah there's

426
00:14:44,267 --> 00:14:49,873
a test pretty material then for
you guys the agent test was really

427
00:14:49,873 --> 00:14:55,318
easy the broker test was hard
because like it's all based on

428
00:14:55,318 --> 00:14:59,196
what the government would do and
then you're like you've been

429
00:14:59,196 --> 00:15:02,544
brokering mortgages for a few
years here this is what i would

430
00:15:02,544 --> 00:15:08,446
actually do in this scenario yeah
so it was just kind of like not

431
00:15:08,546 --> 00:15:06,384
the same i think that test and bc
is pretty hard hey that test oh

432
00:15:06,384 --> 00:15:13,080
passed it yeah yeah exactly it's
like a lot of courses like that

433
00:15:13,300 --> 00:15:15,860
like the theory is not that
applicable to the real life that's

434
00:15:16,100 --> 00:15:16,954
like an agent also read the book
you jump through the hoops you

435
00:15:16,954 --> 00:15:19,951
memorize and then you pretty much
put 90% of it, you know, back on

436
00:15:19,951 --> 00:15:22,928
the bookshelf and you start to
learn the real world.

437
00:15:22,928 --> 00:15:32,000
But in terms of like being
successful in the industry, you

438
00:15:31,826 --> 00:15:32,204
guys have done great.

439
00:15:32,204 --> 00:15:33,111
You also, I mean, we've been on

440
00:15:33,111 --> 00:15:33,363
your podcast.

441
00:15:33,363 --> 00:15:34,144
That's why we wanted to bring you

442
00:15:34,144 --> 00:15:34,571
on ours as well.

443
00:15:34,522 --> 00:15:35,001
So Invested Entrepreneur is a

444
00:15:35,001 --> 00:15:35,201
podcast.

445
00:15:35,102 --> 00:15:35,834
You guys interview people weekly,

446
00:15:35,834 --> 00:15:38,597
obviously entrepreneurs, mostly
within Canada, a lot kind of in

447
00:15:38,597 --> 00:15:40,084
the real estate business.

448
00:15:40,084 --> 00:15:41,338
What do you find separates like

449
00:15:41,324 --> 00:15:41,975
successful and unsuccessful
entrepreneurs?

450
00:15:41,975 --> 00:15:44,020
Like what can people do?
What are the key takeaways that

451
00:15:44,020 --> 00:15:46,757
you guys it yeah yeah exactly it's
like a that's like an agent also

452
00:15:46,757 --> 00:15:49,481
read book you Obviously everyone
has a different industry and a

453
00:15:49,481 --> 00:15:52,769
different angle for a lot of
things, but the common threads

454
00:15:52,769 --> 00:15:56,280
that we see a lot is that the
people who are successful know

455
00:15:56,280 --> 00:15:59,616
what to focus on and they pour all
their energy and efforts into

456
00:15:59,616 --> 00:16:01,785
those things and they basically
ignore everything else or do it as

457
00:16:01,764 --> 00:16:04,604
their like fun thing to do it's
like i'm gonna do all my

458
00:16:04,604 --> 00:16:07,315
prospecting calls and then it's
nice to have this extra layer on

459
00:16:07,315 --> 00:16:10,656
my business that's like a podcast
or something like that but they

460
00:16:10,656 --> 00:16:14,549
don't ever give up the prospecting
for the fun thing i would probably

461
00:16:14,549 --> 00:16:18,221
say the same if i had to boil it
down to two things.

462
00:16:18,221 --> 00:16:21,195
It's not like revolutionary what
I'm about to say, but it's

463
00:16:21,195 --> 00:16:23,962
consistency and sticking to basics
and just sounds super cheesy, but

464
00:16:24,062 --> 00:16:26,446
never really giving up on what
you're trying to pursue.

465
00:16:26,446 --> 00:16:29,076
Because I find that the breaking
point for most entrepreneurs,

466
00:16:29,076 --> 00:16:32,455
they're almost like, if you look
at a graph, they're probably like

467
00:16:32,455 --> 00:16:33,735
humming along like this.

468
00:16:33,833 --> 00:16:35,620
And then all of a sudden, they

469
00:16:35,620 --> 00:16:37,320
would hit that breaking point and
their business would shoot off.

470
00:16:37,320 --> 00:16:41,134
But a lot of people give up right
before that happens.

471
00:16:41,234 --> 00:16:45,263
I feel like that happens with a
lot of entrepreneurs.

472
00:16:45,263 --> 00:16:48,562
And it's the ones that just kind
of believe in themselves and

473
00:16:48,562 --> 00:16:52,875
sticking long term to it, and not
chasing that shiny object and

474
00:16:52,875 --> 00:16:54,294
trying multiple different things
in their business.

475
00:16:54,294 --> 00:16:17,796
I think that's the commonalities
we've seen since starting our

476
00:16:17,796 --> 00:16:18,079
podcast.

477
00:16:18,079 --> 00:16:55,259
What made you guys switch to being

478
00:16:55,259 --> 00:16:57,210
entrepreneurs or have you always
been entrepreneurs?

479
00:16:57,210 --> 00:16:59,560
Like, was it the autonomy, the
freedom, the money, the stress?

480
00:16:59,559 --> 00:17:01,617
Yeah, I've always been
entrepreneurial and I think it was

481
00:17:01,617 --> 00:17:04,601
just like, I would try to go do
something like consulting or

482
00:17:04,601 --> 00:17:08,182
working for a different company
and like try to fit in that box

483
00:17:08,182 --> 00:17:10,736
and be like, I would do it this
way.

484
00:17:10,736 --> 00:17:12,005
You're an idiot, whatever.

485
00:17:12,005 --> 00:17:13,125
And just like, eventually I'm

486
00:17:13,125 --> 00:17:15,659
like, Hey, fuck, I cannot work for
someone else.

487
00:17:15,659 --> 00:17:17,194
I need to just work for myself.

488
00:17:17,194 --> 00:17:18,454
So that became pretty clear about

489
00:17:18,454 --> 00:17:22,174
mid twenties that I knew that that
was never going to be a course I

490
00:17:22,174 --> 00:17:22,525
could take.

491
00:17:22,525 --> 00:17:24,439
So I just had to figure out

492
00:17:24,439 --> 00:17:24,876
something in the entrepreneurial
space.

493
00:17:24,876 --> 00:17:25,532
Just a terrible full-time
employee.

494
00:17:25,532 --> 00:17:30,035
So you were forced to Yeah yeah we
Yeah yeah we grew up together and

495
00:17:30,035 --> 00:17:33,714
it's funny because like he always
had something going on and from

496
00:17:33,714 --> 00:17:37,192
what i remember back in high
school is he was like always the

497
00:17:37,192 --> 00:17:41,220
wallet man bacchus and barley was
this company he had started up

498
00:17:41,220 --> 00:17:43,110
making wallets and other those
keychain holders or whatever you

499
00:17:43,110 --> 00:17:45,572
call them right you call them
right it's like my buddy's dad won

500
00:17:45,572 --> 00:17:48,659
like a leather company that made
the back patches on jeans so we're

501
00:17:48,659 --> 00:17:52,112
like he makes all these other
accessories so we had like a great

502
00:17:52,112 --> 00:17:54,572
manufacturer and we would just
like make wallets catch all trays

503
00:17:54,570 --> 00:17:57,651
key rings it was a great business
but we were way too young to

504
00:17:57,551 --> 00:18:01,217
handle like the responsibility
cool yeah he cool still got it

505
00:18:01,217 --> 00:18:04,449
yeah lifetime guarantee i still
have guarantee i still have

506
00:18:04,449 --> 00:18:05,020
Passport cases.

507
00:18:05,020 --> 00:18:06,926
Like everyone still uses it.

508
00:18:06,926 --> 00:18:07,888
Like they were fantastic.

509
00:18:07,888 --> 00:18:09,620
But like we were in Golf Digest.

510
00:18:09,620 --> 00:18:11,573
We got like tons of like great
feedback.

511
00:18:11,473 --> 00:18:13,460
What?
But then we couldn't we couldn't

512
00:18:13,820 --> 00:18:14,135
handle it.

513
00:18:14,106 --> 00:18:15,728
like, We would get thousands of

514
00:18:15,728 --> 00:18:18,829
dollars in and then we would be
let's order so much inventory.

515
00:18:18,829 --> 00:18:20,759
like, We couldn't sell Like it.

516
00:18:20,759 --> 00:18:22,453
we just had no discipline.

517
00:18:22,453 --> 00:18:23,845
We were just really bad at this.

518
00:18:23,945 --> 00:18:25,208
So you did So you did what Tom

519
00:18:25,208 --> 00:18:25,304
said.

520
00:18:25,404 --> 00:18:27,221
You kind of gave up before it

521
00:18:27,321 --> 00:18:29,752
really took off you just needed a
couple things a couple things

522
00:18:29,752 --> 00:18:33,147
literally there was a period where
we would meet and we would like

523
00:18:33,147 --> 00:18:35,736
talk for half an hour and then we
would i don't know who's listening

524
00:18:35,736 --> 00:18:38,090
to this but sorry mom we would
smoke a joint and have a couple

525
00:18:38,090 --> 00:18:44,257
beers and then we'd be like that
was a good day it was amazing

526
00:18:44,257 --> 00:18:48,418
sounds like in the early 20s yeah
i know it was just like if you

527
00:18:48,418 --> 00:18:50,913
gave me the opportunity i would
totally do different yeah that

528
00:18:50,913 --> 00:18:53,891
would it is i mean you like in you
always been an entrepreneur you

529
00:18:53,891 --> 00:18:56,402
always been an entrepreneur yes
and no it's always been in

530
00:18:56,402 --> 00:19:00,077
something i realized i'd say three
years ago it's always been in the

531
00:18:59,113 --> 00:19:02,257
back of my mind and the way i
think about things but i never

532
00:19:02,257 --> 00:19:05,349
really of my up until yeah three
years ago where i was always

533
00:19:05,349 --> 00:19:06,485
working as an employee.

534
00:19:06,485 --> 00:19:08,252
It took me seven year journey to

535
00:19:08,252 --> 00:19:10,207
get hired on as a professional
firefighter.

536
00:19:10,207 --> 00:19:14,673
So all I did in my life was just
focus on trying to get hired as a

537
00:19:14,673 --> 00:19:14,886
firefighter.

538
00:19:14,886 --> 00:19:17,481
And for those that are listening

539
00:19:17,481 --> 00:19:21,660
that are they understand how hard
it is just to get into that

540
00:19:21,660 --> 00:19:22,180
career.

541
00:19:20,185 --> 00:19:26,360
So it took me the seven years.

542
00:19:26,327 --> 00:19:27,320
And then once I got on, love the
job.

543
00:19:28,840 --> 00:19:31,227
And you know, at that point, I
just wanted something to keep

544
00:19:31,066 --> 00:19:34,060
working towards after getting on
because that was my life, seven

545
00:19:34,027 --> 00:19:38,069
years of trying to get on.

546
00:19:37,893 --> 00:19:38,214
So at that point, I started doing

547
00:19:38,033 --> 00:19:38,195
mortgages and realized quickly
that like, entrepreneurial

548
00:19:38,155 --> 00:19:39,878
endeavors and just the whole space
in general was like something that

549
00:19:39,878 --> 00:19:41,171
really clicked for me.

550
00:19:41,112 --> 00:19:42,180
And then that's kind of what

551
00:19:42,180 --> 00:19:43,662
started off our podcast too, was
both of us have always been

552
00:19:43,662 --> 00:19:45,454
interested in the FIRE Financial
Independence Retire community, So

553
00:19:45,454 --> 00:19:47,195
we wanted to And then that's kind
of Early.

554
00:19:47,195 --> 00:19:50,600
what started off our podcast is
both of us have always been

555
00:19:50,600 --> 00:19:51,819
interested too, in the fire
community, financial independence,

556
00:19:51,804 --> 00:19:52,143
retire early.

557
00:19:52,128 --> 00:19:53,563
So we wanted to start a podcast,

558
00:19:53,563 --> 00:19:55,722
not only about that, but more
specifically focusing on the FI

559
00:19:55,722 --> 00:19:55,923
part.

560
00:19:55,923 --> 00:19:56,661
So financial independence.

561
00:19:56,661 --> 00:19:58,403
And both of us are of that
mindset.

562
00:19:58,403 --> 00:20:00,799
And that's kind of what brought us
to starting the podcast.

563
00:20:00,799 --> 00:20:01,352
That's funny.

564
00:20:01,352 --> 00:20:02,319
A firefighter to the fire.

565
00:20:02,319 --> 00:20:02,527
Yeah.

566
00:20:02,527 --> 00:20:03,840
Or the firefighter to the That's

567
00:20:03,840 --> 00:20:04,026
fire.

568
00:20:04,026 --> 00:20:06,141
Firefighter to the And is just

569
00:20:06,141 --> 00:20:06,376
fire.

570
00:20:06,376 --> 00:20:06,612
Firefighter.

571
00:20:06,612 --> 00:20:06,906
Yeah.

572
00:20:06,906 --> 00:20:07,142
That's perfect.

573
00:20:07,142 --> 00:20:08,026
With that, like what role do you
think entrepreneurs play in the

574
00:20:08,026 --> 00:20:09,997
Canadian economy or just in Canada
in general?

575
00:20:09,997 --> 00:20:12,362
Like personally, I feel
entrepreneurs are like very

576
00:20:12,362 --> 00:20:15,081
crucial to Canadian growth and
evolution on a lot of things,

577
00:20:15,081 --> 00:20:17,185
technology, you know, the way
businesses are run, et cetera.

578
00:20:17,185 --> 00:20:20,380
But I don't feel it's really that
supported by the Canadian

579
00:20:20,380 --> 00:20:20,690
government.

580
00:20:20,690 --> 00:20:22,857
Like I feel they would rather have

581
00:20:22,857 --> 00:20:24,559
everyone is like a fire.

582
00:20:24,559 --> 00:20:24,869
Firefighter.

583
00:20:24,869 --> 00:20:25,023
Yeah.

584
00:20:25,023 --> 00:20:27,002
paying a T4 kind of tax.

585
00:20:27,002 --> 00:20:27,153
Yeah.

586
00:20:27,153 --> 00:20:29,567
What's your guys' stance on agree

587
00:20:29,567 --> 00:20:30,019
with you more.

588
00:20:30,019 --> 00:20:31,413
I think entrepreneurs are such an

589
00:20:31,413 --> 00:20:33,888
important part of like the overall
mosaic of Canada and like

590
00:20:33,888 --> 00:20:36,549
creativity, business owners, what
they contribute and like how they

591
00:20:36,549 --> 00:20:37,052
have society evolve.

592
00:20:37,052 --> 00:20:37,870
It always starts with

593
00:20:37,970 --> 00:20:38,562
entrepreneurship, I think.

594
00:20:38,562 --> 00:20:39,920
And I think largely they're

595
00:20:39,820 --> 00:20:41,171
shunned by the top level of
society.

596
00:20:41,071 --> 00:20:43,652
Like if you look at mortgage
lending, for example, it's harder

597
00:20:43,652 --> 00:20:47,120
as an entrepreneur, anything to do
with your taxes, it's extremely

598
00:20:47,120 --> 00:20:48,680
difficult from the government as
an entrepreneur.

599
00:20:48,680 --> 00:20:50,912
Anything to do with your taxes,
it's extremely difficult from the

600
00:20:50,812 --> 00:20:52,189
government as an entrepreneur.

601
00:20:52,189 --> 00:20:54,820
Anything like this makes it very

602
00:20:54,820 --> 00:20:56,620
difficult to be a small business
owner.

603
00:20:56,620 --> 00:21:00,491
Once you scale and you start to
grow, they're great to support you

604
00:21:00,491 --> 00:21:01,522
once you're big business.

605
00:21:01,522 --> 00:21:03,262
But when you're a small business,

606
00:21:03,262 --> 00:21:04,422
it's quite a difficult journey.

607
00:21:04,422 --> 00:21:04,983
And I think that's really wrong in

608
00:21:04,815 --> 00:21:05,031
our society.

609
00:21:04,848 --> 00:21:05,100
But it also, it creates kind of a

610
00:21:04,927 --> 00:21:05,020
separate microcosm where
entrepreneurs are also supporting

611
00:21:04,978 --> 00:21:05,080
each I don't know other.

612
00:21:05,035 --> 00:21:05,405
about you but it guys, it creates

613
00:21:05,405 --> 00:21:08,829
also, kind of a separate microcosm
where entrepreneurs are also

614
00:21:08,829 --> 00:21:09,365
supporting each other.

615
00:21:09,365 --> 00:21:12,067
Like, I don't know about you guys,

616
00:21:12,067 --> 00:21:17,031
but I'm like more likely to stop
at the mom and pop shop or like go

617
00:21:17,031 --> 00:21:20,240
somewhere else because I recognize
that's someone else who's paying

618
00:21:20,240 --> 00:21:24,970
for their kids hockey or trying to
take their trip a year kind of

619
00:21:24,943 --> 00:21:24,993
thing.

620
00:21:24,977 --> 00:21:25,458
So there's two sides to

621
00:21:25,350 --> 00:21:25,524
everything, right?
Yeah.

622
00:21:25,497 --> 00:21:25,547
Yeah.

623
00:20:33,240 --> 00:20:37,052
What you, Tom?

624
00:21:25,631 --> 00:21:29,316
Do you got any input on that?
Yeah.

625
00:21:29,216 --> 00:21:32,101
I mean, I would agree with all
that.

626
00:21:32,101 --> 00:21:35,807
And it's just, I always look back
and think like, why wasn't

627
00:21:35,807 --> 00:21:39,476
entrepreneurship like ever
presented to me at an early age?

628
00:21:39,476 --> 00:21:41,604
Like, why is it never talked
about?

629
00:21:41,604 --> 00:21:45,217
And it goes back to like, of
course, like the school systems,

630
00:21:45,217 --> 00:21:47,785
it's always geared towards
teaching people, like you got to

631
00:21:47,785 --> 00:21:51,130
go to college, university, pick
the job that's right for you.

632
00:21:51,130 --> 00:21:55,103
And thinking back to like when I
was in high school, I had no idea

633
00:21:55,103 --> 00:21:56,714
what I wanted to do.

634
00:21:56,714 --> 00:21:59,206
And I just wish someone told me

635
00:21:59,106 --> 00:22:02,305
like, Hey, this is an option here
that you can do.

636
00:22:02,305 --> 00:22:04,472
You don't have to go to college.

637
00:22:04,572 --> 00:22:07,687
You can figure things out before

638
00:22:07,687 --> 00:22:08,441
you do that.

639
00:22:08,441 --> 00:22:10,705
Like not saying don't go to

640
00:22:10,705 --> 00:22:14,023
college or university, but Hey,
here's this other option.

641
00:22:14,023 --> 00:22:18,044
And it actually might be a better
fit for you and your personality.

642
00:22:18,044 --> 00:22:19,334
It is It is funny.

643
00:22:19,434 --> 00:22:22,184
A school like it does teach you

644
00:22:22,184 --> 00:22:23,053
how to be a really good employee.

645
00:22:23,053 --> 00:22:23,838
Like I feel like entrepreneurship

646
00:22:23,838 --> 00:22:25,800
is something that people don't
even, they know that you can be an

647
00:22:25,716 --> 00:22:28,342
entrepreneur, but they don't
really understand how limitless

648
00:22:28,342 --> 00:22:29,059
the possibilities are.

649
00:22:29,059 --> 00:22:31,080
And like, you can do anything you

650
00:22:31,180 --> 00:22:32,310
want to do, you know?
Yeah, exactly.

651
00:22:32,310 --> 00:22:34,154
I always thought of
entrepreneurship as like just the

652
00:22:34,154 --> 00:22:36,906
typical business owner that owns
like, yeah, mom and pop shop.

653
00:22:36,806 --> 00:22:39,940
Like there's so many levels to it
in different types of businesses.

654
00:22:39,940 --> 00:22:41,940
And I never knew any of that.

655
00:22:41,940 --> 00:22:42,500
Yeah.

656
00:22:42,500 --> 00:22:45,263
Honestly, probably up until like
four years ago you know what i

657
00:22:45,144 --> 00:22:45,589
mean what's the definition of an
entrepreneur is it just

658
00:22:45,411 --> 00:22:45,878
self-employed taking fridays off
starting a business like i guess

659
00:22:45,718 --> 00:22:47,834
so many people start with your day
off anywhere from there that's

660
00:22:47,834 --> 00:22:50,276
what you do like so many people
can just be there but yeah it is

661
00:22:50,276 --> 00:22:53,787
kind of a loose term yeah start
with your day off anywhere from

662
00:22:53,787 --> 00:22:57,266
there that's what you do like so
many people can just be there but

663
00:22:57,266 --> 00:23:01,165
used to be the running joke that
like we used to call ourselves

664
00:23:01,165 --> 00:23:04,566
when we had that leather business
and stuff like that we were kind

665
00:23:04,466 --> 00:23:06,170
of like we're entrepreneurs
because we like want to be

666
00:23:06,170 --> 00:23:08,140
entrepreneurs but we have this
business where like we're not

667
00:23:08,340 --> 00:23:11,741
doing much work i think for me
defines an entrepreneur now as

668
00:23:11,741 --> 00:23:13,867
someone who's actually working on
creating a business for themselves

669
00:23:13,867 --> 00:23:15,686
and that's what they're pouring
their energy and their life's

670
00:23:15,686 --> 00:23:19,043
focus towards yeah and i think
like said said, too, there's

671
00:23:19,043 --> 00:23:19,571
different layers to it.

672
00:23:19,671 --> 00:23:21,274
Like just because you're an

673
00:23:21,274 --> 00:23:23,411
entrepreneur doesn't mean that you
have more freedom.

674
00:23:23,411 --> 00:23:25,302
If anything, a lot of
entrepreneurs work more hours than

675
00:23:25,302 --> 00:23:27,025
the typical employee, but that's
where the different layers come

676
00:23:27,025 --> 00:23:27,332
into play.

677
00:23:27,332 --> 00:23:29,032
Like if you're starting out your

678
00:23:28,932 --> 00:23:31,178
business, you're probably going to
be grinding for a while until you

679
00:23:31,178 --> 00:23:33,618
can hire out some people and take
some tasks off your plate.

680
00:23:33,618 --> 00:23:36,784
And to me, that's where the real
magic happens is when you buy back

681
00:23:36,884 --> 00:23:39,528
your time by having this system
and people underneath you that can

682
00:23:39,528 --> 00:23:40,443
help support your Okay.

683
00:23:40,443 --> 00:23:41,846
Well, since this is a real estate

684
00:23:41,946 --> 00:23:44,207
based show as well, leading into
2024, what are you guys kind of

685
00:23:44,207 --> 00:23:47,207
seeing in your market out East in
terms of transactions or our

686
00:23:47,081 --> 00:23:48,226
prices going down, up?
And part two of that, kind of

687
00:23:48,226 --> 00:23:52,280
where do you see the market going
in terms of interest rates?

688
00:23:52,400 --> 00:23:53,935
And just, yeah, what are the
transactions looking like?

689
00:23:53,933 --> 00:23:55,063
It's so weird hearing outies.

690
00:23:54,963 --> 00:23:55,587
Yeah, I know.

691
00:23:55,587 --> 00:23:58,186
Like from like down in Ontario, we
never hear that.

692
00:23:58,186 --> 00:24:01,036
Yeah, so if I can speak to our
business specifically, January was

693
00:24:01,036 --> 00:24:01,729
super, super slow.

694
00:24:01,729 --> 00:24:03,240
And February has come out kind of

695
00:24:03,240 --> 00:24:10,178
like out of the gates flying in
terms of people reaching out,

696
00:24:10,178 --> 00:24:11,859
whether it's people that are
looking to get an update on their

697
00:24:11,859 --> 00:24:14,049
pre-approval or people that have
been sitting on the sidelines for

698
00:24:14,049 --> 00:24:14,440
a bit.

699
00:24:14,440 --> 00:24:15,586
We're seeing a lot more of that

700
00:24:15,586 --> 00:24:15,994
right now.

701
00:24:15,994 --> 00:24:17,297
So it definitely is heating up a

702
00:24:17,260 --> 00:24:17,709
little bit.

703
00:24:17,709 --> 00:24:18,399
Not saying it's craziness, but

704
00:24:18,399 --> 00:24:19,914
we're definitely seeing that now.

705
00:24:19,914 --> 00:24:21,509
And just speaking to like other

706
00:24:21,509 --> 00:24:16,770
realtors that we're partnered up
with, I'm seeing more activity in

707
00:24:16,770 --> 00:24:17,464
the major hubs.

708
00:24:17,464 --> 00:24:18,718
So like GTA area and the bigger

709
00:24:18,718 --> 00:24:23,980
cities, but it hasn't really
trickled out too much to the

710
00:24:23,980 --> 00:24:24,690
secondary markets.

711
00:24:24,690 --> 00:24:25,722
So that's what I'm seeing.

712
00:24:25,722 --> 00:24:28,692
And in terms of rate cuts, I still
see between 0.75 to 1%.'s a bold

713
00:24:28,675 --> 00:24:32,116
prediction but i'll put it out
there i'm seeing that in terms of

714
00:24:32,116 --> 00:24:35,232
a rate cut for 2024 but i think we
won't see the first cut until

715
00:24:35,232 --> 00:24:38,993
mid-year now with the recent news
in the u.s coming out so a lot of

716
00:24:38,993 --> 00:24:42,450
people were predicting early
spring is when we're going to see

717
00:24:42,450 --> 00:24:45,712
that first cut but i think we'll
probably see it Like from like

718
00:24:45,712 --> 00:24:49,656
yeah i had faith that it was going
come in march but now i'm thinking

719
00:24:49,656 --> 00:24:52,753
june too yeah i was always going
with april but i had that written

720
00:24:52,753 --> 00:24:56,482
down anytime someone asked me i'm
like it's going to be in april

721
00:24:56,482 --> 00:24:59,776
that's my prediction now i'm like
maybe a little bit after but it's

722
00:24:59,776 --> 00:25:02,621
going to happen at some point i
don't know it's going back it is

723
00:25:02,621 --> 00:25:04,807
know it's going back it is
interesting how this conversation

724
00:25:04,807 --> 00:25:07,359
shifted like obviously going up
it's just off the table now

725
00:25:07,359 --> 00:25:08,370
completely and it's coming down.

726
00:25:08,370 --> 00:25:10,394
It's just a matter of time.

727
00:25:10,394 --> 00:25:12,951
Like, what month, really?
We're just waiting for these

728
00:25:12,851 --> 00:25:13,745
announcements to see what happens.

729
00:25:13,745 --> 00:25:16,156
So it's a shift that's subtle, but

730
00:25:16,256 --> 00:25:16,848
it's significant.

731
00:25:16,848 --> 00:25:18,539
Are you finding, like, your guys'

732
00:25:18,539 --> 00:25:22,222
clients out there are comfortable
now with where rates are?

733
00:25:22,222 --> 00:25:25,079
Like, I feel more stressful
conversations were happening

734
00:25:25,079 --> 00:25:28,015
seven, eight months ago when the
volatility was still there and

735
00:25:28,015 --> 00:25:29,379
fixed rates were pretty high.

736
00:25:29,379 --> 00:25:31,648
But now that fixed rates have kind

737
00:25:31,648 --> 00:25:35,060
of come down substantially since
then, or maybe there's just a

738
00:25:35,240 --> 00:25:38,054
complacency where people are like,
yeah, I'm used to a 5.5% rate now.

739
00:25:38,054 --> 00:25:41,220
Yeah, I can see that too, man.

740
00:25:41,220 --> 00:25:45,615
I think it's just people are more

741
00:25:45,515 --> 00:25:48,224
comfortable with where rates are
at now.

742
00:25:48,224 --> 00:25:50,876
And a lot of them are pleasantly
surprised when we show them fixed

743
00:25:50,876 --> 00:25:54,545
rates too, because nobody knows
that fixed rates fluctuate more

744
00:25:54,545 --> 00:25:57,178
rapidly and volatile versus the
Bank of Canada overnight rates.

745
00:25:57,178 --> 00:25:59,220
So just explaining that to people
and understanding that, hey, fixed

746
00:25:59,380 --> 00:26:01,389
rates have actually dropped over
the last one to two months and

747
00:26:01,389 --> 00:26:04,151
showing them, hey, we have rates
in the low fives and some like

748
00:26:04,151 --> 00:26:06,035
insured, we're in the high fours.

749
00:26:06,035 --> 00:26:07,389
So people are more comfortable

750
00:26:07,389 --> 00:26:08,172
with it.

751
00:26:08,172 --> 00:26:08,563
Okay.

752
00:26:08,563 --> 00:26:09,422
Here's it.

753
00:26:09,522 --> 00:26:09,913
Okay.

754
00:26:09,813 --> 00:26:13,093
Here's a tough question that you
guys probably answer it weekly.

755
00:26:13,093 --> 00:26:15,298
Client comes to you, insured
mortgage, so owner occupied less

756
00:26:15,298 --> 00:26:16,403
than a million dollars.

757
00:26:16,403 --> 00:26:17,398
So very competitive rates.

758
00:26:17,398 --> 00:26:20,982
What are you putting them in if
qualification isn't an issue?

759
00:26:20,982 --> 00:26:24,401
Meaning they could go variable,
they could go three year fixed,

760
00:26:24,401 --> 00:26:25,972
four five year.

761
00:26:25,972 --> 00:26:26,341
Yeah.

762
00:26:26,341 --> 00:26:28,521
So is it first time home buyer?
Yeah.

763
00:26:28,521 --> 00:26:30,204
on the profile first time
homebuyer i've been recommending

764
00:26:30,204 --> 00:26:32,659
fixed more frequently just because
they get the stability of making

765
00:26:32,659 --> 00:26:35,995
the monthly payment they build out
their first kind of budget that

766
00:26:35,995 --> 00:26:39,043
way term wise i don't ever
recommend past three year unless

767
00:26:39,043 --> 00:26:41,813
someone's really like i want a
five and then i'm like just please

768
00:26:41,813 --> 00:26:44,919
take a four but like three years
is kind of the sweet spot if we're

769
00:26:45,052 --> 00:26:47,636
doing variable right now is it
have to have that conversation

770
00:26:47,636 --> 00:26:49,956
with them that they're going to
have short-term pain and hopefully

771
00:26:49,956 --> 00:26:53,277
long-term gain and some of them
can wrap their head around it if

772
00:26:53,277 --> 00:26:56,069
they're not getting their head
around it i'm like okay let's just

773
00:26:56,069 --> 00:26:57,969
go short-term yeah variable is a
tough one right now because it's

774
00:26:57,967 --> 00:26:59,200
so much higher than fixed like
it's gonna have to drop two and a

775
00:26:59,200 --> 00:27:02,918
half percent over like a three
year term compared to a three year

776
00:27:02,918 --> 00:27:05,060
fix to kind of break even on that.

777
00:27:05,140 --> 00:27:05,980
Whereas like, yeah, I don't want

778
00:27:06,280 --> 00:27:09,670
to put anyone in a five year, but
like qualification wise, sometimes

779
00:27:09,670 --> 00:27:12,660
you just depending on the lender,
you kind of force your kind of

780
00:27:13,480 --> 00:27:14,599
force your hand.

781
00:27:14,599 --> 00:27:15,155
It's nice.

782
00:27:15,155 --> 00:27:18,141
The three year?
Yeah, the three year is nice.

783
00:27:18,141 --> 00:27:19,700
It's just like, yeah.

784
00:27:19,600 --> 00:27:22,587
Why wouldn't you do a five year?

785
00:27:22,687 --> 00:27:25,829
What's the reasoning behind that?
Peak market right now for where

786
00:27:25,829 --> 00:27:26,278
rates are.

787
00:27:26,278 --> 00:27:28,396
So yes, you're getting a bit of a

788
00:27:28,396 --> 00:27:30,845
discount, but they're locked in
for that long period.

789
00:27:30,945 --> 00:27:31,562
No flexibility there.

790
00:27:31,562 --> 00:27:33,301
Also, statistics show that

791
00:27:33,301 --> 00:27:36,026
majority of Canadians break their
mortgage around the three-year

792
00:27:36,026 --> 00:27:36,109
marker.

793
00:27:36,109 --> 00:27:37,743
So you're either setting them up

794
00:27:37,743 --> 00:27:40,559
to be forced to port that product
or incur a penalty to break their

795
00:27:40,540 --> 00:27:40,767
mortgage.

796
00:27:40,767 --> 00:27:42,110
So I like the three-year because

797
00:27:42,110 --> 00:27:45,150
you hit that statistical marker,
they get the stability of the

798
00:27:45,150 --> 00:27:49,609
fixed product, and then they also
get that sweet spot in terms of

799
00:27:49,609 --> 00:27:50,757
the rate cycle.

800
00:27:50,757 --> 00:27:52,657
Why Yeah, the penalty needs to be

801
00:27:52,657 --> 00:27:56,046
a conversation when you're putting
somebody in a five-year fix right

802
00:27:56,046 --> 00:27:56,353
now.

803
00:27:56,353 --> 00:27:58,191
Because if rates drop even a

804
00:27:58,191 --> 00:28:00,335
percent, percent and a half,
depending on the lender, interest

805
00:28:00,335 --> 00:28:03,531
rate deferential calculation on
that is going to be massive if

806
00:28:03,431 --> 00:28:07,433
one, they either sell or they want
to break it and go to a different

807
00:28:06,849 --> 00:28:09,340
product or do a refi or like
there's so many scenarios that,

808
00:28:09,340 --> 00:28:11,411
you know, there's a huge liability
there.

809
00:28:11,311 --> 00:28:14,833
So I do love like asking that
question and hearing brokers say,

810
00:28:14,833 --> 00:28:18,307
yeah, like I do three year a lot
right now, because generally

811
00:28:18,307 --> 00:28:22,135
brokers get paid less on a shorter
term where if a client just goes

812
00:28:22,235 --> 00:28:26,257
to a bank, I've never heard of a
bank posing, hey, why not a three

813
00:28:26,257 --> 00:28:28,313
year?
That's a great product for you

814
00:28:28,313 --> 00:28:32,635
because the banks are going to
make less money on that, you know?

815
00:28:32,635 --> 00:28:36,343
So yeah, good for you give a bit
of a spin to that.

816
00:28:36,343 --> 00:28:39,185
I'm actually okay with a five year
fix if it's insured.

817
00:28:39,185 --> 00:28:42,600
I don't push it because I would
agree with Brandon, I would rather

818
00:28:42,600 --> 00:28:44,256
them go into a shorter term.

819
00:28:44,256 --> 00:28:45,611
But for first-time homebuyers that

820
00:28:45,611 --> 00:28:48,427
want that stability, they want the
lowest rate, the lowest payment,

821
00:28:48,427 --> 00:28:52,002
like a five-year fix, say call it
5.09% right now for the average

822
00:28:52,002 --> 00:28:53,182
monoline lender, pretty good.

823
00:28:53,182 --> 00:28:55,180
And I wouldn't be too shocked if

824
00:28:55,162 --> 00:28:57,389
we don't go too much lower than
that in the next couple, two,

825
00:28:57,389 --> 00:28:57,816
three years.

826
00:28:57,798 --> 00:28:58,985
So I don't think it's horrible,

827
00:28:58,985 --> 00:29:01,007
but I would lead towards the
short-term fix.

828
00:29:01,007 --> 00:29:04,579
And then if it were me and my
personal mortgage and I was going

829
00:29:04,579 --> 00:29:06,521
insured, I would definitely go
with the five-year variable.

830
00:29:06,521 --> 00:29:10,183
If we have that discount of 0.9%
off of prime, I would definitely

831
00:29:10,183 --> 00:29:10,855
go with that.

832
00:29:10,855 --> 00:29:12,656
But I'm more risk tolerant versus

833
00:29:12,756 --> 00:29:14,941
like if it was the first time home
buyer, I wouldn't really that.

834
00:29:14,841 --> 00:29:14,993
Yeah.

835
00:29:14,993 --> 00:29:17,381
The three years are tough one with

836
00:29:17,381 --> 00:29:18,703
that because you're hedging that
in three years rates are going to

837
00:29:18,703 --> 00:29:21,389
be substantially cheaper than they
are right now in a five year.

838
00:29:21,346 --> 00:29:23,158
So it's like I find right now the
margins, especially predicting

839
00:29:23,158 --> 00:29:26,303
them are much slimmer than they
were over the past couple of

840
00:29:26,303 --> 00:29:26,539
years.

841
00:29:26,539 --> 00:29:28,533
Like previous, it was so much

842
00:29:28,418 --> 00:29:31,227
easier to be like, oh, the three
years a great option or like a

843
00:29:31,227 --> 00:29:37,300
year and a half ago, a three year
was a really good product because

844
00:29:37,300 --> 00:29:40,917
in three years like we're
predicting that but now it's like

845
00:29:40,917 --> 00:29:43,707
well three years out are they
going to be much lower so yeah

846
00:29:43,707 --> 00:29:47,911
yeah you guys found people just
reluctant to go into a variable at

847
00:29:47,911 --> 00:29:52,005
all because of what happened over
the last few you guys found oh

848
00:29:51,905 --> 00:29:54,316
yeah yeah there's a lot of people
that either are scared of

849
00:29:54,316 --> 00:29:56,680
themselves themselves or their
parents are telling them, don't go

850
00:29:56,680 --> 00:29:56,780
variable.

851
00:29:56,780 --> 00:29:58,680
Like, look what happened to me

852
00:29:58,680 --> 00:29:59,435
when I renewed variable.

853
00:29:59,435 --> 00:30:00,619
I'm paying this amount more.

854
00:30:00,619 --> 00:30:02,061
So there's a lot of people like
that.

855
00:30:02,161 --> 00:30:06,009
I always just tell those people,
I'm like, you know what?

856
00:30:06,009 --> 00:30:09,324
Like, if that's your mindset going
into this, there is a price on a

857
00:30:09,324 --> 00:30:10,188
good night's sleep.

858
00:30:10,188 --> 00:30:11,784
Just take the fixed option and

859
00:30:11,784 --> 00:30:14,724
don't think about your mortgage
until you come up for renewal.

860
00:30:14,724 --> 00:30:17,942
Yeah, it does seem something
satisfying about just knowing what

861
00:30:17,842 --> 00:30:20,836
your payments are for the next
three four or five years like as

862
00:30:20,836 --> 00:30:24,551
long as you can make them seems
kind of easy to do that especially

863
00:30:24,551 --> 00:30:27,559
also it Yeah, it does also it
depends on the lender you're with

864
00:30:27,559 --> 00:30:30,894
but you have options too like if
you want a lower rate and you're

865
00:30:30,894 --> 00:30:34,034
locked into a five year fix if you
want to latch on to a lower rate

866
00:30:34,034 --> 00:30:36,671
you can do that without breaking
your mortgage too like there's

867
00:30:36,571 --> 00:30:39,880
lenders like sc Scotia where you
can go and you can do what's

868
00:30:39,880 --> 00:30:41,195
called a blend and extend.

869
00:30:41,195 --> 00:30:42,886
Say you're two years in and rates

870
00:30:42,886 --> 00:30:45,894
have dropped and you have a
five-year fixed, you can go back

871
00:30:45,894 --> 00:30:47,353
to them and request a lower rate.

872
00:30:47,353 --> 00:30:49,094
They'll blend your current rate

873
00:30:49,094 --> 00:30:51,665
with whatever the rate is at that
point.

874
00:30:51,565 --> 00:30:53,686
There's pros and cons to it.

875
00:30:53,786 --> 00:30:55,500
You're going to extend back to a

876
00:30:55,500 --> 00:30:55,980
five-year term.

877
00:30:55,980 --> 00:30:58,940
But if you really want that lower

878
00:30:58,940 --> 00:31:01,420
rate, it's an option for people to
go with.

879
00:31:01,420 --> 00:31:03,817
Is there options for people that
have variables right now that are

880
00:31:03,917 --> 00:31:06,642
higher to into a fixed what that
look like for somebody so we did

881
00:31:06,642 --> 00:31:08,562
actually quite a bit of that
around the springtime last year

882
00:31:08,562 --> 00:31:11,820
there was like a rate drop and it
was pretty attractive there was

883
00:31:11,820 --> 00:31:15,429
kind of stuff in the mid fours at
one point and we were just

884
00:31:15,329 --> 00:31:17,440
breaking the variable so paying a
three-month interest rate penalty

885
00:31:17,440 --> 00:31:18,948
and then putting them in a
short-term product.

886
00:31:18,948 --> 00:31:22,573
And for those people, it worked
out because now they're in like a

887
00:31:22,573 --> 00:31:25,502
three year fixed, saved all that
money because the variable hasn't

888
00:31:25,502 --> 00:31:26,234
come down yet.

889
00:31:26,234 --> 00:31:27,272
And they've recovered that penalty

890
00:31:27,272 --> 00:31:29,879
plus now on the positive side of
things.

891
00:31:29,879 --> 00:31:31,350
You also do that with certain
lenders.

892
00:31:31,350 --> 00:31:35,600
If you're not switching lenders,
you can take what their fixed

893
00:31:35,600 --> 00:31:36,055
product is.

894
00:31:36,055 --> 00:31:37,747
That's also a strategy right now

895
00:31:37,747 --> 00:31:41,072
that people might have if I think
is, bond OK, take what their fixed

896
00:31:41,172 --> 00:31:42,018
product That's also is.

897
00:31:42,018 --> 00:31:43,379
a strategy right now that people

898
00:31:43,379 --> 00:31:45,496
might have is, okay, if I think
bond market and the fixed product

899
00:31:45,496 --> 00:31:49,588
is still going to go down over the
next year, but I don't want a one

900
00:31:49,588 --> 00:31:53,445
year fixed and then hope that it's
going to be there in a year, take

901
00:31:53,445 --> 00:31:54,126
a variable.

902
00:31:54,126 --> 00:31:55,857
And then whenever you see rates

903
00:31:55,857 --> 00:31:58,654
drop what you want, then you can
kind of lock into that.

904
00:31:58,654 --> 00:31:59,517
There's a million ways to slice
it.

905
00:31:59,517 --> 00:31:59,768
Yeah.

906
00:31:59,768 --> 00:32:01,212
Most of them aren't letting you

907
00:32:01,212 --> 00:32:03,535
lock in and lower your term
though.

908
00:32:03,535 --> 00:32:07,680
So if you take the variable and
you go for one year, you have to

909
00:32:07,680 --> 00:32:09,100
then lock into the four year
option.

910
00:32:09,100 --> 00:32:11,554
They won't let you go and then
lock into the one year.

911
00:32:11,517 --> 00:32:13,386
So there's a little bit of like
gaming and nuance to it.

912
00:32:13,326 --> 00:32:15,257
That's why you call a broker
though.

913
00:32:15,257 --> 00:32:15,606
Yeah.

914
00:32:15,606 --> 00:32:16,335
A agent.

915
00:32:16,235 --> 00:32:16,794
Either one works.

916
00:32:16,794 --> 00:32:18,540
Nothing changed on our day to

917
00:32:18,900 --> 00:32:19,100
Okay.

918
00:32:19,068 --> 00:32:19,268
day.

919
00:32:19,237 --> 00:32:20,373
Nothing changed on our day to
Okay.

920
00:32:20,373 --> 00:32:20,583
day.

921
00:32:20,583 --> 00:32:21,677
Another question for you guys then

922
00:32:21,677 --> 00:32:25,006
then what do you find?
Like is the most powerful tool

923
00:32:25,006 --> 00:32:26,752
right now?
If you're either just trying to

924
00:32:26,752 --> 00:32:28,893
get into the market or buy a
rental property, like what can

925
00:32:28,893 --> 00:32:30,564
people do to position themselves
best, whether it's a mortgage

926
00:32:30,564 --> 00:32:31,343
product or.

927
00:32:31,343 --> 00:32:23,042
We on three, Brandon.

928
00:32:23,042 --> 00:32:32,680
I already know what you're going
to say.

929
00:32:32,680 --> 00:32:33,032
Yeah.

930
00:32:33,032 --> 00:32:33,267
Okay.

931
00:32:33,267 --> 00:32:35,204
We should say it on three, but I
test it.

932
00:32:35,204 --> 00:32:35,263
Okay.

933
00:32:35,263 --> 00:32:36,965
You got to say stayed on three

934
00:32:36,965 --> 00:32:39,043
brandon so i already know what
you're gonna say yeah okay we

935
00:32:39,043 --> 00:32:43,749
should say it on three but i test
it okay you gotta say it on three

936
00:32:43,749 --> 00:32:45,036
then i test it you Yeah.

937
00:32:45,036 --> 00:32:45,220
Okay.

938
00:32:45,220 --> 00:32:48,248
We should say it on three but i
test it okay you gotta say it on

939
00:32:48,248 --> 00:32:51,542
three then i test it you gotta
send it oh you go on goal so three

940
00:32:51,542 --> 00:32:54,782
two one it oh we gotta redo that
episode of the office too.

941
00:32:54,782 --> 00:32:57,307
Yeah, redo that episode of I play
rock and my House hacking is the

942
00:32:57,307 --> 00:32:58,255
Can you explain best.

943
00:32:58,255 --> 00:32:59,339
that to our listener?

944
00:32:59,239 --> 00:32:59,702
Yeah, for sure.

945
00:32:59,702 --> 00:33:01,439
So take a house you're looking at

946
00:33:01,439 --> 00:33:04,303
getting, either there's a basement
unit or a granny suite or

947
00:33:04,303 --> 00:33:05,328
something like that.

948
00:33:05,328 --> 00:33:07,524
You are using that rental income

949
00:33:07,524 --> 00:33:09,134
to qualify for the mortgage.

950
00:33:09,134 --> 00:33:10,621
And then that rental income also

951
00:33:10,621 --> 00:33:11,575
offsets your monthly payment.

952
00:33:11,575 --> 00:33:13,112
So it becomes a lot more palatable

953
00:33:13,112 --> 00:33:13,801
for your budget.

954
00:33:13,801 --> 00:33:14,948
And it also starts to build equity

955
00:33:14,948 --> 00:33:15,441
that way.

956
00:33:15,441 --> 00:33:17,142
So you get in your first house,

957
00:33:17,142 --> 00:33:18,736
you can house hack with as little
as 5%.

958
00:33:18,736 --> 00:33:22,959
And the beauty of this is when
you're ready for the next

959
00:33:22,959 --> 00:33:26,372
property, you can buy that next
property with as little as 5% once

960
00:33:26,472 --> 00:33:26,880
again.

961
00:33:26,780 --> 00:33:28,003
Keep the house that you're

962
00:33:28,003 --> 00:33:29,390
currently hacking, rent out the
other unit.

963
00:33:29,490 --> 00:33:32,857
And now you have two units rented
out contributing to your income.

964
00:33:32,957 --> 00:33:36,240
So it increases your qualification
once again, as well as offsets the

965
00:33:36,240 --> 00:33:37,678
mortgage and gives you some
cashflow.

966
00:33:37,678 --> 00:33:38,303
It's the dream.

967
00:33:38,303 --> 00:33:39,983
It's a It's the dream.

968
00:33:39,983 --> 00:33:42,666
It's a real estate leverage dream
to start with.

969
00:33:42,666 --> 00:33:44,411
If I can go back, I would do it
hands down.

970
00:33:44,263 --> 00:33:44,849
If I knew about that strategy and
I didn't have a family, I would

971
00:33:44,734 --> 00:33:44,859
100% do it.

972
00:33:44,820 --> 00:33:45,677
Too late for me now, but that's

973
00:33:45,677 --> 00:33:46,907
what I would do to scale.

974
00:33:46,907 --> 00:33:47,707
I lost us.

975
00:33:47,707 --> 00:33:49,368
what I would do to scale.

976
00:33:49,368 --> 00:33:49,860
I lost us.

977
00:33:49,860 --> 00:33:50,089
Yeah.

978
00:33:50,089 --> 00:33:50,261
Yeah.

979
00:33:50,261 --> 00:33:51,523
And you can't go backwards too,
right?

980
00:33:51,523 --> 00:33:53,644
You can't go backwards in the eyes
of the lender's juice.

981
00:33:53,644 --> 00:33:56,733
It's like, why are you giving up
your single family home to now go

982
00:33:56,733 --> 00:33:59,209
live in a duplex or a triplex?
Like, it doesn't make sense.

983
00:33:59,209 --> 00:34:00,224
I'm looking at your income
statements.

984
00:34:00,222 --> 00:34:01,769
Times aren't that So yeah.

985
00:34:01,769 --> 00:34:02,011
Yeah.

986
00:34:01,911 --> 00:34:03,777
It's kind of funny the things that
you don't right?

987
00:34:03,777 --> 00:34:07,660
know, Let's go back to
entrepreneurship too.

988
00:34:07,624 --> 00:34:07,660
Like you just don't know what you
don't right?

989
00:34:07,652 --> 00:34:12,020
know, So how do you fix that?
like, You got to go talk to

990
00:34:11,947 --> 00:34:12,020
people.

991
00:34:11,956 --> 00:34:12,020
You have to read listen books, to

992
00:34:12,000 --> 00:34:12,020
podcasts.

993
00:34:12,005 --> 00:34:15,020
I Like, wish I would have known

994
00:34:14,985 --> 00:34:16,980
this too when I bought my first
house because I probably would

995
00:34:16,924 --> 00:34:24,003
have made sure it was one with a
suite or I think it's getting

996
00:34:23,993 --> 00:34:24,179
better though, like in terms of
resources, because when I was in

997
00:34:24,159 --> 00:34:28,132
high school, I mean, I can't
remember when YouTube came out,

998
00:34:28,132 --> 00:34:31,492
but it definitely wasn't as
prevalent as it is now.

999
00:34:31,492 --> 00:34:33,895
Like just having YouTube or
podcasting like this wasn't around

1000
00:34:33,895 --> 00:34:34,748
and there wasn't as many
resources.

1001
00:34:34,748 --> 00:34:37,946
Whereas I think like the younger
generation, they're on these

1002
00:34:37,946 --> 00:34:38,755
platforms.

1003
00:34:38,755 --> 00:34:40,754
So the information is going to

1004
00:34:40,754 --> 00:34:43,833
come at them more often than not
versus like when we were younger,

1005
00:34:43,833 --> 00:34:44,558
we didn't really have this.

1006
00:34:44,536 --> 00:34:44,686
No shit.

1007
00:34:44,686 --> 00:34:45,353
So I when it No shit.

1008
00:34:45,353 --> 00:34:46,327
So I had a cousin gives me a call

1009
00:34:46,327 --> 00:34:47,580
and he's like 20 years old and
he's asking me questions about

1010
00:34:47,580 --> 00:34:47,967
investing in real estate.

1011
00:34:47,967 --> 00:34:48,625
I was like, I just learned about

1012
00:34:48,625 --> 00:34:49,183
this like four years ago.

1013
00:34:49,132 --> 00:34:44,300
And here you are like 20.

1014
00:34:44,248 --> 00:34:48,416
Just even the fact that you're
asking me this questions, just a

1015
00:34:48,416 --> 00:34:49,331
given that you're going to be a
successful kid.

1016
00:34:49,251 --> 00:34:49,301
Right.

1017
00:34:49,281 --> 00:34:50,960
Nail right on the head there.

1018
00:34:50,960 --> 00:34:53,744
Like there's just a lot more
resources out right now.

1019
00:34:50,745 --> 00:34:56,616
And people like us are 20.

1020
00:34:56,616 --> 00:35:00,143
the word all the time.

1021
00:35:00,143 --> 00:35:00,922
Yeah.

1022
00:34:55,370 --> 00:35:04,093
And like, we always say this, like

1023
00:35:04,093 --> 00:35:11,540
people turn to YouTube now instead
of like watching TV, the younger

1024
00:35:11,429 --> 00:35:11,479
kids.

1025
00:35:11,445 --> 00:35:17,528
So like my step always watch stuff

1026
00:35:17,469 --> 00:35:17,704
on YouTube.

1027
00:35:17,680 --> 00:35:19,264
And I like the other day I was

1028
00:35:19,264 --> 00:35:19,922
like looking for something on
Netflix.

1029
00:35:19,898 --> 00:35:20,726
I'm like, fuck this.

1030
00:35:20,602 --> 00:35:21,622
I'm just going to watch a few

1031
00:35:21,622 --> 00:35:21,974
YouTube videos.

1032
00:35:21,974 --> 00:35:24,449
And I ended up watching like way

1033
00:35:24,449 --> 00:35:27,214
more focused stuff on like real
estate entrepreneurship, like down

1034
00:35:27,214 --> 00:35:28,378
this whole rabbit hole.

1035
00:35:28,378 --> 00:35:29,971
But I'm like, that's what what

1036
00:35:29,971 --> 00:35:32,356
they're getting they're getting
like the five to ten minute pure

1037
00:35:32,356 --> 00:35:35,011
information versus like selling
sir hant or whatever kind of

1038
00:35:35,011 --> 00:35:37,263
selling sunset content are you
telling me listener is not going

1039
00:35:37,263 --> 00:35:40,289
to understand my office reference
a few minutes ago yeah yeah our

1040
00:35:40,289 --> 00:35:43,804
listeners might yeah yeah i was
just gonna go back a second there

1041
00:35:43,804 --> 00:35:47,535
too like kind of doing host
hacking for a client yeah our also

1042
00:35:47,535 --> 00:35:50,840
have to work with someone that
you're comfortable with and you

1043
00:35:50,840 --> 00:35:54,151
are aligned with and you think
yeah is the right fit for you

1044
00:35:54,151 --> 00:35:56,502
because they went to their local
bank it's a basement suite it's a

1045
00:35:56,502 --> 00:35:59,113
house obviously it's a house with
a basement suite, but the rental

1046
00:35:59,113 --> 00:36:01,180
income, and I know how their
specific bank calculates it for

1047
00:36:01,180 --> 00:36:04,212
the subject owner occupied house
is not enough to qualify them for

1048
00:36:04,212 --> 00:36:04,971
purchase price needed.

1049
00:36:05,071 --> 00:36:06,489
But we have access to, you know,

1050
00:36:06,489 --> 00:36:08,935
two lenders and specifically they
use a hundred percent of the

1051
00:36:06,903 --> 00:36:10,031
rental income from that less the
property taxes and the the heat.

1052
00:36:09,931 --> 00:36:11,437
I was like, this is easy.

1053
00:36:11,337 --> 00:36:12,960
We can make this work all day.

1054
00:36:12,960 --> 00:36:16,430
So it's not that that person has
to go and shop around and figure

1055
00:36:16,430 --> 00:36:17,918
out which lender has what
guideline.

1056
00:36:17,918 --> 00:36:20,195
You just find someone that you're
confident with and you work with

1057
00:36:20,195 --> 00:36:22,385
them and they'll do the hard work
for you.

1058
00:36:22,285 --> 00:36:25,020
Yeah, that's a great point.

1059
00:36:25,200 --> 00:36:27,760
One third of the benefits of house

1060
00:36:27,731 --> 00:36:27,760
hacking is the mortgage
qualification.

1061
00:36:27,846 --> 00:36:31,380
So you want to use that to the
best of your abilities.

1062
00:36:31,367 --> 00:36:33,080
And I think you're talking about
MCAP and Strive.

1063
00:36:33,069 --> 00:36:34,260
I'm going to drop some names
because it's for the good for you.

1064
00:36:35,820 --> 00:36:38,417
So going to drop some
qualification, you're going to get

1065
00:36:38,380 --> 00:36:39,240
more when you house hack versus on
your own and you're just buying a

1066
00:36:39,153 --> 00:36:39,595
straight up residence.

1067
00:36:39,589 --> 00:36:40,777
You're going to have your mortgage

1068
00:36:40,777 --> 00:36:41,653
pay down from someone else doing
it.

1069
00:36:42,420 --> 00:36:45,481
And your cash flow is going to be
better because someone's helping

1070
00:36:45,381 --> 00:36:46,253
you with the mortgage payment.

1071
00:36:46,253 --> 00:36:47,845
And you're going to get into the

1072
00:36:47,845 --> 00:36:50,711
market quicker because if you're
debating on moving out of the

1073
00:36:50,711 --> 00:36:53,655
province even we're seeing a lot
of people go out west to calgary

1074
00:36:53,655 --> 00:36:57,613
west for us instead of doing that
maybe you can look in your own

1075
00:36:57,613 --> 00:37:01,736
area and try to see if you can
make it work and that's your first

1076
00:37:01,736 --> 00:37:04,417
step is reach out to someone like
taylor and he's got the options on

1077
00:37:04,417 --> 00:37:05,680
his side for the best rental
offsets and that goes that goes

1078
00:37:06,000 --> 00:37:08,175
back to also like how long your
term is and variable reverses a

1079
00:37:08,175 --> 00:37:09,685
fix and all those kinds of things.

1080
00:37:09,685 --> 00:37:10,229
Yeah.

1081
00:37:10,229 --> 00:37:10,531
Yeah.

1082
00:37:10,531 --> 00:37:12,501
The other piece I love to do with

1083
00:37:12,493 --> 00:37:14,660
the house hacking comparison is
like once you do that budget and

1084
00:37:14,660 --> 00:37:17,361
you see how much your carrying
cost is to then compare that to

1085
00:37:17,453 --> 00:37:19,940
what it would cost you to rent
that exact same unit as you're

1086
00:37:20,000 --> 00:37:20,140
buying.

1087
00:37:20,240 --> 00:37:20,920
And that's the mind blowing one.

1088
00:37:20,980 --> 00:37:23,112
Like I helped a woman out in
sarnia area do this and her

1089
00:37:23,112 --> 00:37:25,907
monthly carrying cost is like 750
and the rent for that home would

1090
00:37:25,807 --> 00:37:29,365
be like 2200 minimum so she was
like over the moon and building

1091
00:37:29,365 --> 00:37:32,771
equity paying down the mortgage
love and you send her an invoice

1092
00:37:32,771 --> 00:37:35,210
every month for like 1500 bucks
had a call me after a full year

1093
00:37:35,210 --> 00:37:38,325
and they were like i feel really
bad i paid my lawyer i paid my

1094
00:37:38,325 --> 00:37:41,117
realtor the commission on the sale
of my last home i never got your

1095
00:37:41,117 --> 00:37:44,486
bill and like the husband and i
have just been feeling terrible

1096
00:37:44,586 --> 00:37:47,256
they thought you just forgot they
thought you just forgot about it

1097
00:37:47,256 --> 00:37:49,638
yeah like i just need to like, I'm
clean.

1098
00:37:49,638 --> 00:37:52,565
Like, let me know and I'll pay it.

1099
00:37:52,565 --> 00:37:55,021
Like, I don't know if you forgot.

1100
00:37:55,021 --> 00:37:56,542
I'm like, I don't charge you
anything.

1101
00:37:56,542 --> 00:37:58,355
I'm paid directly by the lender.

1102
00:37:58,355 --> 00:38:03,296
And she's like, what?

1103
00:38:03,296 --> 00:38:06,200
I'm like, thanks for coming clean.

1104
00:38:06,200 --> 00:38:06,982
is hilarious.

1105
00:38:06,982 --> 00:38:09,035
That actually just happened to me
as well.

1106
00:38:09,035 --> 00:38:11,171
A client was like, Hey, I'm doing
my taxes.

1107
00:38:11,171 --> 00:38:13,264
And it was a rental property.

1108
00:38:13,264 --> 00:38:15,822
Need to know how much you charged

1109
00:38:15,822 --> 00:38:16,014
me.

1110
00:38:16,014 --> 00:38:17,804
I was like, I didn't charge you

1111
00:38:17,804 --> 00:38:18,210
you anything.

1112
00:38:18,210 --> 00:38:19,481
It happens so often, man.

1113
00:38:19,481 --> 00:38:21,127
And that's so often, man.

1114
00:38:21,127 --> 00:38:23,834
And that's why I like to go to a

1115
00:38:23,834 --> 00:38:24,650
mortgage broker.

1116
00:38:24,650 --> 00:38:26,545
Like, well, I don't cost too much

1117
00:38:26,545 --> 00:38:26,758
money.

1118
00:38:26,758 --> 00:38:28,459
I'm like, no, it does not.

1119
00:38:28,459 --> 00:38:29,381
does not.

1120
00:38:29,381 --> 00:38:31,596
I opened my calls with that.

1121
00:38:31,596 --> 00:38:37,035
Now I'll say like, Hey, by the
way, like before we proceed, I'm

1122
00:38:37,135 --> 00:38:39,115
not charging you anything just to
heads up.

1123
00:38:39,215 --> 00:38:42,976
Cause like you would get to the
end of your phone call and the

1124
00:38:42,976 --> 00:38:45,803
whole time they're probably
thinking like like what is this

1125
00:38:45,803 --> 00:38:49,620
guy charging me by the end of this
so i try to get it up front now

1126
00:38:49,620 --> 00:38:51,555
because general population still
doesn't really know what mortgage

1127
00:38:51,555 --> 00:38:55,322
brokers do and it's not to their
fault it's just not really public

1128
00:38:55,322 --> 00:38:57,574
knowledge probably thinking like
like what is this so i knowledge

1129
00:38:57,542 --> 00:38:59,140
there is private lenders you have
to yeah so certain alternative

1130
00:38:59,240 --> 00:39:01,745
lenders and private lenders you
have to charge a fee because they

1131
00:39:01,745 --> 00:39:04,803
don't charge anything but there's
obviously reasons why we need to

1132
00:39:04,803 --> 00:39:05,200
use those.

1133
00:39:05,167 --> 00:39:06,312
So yeah, people are interested in

1134
00:39:06,212 --> 00:39:06,337
that.

1135
00:39:06,337 --> 00:39:07,341
We do have a podcast.

1136
00:39:07,341 --> 00:39:10,524
I forget which episode it was, but
we did have a private lender on

1137
00:39:10,524 --> 00:39:11,402
talking about that.

1138
00:39:11,302 --> 00:39:08,968
Yeah, that's just how they

1139
00:39:12,110 --> 00:39:13,425
structure it.

1140
00:39:13,425 --> 00:39:14,831
But for any kind of a conventional

1141
00:39:14,831 --> 00:39:17,181
monoline lenders, yeah, they just
pay to yeah so going to lead into

1142
00:39:17,181 --> 00:39:18,858
our kind of wrap up questions
here.

1143
00:39:18,836 --> 00:39:21,200
If you could buy any property in
the Okanagan in the next 12

1144
00:39:21,200 --> 00:39:24,691
months, what would it I'm going to
go like on Okanagan Lake so I can

1145
00:39:24,691 --> 00:39:25,432
swim with Ogopogo.

1146
00:39:25,432 --> 00:39:27,255
I was going to say Okanagan Lake

1147
00:39:27,255 --> 00:39:28,680
too, but that's definitely a
wittier.

1148
00:39:28,680 --> 00:39:30,336
You have to make sure he's free
day.

1149
00:39:30,336 --> 00:39:30,507
Yeah.

1150
00:39:30,507 --> 00:39:31,992
I was actually scared of that when

1151
00:39:31,992 --> 00:39:33,562
I was a child swimming in that
lake.

1152
00:39:33,562 --> 00:39:36,214
So there is, I think, Sturgeon in
Ok hey taylor i haven't seen any i

1153
00:39:36,214 --> 00:39:38,686
haven't seen any either pretty
deep i think they go pretty deep

1154
00:39:38,686 --> 00:39:41,379
but yeah i think you're safe
you'll have all your toes when you

1155
00:39:41,379 --> 00:39:45,319
get out of the water my limbs are
bigger now so i think is, I any

1156
00:39:45,319 --> 00:39:48,850
the best thing you guys have spent
money on airpods airpods you have

1157
00:39:48,850 --> 00:39:51,647
them right now 200 bucks no you're
not no no but my wife it.

1158
00:39:51,647 --> 00:39:53,922
I wear them all over the house all
the time.

1159
00:39:53,922 --> 00:39:57,793
Like I have YouTube premium, so I
don't go through the ads and I'll

1160
00:39:57,793 --> 00:40:00,808
just put it on like one and a half
or two times speed.

1161
00:40:00,808 --> 00:40:04,195
And man, like the $200 investment
from the AirPods, I've learned so

1162
00:40:04,195 --> 00:40:04,420
much.

1163
00:40:04,520 --> 00:40:05,823
I've been wearing AirPods for a

1164
00:40:05,823 --> 00:40:08,110
while, but like the AirPods pro
love them.

1165
00:40:08,110 --> 00:40:10,112
Got to get those.

1166
00:40:10,112 --> 00:40:11,733
But yeah, just biggest investment

1167
00:40:11,733 --> 00:40:12,400
for me.

1168
00:40:12,400 --> 00:40:16,092
I me i gotta say i now 200 I me i

1169
00:40:16,092 --> 00:40:21,554
gotta say i love how you started
that well i shouldn't say i love

1170
00:40:21,554 --> 00:40:27,886
that but you're like airpods my
wife hates them right yeah that's

1171
00:40:28,479 --> 00:40:31,942
a great investment buddy um great
investment buddy um you in

1172
00:40:31,942 --> 00:40:35,561
marriage counseling yeah yeah for
me i'm gonna go i think the best

1173
00:40:35,561 --> 00:40:37,871
investment is usually like
traveling and booking trips trips

1174
00:40:37,871 --> 00:40:40,805
to the okanagan trips to okanagan
yeah i'm gonna come in the summer

1175
00:40:40,805 --> 00:40:43,095
next time i keep going in like
january yeah like always yeah next

1176
00:40:43,095 --> 00:40:46,040
time you guys time you guys come
out here we'll do a live recording

1177
00:40:46,040 --> 00:40:47,840
yeah yeah definitely what is uh
what's your favorite charity or

1178
00:40:47,840 --> 00:40:49,470
how do you give yeah yeah
definitely what is uh what's my

1179
00:40:49,460 --> 00:40:52,125
favorite is going to be sick kids
just helped out some of my family

1180
00:40:52,125 --> 00:40:58,555
before and so i'll donate to them
annually and then kind of whenever

1181
00:40:58,555 --> 00:41:01,020
they're doing the LCBO collecting
on them, I always toss a few Mine

1182
00:41:01,340 --> 00:41:04,184
is Burlington Hospice and that's
in my hometown and grandma always

1183
00:41:04,184 --> 00:41:05,740
loves when we donate to it.

1184
00:41:05,840 --> 00:41:06,252
that's fantastic.

1185
00:41:06,252 --> 00:41:10,352
How can Taylor or I or our
listener help you guys out?

1186
00:41:10,352 --> 00:41:13,029
What you want us to do for you?
So if you are on YouTube, as we

1187
00:41:13,029 --> 00:41:14,177
talked about, check out the
Invested Entrepreneur.

1188
00:41:14,177 --> 00:41:16,802
That is the best place to find our
shorts and to listen to our full

1189
00:41:16,802 --> 00:41:17,420
episodes as well.

1190
00:41:17,420 --> 00:41:18,503
Also anywhere that you listen to

1191
00:41:18,603 --> 00:41:20,602
podcasts, if you look up the
Invested Entrepreneur, that'd be

1192
00:41:20,602 --> 00:41:20,979
wonderful.

1193
00:41:20,979 --> 00:41:21,263
Right on.

1194
00:41:21,263 --> 00:41:22,961
Do you have pants on YouTube as
well or just shorts?

1195
00:41:22,961 --> 00:41:23,800
pants on You two kids.

1196
00:41:23,800 --> 00:41:24,669
I got two kids.

1197
00:41:24,669 --> 00:41:25,967
That was a bad question.

1198
00:41:25,950 --> 00:41:26,042
Yeah.

1199
00:41:26,042 --> 00:41:26,362
All right.

1200
00:41:26,362 --> 00:41:27,460
Well, it was great having you guys

1201
00:41:27,460 --> 00:41:27,845
on the show.

1202
00:41:27,845 --> 00:41:29,386
We'll finish on a high and yeah,

1203
00:41:29,386 --> 00:41:31,633
we'll see you on YouTube.

1204
00:41:31,633 --> 00:41:33,099
Great I got two kids.

1205
00:41:33,099 --> 00:41:33,930
That was a bad question.

1206
00:41:33,930 --> 00:41:34,374
be here.

1207
00:41:34,369 --> 00:41:25,601
Thanks for listening to the
Kelowna real estate podcast.

1208
00:41:25,584 --> 00:41:37,569
Be sure to reach out and let us
know how else we can add value to

1209
00:41:37,569 --> 00:41:39,293
your Kelowna real estate journey.

1210
00:41:39,293 --> 00:41:40,615
Please show some support by

1211
00:41:40,615 --> 00:41:42,258
hitting the like, share and
subscribe button.

1212
00:41:42,258 --> 00:41:45,567
This is sponsored by Matt Glenn
Real Estate and Taylor Adventure

1213
00:41:45,567 --> 00:41:45,762
Mortgages.