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Okay, welcome everybody.

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Nice to see a lot of familiar faces.

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Welcome to your monthly mastery.

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So if you do have a quick second before I do, I go into introductions and stuff like

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that.

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If you hover over your own photo, or your own video feed in Zoom, you'll see three dots

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there.

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If you could change your name to your name and where you're from, I think that would

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be really helpful, especially for networking purposes and just knowing who's from where.

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And if you wanted to connect with people, you can do that via chat or you can direct

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message each other.

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And yeah, I think that that would be awesome.

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If everybody can make it a habit of when you come to the events, if you can share where

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you're from, that would be super helpful for everybody.

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And so without further ado, welcome again to your monthly mastery.

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Congratulations on putting the time aside for your business.

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Today on the roster, I have the lovely Gabrielle, Gabrielle Kane, give a wave.

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I also have Nick Skalkos, mastermind coach, who some of you might be familiar with if

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he is your mastermind coach.

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And we have Carl Benson, who is one of our Keyspire US coaches.

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And so for any of you that are from the old Keyspire Income Property Labs days, I was

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telling Carl, we had a good laugh, felt like we're getting the band back together, man.

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Dude, I was there.

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And yeah, we've hosted and done a lot of really good sessions in IP labs.

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And we're starting to, you know, we want to integrate because we do have a lot of members

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from the US and we have a lot of members in Canada.

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And so we're starting to do what we would love to be able to split and share insights

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from both sides of the border.

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Investing in the States is a very hot topic right now.

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And so having both of them here just makes us all stronger.

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And so, Gabrielle, anything that you would like to share?

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Anything that I forgot?

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How you doing today?

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Thank you, Joe.

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Um, you, you hit it.

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You hit every single note.

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I just want to thank everyone for being here and joining us on this monthly mastermind

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You're, you're, you're feeding into goals, dreams and your aspirations and this for you.

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So we want to support you in your journey in every way that we can.

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Please don't hesitate to network.

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This is an amazing networking opportunity.

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So we strongly encourage you to have your cameras on.

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Something I personally like to do when I'm networking is I'll put my name and the state

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or province that I'm from.

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So that way people can see where I am.

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And it makes it easier when we're in breakout rooms.

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I'm just really happy to be here.

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So thank you for the introduction, Joe.

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Thanks.

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Okay.

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Nick and Carl, I am going to hand off to you guys to do what you do best.

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And I will be here supporting and putting stuff in chat and breaking everybody out into

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breakout groups when the time comes.

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Good to see everybody again.

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And let's get going.

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Hello, lovely people.

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Welcome to the monthly mastery.

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We have another amazing night set up for you.

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It's so wonderful to see so many familiar faces in here.

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Joe, thank you so much for being you.

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Gabrielle, thank you so much for caring for everyone.

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If you don't know who your program advisor is, it's either one of these two.

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I'm sure you've all connected with them before.

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Absolute gems here.

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If you haven't yet, please feel free to do so.

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And excited to introduce to you in the house tonight, Mr. Carl Benson from Utah.

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Hello, sir.

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Hello.

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Introduce yourself to everyone here tonight.

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Sure.

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Carl Benson, and I live down here in the States.

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I think I was the very first, actually I was the very first Keyspire coach when Keyspire

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came down here.

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And I've been investing in real estate for over 30 years and coaching and mentoring for

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going on a fair amount of time for about two decades now.

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And I just love being a part of it all.

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Yeah.

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Wow.

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You are OG, eh?

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Incredible.

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Same with Joe.

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Joe's been with us for a very long time.

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So you guys are getting the special treatment tonight because we have a very special monthly

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mastery meetup for you where we're going to be talking about something that's so important

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that a lot of us tend to overlook it and a lot of us want to wear all of these hats.

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But the truth is, is that you need to come to terms with something.

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You're scaling your business at some point.

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You're going to want to scale.

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And when you're doing that, you want to build your business so that it's actually scalable.

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So that's what we're doing tonight is we're talking about how to scale your business.

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And how do you do that?

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Well, of course you do with other people.

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Real estate's a leverage game.

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We leverage.

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We leverage knowledge.

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We leverage money.

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We leverage expertise.

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We leverage each other.

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We leverage time.

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And whenever I'm looking to jump into the pool, do something different.

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Do something bigger.

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Do something that scares me.

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I always want to hold someone else's hand and do it and drag them in with me because

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I'm just...

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too afraid because I'm just not going to do it myself and then everything that's required to

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do so will just lead to inaction and you know what do they call it analysis paralysis like

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you want to avoid that you want to conquer that building your team that's how you do that that's

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how you scale so there's various forms of scaling as you get through real estate as you get to bigger

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projects you'll start scaling in your own team you'll build people no longer is it you that's

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no longer is it you that's running the asset no longer is it you that's raising the capital or

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doing everything yourself mowing the lawn selecting the tenants it's great to start

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out like that and we will be talking about investing like that but this is the first

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stage of scaling after that it just keeps going because eventually you want to know how to

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get busier and have your business grow without it consuming your time that's the goal here is

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your business is making more money your business is growing but you're getting your time back

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as you're doing that so that's what we're talking about today and and that's why and that's why we

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decided to do this for you so and we brought in the U.S. perspective as well because a lot as a

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lot of you know I've been investing in the U.S. for the last three three years and intend to keep

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doing so and I think a lot of us are interested in investing in the U.S. as well so you're going

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to get both perspectives tonight if you don't mind so who are the players here in this team

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well we're talking about basically service providers and I think number one is a mortgage

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broker I got to tell you everything I know about commercial financing came from the mortgage broker

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everything I and that broker I didn't use that broker or close on that building but that

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conversation blew my mind I know what to put in for maintenance when I was running numbers

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I knew how lenders were going to look at this deal I learned about debt service coverage ratio

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just by talking to a mortgage broker so that is how you're financing your property is the first

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question you got to solve mortgage brokers the person's going to do that and make it really

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educate you there second person second uh team member we're going to talk about is property

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manager this is extremely crucial for more reasons than you'd probably think so I'm looking forward

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to diving into that realtor wholesaler that's a full-time job by the way when you're dealing

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you're looking to you know look for properties from a realtor or a wholesaler you need a lot of

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time you've got a lot of portals you've got a lot of emails to open and especially when you're

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investing out of province or out of state which is what this will allow you to do you've got a

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full-time job and we'll talk about that in a second lawyer we just an hour ago I had a conversation

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with a lawyer that was trying to tell me that for you Americans you're not going to get this but

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they're trying to tell me that we had to have a GST number the GST number to purchase an eight

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unit that we're looking at and we were just like what we don't need a GST number and this lawyer

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was adamant that we did so I called up my accountant who's a freaking genius and it's just

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like I got this lawyer telling me that I needed a GST number so he threw the book at her probably

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loved it like flexed his muscle and everything and then she she called back you know she's like

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so adamant but now she's like okay like this makes sense we'll proceed so watch out for lawyers

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uh that's going to be the uh not all are good and I'm going to I'm going to actually show you

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how I pick a lawyer and it's not what you think it's not it's probably not what you're thinking

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here so accountant I just stressed how good my accountant will get on the call with me

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my accountant will put someone in their place when they need to be put in their place

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my accountant is there to not do my taxes but to educate me on everything just so I know here's

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how corporations are taxed that's why you're going to want to incorporate when I'm incorporating

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I always talk to my accountant definitely definitely a go-to in fact if I had to reverse

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the order it would be that but you're going to need a lawyer pretty quick so a general contractor

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that's the tough one that's a tough one how do you find a good general contractor I'm hoping

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that Carl's got some good tips for us he's been in this game for so many years so Carl I'm going

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to be leaning on you for that because I've only had awful experiences so um I can tell you what

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not to do maybe that'll be helpful here we go so mortgage broker why I why would you want a

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mortgage broker well you've got access to more lenders rather than going to the bank having them

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tell you no you can go to a broker who's got access to you know 80 90 and in the U.S. uh

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way more than that uh different lenders so why not right um residential brokers and commercial

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brokers are very different learn how they learn how they differ this is how they differ

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a residential mortgage broker in my experience I don't make a lot of income I'm going to be

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very transparent with you the conversations are Nick you

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need to like get another job, you need to make more money, you need to, you know, pay off your debts.

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And I can't scale like that because I like I'm just never going to be qualifiable. And I don't

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want to be if getting another job is the quote, I'm not in, I don't want another job. That's not

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what I'm going for here. When you talk to a commercial broker, well, it cames up, they don't

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sound like they're in a cubicle. Sometimes I hear my broker at home babies crying, dogs barking,

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chewing on a BLT. It's like, okay, what am I talking to the mafia here or RBC? I'm talking

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to RBC. Wow. Okay. So that's, that's interesting. Now I give my commercial broker, rent and expenses,

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and then they give me back a verbal, I actually have a verbal mortgage. You're like, this is what

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we're willing to give you. And I was like, wow, you didn't even ask me how much money I make yet.

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Like the residential broker did like that was gruesome. And the answer is always bad.

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But with the commercial residential broker, if that building, if that DCR hits the mark for them,

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hits their criteria, and they like it, they'll give you, they'll give you a mortgage on that

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income or no income can have bad credit. And you do need to qualify based on net worth.

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And this is obviously another conversation, but I can't stress how different they are,

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a residential mortgage broker and a commercial mortgage broker. And often they're not one in

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the same. They're either, or so be careful with who you're choosing and know what the difference is.

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And the fees are different as well. Right. And, and you'll have to talk to a broker on how

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they're wrapped up. But from what I understand, commercial residential broker,

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in most cases, I mean, it's been a while. I think the lender might cover

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their fees. Whereas on a commercial residential mortgage broker, you're paying those fees out

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up front. Now talk to a broker to figure out what their fees are. Maybe some places are different.

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Maybe things have changed. I don't know, but they're very different. So know the difference.

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Absolutely know the difference. And you know what, this is a big one. If your broker says,

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no, you got the wrong broker, your broker like that, that, that word should not be in their

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No, can't do that. Really? You know what my broker says, says, Nick,

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you're a challenging file, brother. Well, you know what? I'm going to call you back in a minute. Okay.

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That's what my broker says. I'm going to call you right back. I like that. Go get them tiger.

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Your mortgage broker does not have to be in your state. Does not have to be in your province.

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Remember that everyone's always looking for a broker near them. Why

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want to take them out to coffee? Like what's the deal with that? It's a service provider.

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It's not a buddy. So Carl thoughts, my man. Absolutely. I mean, it's having, having a

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conduit to financing is imperative. I mean, most people aren't able to secure a property without,

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without financing. And as you mentioned, Nick, the resident, the residential mortgage originators

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versus the commercial brokers, there's a huge difference. You know, the the residential ones

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will always try to qualify you on, on your income and on your ability to repay. And in reality,

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we know that it's the project, it's the property that's going to be servicing that debt.

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And another big thing is that strategy. You know, what is our strategy? If we want to do,

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like some of you that I know in here are involved with fix and flip properties down here in the

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States. Well, you go to a residential mortgage broker. They're not going to have any idea what

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you're talking about. They're not going to be able to do a thing for you. However, the right mortgage,

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mortgage broker might be able to put you into a program where they'll give you money to buy

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the property and give you money to rehab that property to complete all the renovations. So

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I think that's knowing who offers what and where the rates may be the best, but where the terms,

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I think, are more important than the rates, where the terms suit the project the best is imperative.

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So important. Yeah, that's absolutely amazing. And up here, we have something called CMHC,

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insured mortgage. Down there, you guys have HUD. Do you use that product often or what?

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No, you know, really for investment FHA, the HUD programs, let's back up. Most HUD programs

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are residential centric, you know, one to four units, and they are not,

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they will finance investors, but it's not usually the easiest route to go.

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When it comes to HUD financing and so forth, if we want to jump into some

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commercial projects, especially like multi-units that have

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out that cater to maybe low income or senior housing

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or things like that.

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They're a great way to go,

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but just a lot of hoops to jump through.

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But most of the mortgage brokers

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and some of the commercial lenders down here,

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they don't fall under these federal guidelines

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or the same regulations or conditions

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00:15:22.180 --> 00:15:24.700
that HUD or FHA put into place.

220
00:15:24.920 --> 00:15:29.220
So oftentimes it's much easier to go that route.

221
00:15:29.740 --> 00:15:32.640
So that's an option, but not so much for investing.

222
00:15:33.320 --> 00:15:34.780
So why would someone go through the hassle

223
00:15:34.780 --> 00:15:37.280
of getting a HUD insured financing?

224
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Like what would be the benefit of that?

225
00:15:40.620 --> 00:15:46.800
A lot of homebuyers, if they're buying their own residence,

226
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will go this route, especially first-time homebuyers

227
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where they require a low down payment.

228
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They might require three and a half percent down.

229
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And in some instances, there are some programs

230
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where they require no down payment.

231
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And they will finance from a condo or townhouse

232
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to a four-unit property.

233
00:16:06.100 --> 00:16:09.680
So it's like my daughter, she's buying a property.

234
00:16:09.820 --> 00:16:11.740
I just talked to her about a little duplex.

235
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She can qualify for that larger property

236
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that might be 800, $900,000 easier than a single family,

237
00:16:20.580 --> 00:16:23.460
because again, that HUD financing, lower down payments,

238
00:16:24.820 --> 00:16:28.120
they'll allow up to 70% of that income

239
00:16:28.120 --> 00:16:29.780
to be counted towards the debt service.

240
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And so basically, she can get into it

241
00:16:34.140 --> 00:16:35.940
with hardly anything out of pocket

242
00:16:35.940 --> 00:16:38.280
and have this multi-unit as a first-time homebuyer.

243
00:16:38.980 --> 00:16:41.740
So those type of scenarios are great.

244
00:16:41.860 --> 00:16:44.520
And you can move out of it a year later

245
00:16:44.760 --> 00:16:46.240
and turn it into a rental.

246
00:16:46.640 --> 00:16:48.980
So if any people are in a position,

247
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and I always recommend if I'm coaching them

248
00:16:51.740 --> 00:16:54.560
and they can do this, buy a multi-unit,

249
00:16:54.800 --> 00:16:58.260
live in it for a year, and then move on to the next one.

250
00:16:58.400 --> 00:16:58.960
Don't sell it.

251
00:16:59.300 --> 00:17:04.020
Don't exchange the equity or realize that.

252
00:17:04.240 --> 00:17:06.800
Just hold that as a cashflow property

253
00:17:07.240 --> 00:17:10.079
and go buy your next one with 3 1⁄2% down.

254
00:17:11.099 --> 00:17:12.800
3 1⁄2% down.

255
00:17:13.359 --> 00:17:14.220
Yes, please.

256
00:17:14.660 --> 00:17:15.579
Yes, please, exactly.

257
00:17:15.660 --> 00:17:17.099
Can I have another, sir?

258
00:17:17.440 --> 00:17:19.119
And there really isn't,

259
00:17:19.119 --> 00:17:22.099
they'll allow you to have up to nine of these type of loans.

260
00:17:22.440 --> 00:17:25.260
So again, you can play that stepping stone game

261
00:17:25.859 --> 00:17:28.760
and just keep it rolling in.

262
00:17:29.000 --> 00:17:32.340
And other programs too, but here's what's interesting, Nick,

263
00:17:32.900 --> 00:17:34.660
not just originating the loan,

264
00:17:34.740 --> 00:17:35.840
but when we're getting creative,

265
00:17:36.360 --> 00:17:38.400
having a team member that understands

266
00:17:38.400 --> 00:17:41.860
how you might be able to find these loans

267
00:17:41.860 --> 00:17:42.880
that are assumable.

268
00:17:43.000 --> 00:17:46.140
We can actually take over somebody else's FHA

269
00:17:46.140 --> 00:17:47.380
or federally insured loans.

270
00:17:47.380 --> 00:17:49.340
So that's another big advantage

271
00:17:49.340 --> 00:17:52.080
of finding those type of opportunities,

272
00:17:52.760 --> 00:17:54.340
but having somebody on your team

273
00:17:54.540 --> 00:17:57.240
that understands that process is critical.

274
00:17:58.480 --> 00:17:59.700
Wow, thank you for that.

275
00:17:59.820 --> 00:18:02.840
I think a lot of us are kind of like aiming our sights

276
00:18:02.840 --> 00:18:04.060
south of the border now.

277
00:18:04.780 --> 00:18:06.720
Well, maybe not all of us here,

278
00:18:07.120 --> 00:18:09.900
but maybe now's not the right time, but I do think so.

279
00:18:09.900 --> 00:18:11.480
There's a lot of opportunities down there.

280
00:18:11.540 --> 00:18:16.680
And as Carl just exemplified,

281
00:18:18.140 --> 00:18:21.140
or he just showed us that there are way more other options

282
00:18:21.140 --> 00:18:22.360
than we have up here in Canada.

283
00:18:22.860 --> 00:18:25.740
Like there are so many different mortgage products

284
00:18:25.740 --> 00:18:28.180
and access to different styles of mortgages

285
00:18:28.180 --> 00:18:31.900
that it's just, the options are abundant

286
00:18:31.900 --> 00:18:32.980
compared to what we have up here.

287
00:18:33.080 --> 00:18:36.880
So Carl, thank you for sharing your insight on that.

288
00:18:37.400 --> 00:18:38.400
Property management.

289
00:18:38.740 --> 00:18:43.360
A lot of you want to property manage your own property.

290
00:18:43.520 --> 00:18:44.520
And you know what?

291
00:18:44.540 --> 00:18:45.540
I think you should,

292
00:18:45.540 --> 00:18:47.140
because if you're going for a duplex

293
00:18:47.140 --> 00:18:47.880
or something like that,

294
00:18:47.900 --> 00:18:50.460
the economies of scale just simply don't allow you

295
00:18:50.620 --> 00:18:52.240
to do anything else.

296
00:18:52.240 --> 00:18:54.600
Like you would be spending all of your cashflow

297
00:18:54.600 --> 00:18:56.220
on that property manager.

298
00:18:57.620 --> 00:18:59.560
I do have duplexes.

299
00:18:59.640 --> 00:19:00.660
I do have property managers

300
00:19:00.660 --> 00:19:02.760
because I have invested out of province

301
00:19:03.620 --> 00:19:05.200
and it worked out.

302
00:19:05.340 --> 00:19:07.220
The rent to cost ratio made sense.

303
00:19:07.440 --> 00:19:09.540
So even though the economies of scale

304
00:19:09.540 --> 00:19:11.120
weren't really there for property manager,

305
00:19:11.240 --> 00:19:14.340
the cashflow was, barely, but it was there.

306
00:19:14.340 --> 00:19:16.660
It's tough though with two plexes,

307
00:19:16.860 --> 00:19:18.280
three plexes and stuff like that.

308
00:19:18.320 --> 00:19:20.340
But if you're going to scale out of province,

309
00:19:20.500 --> 00:19:21.720
this is, you got to do it.

310
00:19:21.780 --> 00:19:22.460
You got to do it.

311
00:19:22.560 --> 00:19:25.380
So I'm going to hang out here on this slide for a little bit

312
00:19:25.380 --> 00:19:26.720
because this is really important.

313
00:19:27.260 --> 00:19:30.860
This is an important step to not only just

314
00:19:31.560 --> 00:19:33.180
getting outside of your market

315
00:19:33.180 --> 00:19:35.460
and getting and investing where returns are best,

316
00:19:35.640 --> 00:19:39.020
but you should be involved with property management

317
00:19:39.020 --> 00:19:40.960
while you're actually acquiring the property.

318
00:19:41.060 --> 00:19:42.340
And I'll tell you why.

319
00:19:43.340 --> 00:19:47.000
They know where you should buy and where you shouldn't buy.

320
00:19:47.400 --> 00:19:49.700
They've got A, B, C, D sections, like in the city.

321
00:19:49.840 --> 00:19:52.380
There are just some areas that you just wouldn't know

322
00:19:53.160 --> 00:19:55.920
looking online, seeing the prices, this looks great,

323
00:19:56.020 --> 00:19:58.240
but you can't get a property manager to touch it.

324
00:19:58.440 --> 00:19:59.980
So not only do they know where...

325
00:20:00.000 --> 00:20:05.820
air to buy, they can give you insight to what you think they can get for rents in that specific

326
00:20:05.820 --> 00:20:06.320
area.

327
00:20:06.660 --> 00:20:12.920
They also know carpenters, contractors, and other people, pest removals, mold remediations.

328
00:20:13.900 --> 00:20:16.240
They're your gateway into a new market.

329
00:20:16.820 --> 00:20:23.500
Now, a lot of us think that their job is to just property manage the asset, which it is

330
00:20:23.500 --> 00:20:23.820
as well.

331
00:20:23.820 --> 00:20:33.400
But, I've got to tell you, I bought six multifamily buildings through a property manager, not

332
00:20:33.400 --> 00:20:35.420
even a realtor, not even a wholesaler.

333
00:20:36.140 --> 00:20:36.880
Property manager.

334
00:20:37.060 --> 00:20:41.520
Because when you're in a market where it's not hot, you can be open to some deals.

335
00:20:43.060 --> 00:20:45.880
Buyers or sellers, rather, are open to vendor take-backs.

336
00:20:46.340 --> 00:20:48.320
They're open to off-market deals.

337
00:20:48.560 --> 00:20:50.380
Try finding an off-market deal in a hot market.

338
00:20:50.460 --> 00:20:51.180
Not going to happen.

339
00:20:51.180 --> 00:20:56.360
You go to a tertiary market where there's a lot of inventory, prices are right, you

340
00:20:56.360 --> 00:21:00.380
can get an off-market deal, and I found that property management are a really good source

341
00:21:00.380 --> 00:21:00.780
for that.

342
00:21:01.200 --> 00:21:01.480
Why?

343
00:21:02.100 --> 00:21:03.580
Well, it's pretty obvious.

344
00:21:03.700 --> 00:21:04.860
They know the owners of the building.

345
00:21:05.760 --> 00:21:13.280
This particular property management in this particular city that I expanded in, he presented

346
00:21:13.280 --> 00:21:14.040
the idea to me.

347
00:21:14.200 --> 00:21:18.440
He's like, listen, I've had a couple building owners ask me if I know anyone that's interested

348
00:21:19.500 --> 00:21:20.500
in buying this place.

349
00:21:20.500 --> 00:21:24.860
And I'm asking myself, well, why don't they just put it online and get a bidding war?

350
00:21:25.600 --> 00:21:25.900
Why?

351
00:21:25.900 --> 00:21:27.940
Well, the market is not that right now.

352
00:21:28.000 --> 00:21:29.380
There is no bidding wars.

353
00:21:29.600 --> 00:21:34.160
And they don't want people coming through, kicking the tire, bugging their tenants.

354
00:21:34.500 --> 00:21:35.980
It's like, I get that.

355
00:21:36.100 --> 00:21:36.580
Okay.

356
00:21:36.780 --> 00:21:37.520
I get that.

357
00:21:37.660 --> 00:21:38.920
So they want a serious buyer.

358
00:21:39.240 --> 00:21:44.160
So what I'm going to do is I'm going to let this property management know that I'm a serious

359
00:21:44.160 --> 00:21:44.440
buyer.

360
00:21:44.640 --> 00:21:48.160
So when he brought me an offer, numbers made sense, I bought it.

361
00:21:48.160 --> 00:21:51.880
And I was like, listen, I'm buying this place from you, but I want to be top of mind next

362
00:21:51.920 --> 00:21:54.220
time someone else offers you an off-market deal.

363
00:21:54.340 --> 00:21:55.840
Like, I want you to call me first.

364
00:21:56.400 --> 00:21:59.260
And he called me and two other people, and then I bought that building.

365
00:21:59.320 --> 00:22:01.060
And then next time he just called me.

366
00:22:01.600 --> 00:22:03.840
I'm like, that's how you get off-market deals.

367
00:22:03.900 --> 00:22:08.780
If there's someone out there with access to off-market deals, and the numbers make sense,

368
00:22:08.880 --> 00:22:10.400
you buy it, let them know you're serious.

369
00:22:10.460 --> 00:22:11.920
You buy it again, let them know you're serious.

370
00:22:11.920 --> 00:22:15.640
And that's how you're the first person they call next time there's an off-market deal.

371
00:22:16.180 --> 00:22:17.980
That was my mission with them.

372
00:22:18.220 --> 00:22:27.140
So not only do I use them to asset run my manage, which, by the way, is the worst part

373
00:22:27.140 --> 00:22:27.980
of real estate investing.

374
00:22:28.560 --> 00:22:29.320
It's awful.

375
00:22:29.840 --> 00:22:30.440
It's great.

376
00:22:30.540 --> 00:22:33.340
I don't know why people would get into the business of property management.

377
00:22:33.540 --> 00:22:35.600
It is a nasty business.

378
00:22:35.980 --> 00:22:37.020
I want no part of it.

379
00:22:37.180 --> 00:22:39.440
I can't thank them enough for doing what they do.

380
00:22:39.540 --> 00:22:43.400
I love property managers, but you got to watch it.

381
00:22:43.420 --> 00:22:44.780
You know where you got to watch it?

382
00:22:45.300 --> 00:22:48.900
You got to watch it when they do these visits, and they're so soft.

383
00:22:49.140 --> 00:22:51.280
It's like, I just did a visit, 50 bucks here.

384
00:22:51.400 --> 00:22:54.460
I had to visit the property again, 70 bucks here.

385
00:22:55.040 --> 00:22:57.740
I had to visit the property again, it's 80 bucks here.

386
00:22:57.960 --> 00:23:02.640
That was like, you know, a loose light bulb, a broken screen.

387
00:23:02.820 --> 00:23:08.520
All of this info could have just, someone could have done, went through, did a audit

388
00:23:08.560 --> 00:23:12.580
of everything that needs to be done, and then you got one visit that goes over there.

389
00:23:12.580 --> 00:23:15.500
But sometimes they're vertically integrated, right?

390
00:23:15.500 --> 00:23:18.940
So they've got all of these people on their team.

391
00:23:18.960 --> 00:23:22.520
So when they send them out to do some work, you know, they're getting some kickback as

392
00:23:22.520 --> 00:23:25.080
well, and they're keeping their side hustle busy.

393
00:23:25.600 --> 00:23:32.680
So what I do is I have an asset manager who manages the asset manager, property managers,

394
00:23:32.680 --> 00:23:37.560
and their job is to make sure that all of our property managers across the board are

395
00:23:37.560 --> 00:23:38.360
not doing that.

396
00:23:38.360 --> 00:23:45.000
Their job is to make sure that the tenants are, the rollovers are quick, and that the

397
00:23:45.540 --> 00:23:48.140
budget is on budget, and that everything's on time.

398
00:23:48.400 --> 00:23:52.060
So just because I have property management in place doesn't mean I don't need an asset

399
00:23:52.060 --> 00:23:56.960
manager on my actual team to manage the property managers, because that could be a full-time

400
00:23:56.960 --> 00:23:57.700
job as well.

401
00:23:58.360 --> 00:24:04.840
So the point of this is use your property managers for more than just running your asset.

402
00:24:05.560 --> 00:24:07.700
Property managers are going to allow you to scale.

403
00:24:08.220 --> 00:24:08.680
That's a fact.

404
00:24:08.760 --> 00:24:11.600
If you can get a good one, you are laughing.

405
00:24:11.960 --> 00:24:16.620
That is, they're a gateway to everyone you need to know, and potentially off-market deals.

406
00:24:17.420 --> 00:24:19.280
So Carl, thoughts on that, please?

407
00:24:19.740 --> 00:24:21.340
Oh, I couldn't agree more.

408
00:24:21.440 --> 00:24:24.540
Here's a way of thinking about property managers.

409
00:24:24.900 --> 00:24:30.360
Regardless of what they're charging, if it's 8%, 10%, 12%, we don't see a lot of those,

410
00:24:30.420 --> 00:24:34.820
but some are out there, you should be looking at them to get an ROI.

411
00:24:35.500 --> 00:24:37.280
So as Nick mentioned, time.

412
00:24:37.480 --> 00:24:39.260
That's our most valuable commodity.

413
00:24:39.760 --> 00:24:43.820
That's why we're paying them, is buying our time back.

414
00:24:44.860 --> 00:24:50.660
And so if we are paying a property manager 10%, think of it in these terms.

415
00:24:51.240 --> 00:24:55.600
Are they going to be making us, are we going to be getting a 12%, 15% return off of them?

416
00:24:55.600 --> 00:24:57.280
In other words, with the rollovers.

417
00:24:57.360 --> 00:24:59.240
Are they going to speed us through that?

418
00:24:59.620 --> 00:24:59.980
Are they going to be on time?

419
00:25:00.000 --> 00:25:03.860
on top of the property and be conscientious of

420
00:25:05.300 --> 00:25:07.940
the repairs that may be needed, the maintenance,

421
00:25:08.680 --> 00:25:12.600
and not taking advantage of us as indicated, Nick.

422
00:25:12.660 --> 00:25:15.380
So I think it's critical on knowing that just,

423
00:25:15.580 --> 00:25:17.560
it's like nails on a chalkboard

424
00:25:17.560 --> 00:25:21.400
when I hear about managers taking advantage,

425
00:25:22.000 --> 00:25:26.640
charging $30 to change a $3 smoke alarm battery

426
00:25:26.640 --> 00:25:29.220
or something, and that's from experience,

427
00:25:29.220 --> 00:25:33.140
walking in and seeing them charge me for that.

428
00:25:33.520 --> 00:25:33.820
It's ridiculous.

429
00:25:34.780 --> 00:25:39.640
So, but the point is, yeah, can they make us money

430
00:25:40.420 --> 00:25:44.060
and network with them and through them for other vendors,

431
00:25:45.200 --> 00:25:48.560
other suppliers, but also, you know,

432
00:25:48.560 --> 00:25:52.060
networking with them as to what is coming available

433
00:25:52.060 --> 00:25:53.820
that they might be aware of, or who do they know

434
00:25:53.920 --> 00:25:56.080
that might know of something coming available?

435
00:25:56.080 --> 00:25:58.820
Cause that just keeps, that just maintains their portfolio.

436
00:25:59.040 --> 00:26:00.400
And that's what it's all about.

437
00:26:00.660 --> 00:26:02.120
You know, if they're selling to somebody,

438
00:26:02.680 --> 00:26:06.320
selling a property under management to an investor

439
00:26:06.320 --> 00:26:09.140
that they already are working with, well, again,

440
00:26:09.140 --> 00:26:12.080
that's keeping that property in house, so to speak.

441
00:26:12.440 --> 00:26:16.440
So, you know, can be a great win-win situation.

442
00:26:17.440 --> 00:26:19.600
So property managers, again, they should be good.

443
00:26:19.640 --> 00:26:21.640
They should be making you money and not costing you money.

444
00:26:21.960 --> 00:26:24.540
So maybe it's a contextual shift for some,

445
00:26:24.760 --> 00:26:25.880
but think of it that way.

446
00:26:25.880 --> 00:26:27.620
These guys need to be making us money.

447
00:26:28.600 --> 00:26:29.980
Oh, I love that.

448
00:26:29.980 --> 00:26:30.420
Yeah.

449
00:26:30.500 --> 00:26:33.080
Not vertically integrating their own company.

450
00:26:33.620 --> 00:26:34.100
Yeah.

451
00:26:34.140 --> 00:26:34.880
At our expense.

452
00:26:35.320 --> 00:26:38.180
And to your point, like it is harder,

453
00:26:39.120 --> 00:26:40.780
the less doors you have.

454
00:26:40.900 --> 00:26:42.840
The more doors you have it, you know,

455
00:26:42.840 --> 00:26:44.780
the economy is a scale of there to do that,

456
00:26:44.780 --> 00:26:47.300
but it can be pretty tight on a duplex

457
00:26:47.360 --> 00:26:48.740
and finding a good one.

458
00:26:48.940 --> 00:26:50.680
Hey, you might, you might not.

459
00:26:50.920 --> 00:26:52.180
The thing is, is though,

460
00:26:52.180 --> 00:26:53.980
is you just got to learn to fire fast.

461
00:26:54.220 --> 00:26:54.800
That's it.

462
00:26:54.800 --> 00:26:55.760
You know, and you got to,

463
00:26:55.860 --> 00:26:57.460
you got to have someone watching this stuff,

464
00:26:57.500 --> 00:26:58.780
make sure they're not nickel and diming.

465
00:26:59.000 --> 00:27:00.360
So thank you, Carl.

466
00:27:00.960 --> 00:27:01.940
Amazing points there.

467
00:27:02.340 --> 00:27:03.860
Realtor or wholesaler.

468
00:27:04.400 --> 00:27:06.660
So here's the, here's the thing,

469
00:27:06.680 --> 00:27:08.800
is that realtors give you a portal

470
00:27:09.180 --> 00:27:12.040
and then you're supposed to comb through this portal

471
00:27:12.040 --> 00:27:13.280
for something you like.

472
00:27:13.280 --> 00:27:14.600
Reach out to your realtor and be like,

473
00:27:14.660 --> 00:27:15.580
oh, I like this property.

474
00:27:15.600 --> 00:27:17.560
And they're like, okay, let's go.

475
00:27:17.560 --> 00:27:18.480
Arrange a showing.

476
00:27:19.200 --> 00:27:20.860
I, I, that's lazy.

477
00:27:21.400 --> 00:27:22.600
That is absolutely lazy.

478
00:27:22.600 --> 00:27:26.120
My, I want my realtor running the numbers on a property

479
00:27:26.180 --> 00:27:27.900
and then throwing it over my desk,

480
00:27:28.120 --> 00:27:29.720
being like, hey, we found something for you.

481
00:27:30.300 --> 00:27:30.840
Oh, great.

482
00:27:30.840 --> 00:27:31.500
That's awesome.

483
00:27:31.500 --> 00:27:33.580
And that's exactly what the Keyspire Realtors do.

484
00:27:33.620 --> 00:27:35.280
They do the four ways to win for you.

485
00:27:35.280 --> 00:27:36.520
And they crack that down.

486
00:27:36.560 --> 00:27:39.200
And then if you train them to, some of them don't,

487
00:27:39.320 --> 00:27:41.060
but you can train your realtor to do that.

488
00:27:41.100 --> 00:27:43.220
And if your realtor is not willing to do that,

489
00:27:43.240 --> 00:27:44.300
then get another realtor.

490
00:27:44.780 --> 00:27:46.680
Because there's so many realtors out there

491
00:27:46.680 --> 00:27:48.420
that some are willing to be like, you know what?

492
00:27:48.500 --> 00:27:49.180
This is cool.

493
00:27:49.240 --> 00:27:50.280
Why wouldn't I do this?

494
00:27:50.340 --> 00:27:51.800
This is absolutely awesome.

495
00:27:52.300 --> 00:27:54.340
You know, why wouldn't I learn this skill

496
00:27:54.340 --> 00:27:55.500
of how to run the numbers,

497
00:27:55.580 --> 00:27:57.560
see if something's potentially cash flowing

498
00:27:57.560 --> 00:27:58.420
and send it over to you.

499
00:27:58.440 --> 00:27:59.260
That sounds like fun.

500
00:27:59.780 --> 00:28:00.700
That's what you want.

501
00:28:00.840 --> 00:28:02.420
That's the type of realtor you want.

502
00:28:02.940 --> 00:28:05.100
Sending you a portal, looking through 200 properties.

503
00:28:05.400 --> 00:28:05.880
Come on.

504
00:28:05.980 --> 00:28:07.900
There's only five cash flowing properties

505
00:28:07.900 --> 00:28:08.940
in the whole goddamn city.

506
00:28:09.060 --> 00:28:10.500
Just send me those five, man.

507
00:28:10.980 --> 00:28:11.420
Right?

508
00:28:12.440 --> 00:28:12.520
Wholesaler.

509
00:28:12.840 --> 00:28:14.980
I'd get on every wholesaler's list if you can.

510
00:28:15.460 --> 00:28:18.340
If you've ever done that before, oh my God.

511
00:28:18.340 --> 00:28:20.800
I tried to open every wholesaler email once.

512
00:28:20.800 --> 00:28:21.920
It was a full-time job.

513
00:28:22.300 --> 00:28:23.620
It was absolutely insane.

514
00:28:24.220 --> 00:28:25.940
I realized quickly that I needed

515
00:28:25.940 --> 00:28:27.500
an acquisitions person on my team

516
00:28:27.500 --> 00:28:30.820
because I can't keep opening these emails.

517
00:28:30.900 --> 00:28:31.520
They're crazy.

518
00:28:32.240 --> 00:28:32.540
Right?

519
00:28:32.540 --> 00:28:33.200
It's nuts.

520
00:28:33.540 --> 00:28:36.040
But that's the thing is that, you know,

521
00:28:36.200 --> 00:28:38.140
when you, that's the next step scale.

522
00:28:38.220 --> 00:28:39.720
Next step scale is you can get someone

523
00:28:39.720 --> 00:28:40.620
finding you the properties,

524
00:28:40.720 --> 00:28:41.680
dealing with the wholesalers.

525
00:28:41.720 --> 00:28:43.580
They're getting all the emails, not me.

526
00:28:43.600 --> 00:28:44.160
Like, please.

527
00:28:44.720 --> 00:28:44.980
Right?

528
00:28:44.980 --> 00:28:46.600
But there are a couple of ways there.

529
00:28:46.600 --> 00:28:49.240
I think wholesalers do have some fantastic opportunities,

530
00:28:49.480 --> 00:28:50.580
especially in the States.

531
00:28:50.580 --> 00:28:51.640
This is more common.

532
00:28:52.000 --> 00:28:52.780
Up here, not so common.

533
00:28:53.400 --> 00:28:55.720
But down in the States, way, way common.

534
00:28:55.900 --> 00:28:56.700
Happens a lot.

535
00:28:57.700 --> 00:28:59.840
You know, a wholesaler will go by,

536
00:29:00.380 --> 00:29:02.240
will go, they're just flipping paper, really.

537
00:29:02.360 --> 00:29:04.200
They're finding like a hoarding home,

538
00:29:04.240 --> 00:29:05.800
and all they gotta do is just clean it out,

539
00:29:06.100 --> 00:29:08.500
clean it up, and then turn it around for a couple of,

540
00:29:08.520 --> 00:29:10.700
you know, 30K, 20K, whatever it is.

541
00:29:11.240 --> 00:29:13.080
Like, it's not a bad side hustle,

542
00:29:13.200 --> 00:29:15.660
but it's a great way to get discounted properties.

543
00:29:16.800 --> 00:29:18.320
And by the way, if you're ever dealing

544
00:29:18.320 --> 00:29:19.880
with a wholesaler, don't be thrown off

545
00:29:19.880 --> 00:29:21.180
by their fee that they're getting.

546
00:29:22.100 --> 00:29:22.980
You know, just be like, what?

547
00:29:23.020 --> 00:29:24.780
You bought this place for 65K,

548
00:29:25.100 --> 00:29:26.280
and you're selling it to me for a hundred?

549
00:29:26.640 --> 00:29:28.540
Like, I feel ripped off, right?

550
00:29:28.540 --> 00:29:31.300
It's just like, hey, that's the way it goes, right?

551
00:29:31.940 --> 00:29:34.980
So anyway, but I'd love your thoughts on this, Carl,

552
00:29:35.100 --> 00:29:37.620
because, you know, this is more your world, I think.

553
00:29:38.680 --> 00:29:38.980
Sure.

554
00:29:40.540 --> 00:29:43.760
I love how you said to train your realtor.

555
00:29:43.880 --> 00:29:45.340
That might sound a little condescending.

556
00:29:46.040 --> 00:29:47.800
If you don't like the word train, you use coach,

557
00:29:48.260 --> 00:29:49.660
but agents need to be trained.

558
00:29:49.660 --> 00:29:51.100
They can get lazy.

559
00:29:51.140 --> 00:29:52.380
There's a lot of agents out there.

560
00:29:52.380 --> 00:29:54.320
There's not a lot of good agents out there.

561
00:29:54.320 --> 00:29:58.920
And there's even fewer good investment-minded agents.

562
00:30:00.000 --> 00:30:06.820
Those agents that just send you, just spam you with, you know, 20 potential leads, which

563
00:30:06.940 --> 00:30:13.280
aren't really leads at all, they're not working for us. We want them to curate opportunities. You

564
00:30:13.280 --> 00:30:17.520
know, we want them to curate this inventory and only send us the stuff that really seems to fit

565
00:30:17.760 --> 00:30:24.460
our buy box. And if it's not, we need to be able to communicate with them, send it in writing and

566
00:30:24.460 --> 00:30:30.820
thank you for this. But we're really looking for X, Y, and Z in what you send over.

567
00:30:31.960 --> 00:30:35.880
Another great way to kind of vet these agents, and sometimes, you know, we'll go through a lot

568
00:30:35.880 --> 00:30:42.320
of them, but having them send you some comparable properties along with the properties that they

569
00:30:42.360 --> 00:30:47.880
chose, that's a great way to make sure that they are on the same page. Again, just kind of vetting

570
00:30:47.880 --> 00:30:51.580
to make sure that they're understanding what you're trying to do. And a great agent you're

571
00:30:51.740 --> 00:30:58.960
going to work with for, you know, forever. And there's a big difference, I think, when we talk

572
00:30:59.400 --> 00:31:05.860
about our investment sectors. If we're looking at it in the commercial, those agents are very

573
00:31:05.860 --> 00:31:11.880
different than residential agents. The residential agent who thinks they can do it all probably

574
00:31:11.920 --> 00:31:19.960
can't. Well, let me share with you, they won't be able to. They might, you know, they might be

575
00:31:19.960 --> 00:31:26.380
perfect or great in that lane that they travel. But again, once you start to get out into cash flow

576
00:31:26.380 --> 00:31:32.180
properties, multi-units, different types of mixed-use properties and so forth, that's really

577
00:31:32.180 --> 00:31:40.020
way off their radar. So training the agents, communication with them, and if they're not

578
00:31:40.840 --> 00:31:49.940
good communicators, they're probably not going to be the right agent for you. You know, it's

579
00:31:50.660 --> 00:31:57.860
and wholesalers are great. It's so easy to find wholesalers. Let me rephrase that. Wholesalers

580
00:31:57.860 --> 00:32:06.340
can be great. They're very easy to find. I mean, we just jump on Facebook and whatever city that

581
00:32:06.340 --> 00:32:11.360
we might be interested in, type in investment real estate or wholesale real estate, wholesalers, or

582
00:32:11.360 --> 00:32:16.900
some keywords in that and search for groups. And you'll jump on there and you'll see all kinds of

583
00:32:16.900 --> 00:32:25.180
opportunities pop up. The key here, these realtors or wholesalers, they're meant to,

584
00:32:25.560 --> 00:32:33.820
we're leveraging them for leads. You know, so we want our email being fed with leads that make

585
00:32:33.820 --> 00:32:39.860
sense for us, that are specific to what we're looking for. You know, at least in the States,

586
00:32:39.960 --> 00:32:45.980
the wholesalers, there might be some that you'll run across that will deal in multi-units or

587
00:32:45.980 --> 00:32:53.820
larger commercial type projects. Most are going to be in that residential sector. But again,

588
00:32:53.840 --> 00:32:59.620
if we're looking for undervalued properties, perhaps a fix and flip type of opportunity,

589
00:33:00.240 --> 00:33:05.460
wholesalers are fantastic. Wow. Thank you, Carl, for your insight there.

590
00:33:06.040 --> 00:33:12.380
Really, really helpful. Real quick guys, lawyer, this is how... Sorry, guys. Can I just chime in

591
00:33:12.380 --> 00:33:18.960
real quick second? I'd love that. I don't mean to sidetrack you and derail everything,

592
00:33:18.980 --> 00:33:24.760
but it's very rare that we do have a Keyspire sponsor in our group. And so Stephen Mills,

593
00:33:24.980 --> 00:33:29.080
I don't know if you can see me. I didn't even tell him I was going to ask, but Stephen Mills,

594
00:33:29.260 --> 00:33:37.200
if you could unmute. Stephen Mills, he definitely contributes a ton of content, a ton of value in

595
00:33:37.200 --> 00:33:41.360
the deals that he works on. And he actually happens to, he started off as a member and is now

596
00:33:42.180 --> 00:33:47.760
one of our realtor sponsors or the Keyspire sponsor realtors. And Stephen, I was just

597
00:33:47.760 --> 00:33:52.660
wondering if you can unmute and maybe share, I guess what people should be looking for,

598
00:33:52.820 --> 00:33:57.400
what you do that's different than others, the expectation of what you fulfill on and stuff

599
00:33:57.400 --> 00:34:01.800
like that. Are you there, Stephen? I'm here. Yeah. Thanks, Joe.

600
00:34:02.700 --> 00:34:05.980
Yeah. Sorry about that. Totally caught you off guard. I just saw you sitting there and I just

601
00:34:05.980 --> 00:34:11.239
thought, oh, it'd be great to hear, I guess, because I know you take a lot of pride in what

602
00:34:11.239 --> 00:34:15.900
you do. And so, I just thought it would be nice for everybody to hear, what is the expectation?

603
00:34:16.199 --> 00:34:21.780
What should people be looking for? What is it that you pride yourself on that we want everybody

604
00:34:21.780 --> 00:34:27.600
looking out for if they're not in an area that you cover? Yeah. I mean, I couldn't agree more

605
00:34:28.000 --> 00:34:35.420
with Nick and Carl around all the tips, especially around realtors. There's a lot of realtors out

606
00:34:35.420 --> 00:34:42.139
there. A lot of them are very much mom and pop, single family residence realtors. For me, I've

607
00:34:42.139 --> 00:34:48.199
always been an investor first. So, that's kind of where my mindset kind of goes. So, I think if you,

608
00:34:48.420 --> 00:34:53.900
for anyone that is using a realtor, it's always great if you can actually have someone. As Nick

609
00:34:53.900 --> 00:34:58.120
said, I use the train language as well, too, or coach. But yeah, if you can train your realtor

610
00:34:58.120 --> 00:34:59.960
to do all the hard work for you to...

611
00:35:00.000 --> 00:35:04.320
do the four ways to win so that you're just evaluating two or three deals at a time,

612
00:35:04.320 --> 00:35:10.000
as opposed to a whole list. That's absolutely the way to go. I think you should always be

613
00:35:10.900 --> 00:35:16.180
breaking down the numbers for anyone that you're working with. So yeah, I mean, that would be the

614
00:35:16.180 --> 00:35:20.520
main thing I would say. If a realtor doesn't understand what a debt service ratio is or

615
00:35:20.540 --> 00:35:25.200
coverage or how you qualify or how you can grow your portfolio, I mean, Nick's a master when he

616
00:35:25.390 --> 00:35:31.050
walks around commercial and then leveling up your game to the next level when you're going from

617
00:35:31.050 --> 00:35:36.090
single-family homes to commercial properties. And then how do you do that and how do you grow

618
00:35:36.210 --> 00:35:41.750
your portfolio? So if you're able to work with a realtor that actually knows that level and

619
00:35:41.750 --> 00:35:47.050
how to qualify and the introductions and the properties, off-market stuff is definitely

620
00:35:47.050 --> 00:35:54.230
ideal once you've kind of networked appropriately. And then to get fed off-market stuff is fantastic

621
00:35:54.230 --> 00:36:00.050
if you have a good realtor to do that for you. Man, congrats on being a Keyspire sponsor. Good

622
00:36:00.050 --> 00:36:04.630
call, Joe, calling out Stephen. What area are you servicing, Stephen?

623
00:36:07.150 --> 00:36:13.550
So I'm in Ontario, so I'm in Mississauga, so GTA and typically kind of an hour outside.

624
00:36:14.390 --> 00:36:19.430
A lot of the stuff I do now though is actually pre-construction for MOI Select for most

625
00:36:19.440 --> 00:36:26.620
investors. And that tends to be a lot in Edmonton where it's been, the numbers have been insane,

626
00:36:26.740 --> 00:36:30.460
right, where you can actually get into those 5% down type of deals as an investor,

627
00:36:31.300 --> 00:36:36.580
which breaks all the numbers I've kind of looked at. So that's kind of the stuff that I find is

628
00:36:37.160 --> 00:36:41.340
most investors are going to, what's the high cash value and how can we actually cash flow

629
00:36:41.580 --> 00:36:46.500
really nicely with a low down payment secured to a high asset? So that's kind of been the biggest

630
00:36:46.500 --> 00:36:51.340
growth I would say the last six months or so. Okay. So if you're taking on a client then,

631
00:36:51.520 --> 00:36:57.280
is your client basically looking for new builds in Edmonton? Is that basically who you're taking

632
00:36:57.280 --> 00:37:02.000
on or are you taking on other clients that are looking in other areas that like value add stuff

633
00:37:02.000 --> 00:37:07.500
or just new builds? Yeah, absolutely. Yeah. Like a lot of the clients locally are typically looking

634
00:37:07.720 --> 00:37:12.840
for flips or conversions. So how do we take a single family home, make it into a duplex,

635
00:37:12.840 --> 00:37:18.120
add a separate basement unit or add an ADU in the back to get to cashflow? It is a little bit harder

636
00:37:18.120 --> 00:37:26.280
to cashflow here in the GTA and outside of the GTA. New construction stuff tends to will cashflow

637
00:37:26.280 --> 00:37:31.680
right away when we're using those government subsidized loans. So, which is nice. But either

638
00:37:31.920 --> 00:37:36.380
way, it's, I've always invested, like, as you know, Nick, we've talked quite a bit where most

639
00:37:36.380 --> 00:37:42.820
of my portfolio is out east cause it's in New Brunswick cause the cashflow is great. I've

640
00:37:44.360 --> 00:37:48.780
been doing that for a while. And now I'm finding, you know, it still is out there. It takes work

641
00:37:48.780 --> 00:37:53.580
though to do a lot of the burrs and so forth, which still work. But now I'm finding where

642
00:37:53.580 --> 00:37:59.060
returns are best or definitely if we can take advantage of some of these nice programs and have

643
00:37:59.060 --> 00:38:04.240
investors get into properties with a low down payment, the cashflow immediately. That fourth

644
00:38:04.240 --> 00:38:09.700
way to win with appreciation is an amazing potential lottery ticket for a lot of these investors.

645
00:38:09.700 --> 00:38:14.660
Oh, I love that. My favorite four ways to win is the tenants paying down the mortgage.

646
00:38:15.040 --> 00:38:20.160
That's my favorite one. I mean, nothing beats that, man. That's great. Hey, Stephen,

647
00:38:20.200 --> 00:38:23.300
can you put your contact info in the chat? I think everyone's like.

648
00:38:24.200 --> 00:38:25.160
Sure. Yeah, absolutely.

649
00:38:25.340 --> 00:38:31.340
On their team. Thank you, man. Awesome. Great. We're just going to go through this real quick.

650
00:38:31.480 --> 00:38:35.400
Listen, for a lawyer, I always get a referral from someone I trust. I'm like, who do you use?

651
00:38:35.400 --> 00:38:40.980
That's the best way to do that. I use this guy. My second question, how hard are they to pin down?

652
00:38:41.540 --> 00:38:47.400
And if the answer if the answer is they're pretty hard to pin down, you got to move on. It's as

653
00:38:47.400 --> 00:38:51.620
simple as that. You got to move on. You got to find someone that's good and that's going to get

654
00:38:51.620 --> 00:38:56.680
back to you pretty quick. Like I understand they're busy, but we can't be pulling like we

655
00:38:56.680 --> 00:39:04.000
can't be waiting for mortgages to close because your lawyer is too busy. He's really good. He's

656
00:39:04.000 --> 00:39:10.180
not the way it should go. So real simply here, like a lawyer that's been referred to by someone

657
00:39:10.180 --> 00:39:16.360
you trust, someone that's doing things you want to be doing and then make sure that they're easy

658
00:39:16.360 --> 00:39:21.500
to pin down because there will be times where you need them to respond within a day or two.

659
00:39:21.640 --> 00:39:29.240
That's all I ask. Carl, thoughts on this? Absolutely. And I think having a responsive

660
00:39:29.240 --> 00:39:34.480
lawyer adds with anybody, but especially an attorney, because oftentimes stuff they're

661
00:39:34.480 --> 00:39:41.160
doing is very time sensitive. But also, you know, there's a lot like agents. There's a lot of lawyers

662
00:39:41.160 --> 00:39:48.280
out there, but there's not a lot that focus on real estate. You know, we might have a realist,

663
00:39:48.920 --> 00:39:53.140
a general practitioner that covers anything from personal injury to divorce and everything,

664
00:39:53.140 --> 00:39:59.980
but really we want to find one that understands that we can rely on.

665
00:40:00.000 --> 00:40:05.200
on for tenant laws, evictions if that's the case,

666
00:40:05.940 --> 00:40:09.540
contract, asset protection, just the whole ins and outs

667
00:40:09.540 --> 00:40:11.300
and everything related to real estate.

668
00:40:11.440 --> 00:40:13.060
I think it's really important to have

669
00:40:13.220 --> 00:40:16.800
that right team member in there.

670
00:40:16.860 --> 00:40:20.100
So not just anybody with Esquire behind their name,

671
00:40:20.200 --> 00:40:22.960
but somebody that really appreciates

672
00:40:22.960 --> 00:40:24.160
and understands what we're doing

673
00:40:24.160 --> 00:40:25.540
and understands the time sensitivity

674
00:40:25.880 --> 00:40:28.100
of our projects and deals.

675
00:40:28.100 --> 00:40:29.740
Yeah, absolutely.

676
00:40:29.760 --> 00:40:31.100
Thanks for weighing in on that.

677
00:40:31.760 --> 00:40:34.500
We'll have to tell Jason that he's got a spelling error

678
00:40:34.500 --> 00:40:36.180
here on his deck here, guys.

679
00:40:37.200 --> 00:40:37.780
I like it.

680
00:40:38.080 --> 00:40:39.040
Accounting, bookkeeping.

681
00:40:39.340 --> 00:40:41.200
They're two different things, by the way.

682
00:40:41.600 --> 00:40:44.720
Just so you know, like we need, you know what?

683
00:40:45.040 --> 00:40:48.020
I have a, I told you earlier, Steven, like this woman,

684
00:40:48.060 --> 00:40:52.540
I have an asset manager running my property managers here,

685
00:40:52.540 --> 00:40:54.280
but that's not all they do.

686
00:40:54.360 --> 00:40:55.900
They also keep track of the books.

687
00:40:56.120 --> 00:40:57.040
Let's face it.

688
00:40:57.040 --> 00:41:00.380
If your back end isn't tight, things are gonna be a mess.

689
00:41:01.020 --> 00:41:02.720
And who loves bookkeeping?

690
00:41:03.060 --> 00:41:05.080
Because I don't know anyone that does.

691
00:41:05.480 --> 00:41:06.940
It certainly isn't me.

692
00:41:07.360 --> 00:41:08.540
Like, it's awful.

693
00:41:08.840 --> 00:41:09.600
Like, it's awful.

694
00:41:09.760 --> 00:41:13.040
So what I do, I graduated from high school,

695
00:41:13.140 --> 00:41:13.760
then I went on tour.

696
00:41:13.820 --> 00:41:15.720
I didn't get a chance to go to post-secondary school.

697
00:41:15.740 --> 00:41:17.500
So what I do is I hire people that have degrees.

698
00:41:17.560 --> 00:41:18.000
They're smart.

699
00:41:18.260 --> 00:41:19.760
They went to university, they went to college.

700
00:41:19.820 --> 00:41:20.240
That's great.

701
00:41:20.240 --> 00:41:21.040
Now they work for me.

702
00:41:21.360 --> 00:41:21.920
That's awesome.

703
00:41:21.940 --> 00:41:23.360
You're gonna book keep for me.

704
00:41:23.460 --> 00:41:24.860
You're gonna asset manage for me.

705
00:41:24.860 --> 00:41:27.400
I'm gonna give you 12% of some of my equity.

706
00:41:27.720 --> 00:41:28.880
You're gonna run everything.

707
00:41:29.060 --> 00:41:31.400
That's how I scale, but that's a different conversation.

708
00:41:32.420 --> 00:41:34.700
But on your team is a bookkeeper.

709
00:41:34.800 --> 00:41:35.820
You can hire a bookkeeper,

710
00:41:35.960 --> 00:41:38.000
or that can be your asset manager that does that,

711
00:41:38.000 --> 00:41:40.360
or someone on your team that's just really good at,

712
00:41:40.600 --> 00:41:42.440
you know, keeping the line order,

713
00:41:42.580 --> 00:41:45.520
like keeping everything clean, your books,

714
00:41:45.560 --> 00:41:47.220
because when they get together with the accountant

715
00:41:47.620 --> 00:41:48.560
at the end of the year,

716
00:41:48.680 --> 00:41:49.960
especially if you're dealing with corporations

717
00:41:49.960 --> 00:41:52.900
and stuff like that, everything needs to line up.

718
00:41:52.900 --> 00:41:55.720
If anything's off on a cent, like it's, you know,

719
00:41:56.240 --> 00:41:57.040
it's bad.

720
00:41:57.160 --> 00:41:59.100
So I have a really solid bookkeeper.

721
00:41:59.760 --> 00:42:01.320
And by the way, they're really hard to find.

722
00:42:01.420 --> 00:42:03.000
And I had to go through a bunch of bad ones

723
00:42:03.000 --> 00:42:04.460
to get to a good one, but that's okay,

724
00:42:04.660 --> 00:42:06.100
because that's what this game's all about.

725
00:42:06.180 --> 00:42:07.300
You just gotta fire quick.

726
00:42:08.420 --> 00:42:10.240
And I have a really good accountant

727
00:42:10.420 --> 00:42:13.020
that's willing to explain to me, you know,

728
00:42:13.100 --> 00:42:14.560
how, you know, some of the benefits

729
00:42:15.340 --> 00:42:17.260
of some certain structures, you know,

730
00:42:17.440 --> 00:42:20.340
limited tax flow throughs, anything like that.

731
00:42:20.380 --> 00:42:22.440
You know, there's, and he can explain to me,

732
00:42:22.440 --> 00:42:24.300
it's super clear in a way where, okay,

733
00:42:24.300 --> 00:42:26.020
I understand why I'm corporating now.

734
00:42:26.100 --> 00:42:27.940
I understand how I'm saving money

735
00:42:27.940 --> 00:42:29.440
through this limited partnership now.

736
00:42:29.440 --> 00:42:31.780
I understand why my high net worth investors

737
00:42:31.940 --> 00:42:33.980
love this sort of structure because, you know,

738
00:42:33.980 --> 00:42:36.080
there's some leniencies with the tax stuff.

739
00:42:36.260 --> 00:42:37.720
So having an accountant is,

740
00:42:38.120 --> 00:42:39.100
that's who you wanna talk to

741
00:42:39.100 --> 00:42:40.300
when you're creating a corporation.

742
00:42:40.440 --> 00:42:42.340
And you also want a corporate lawyer as well,

743
00:42:42.700 --> 00:42:45.300
but you actually want to be on a three-way

744
00:42:45.300 --> 00:42:47.500
with both of them and just kind of like

745
00:42:47.500 --> 00:42:49.000
be the fly on the wall and let them,

746
00:42:49.600 --> 00:42:50.660
you give them your mandate

747
00:42:50.660 --> 00:42:52.080
with where you're going with real estate

748
00:42:52.080 --> 00:42:54.360
and you let them set your structures for you.

749
00:42:54.660 --> 00:42:56.260
Accountant, super important

750
00:42:56.260 --> 00:42:58.740
that they're willing to educate you

751
00:42:59.260 --> 00:43:02.360
and, you know, inform you on, you know,

752
00:43:02.360 --> 00:43:04.220
how to run your business, how to save money,

753
00:43:04.440 --> 00:43:07.120
you know, how to write stuff off, how to structure.

754
00:43:07.620 --> 00:43:11.140
And then bookkeeper, gotta be solid, gotta be tight.

755
00:43:11.760 --> 00:43:12.840
Carl, thoughts on that?

756
00:43:13.060 --> 00:43:13.740
Oh, absolutely.

757
00:43:14.020 --> 00:43:16.040
You know, you've got a little bit of,

758
00:43:16.120 --> 00:43:18.040
not pushback, but weigh in.

759
00:43:18.460 --> 00:43:20.520
Nick, a couple of bookkeepers out there,

760
00:43:20.520 --> 00:43:24.440
they love the books, but I think on the creative side,

761
00:43:24.620 --> 00:43:27.060
having those numbers line up all the time.

762
00:43:27.180 --> 00:43:28.080
We need them.

763
00:43:28.180 --> 00:43:29.120
We need you guys.

764
00:43:29.240 --> 00:43:30.080
I'm glad you own it.

765
00:43:30.220 --> 00:43:31.080
We need you.

766
00:43:31.960 --> 00:43:33.220
Exactly, exactly.

767
00:43:33.440 --> 00:43:37.160
No, and your accountant or in the U.S.,

768
00:43:37.160 --> 00:43:40.680
we have CPAs, I'm not sure if they're in Canada,

769
00:43:40.740 --> 00:43:41.600
if that's its designation,

770
00:43:42.160 --> 00:43:43.740
but, you know, it's like a master's degree

771
00:43:43.740 --> 00:43:44.960
in accounting, so to speak.

772
00:43:47.180 --> 00:43:48.140
And they,

773
00:43:49.900 --> 00:43:51.700
they should be educators.

774
00:43:52.200 --> 00:43:55.100
They should help us, you know,

775
00:43:55.100 --> 00:43:57.720
create these strategies where we minimize our taxes.

776
00:43:58.160 --> 00:44:00.200
And I have the experience of going to one once

777
00:44:00.680 --> 00:44:04.660
where he just, there's black, white, there's gray

778
00:44:04.660 --> 00:44:05.960
when we're filing our taxes.

779
00:44:06.080 --> 00:44:09.100
And I'm, you know, I don't wanna deal in the black area,

780
00:44:09.420 --> 00:44:12.740
but there's a lot of ambiguity in the U.S. tax code.

781
00:44:14.040 --> 00:44:17.020
And my tax liability was higher than I thought it would be.

782
00:44:17.520 --> 00:44:19.200
I went, got a second opinion,

783
00:44:19.520 --> 00:44:22.920
and this other guy ended up really understanding real estate

784
00:44:22.920 --> 00:44:23.920
and really taught me something.

785
00:44:24.140 --> 00:44:27.000
Saved me 20 grand in tax liability for that year alone.

786
00:44:27.060 --> 00:44:29.920
And so I'm like constantly picking the brain

787
00:44:30.000 --> 00:44:32.060
and looking for other avenues

788
00:44:32.060 --> 00:44:35.840
and other ways in which we can save money,

789
00:44:36.460 --> 00:44:37.800
keep money in our pocket, I should say.

790
00:44:38.140 --> 00:44:40.080
And so it's well worth their fees.

791
00:44:40.180 --> 00:44:41.860
It's well worth having that bookkeeper.

792
00:44:42.640 --> 00:44:44.040
And those, like you said,

793
00:44:44.040 --> 00:44:46.900
the communication between those team members

794
00:44:46.900 --> 00:44:50.520
so that there's some congruency

795
00:44:50.520 --> 00:44:52.820
and we're not going back and forth

796
00:44:52.820 --> 00:44:55.660
asking one for the other's information and so forth.

797
00:44:56.680 --> 00:44:57.180
100%.

798
00:44:57.180 --> 00:44:59.780
Carl, I wanna know, this is the last one that we've got.

799
00:45:00.000 --> 00:45:05.540
know how you handle finding a good general contractor or a contractor because I only have

800
00:45:05.600 --> 00:45:11.000
bad experiences to share. Actually, not recently, but starting out I did. Where we are at now,

801
00:45:11.000 --> 00:45:17.960
I've got this nailed down, but how do you do it? What are some tips for getting good contractors?

802
00:45:19.120 --> 00:45:24.140
Well, I think the first tip is, first pro tip, lower your expectations.

803
00:45:24.140 --> 00:45:32.220
Then the disappointment will be far less. Now, there is a wide spectrum of

804
00:45:34.860 --> 00:45:39.640
contractors and the quality of work that they do, the type of work that they do. So one,

805
00:45:40.420 --> 00:45:48.180
we want to find contractors specific to what we are working on, whether are we hiring a handyman

806
00:45:48.740 --> 00:45:56.740
where we should be hiring a general contractor or vice versa. We want to have that scale, right?

807
00:45:57.680 --> 00:46:03.260
But for finding contractors, there's a number of sources. Just like any of these other team

808
00:46:03.460 --> 00:46:09.620
members, the best sources will be from referrals. So other members that we know,

809
00:46:09.620 --> 00:46:16.120
other within our own community, other team members like our lawyers or property managers

810
00:46:17.040 --> 00:46:22.460
or realtors. And so oftentimes if we're dealing with an investment-minded agent,

811
00:46:22.580 --> 00:46:27.000
they're going to have worked with other contractors. They're going to have worked

812
00:46:27.000 --> 00:46:32.900
with other people that they might be able to refer. So again, I'm going to repeat this again,

813
00:46:33.900 --> 00:46:38.820
who do you know that knows somebody or who do they know that might know somebody?

814
00:46:38.820 --> 00:46:45.700
So network with or through our other team members. But it can be as easy as some of these Facebook

815
00:46:45.400 --> 00:46:53.720
groups. There's contractor Facebook groups in local areas. Kijiji or down here Craigslist,

816
00:46:56.140 --> 00:47:02.240
they have ads in there. So if we're starting from scratch, from a totally new market,

817
00:47:02.240 --> 00:47:11.000
that's usually where we'll start. And back to your property managers, they usually have crews

818
00:47:11.640 --> 00:47:16.560
in-house, but they'll sub out other stuff as well. So they should be a good resource

819
00:47:16.900 --> 00:47:22.180
to find them. But what's most important, they're all going to tell us what they think we want to

820
00:47:22.180 --> 00:47:28.500
hear, but it's vetting them. Like you're saying that the BBB, Trustpilot, some of these other

821
00:47:28.500 --> 00:47:34.960
issues or other platforms that allow us to understand the quality of work. Hey, do they

822
00:47:34.960 --> 00:47:41.860
come in on time, on budget? Are they trustworthy and so forth? Then there's a lot of other platforms

823
00:47:41.860 --> 00:47:51.080
out there like, and I'm going to just quote some US ones, but like Angie or Thumbtack or House or

824
00:47:51.080 --> 00:47:56.640
some of these others that you can go to get referrals for subs or generals for your specific

825
00:47:56.640 --> 00:48:02.060
type of project that you're working on. A person that's going to be renovating the house is

826
00:48:02.060 --> 00:48:07.240
different than a contractor that focuses on remodeling house. Might sound subtle, but under

827
00:48:07.620 --> 00:48:12.980
renovation, we're got to stick to a strict budget. Remodel, there's a lot more emotion and the

828
00:48:12.980 --> 00:48:17.780
checkbooks open a little bit wider. So we want to make sure that again, we're speaking the same

829
00:48:17.780 --> 00:48:23.500
language that we understand and what they're doing, they understand what we're doing and that

830
00:48:23.500 --> 00:48:28.640
we're coming together and having that meeting in the minds. So I think that referrals and vetting

831
00:48:28.640 --> 00:48:35.460
them out and there's a process in vetting, but that's how we're going to find the good ones.

832
00:48:35.840 --> 00:48:42.200
Sometimes we have to weave through or navigate through the bad ones. Like you, Nick, I've had

833
00:48:42.200 --> 00:48:49.020
bad experiences with contractors and sometimes it's easier to hire them than to fire them,

834
00:48:49.020 --> 00:48:54.620
but firing may be a necessity to just progress through the next, to find the next better one.

835
00:48:55.080 --> 00:48:59.820
Yeah, I think what we're talking, I think we can all agree here that this is a tough one.

836
00:49:00.160 --> 00:49:04.900
Even because even with referrals that things can go wrong and they're likely to, like it's really

837
00:49:04.900 --> 00:49:12.140
tough, but you gave a lot of really great resources and things to look out for.

838
00:49:12.460 --> 00:49:18.060
Referrals is definitely great. Yeah, a better business for real. Thanks, man. It's tough and

839
00:49:18.060 --> 00:49:27.320
it's, you know, I went on to one of my friends is a really big developer, not a big developer,

840
00:49:27.320 --> 00:49:35.040
but he does like boutique, like six units and stuff like that in Toronto. And I went on site

841
00:49:35.040 --> 00:49:40.540
one day to help him out. And even at his level, after 12 years of investing in real estate,

842
00:49:40.720 --> 00:49:47.240
he was still trying out realtors or sorry, contractors on Kijiji and they weren't really

843
00:49:47.240 --> 00:49:50.760
the best. Like he was still trying to figure it out. So that was a lesson for me. It's like,

844
00:49:50.800 --> 00:49:55.040
wow, this guy's been in it for 12 years in this market and he's still plowing through contractors

845
00:49:55.320 --> 00:49:59.980
and still hasn't found the guy. Right. So that's a tough one.

846
00:50:00.000 --> 00:50:05.840
here. So, use the community, guys. That's a really good place to start and, you know,

847
00:50:05.840 --> 00:50:10.000
and take some of the advice as well. Obviously, reviews are great. Scott always says, you

848
00:50:10.000 --> 00:50:14.460
know, call three realtors to the site and whoever shows up, or sorry, three contractors

849
00:50:14.460 --> 00:50:17.960
to the site, and whoever shows up is your contractor, because two of them aren't going

850
00:50:17.960 --> 00:50:25.700
to show up. Maybe all three of them won't show up. So, that's interesting. Joe or Gabrielle,

851
00:50:25.980 --> 00:50:29.280
we don't have much time. We're about to wrap up, but I'd love to throw everyone in a breakout

852
00:50:29.280 --> 00:50:34.420
group. All right. Yeah, I have the rooms. I have the rooms ready. Amazing. I'm just

853
00:50:34.420 --> 00:50:37.840
going to, I'm going to open the rooms, and so everybody is going to get a notification

854
00:50:37.840 --> 00:50:41.700
to join a room. Just click okay, and then if there are any stragglers or anybody that

855
00:50:41.700 --> 00:50:45.320
hasn't joined, I'll try to move you into a room, but you'll see the notification right

856
00:50:45.240 --> 00:50:49.160
now. We're going to break you out into the room. Sorry, I just want to give instructions

857
00:50:49.160 --> 00:50:54.460
real quick before everyone goes into the rooms. We're sharing who we have on our team, guys,

858
00:50:54.500 --> 00:50:57.660
with each other. That's all we're doing. If you've got no one, then say you got no one.

859
00:50:57.660 --> 00:51:00.840
If you got all these teams, you got all these teams. If you're looking for certain people,

860
00:51:00.940 --> 00:51:04.380
just throw it out there when you're in the group. Hey, guys, looking for a realtor in

861
00:51:04.380 --> 00:51:07.500
this area or this area. That's it. So, we're just going to break out groups. We're going

862
00:51:07.500 --> 00:51:11.020
to introduce each other. Probably be small groups, right? Groups of four or something

863
00:51:11.020 --> 00:51:16.420
like that. Go through. Okay, there you go. Yeah, we'll take about five or six. Yeah,

864
00:51:16.640 --> 00:51:19.680
we'll take about five or six minutes, and then we're going to come back into the main

865
00:51:19.680 --> 00:51:23.500
room to wrap up. You'll get a warning when the room is closed. I love it. Have fun. Network.

866
00:51:23.500 --> 00:51:26.500
That's what this is all about. We'll see you on the other side, everyone.

867
00:51:30.660 --> 00:51:38.280
One, two, three, four, five, six. Six players. There we go. Yeah, I tried my best to break

868
00:51:38.280 --> 00:51:43.580
people out into where they're from. So, if they change their name, then they'll go into

869
00:51:43.580 --> 00:51:47.060
a room where they're from. So, if they need someone, hopefully they get a contact as well.

870
00:51:47.060 --> 00:52:00.760
So, I didn't realize we're running so late. Hey, we're having fun. Yeah, we usually do.

871
00:52:00.940 --> 00:52:04.500
We'll probably wrap about 10 minutes late or whatever, but we've gone 90 minutes before

872
00:52:04.500 --> 00:52:08.760
sometimes on certain topics. So, no one usually complains, but you will see a drop off right

873
00:52:08.760 --> 00:52:13.900
at eight o'clock. You'll see a bunch of people go into other classes or rooms and stuff like

874
00:52:13.900 --> 00:52:17.200
that. I'll have it wrapped up before then. It's going to be super quick.

875
00:52:20.640 --> 00:52:22.220
Yeah. I'm just going to see if anybody...

876
00:52:24.260 --> 00:52:24.860
What's the time?

877
00:52:27.880 --> 00:52:34.040
I'm going to give them five minutes from when I put them in. So, from 7.52, I'm going to pull

878
00:52:34.040 --> 00:52:36.940
them back in and I'm going to put five or six minutes. I'll give them a little bit of time to

879
00:52:37.840 --> 00:52:46.660
Okay. Carl, man, love having you on here, adding a lot of value and I really appreciate you.

880
00:52:47.460 --> 00:52:51.080
I'm just trying to keep up with you, Nick.

881
00:52:51.720 --> 00:52:53.140
Come on, man.

882
00:52:54.780 --> 00:53:01.120
Yeah. I mean, it's simple stuff, right? But we're meeting people where they're at and

883
00:53:01.400 --> 00:53:03.460
hopefully some people are getting value out of this.

884
00:53:04.400 --> 00:53:10.560
Absolutely. You could drill down so deep on any one of these

885
00:53:13.180 --> 00:53:18.120
topics, these team members. It's hard just to kind of scratch the surface.

886
00:53:21.420 --> 00:53:26.660
Yeah, I agree. I mean, yeah, we could... Oh, wow. Especially when we're getting in the realm of

887
00:53:26.660 --> 00:53:31.680
multi-family, you're talking about a lawyer creating corporations and

888
00:53:32.540 --> 00:53:38.000
tax flow through structures and oh, man, that would just blow people's minds, I think, though,

889
00:53:39.160 --> 00:53:40.920
right now. It's got to be simple.

890
00:53:43.700 --> 00:53:43.700


891
00:53:47.440 --> 00:53:53.100
So, after this, I guess we're going to... I have a survey link to go into the chat.

892
00:53:53.560 --> 00:53:57.400
And then we also have... So, maybe when we come back, we'll give them the tool

893
00:53:57.400 --> 00:54:06.440
and then go right into... We'll put the tool in the chat and then we'll do calendar. And then I

894
00:54:06.440 --> 00:54:09.840
have the survey link that I can put in the chat. Do you want to wrap up, Gabrielle? Are you

895
00:54:09.960 --> 00:54:13.220
comfortable with that? For sure. Yeah.

896
00:54:13.180 --> 00:54:17.220
Yeah. Yeah. Yeah. You can do the closing and just go over the calendar really quickly,

897
00:54:17.900 --> 00:54:23.400
remind them to do the survey. And then, yeah, Nick will go to the tool. He'll thank everybody

898
00:54:23.400 --> 00:54:27.180
and then he'll take it from there. Okay, great. So, we'll come back.

899
00:54:27.180 --> 00:54:36.340
I'll thank everyone. I hope you enjoyed that. I don't want to sound like I'm wrapping up.

900
00:54:36.640 --> 00:54:40.960
When we come back, why don't you guys take it over from here? You can say...

901
00:54:40.960 --> 00:54:46.000
Well, no. Yeah. Just to say, yeah. So, that covers building your team and then tell them

902
00:54:46.000 --> 00:54:49.780
that we're going to drop a tool in the chat and that you can find it also in Keyspire Connect

903
00:54:49.880 --> 00:54:54.400
when the monthly meeting recording comes up. Okay. And then Gabrielle will wrap.

904
00:54:55.360 --> 00:54:58.480
Okay. I've got the PDF sitting in the chat right now waiting.

905
00:54:59.120 --> 00:54:59.560
Yeah.

906
00:55:00.000 --> 00:55:02.560
So just the PDF, not the Word document, correct?

907
00:55:03.620 --> 00:55:07.980
Yeah, PDF is fine, if they're the same, for sure.

908
00:55:09.040 --> 00:55:10.660
OK, I'll let everyone know it's in there.

909
00:55:10.760 --> 00:55:13.320
And then I'll pass it over to Gabrielle

910
00:55:13.320 --> 00:55:15.620
to tell us what's going on.

911
00:55:16.460 --> 00:55:20.460
And when she's done, I'll thank Carl and you guys,

912
00:55:20.500 --> 00:55:21.920
and we'll sign off.

913
00:55:22.040 --> 00:55:24.160
No, no, link, survey link.

914
00:55:24.960 --> 00:55:25.960
Yeah, you got it.

915
00:55:26.560 --> 00:55:29.180
Why don't you do the survey link with the tool,

916
00:55:29.180 --> 00:55:31.720
just in case people sign off early.

917
00:55:32.580 --> 00:55:32.980
Sure.

918
00:55:33.340 --> 00:55:36.560
Just go, here's a tool, here's a survey link, download both.

919
00:55:36.660 --> 00:55:38.480
Yeah, I have it copy and pasted.

920
00:55:38.820 --> 00:55:41.580
And so when Gabrielle drops the tool, I'll drop in the survey.

921
00:55:43.840 --> 00:55:45.980
OK, I'll speak to it then.

922
00:55:46.780 --> 00:55:46.780


923
00:55:48.300 --> 00:55:48.780
Beautiful.

924
00:55:49.300 --> 00:55:52.520
OK, so I'm going to be putting a PDF and a Word document

925
00:55:52.520 --> 00:55:55.140
in there for people to read through,

926
00:55:55.200 --> 00:55:58.020
because I opened them, and I forgot that they were both

927
00:55:58.020 --> 00:55:59.640
different, so they're sitting there waiting.

928
00:56:00.180 --> 00:56:01.580
OK, good to know.

929
00:56:01.980 --> 00:56:06.020
I'm going to speak to the monthly thing.

930
00:56:06.980 --> 00:56:09.640
I've got the pages up on my other monitor, so I'll just.

931
00:56:09.940 --> 00:56:10.860
Oh, perfect, thank you.

932
00:56:12.880 --> 00:56:13.820
Tell them to sync.

933
00:56:13.980 --> 00:56:16.340
Do you want me to remind them how to sync their calendars?

934
00:56:17.700 --> 00:56:17.920
Sure.

935
00:56:18.320 --> 00:56:18.600
OK.

936
00:56:18.940 --> 00:56:22.560
We don't have a lot of time, so I do want to wrap it up by 8,

937
00:56:22.600 --> 00:56:24.560
so just got to do this super quick.

938
00:56:25.140 --> 00:56:26.860
OK, so remind them how to sync their calendars.

939
00:56:26.860 --> 00:56:29.580
They know how to join today, so they know how to sync.

940
00:56:29.840 --> 00:56:30.200
It's fine.

941
00:56:30.580 --> 00:56:31.600
Yeah, I'm going to close the rooms.

942
00:56:31.760 --> 00:56:32.860
They'll be back in one minute.

943
00:56:33.420 --> 00:56:33.920
OK, good.

944
00:56:34.060 --> 00:56:35.100
And they're going to say that.

945
00:56:35.620 --> 00:56:37.620
Oh, can you turn the recording back on?

946
00:56:49.680 --> 00:56:51.000
These fly, eh, guys?

947
00:56:51.520 --> 00:56:52.380
Monthly meetups fly.

948
00:56:52.960 --> 00:56:54.280
They're so much fun.

949
00:56:54.280 --> 00:56:54.960
I love them.

950
00:56:56.020 --> 00:57:00.620
Hey, Teresa, good to see you.

951
00:57:03.580 --> 00:57:05.780
Thanks for liking all my Facebook posts.

952
00:57:05.960 --> 00:57:07.600
I really appreciate that, your support.

953
00:57:14.260 --> 00:57:15.480
Oh, you're on mute.

954
00:57:15.860 --> 00:57:16.480
You're on mute.

955
00:57:16.520 --> 00:57:17.540
You're on mute yourself.

956
00:57:18.060 --> 00:57:19.240
I didn't hear a single word.

957
00:57:20.040 --> 00:57:23.180
I said you're welcome, but I guess

958
00:57:23.180 --> 00:57:26.700
I'm one of those people, I don't know what they call them,

959
00:57:26.980 --> 00:57:29.820
but you get those badges and stuff.

960
00:57:30.680 --> 00:57:32.140
Oh, you got a badge?

961
00:57:32.360 --> 00:57:33.180
I love it.

962
00:57:33.180 --> 00:57:34.460
You're a top fan.

963
00:57:36.240 --> 00:57:37.360
Yes, 100%.

964
00:57:37.760 --> 00:57:39.140
I appreciate that.

965
00:57:39.400 --> 00:57:40.620
Thank you for consuming my content.

966
00:57:40.800 --> 00:57:42.140
I hope they find it inspiring.

967
00:57:42.740 --> 00:57:46.020
I hope I'm not being too forward with my comments, though.

968
00:57:46.460 --> 00:57:47.820
No, I appreciate the engagement.

969
00:57:47.940 --> 00:57:49.340
Oh, my God, please keep it up.

970
00:57:49.480 --> 00:57:50.080
Thank you.

971
00:57:50.160 --> 00:57:50.720
OK.

972
00:57:51.680 --> 00:57:53.640
I know it can feel weird to comment.

973
00:57:53.780 --> 00:57:55.060
No, I'm glad you mentioned something.

974
00:57:55.260 --> 00:57:55.980
No, I love it.

975
00:57:56.220 --> 00:57:56.220


976
00:57:56.920 --> 00:57:56.920


977
00:57:57.540 --> 00:57:58.240
Thank you.

978
00:57:58.940 --> 00:57:59.340
Cool.

979
00:57:59.900 --> 00:58:00.900
Yeah, that's awesome.

980
00:58:01.280 --> 00:58:02.240
What was the comment?

981
00:58:03.040 --> 00:58:04.360
Yeah, I was about to ask.

982
00:58:07.240 --> 00:58:12.660
Oh, it's because he was saying that I should go to get

983
00:58:12.900 --> 00:58:14.580
private lending and stuff like that,

984
00:58:14.580 --> 00:58:17.440
but I said something about when you're a beginner,

985
00:58:17.700 --> 00:58:20.580
nobody wants to give you money because you don't have any skin

986
00:58:20.580 --> 00:58:23.060
in the game and whatnot.

987
00:58:23.900 --> 00:58:25.720
I don't agree with that, sorry.

988
00:58:26.440 --> 00:58:28.560
Yes, and you're American.

989
00:58:29.720 --> 00:58:32.400
No, I mean, yeah, I'm on that side of the border.

990
00:58:33.760 --> 00:58:38.520
But I dive into the Kispire resources and guidance,

991
00:58:38.760 --> 00:58:40.720
and believe me, I got loans.

992
00:58:40.880 --> 00:58:42.200
I'm on my second one.

993
00:58:42.600 --> 00:58:44.380
Well, help me do that, then.

994
00:58:44.900 --> 00:58:46.500
Yes, you guys need to connect.

995
00:58:46.860 --> 00:58:48.000
Yes, you need to connect.

996
00:58:48.800 --> 00:58:50.980
Can I make two quick comments?

997
00:58:51.260 --> 00:58:51.520
Do you mind?

998
00:58:52.460 --> 00:58:52.980
Yes, of course.

999
00:58:53.080 --> 00:58:53.760
Yes, hey, man.

1000
00:58:54.280 --> 00:58:56.440
They're not giving you money, so you

1001
00:58:56.440 --> 00:58:58.420
need to change your mindset about that.

1002
00:58:58.960 --> 00:59:00.320
They're investing with you.

1003
00:59:01.160 --> 00:59:03.580
And you're also giving them an opportunity

1004
00:59:04.480 --> 00:59:12.340
to earn either income as a lender or equity profit,

1005
00:59:15.000 --> 00:59:17.100
depending on how you structure it.

1006
00:59:17.780 --> 00:59:22.540
And as far as skin in the game, there's

1007
00:59:22.540 --> 00:59:25.060
more ways to have skin in the game than just money.

1008
00:59:26.040 --> 00:59:27.060
It's expertise.

1009
00:59:27.640 --> 00:59:28.740
It's finding deals.

1010
00:59:31.180 --> 00:59:35.280
It might mean that your first deal, you don't offer

1011
00:59:35.540 --> 00:59:37.760
or you don't take 50%.

1012
00:59:37.760 --> 00:59:39.880
You might take 10%.

1013
00:59:39.880 --> 00:59:40.960
You know what I mean?

1014
00:59:40.960 --> 00:59:46.500
You can position it where you propose to somebody,

1015
00:59:46.500 --> 00:59:49.640
look, you'll be the 90%.

1016
00:59:49.960 --> 00:59:51.920
You'll own 90% in equity.

1017
00:59:52.760 --> 00:59:54.960
And I'll just take 10.

1018
00:59:55.100 --> 00:59:56.200
This is my first deal.

1019
00:59:56.900 --> 00:59:59.940
You know, and as you.

1020
01:00:00.000 --> 01:00:01.420
gain experience

1021
01:00:02.060 --> 01:00:05.280
Then you can increase the amount of equity that you demand

1022
01:00:05.680 --> 01:00:10.680
So just a thought that but you can structure it. However, you want, right?

1023
01:00:10.700 --> 01:00:13.580
Yeah, I would talk with your coach on that one for sure

1024
01:00:14.120 --> 01:00:14.680
right

1025
01:00:15.360 --> 01:00:20.780
Michael that was incredible. There you go. Teresa. There you go. I love that awesome

1026
01:00:20.860 --> 01:00:25.700
So yeah, great advice love having you always love having you in here Mike. Thank you so much

1027
01:00:25.700 --> 01:00:30.280
So we've got this tool for you. It's in the chat here. It's a team builder quick guide

1028
01:00:30.800 --> 01:00:34.260
Downloaded have it in your resources there. We also have a

1029
01:00:35.080 --> 01:00:39.020
Survey link as well. We'd love it. If you could let us know how we did tonight

1030
01:00:39.020 --> 01:00:44.000
We always strive to do our best for you. So if you enjoyed tonight, please let us know how you did

1031
01:00:44.000 --> 01:00:50.360
I think Gabrielle, why don't you tell us what is going on at Keyspire? Thank You Nick. Hello everyone

1032
01:00:50.360 --> 01:00:52.200
Thank you so much for joining us tonight

1033
01:00:52.200 --> 01:00:58.720
So our monthly masteries are the first Wednesday of every month our weekly wind sessions are every Monday at 11 a.m

1034
01:00:58.720 --> 01:01:01.220
Eastern Standard Time unless it lands on a holiday

1035
01:01:01.220 --> 01:01:04.640
Then we skip it and we accommodate both Canadian and American holidays

1036
01:01:04.720 --> 01:01:08.540
Then we also have our inner circle lives on July 8th 16th

1037
01:01:08.540 --> 01:01:11.760
23rd and 29th and then we have the roundabout on the 31st

1038
01:01:12.460 --> 01:01:15.880
If anyone is interested in joining, you know how to sync your calendars

1039
01:01:15.880 --> 01:01:21.620
I challenge you all to do that today and just in case there's a screenshot for you in the chat. Thanks Nick

1040
01:01:22.480 --> 01:01:23.400
Love it

1041
01:01:24.420 --> 01:01:24.960
Joe

1042
01:01:25.680 --> 01:01:27.800
Gabrielle Carl Benson guys

1043
01:01:27.800 --> 01:01:33.140
Let's give a round of applause for these folks are taking the time out tonight to serve you and gave you some of their insight

1044
01:01:33.320 --> 01:01:39.340
That was amazing for those of you watching online or watching this video one year from now

1045
01:01:39.400 --> 01:01:43.480
Thank you for viewing. Thank you for joining us. We hope that you found some value in here

1046
01:01:44.960 --> 01:01:49.120
Connect with each other network with each other use each other as resources

1047
01:01:49.120 --> 01:01:55.960
That's what this beautiful community one of the best communities out there, right? It is we know that so make use of each other

1048
01:01:55.960 --> 01:02:01.580
That's where you're gonna move the needle again Carl Gabrielle Joe. Love you all love all you folks

1049
01:02:01.580 --> 01:02:07.040
Thank you for joining us tonight, and we will send you off. Have a wonderful evening everyone. Thank you everyone

1050
01:02:23.300 --> 01:02:23.760
You

1051
01:02:23.760 --> 01:02:26.520
Carl thank you so much, sir for taking this on your master Nick

1052
01:02:28.540 --> 01:02:31.160
See you girls next next week

1053
01:02:32.080 --> 01:02:35.280
Absolutely. I look forward to it. Good night guys. Have a great evening

1054
01:02:35.640 --> 01:02:40.600
Take care everyone. Take care everybody. Thanks for joining. Thanks for helping out guys. Take care