WEBVTT 1 00:00:00.000 --> 00:00:14.920 Good morning, everyone. 2 00:00:14.920 --> 00:00:16.200 Thank you so much for joining us. 3 00:00:16.200 --> 00:00:17.480 I see you all trickling in. 4 00:00:17.480 --> 00:00:19.720 Good morning, Peru. 5 00:00:19.720 --> 00:00:27.400 Today is Monday, March 17th, 2025, and this is your 14-day focus. 6 00:00:27.400 --> 00:00:31.000 I see a bunch of people trickling in, so I'm just going to give you a couple of minutes 7 00:00:31.000 --> 00:00:32.000 to come in. 8 00:00:32.000 --> 00:00:41.960 Delia, Daniel, Cindy, Tracy, Pru, Andy and Brenda, Haley, Darlene, thank you so much 9 00:00:41.960 --> 00:00:42.960 for joining us. 10 00:00:42.960 --> 00:00:45.240 Good morning, Pedro. 11 00:00:45.240 --> 00:00:46.560 I love that you're joining us. 12 00:00:46.560 --> 00:00:48.400 Thank you so much. 13 00:00:48.400 --> 00:00:49.880 Let's get into it then. 14 00:00:49.880 --> 00:00:51.700 This is our 14-day radar. 15 00:00:51.700 --> 00:00:53.040 My name is Gabrielle Kane. 16 00:00:53.040 --> 00:01:00.300 I am the program advisor here at Keyspire, and I'm going to start off with my seven days. 17 00:01:00.300 --> 00:01:05.420 The last seven days, personally, I went to a stand-up comedy show. 18 00:01:05.420 --> 00:01:07.280 I was really excited about this. 19 00:01:07.280 --> 00:01:09.600 This is something that I've been waiting for since last year. 20 00:01:09.600 --> 00:01:16.600 The date got pushed out, so on and so forth, but we saw Nikki Glaser in Hamilton, Ontario. 21 00:01:16.600 --> 00:01:17.960 She's really funny. 22 00:01:17.960 --> 00:01:23.360 I love stand-up comedy, and even though I don't feel like I need medicine for the soul, 23 00:01:23.360 --> 00:01:28.720 I always feel like laughter is the perfect medicine for the soul, whether you need it 24 00:01:28.720 --> 00:01:29.720 or not. 25 00:01:29.720 --> 00:01:35.280 I had a great time, thoroughly enjoyed the city, thoroughly enjoyed the weather, the 26 00:01:35.280 --> 00:01:36.280 sun, everything. 27 00:01:36.280 --> 00:01:39.320 It was so beautiful, and I really appreciated that. 28 00:01:39.320 --> 00:01:41.760 I've also had my son. 29 00:01:41.760 --> 00:01:44.280 You guys have heard about Hunter. 30 00:01:44.280 --> 00:01:50.480 He finally finished the active investing course because there are 12 modules in there, 31 00:01:50.480 --> 00:01:55.520 so we kind of broke it down for him, so it was a little bit easier on his very hectic 32 00:01:55.520 --> 00:01:59.280 teenage schedule, of course, so I'm really glad that he's finished that one. 33 00:01:59.280 --> 00:02:04.560 The next in line for him is going to be the Four Ways to Win, and he's a numbers guy, 34 00:02:04.560 --> 00:02:08.180 so I know he's really going to appreciate this course. 35 00:02:08.180 --> 00:02:13.520 In the next seven days, I'm really focusing on graduations. 36 00:02:13.520 --> 00:02:20.840 We have workshop group 18, who will be completing their fourth quarterly workshop tomorrow. 37 00:02:20.840 --> 00:02:22.560 I'm really excited for them. 38 00:02:22.560 --> 00:02:23.560 It's a really big deal. 39 00:02:23.560 --> 00:02:27.400 I know that we've been building these relationships with our fellow members in our workshops for 40 00:02:27.400 --> 00:02:32.680 the last year, and for those of you who have graduated, you know how exciting that is and 41 00:02:32.680 --> 00:02:37.720 what a big deal it is to be talking about what you've accomplished and reflecting over 42 00:02:37.720 --> 00:02:40.560 the last year and what you plan to accomplish over the next year. 43 00:02:40.560 --> 00:02:43.200 I'm really excited about that. 44 00:02:43.200 --> 00:02:47.520 I see a bunch of good mornings from everyone in the chat, so thank you. 45 00:02:47.520 --> 00:02:53.760 Daniel, Robert, Jardine, Candice, Sal, Cindy, thank you all very much for piping in and 46 00:02:53.760 --> 00:02:56.320 wishing everyone a good morning. 47 00:02:56.320 --> 00:03:01.120 With that, I would love to take the opportunity to introduce my guest. 48 00:03:01.120 --> 00:03:03.640 This is a personal and professional friend of mine. 49 00:03:03.640 --> 00:03:08.480 We all are familiar with our beloved trainer and speaker, Mr. Stephen Libman. 50 00:03:08.480 --> 00:03:11.600 Stephen, would you like to say good morning? 51 00:03:11.640 --> 00:03:14.680 I would love to say good morning, so good morning. 52 00:03:14.680 --> 00:03:17.920 You always make me laugh. 53 00:03:17.920 --> 00:03:20.920 Thank you so much for joining us today. 54 00:03:20.920 --> 00:03:26.160 I'm going to start off by asking you what you have accomplished personally and or professionally 55 00:03:26.160 --> 00:03:28.800 in the last seven days. 56 00:03:28.800 --> 00:03:29.800 Well sure. 57 00:03:29.800 --> 00:03:33.080 Okay, well, personally and professionally, let's see. 58 00:03:33.080 --> 00:03:34.080 They're so intertwined. 59 00:03:34.080 --> 00:03:38.600 My life is always chaotic by design, so we have a great t-shirt right at Peace Bar that 60 00:03:38.600 --> 00:03:40.740 says my lifestyle is by design. 61 00:03:40.740 --> 00:03:44.700 My chaotic lifestyle is by design, so some people say, how do you live that life? 62 00:03:44.700 --> 00:03:48.940 It's like it's a life I choose to live and I love every moment of it, but what I would 63 00:03:48.940 --> 00:03:54.820 do to, so it does require focus, so thank you for having me focus on that. 64 00:03:54.820 --> 00:03:57.340 In the last week and in the coming week, one thing is common. 65 00:03:57.340 --> 00:04:03.780 I've begun training for the Ride to Conquer Cancer, which is going to be in Toronto June 66 00:04:04.780 --> 00:04:16.180 and I'm doing a 200k ride as part of a team of other people that are either have had cancer, 67 00:04:16.180 --> 00:04:22.380 survived cancer, still have cancer or supporting somebody that's had, has or whatever cancer 68 00:04:22.380 --> 00:04:28.780 and I've lost another friend of mine in the last few months to cancer, so it's a big deal 69 00:04:28.780 --> 00:04:33.140 for me to be able to do that and also get into better shape at the same time and help 70 00:04:33.140 --> 00:04:38.980 out, so that's going to be ongoing, that continues my moving forward, but I'm very 71 00:04:38.980 --> 00:04:43.620 excited personally and professionally, but not in real estate. 72 00:04:43.620 --> 00:04:50.980 I've been consulting for two of my sons, actually three of them for years and one of them is 73 00:04:50.980 --> 00:04:59.020 in the production business of TV, film, commercials, et cetera, and I'm excited to share that he 74 00:04:59.020 --> 00:04:59.980 landed over. 75 00:05:00.000 --> 00:05:04.680 $1.2 million were the contracts this month. 76 00:05:04.680 --> 00:05:06.440 So that's tremendous. 77 00:05:06.440 --> 00:05:09.920 You work on that for like eight months, nine months, 78 00:05:09.920 --> 00:05:12.320 and then you start to see what happens from it. 79 00:05:12.320 --> 00:05:13.960 So I was really excited for it. 80 00:05:13.960 --> 00:05:16.080 And on the real estate side, I helped my other son. 81 00:05:16.080 --> 00:05:17.240 So that was Daniel. 82 00:05:17.240 --> 00:05:22.240 I helped my other son, Brandon, to acquire his first house. 83 00:05:23.400 --> 00:05:26.160 And he and his girlfriend just put an offer. 84 00:05:26.160 --> 00:05:27.760 They got it accepted. 85 00:05:27.800 --> 00:05:30.200 And where did I come in? 86 00:05:30.200 --> 00:05:33.280 Well, I came in helping them to negotiate, 87 00:05:33.280 --> 00:05:34.120 but it's kind of funny 88 00:05:34.120 --> 00:05:36.880 because I didn't want to help them negotiate 89 00:05:36.880 --> 00:05:39.840 because emotional buying is always challenging. 90 00:05:39.840 --> 00:05:42.200 And when I said, no, do this, and he's like, no, 91 00:05:42.200 --> 00:05:43.400 what if we lose the house? 92 00:05:43.400 --> 00:05:44.240 It's like, oh, geez. 93 00:05:44.240 --> 00:05:45.080 Okay, here we go. 94 00:05:45.080 --> 00:05:46.080 What if we lose the house? 95 00:05:46.080 --> 00:05:50.000 All right, so I had to temper my normal approach 96 00:05:50.000 --> 00:05:54.640 to buying property with my approach on the emotional side. 97 00:05:54.640 --> 00:05:56.280 So it was a good compromise. 98 00:05:56.280 --> 00:05:57.840 And he got the accepted offer. 99 00:05:57.840 --> 00:05:59.080 We're in due diligence phase, 100 00:05:59.080 --> 00:06:01.880 and we'll see next time what the update is. 101 00:06:02.760 --> 00:06:04.200 Wow, congratulations. 102 00:06:04.200 --> 00:06:06.240 That's really exciting news. 103 00:06:07.240 --> 00:06:09.880 May I ask a quick question about that? 104 00:06:09.880 --> 00:06:11.440 Anytime. 105 00:06:11.440 --> 00:06:14.640 How do you find that happy medium 106 00:06:14.640 --> 00:06:17.320 where there isn't too much emotion involved 107 00:06:17.320 --> 00:06:19.760 when it's a personal purchase, 108 00:06:19.760 --> 00:06:21.960 but still manage to make sure 109 00:06:21.960 --> 00:06:25.320 that it's maybe a decent price 110 00:06:25.320 --> 00:06:27.880 so that you're not overpaying for the property? 111 00:06:29.320 --> 00:06:32.200 Yeah, so I run the numbers. 112 00:06:32.200 --> 00:06:33.280 My kids know this. 113 00:06:33.280 --> 00:06:34.120 I call them my kids. 114 00:06:34.120 --> 00:06:34.960 They're in their 30s, right? 115 00:06:34.960 --> 00:06:35.800 So my kids know this. 116 00:06:35.800 --> 00:06:37.720 They know if they're gonna come to dad 117 00:06:37.720 --> 00:06:41.080 and ask me to help them evaluate a piece of real estate. 118 00:06:41.080 --> 00:06:43.840 Now, I went to the real estate, which I never do. 119 00:06:43.840 --> 00:06:45.920 I walk in the real estate, which I never do. 120 00:06:45.920 --> 00:06:48.280 I go with the inspector, which I never do. 121 00:06:48.280 --> 00:06:50.920 These are all things I would never do as an investor 122 00:06:50.920 --> 00:06:52.720 because I have teams that do this. 123 00:06:52.720 --> 00:06:55.640 But for my son, and it's local in Montreal, 124 00:06:55.640 --> 00:06:57.120 I'm gonna go ahead and I'm gonna do that. 125 00:06:57.120 --> 00:07:00.840 So that's one big difference is just being there to support 126 00:07:00.840 --> 00:07:03.800 and just walking around and just pointing out things 127 00:07:03.800 --> 00:07:05.520 that he may not be aware of. 128 00:07:06.360 --> 00:07:07.560 And that's the big stuff. 129 00:07:07.560 --> 00:07:09.400 It's like, okay, well, don't worry about that. 130 00:07:09.400 --> 00:07:10.440 That might be pie, right? 131 00:07:10.440 --> 00:07:11.640 Let's get that check. 132 00:07:11.640 --> 00:07:14.400 The roof we can't see, but there is ice damming on the roof. 133 00:07:14.400 --> 00:07:16.400 So that means your insulation is shot. 134 00:07:16.400 --> 00:07:20.000 Let's have, you know, so all these things like that way 135 00:07:20.000 --> 00:07:21.560 is just being supportive. 136 00:07:21.560 --> 00:07:22.640 When it comes to the numbers though, 137 00:07:23.400 --> 00:07:24.240 that's where it's tricky. 138 00:07:24.240 --> 00:07:27.960 So the seller was originally asking 1.2 139 00:07:27.960 --> 00:07:31.440 and I thought that the property was worth, 140 00:07:31.440 --> 00:07:33.680 well, I thought the property was worth every bit of 1.2. 141 00:07:33.680 --> 00:07:34.880 Let me start there. 142 00:07:34.880 --> 00:07:38.280 I just don't like paying full price for properties. 143 00:07:38.280 --> 00:07:41.880 So, and there is a lot of movement 144 00:07:41.880 --> 00:07:43.160 in the marketplace in Montreal. 145 00:07:43.160 --> 00:07:45.920 So I said, look, let's go in. 146 00:07:45.920 --> 00:07:48.960 And I convinced him to go in at 1.1. 147 00:07:48.960 --> 00:07:50.640 And that was a big deal. 148 00:07:50.640 --> 00:07:52.560 I said, listen, if I were me, 149 00:07:52.560 --> 00:07:55.560 I'm going in at 1.1 on this property. 150 00:07:55.560 --> 00:07:59.440 And the people started countering and they got down to 160. 151 00:07:59.440 --> 00:08:01.640 And I said to Brad, I said, 152 00:08:01.640 --> 00:08:03.920 now make your realtor work for it. 153 00:08:03.920 --> 00:08:06.400 And I said, your realtor is getting paid, you know, 154 00:08:06.400 --> 00:08:09.200 to do this, tell the realtor you're not countering 155 00:08:09.200 --> 00:08:11.640 and tell the realtor to go, you know, 156 00:08:11.640 --> 00:08:14.320 by nine o'clock tonight, that was their deadline. 157 00:08:15.320 --> 00:08:17.320 Show you that they can earn the money 158 00:08:17.320 --> 00:08:20.320 or you're gonna be moving on, you know, 159 00:08:20.800 --> 00:08:22.720 and looking at another property. 160 00:08:22.720 --> 00:08:25.240 And sure enough, the realtor, you know, 161 00:08:25.240 --> 00:08:27.040 got a fire under their butt 162 00:08:27.040 --> 00:08:31.600 and was able to get the price dropped below that, 163 00:08:31.600 --> 00:08:32.919 below the 160. 164 00:08:32.919 --> 00:08:36.440 I really don't know exactly the final number. 165 00:08:36.440 --> 00:08:37.960 I'm gonna guess it probably, 166 00:08:37.960 --> 00:08:40.039 he got it probably for about 140, 167 00:08:40.039 --> 00:08:42.600 which to me is $60,000 less 168 00:08:42.600 --> 00:08:46.400 and possibly a hold back for a furnace 169 00:08:46.400 --> 00:08:48.040 and depending on the roof inspection. 170 00:08:48.040 --> 00:08:52.320 So, you know, as an investment property, 171 00:08:52.320 --> 00:08:55.160 we both agreed it's not an investment, it's your home. 172 00:08:55.160 --> 00:08:57.280 I've told people this forever. 173 00:08:57.280 --> 00:08:59.480 Your home, do whatever you want, 174 00:08:59.480 --> 00:09:02.720 pay whatever you want, furnish it however you want, 175 00:09:02.720 --> 00:09:05.640 finish it however you want, it's your home. 176 00:09:05.640 --> 00:09:07.960 And then as you build up equity, 177 00:09:07.960 --> 00:09:09.840 consider borrowing that equity 178 00:09:09.840 --> 00:09:11.880 to make your home pay for itself. 179 00:09:11.880 --> 00:09:14.240 Other than that, a home is just not an investment. 180 00:09:14.240 --> 00:09:16.480 And that's why we call them homes 181 00:09:16.480 --> 00:09:17.800 and we don't call them properties 182 00:09:18.560 --> 00:09:19.400 or we don't call them houses. 183 00:09:19.400 --> 00:09:21.040 So don't know if that's helpful, 184 00:09:21.040 --> 00:09:22.520 but I hope it's helpful to other people 185 00:09:22.520 --> 00:09:26.120 that might be helping family members to navigate that. 186 00:09:26.120 --> 00:09:28.680 And I do understand that there's emotion there. 187 00:09:28.680 --> 00:09:31.840 So where I would normally get a little bit more assertive, 188 00:09:31.840 --> 00:09:33.160 I just pull back a little bit 189 00:09:33.160 --> 00:09:35.240 because at the end of the day, it's my son 190 00:09:35.240 --> 00:09:38.080 and, you know, it's our relationship 191 00:09:38.080 --> 00:09:41.040 that's more important than another 20 or 30,000 bucks. 192 00:09:42.320 --> 00:09:43.440 Very well said. 193 00:09:43.440 --> 00:09:44.560 Thank you for clarifying. 194 00:09:44.560 --> 00:09:47.640 I think it's really important to find that balance 195 00:09:48.480 --> 00:09:52.480 and I think it's very important to our listeners as well 196 00:09:52.480 --> 00:09:56.520 that they, I mean, we all want to purchase our primary 197 00:09:56.520 --> 00:09:59.280 or already have purchased our primary, 198 00:09:59.280 --> 00:10:00.120 going to purchase. 199 00:10:00.000 --> 00:10:06.800 more and add to the portfolio, which is separate. And to learn how to separate those two and find 200 00:10:06.800 --> 00:10:10.480 that balance is really important. So I think it's valuable. Thank you. 201 00:10:11.360 --> 00:10:14.480 You bet. One thing I should throw on there just for fun, Gabrielle, is this, 202 00:10:15.040 --> 00:10:22.800 is I was also helpful, as was his girlfriend, Nat, her father, because he's a businessman 203 00:10:22.800 --> 00:10:26.800 and he's invested in some real estate. We were also helpful in creatively 204 00:10:27.360 --> 00:10:36.000 helping him come up with enough down payment so as not to get hit with the insured mortgage fees. 205 00:10:36.000 --> 00:10:39.840 So to make sure that even though it was a bit of a struggle for him to do, we showed him a 206 00:10:39.840 --> 00:10:46.160 creative way that he can come up with at least 20% down. Because as you could imagine, almost 207 00:10:46.160 --> 00:10:50.880 every house in Canada today is over a million dollars in so many different markets. So when 208 00:10:50.880 --> 00:10:56.000 I say 1.2 million, some people think, oh my gosh, what kind of house is 1.2 million? Well, 209 00:10:56.000 --> 00:11:00.640 if you're in Montreal, it's a nice house, but it's not a top end house. If you're in Toronto, 210 00:11:00.640 --> 00:11:04.720 it's a shack. If you're in Vancouver, it's an outhouse. We all kind of get that, right? If 211 00:11:04.720 --> 00:11:10.880 you're in California, it's going to be like literally a changing room outside of a pool. 212 00:11:10.880 --> 00:11:15.920 But what's important is that you don't want to pay another X percent on top of your mortgage 213 00:11:15.920 --> 00:11:19.840 payments if you can avoid it. So we helped him find a creative way for the down payment, 214 00:11:19.840 --> 00:11:23.120 which is going to work for him to avoid all the mortgage insurance. 215 00:11:23.520 --> 00:11:27.360 That sounds like a whole other subject and another weekly focus and calling it done. 216 00:11:28.080 --> 00:11:28.560 It can be. 217 00:11:30.720 --> 00:11:35.920 Perfect. So your focus for the next seven days, Stephen, what will you be looking at? 218 00:11:37.280 --> 00:11:42.960 I'm still working. Obviously, I'm training, eating better, things like that for the ride. 219 00:11:44.000 --> 00:11:47.520 But there are two things that are coming up. So I'm involved with these two things every single 220 00:11:48.480 --> 00:11:54.960 day. One is my own personal community, which is my money brand, which is my community, 221 00:11:54.960 --> 00:11:59.840 which is called Money Moves. And my brand, which is Let's Talk Money, all about how money works, 222 00:11:59.840 --> 00:12:04.720 how we can use it better, how we can use it to invest correctly. It's not focused exclusively 223 00:12:04.720 --> 00:12:09.360 on real estate, but there's a lot of real estate in there. So I'm doing a foundation or a founder's 224 00:12:09.360 --> 00:12:14.960 launch coming up this week. Is it today's Monday? Yeah, this week. Looks like I'm doing a founder's 225 00:12:14.960 --> 00:12:21.840 launch. And then we'll open it up in the next couple of weeks. And we had a bit of a delay on 226 00:12:21.840 --> 00:12:26.800 that, but a delay for good reasons, meaning that it wasn't ready for prime time and we're not going 227 00:12:26.800 --> 00:12:31.840 to launch something that's not ready. And the other thing is Canadians investing in the US, 228 00:12:31.840 --> 00:12:36.800 especially for our members that are interested in investing in the US. It looks like we have 229 00:12:36.800 --> 00:12:44.560 a firm date right now of doing our preview to that, which is going to be, I think, April 10. 230 00:12:44.560 --> 00:12:51.440 So I'm not 100% certain, but the pent-up demand for investing in the US has been massive. And 231 00:12:51.440 --> 00:12:57.840 we are going to be launching a program. You'll start seeing it in your emails probably over the 232 00:12:57.840 --> 00:13:03.200 next week or so. So that's caught me busy for the next several weeks as well. So those are the two 233 00:13:03.200 --> 00:13:10.560 big items. That's really exciting. I did join the one, I think it was last year or the year before, 234 00:13:10.560 --> 00:13:16.160 and I loved it so much. I'm going to be joining again. So thank you very much for working on that 235 00:13:16.160 --> 00:13:21.200 and putting in all the research and due diligence that you do so that we can benefit from that. 236 00:13:22.080 --> 00:13:25.440 Yeah, it's going to be great. I'm excited to be working on that. 237 00:13:27.280 --> 00:13:30.800 I'm excited to be able to benefit from it. I know that everyone else, well, 238 00:13:30.800 --> 00:13:34.480 there's a lot of people that have been asking about it. So this is going to be high on demand. 239 00:13:35.520 --> 00:13:39.760 Yeah. People have to set aside, by the way, people just have to set aside politics and 240 00:13:39.760 --> 00:13:44.400 governments and all the crap that goes on, all the chaos that's outside of us and realize, 241 00:13:45.040 --> 00:13:48.800 excuse me, the US is on sale. I don't know why you wouldn't go get a bargain, 242 00:13:48.800 --> 00:13:54.320 but we'll talk more about that come April 10th. Absolutely. It sounds like you're saying to remove 243 00:13:54.320 --> 00:14:00.960 the emotion. A hundred percent, always in investing, remove the emotion. Well said. 244 00:14:02.240 --> 00:14:09.040 Love that. So today we are going to be talking a little bit about a different type of rental 245 00:14:09.680 --> 00:14:18.160 opportunity that not everyone thinks or has given thought to the possibility of navigating. 246 00:14:18.160 --> 00:14:26.080 Sometimes you have to pivot. Sometimes you have a property or a strategy that you're going to 247 00:14:26.080 --> 00:14:30.480 approach and you run the numbers and you think everything's going to work and you have multiple 248 00:14:30.480 --> 00:14:35.360 exit strategies, but something changes that you didn't account for. And sometimes you have to 249 00:14:35.360 --> 00:14:40.400 pivot or there's an entire market out there that you didn't even consider to run numbers on. 250 00:14:40.400 --> 00:14:42.320 Steven, would you like to speak to that a little bit? 251 00:14:43.440 --> 00:14:50.000 I would love to be talking about midterm rentals. So most people are familiar with long-term 252 00:14:50.000 --> 00:14:55.760 rentals, long-term buy and hold, and they know the challenges and the benefits of long-term 253 00:14:55.760 --> 00:14:59.920 buy and hold. And I'm sure almost as many people know about 254 00:15:00.000 --> 00:15:05.600 short-term rentals, whether they be the more well-known short-term vacation rentals like Airbnb 255 00:15:05.600 --> 00:15:13.760 and VRBO, et cetera. I'm sure many people are aware of what the upsides and downsides are of 256 00:15:13.760 --> 00:15:20.480 short-term rentals. A lot of people don't talk about or even know about something that's called 257 00:15:20.480 --> 00:15:28.880 midterm rentals. The reason that it's important is because the market shifts and demand has 258 00:15:28.880 --> 00:15:35.120 increased from, let's say, remote workers and traveling professionals and relocating families. 259 00:15:35.680 --> 00:15:41.600 And we, as an investing community, it's not that we've neglected them. It's that we haven't 260 00:15:41.600 --> 00:15:47.600 thought enough about it to consider whether or not we should put some of that in our strategy. 261 00:15:47.600 --> 00:15:54.160 So I just want to share something. We're going to call it MTR, just like we call STR, 262 00:15:55.120 --> 00:15:59.440 midterm rentals. I'm going to share a little bit about how to increase returns, 263 00:16:00.160 --> 00:16:06.160 reduce vacancy, reduce some turnover headaches and things like that with midterm rentals, 264 00:16:06.160 --> 00:16:10.720 because there is a high demand and people are missing out on that opportunity. So that's our 265 00:16:10.720 --> 00:16:17.920 topic for today. Perfect. Thank you very much. How did you get into midterm rentals, Stephen? 266 00:16:19.040 --> 00:16:23.200 Well, I started noticing that a lot of people in the short-term rental world 267 00:16:23.200 --> 00:16:26.960 were losing their short-term rentals for a number of reasons. Number one, 268 00:16:26.960 --> 00:16:32.240 they weren't well-trained, so they didn't really understand how short-term rentals move 269 00:16:32.240 --> 00:16:36.960 as far as a revenue. They do the math, they find out that they can get $300 a night, 270 00:16:36.960 --> 00:16:43.520 and somehow they're multiplying $300 a night times 365 nights. And they think that it's like 271 00:16:43.520 --> 00:16:50.960 a long-term rental, when in fact, a good short-term rental is actually 60% of your year. 272 00:16:50.960 --> 00:16:55.840 So if you can rent out your place for 60% of the year, those are the numbers you're supposed 273 00:16:55.840 --> 00:17:01.360 to run and not 100% of the year. Well, between that and laws that have changed, as I'm sure 274 00:17:01.360 --> 00:17:07.520 we're all very well aware all over North America, laws have changed where it is making it more 275 00:17:07.520 --> 00:17:13.359 challenging for people to own and operate short-term rentals. I got to thinking, 276 00:17:13.359 --> 00:17:16.720 I understand short-term really well, I understand long-term really well. 277 00:17:17.359 --> 00:17:25.280 And I've been familiar with executive rentals for years. And then because of the executive 278 00:17:25.280 --> 00:17:31.520 rentals, I started looking into, am I limiting myself? Is there something more than executive 279 00:17:31.520 --> 00:17:36.400 rentals? And then I realized that there are business travelers, there's traveling nurses, 280 00:17:36.400 --> 00:17:40.800 there's traveling healthcare workers, there are this thing called digital nomads now, 281 00:17:40.800 --> 00:17:46.480 that's amazing. There's people that are relocating and professionals that are relocating. 282 00:17:47.040 --> 00:17:50.560 And they just need a place short-term, but not very short-term, not for a week, 283 00:17:50.560 --> 00:17:55.040 but they need it for a few months. And another one I came up with, and it dawned on me from 284 00:17:55.040 --> 00:17:58.960 people I know that had a problem with their own home, they had a fire and they had to move out. 285 00:17:58.960 --> 00:18:04.320 But insurance claim placements, where displaced homeowners, and I started to think to myself, 286 00:18:05.200 --> 00:18:11.600 oh my gosh, there's like a dozen categories of people that are really not being well-served. 287 00:18:11.600 --> 00:18:17.120 And then I thought, okay, what are the websites that I can go to? And you know what? I couldn't 288 00:18:17.120 --> 00:18:22.640 think of one. I couldn't think of one website off the top of my head that I knew was for midterm 289 00:18:22.640 --> 00:18:27.360 rental. So I started doing some research and I found out there's a bunch of websites where people 290 00:18:27.360 --> 00:18:32.880 go for furnished apartments, furnished this, that, et cetera, not just short-term. And I found 291 00:18:33.680 --> 00:18:38.400 as many in the U.S. as in Canada. And I realized, oh, there's a market that 292 00:18:38.400 --> 00:18:45.200 we as professional investors are missing out on. So I looked at also some of the rising trends that 293 00:18:45.200 --> 00:18:50.720 were coming up. I think, you know, I'm a bit of a researcher. And today with AI, I have to say, 294 00:18:50.720 --> 00:18:55.440 if you know how to use AI as an effective tool, meaning you train it properly, 295 00:18:55.440 --> 00:19:02.000 it can become a great research assistant. So I did some research with my assistant. By the way, 296 00:19:02.000 --> 00:19:10.160 I call my AI, its name is Jarvest. Now people may not know how I came up with Jarvest, 297 00:19:10.160 --> 00:19:18.560 but Jarvest is Iron Man's AI. And I said, I need one for investing. So I call it Jarvest. 298 00:19:18.560 --> 00:19:23.280 So I actually talked to my computer, I say, Jarvest, show me this, show me that. So this 299 00:19:23.280 --> 00:19:29.280 little nutty thing that I do, because I'm a bit of a propeller head. So I noticed that I started 300 00:19:29.280 --> 00:19:34.720 pulling trends, you know, recent trends on this thing called remote workers and digital nomads 301 00:19:34.720 --> 00:19:41.440 post-COVID. And they're everywhere. And then I looked at, there's actually a shortage of corporate 302 00:19:41.440 --> 00:19:47.520 housing. Then I looked at the traveling professionals that are government workers. 303 00:19:48.480 --> 00:19:54.320 And I should have known this from my government contracting days and healthcare contracts and 304 00:19:54.320 --> 00:19:59.760 nurses and things like that. So I started looking at all of that and the trends were telling me. 305 00:20:00.000 --> 00:20:03.600 that these people are not very well served. 306 00:20:03.600 --> 00:20:07.280 I also noticed that the rents that you get 307 00:20:07.280 --> 00:20:12.280 are anywhere between 50% and 100% higher 308 00:20:12.600 --> 00:20:14.600 than the rents that you would normally get 309 00:20:14.600 --> 00:20:16.560 on long-term rentals. 310 00:20:16.560 --> 00:20:21.560 So imagine getting short-term rental amounts 311 00:20:23.320 --> 00:20:27.320 for a longer-term lease, if you will. 312 00:20:27.320 --> 00:20:31.520 And you also get some lower operational costs 313 00:20:31.520 --> 00:20:34.000 because you can build in a lot of your costs 314 00:20:34.000 --> 00:20:38.520 into your rental amount, and you have fewer headaches 315 00:20:38.520 --> 00:20:40.080 because you have less turnover 316 00:20:40.080 --> 00:20:42.360 because you don't have the short-term rental issue. 317 00:20:42.360 --> 00:20:44.420 You have fewer complaints because I have to tell you, 318 00:20:44.420 --> 00:20:46.400 these people are not complaining. 319 00:20:46.400 --> 00:20:48.600 If everything's good within the first three to four days, 320 00:20:48.600 --> 00:20:49.880 you're not gonna get any complaints. 321 00:20:49.880 --> 00:20:51.280 It's the way it needs to be. 322 00:20:52.680 --> 00:20:55.400 And we avoid pretty much 323 00:20:55.400 --> 00:20:57.840 most of the short-term rental restrictions. 324 00:20:57.840 --> 00:21:02.360 As many of you know, one of the things that in Canada 325 00:21:02.360 --> 00:21:04.280 and the US, one of the rules that came in 326 00:21:04.280 --> 00:21:07.860 is they wanna stop short-term rentals under 30 days. 327 00:21:07.860 --> 00:21:11.200 Well, midterm rentals, they start at 30 days 328 00:21:11.200 --> 00:21:15.220 and they go to 60, 90, 120, six months, et cetera. 329 00:21:15.220 --> 00:21:17.480 So that avoids a lot of that thing. 330 00:21:17.480 --> 00:21:22.100 And the exemptions that the Airbnb, 331 00:21:22.100 --> 00:21:24.780 they're exempt from the Airbnb bans 332 00:21:25.740 --> 00:21:28.420 because of the length of time. 333 00:21:28.420 --> 00:21:30.940 So I know that was a long answer, 334 00:21:30.940 --> 00:21:34.260 but that's kind of halfway through the why 335 00:21:34.260 --> 00:21:35.900 and the what and stuff like that. 336 00:21:37.140 --> 00:21:39.780 And the rents are marked the way that they are 337 00:21:39.780 --> 00:21:43.140 because the insurance pays for it, correct? 338 00:21:43.140 --> 00:21:47.460 Well, if it's insurance placement, yeah, 339 00:21:47.460 --> 00:21:50.980 but think of it this way. 340 00:21:50.980 --> 00:21:53.460 Somebody else is usually paying for it. 341 00:21:54.380 --> 00:21:58.780 So it's within a, I'll give an example. 342 00:21:58.780 --> 00:22:03.780 A $2,000 rent would very reasonably be 3,200 343 00:22:05.100 --> 00:22:06.440 as a midterm rental. 344 00:22:06.440 --> 00:22:08.060 We're talking about monthly rent. 345 00:22:08.060 --> 00:22:11.780 So if you're renting a place right now for $2,000, right? 346 00:22:11.780 --> 00:22:14.380 You have a tenant in for $2,000 347 00:22:14.380 --> 00:22:16.380 and you could use it as a midterm rental, 348 00:22:16.380 --> 00:22:19.260 it's very reasonable to get $3,200. 349 00:22:19.260 --> 00:22:24.260 If you're actually renting someplace out today for $3,000, 350 00:22:25.740 --> 00:22:29.900 then it's very reasonable to be able to get more like 42 351 00:22:29.900 --> 00:22:31.700 or $4,400. 352 00:22:31.700 --> 00:22:33.820 And in Canada, particularly, 353 00:22:33.820 --> 00:22:37.060 and in higher priced markets in the U.S. 354 00:22:37.060 --> 00:22:40.660 like New York and Illinois and California 355 00:22:40.660 --> 00:22:42.580 and some other states, 356 00:22:42.580 --> 00:22:45.660 you're gonna find where long-term rentals just don't, 357 00:22:45.660 --> 00:22:48.780 they just don't work on single family homes. 358 00:22:49.220 --> 00:22:51.260 They will work on single family homes 359 00:22:51.260 --> 00:22:52.540 and they will work, of course, 360 00:22:52.540 --> 00:22:56.180 even better on duplexes and things like that. 361 00:22:56.180 --> 00:22:59.500 And also managing is a lot easier 362 00:22:59.500 --> 00:23:01.340 because you have these longer term tenants, 363 00:23:01.340 --> 00:23:03.020 but they're not long like, you know, 364 00:23:03.020 --> 00:23:05.220 one year lease renewing and stuff like that. 365 00:23:06.420 --> 00:23:07.820 That's really interesting. 366 00:23:07.820 --> 00:23:09.860 Okay, yeah, because not all of them 367 00:23:09.860 --> 00:23:10.860 are going to be insurance. 368 00:23:10.860 --> 00:23:12.860 What if it's a medical placement 369 00:23:12.860 --> 00:23:14.220 or someone who's traveling 370 00:23:14.220 --> 00:23:16.820 that just needs to be there for a while? 371 00:23:16.820 --> 00:23:17.660 Exactly. 372 00:23:17.660 --> 00:23:18.500 And they're all furnished. 373 00:23:19.180 --> 00:23:20.780 One of the things is that they're all furnished. 374 00:23:20.780 --> 00:23:23.340 So your costs are gonna be higher, 375 00:23:23.340 --> 00:23:25.060 that your startup costs are gonna be higher 376 00:23:25.060 --> 00:23:26.380 than a long-term rental, 377 00:23:26.380 --> 00:23:28.380 but your startup costs are gonna be comparable 378 00:23:28.380 --> 00:23:29.700 to a short-term rental 379 00:23:29.700 --> 00:23:32.220 where you're doing furniture anyways. 380 00:23:32.220 --> 00:23:34.380 So there's just a difference there, 381 00:23:34.380 --> 00:23:36.260 but it's not a major difference. 382 00:23:36.260 --> 00:23:38.620 You amortize that furniture over 10 years 383 00:23:38.620 --> 00:23:40.380 and it's not that significant. 384 00:23:42.860 --> 00:23:43.740 That's interesting. 385 00:23:43.740 --> 00:23:45.700 So now I've got the wheels turning in my head. 386 00:23:45.700 --> 00:23:47.380 Do you think that maybe there, 387 00:23:47.380 --> 00:23:48.780 this would also be a good market 388 00:23:48.780 --> 00:23:51.500 for those who work at airports? 389 00:23:52.900 --> 00:23:56.900 Yeah, it's really anybody that, 390 00:23:57.980 --> 00:24:00.060 like there's actually a whole market 391 00:24:00.060 --> 00:24:04.380 that I'm aware of and I was aware prior to all of this. 392 00:24:04.380 --> 00:24:07.460 You mentioned airports, flight attendants. 393 00:24:08.460 --> 00:24:11.620 I had a number of units for a number of years 394 00:24:11.620 --> 00:24:14.100 where they were really long-term apartments, 395 00:24:14.100 --> 00:24:16.420 but they were servicing flight attendants. 396 00:24:16.420 --> 00:24:18.940 And what they would do is they would all, 397 00:24:18.940 --> 00:24:20.820 there could be six flight attendants 398 00:24:20.820 --> 00:24:24.100 or eight flight attendants all sharing this one apartment. 399 00:24:24.100 --> 00:24:25.820 And because of their schedules, 400 00:24:25.820 --> 00:24:27.300 no more than two or three of them 401 00:24:27.300 --> 00:24:29.380 were there at any given moment. 402 00:24:29.380 --> 00:24:33.540 And we were able to generate more rent 403 00:24:33.540 --> 00:24:35.940 because it was being paid per person. 404 00:24:35.940 --> 00:24:38.460 So I always knew about that. 405 00:24:38.460 --> 00:24:41.380 I just never attached the two of them together. 406 00:24:41.380 --> 00:24:43.700 So that's another way, by the way, 407 00:24:43.700 --> 00:24:45.700 maybe a show for another day 408 00:24:45.740 --> 00:24:50.180 on how do you make a long-term rental more valuable? 409 00:24:50.180 --> 00:24:52.500 Because that's a strategy for that. 410 00:24:52.500 --> 00:24:57.140 But yeah, so think about any type of corporate housing, 411 00:24:57.140 --> 00:25:00.140 any type of hospital. 412 00:25:00.000 --> 00:25:04.800 relocation, think about families that are traveling 413 00:25:04.800 --> 00:25:08.260 for medical treatment and things like that. 414 00:25:08.260 --> 00:25:13.260 And also, it's just such a big picture 415 00:25:13.280 --> 00:25:16.680 that the short time that we have today won't do it justice. 416 00:25:16.680 --> 00:25:19.760 So I'm gonna give everybody my action item, 417 00:25:19.760 --> 00:25:23.200 my call to action early instead of at the end. 418 00:25:23.200 --> 00:25:25.660 Learn more about midterm rentals. 419 00:25:25.660 --> 00:25:27.680 Do some research on midterm rentals 420 00:25:27.680 --> 00:25:30.980 so that you find out for yourselves what that looks like. 421 00:25:30.980 --> 00:25:33.160 How do you manage tenant expectations? 422 00:25:33.160 --> 00:25:35.440 Like, what about pre-screening tenants 423 00:25:35.440 --> 00:25:38.560 and what about lease agreements and things like that? 424 00:25:38.560 --> 00:25:41.120 And what about the guest experience? 425 00:25:42.240 --> 00:25:45.960 It's, you wanna treat midterm rentals 426 00:25:45.960 --> 00:25:48.640 like a hotel alternative. 427 00:25:48.640 --> 00:25:51.720 And I think that's just a mindset we have to understand, 428 00:25:51.720 --> 00:25:55.520 but it's a hotel alternative with a home-like feel. 429 00:25:55.520 --> 00:25:58.400 And that's why a lot of those hotels we've seen today, 430 00:25:58.400 --> 00:26:01.000 those are home-away-from-home type of hotels. 431 00:26:01.000 --> 00:26:03.760 We've seen those become very, very popular, 432 00:26:03.760 --> 00:26:06.080 but we're not necessarily in the hotel business. 433 00:26:06.080 --> 00:26:07.320 It's our version of that. 434 00:26:08.980 --> 00:26:13.680 Okay, so maybe you're furnishing this space 435 00:26:13.680 --> 00:26:14.740 for a midterm rental. 436 00:26:14.740 --> 00:26:16.780 Does it need to be fancy like a hotel? 437 00:26:17.680 --> 00:26:22.240 No, no, it needs to be fancy like an embassy suites. 438 00:26:22.480 --> 00:26:25.320 So if you- 439 00:26:25.320 --> 00:26:26.920 It needs to be comfortable. 440 00:26:26.920 --> 00:26:28.560 It's gotta be, look, 441 00:26:28.560 --> 00:26:31.820 the one thing I tell people all the time is, 442 00:26:31.820 --> 00:26:33.280 you know how when you renovate a house, 443 00:26:33.280 --> 00:26:35.240 you put most of your energy, sorry, 444 00:26:35.240 --> 00:26:37.880 most of your dollars go into the kitchen 445 00:26:37.880 --> 00:26:40.960 and goes into the bathrooms and obviously the curb appeal 446 00:26:40.960 --> 00:26:43.080 so people can see the property. 447 00:26:43.080 --> 00:26:48.080 Well, you wanna put most of your budget into the mattress. 448 00:26:49.800 --> 00:26:51.060 I kid you not. 449 00:26:51.060 --> 00:26:53.580 I have seen write-ups and write-ups. 450 00:26:53.580 --> 00:26:57.100 Just read short-term rental write-ups 451 00:26:57.100 --> 00:26:59.940 and you'll see that the biggest complaint is mattresses. 452 00:26:59.940 --> 00:27:01.940 So yeah, you go out, excuse me, 453 00:27:01.940 --> 00:27:05.020 and you buy a $3,000 mattress 454 00:27:05.020 --> 00:27:06.420 and people are like, are you crazy? 455 00:27:06.420 --> 00:27:07.940 Nope, I'm not crazy. 456 00:27:07.940 --> 00:27:10.020 You are not gonna have complaints. 457 00:27:10.020 --> 00:27:11.220 And if you did have a complaint, 458 00:27:11.220 --> 00:27:12.380 at least you can tell the people, 459 00:27:12.380 --> 00:27:13.980 listen, that's so unusual. 460 00:27:13.980 --> 00:27:15.560 It's a $3,000 mattress. 461 00:27:15.560 --> 00:27:17.220 We don't cheap out on the mattress. 462 00:27:17.220 --> 00:27:22.220 So it's amazing how people consider the mattress. 463 00:27:23.900 --> 00:27:26.580 I once tried to buy a mattress 464 00:27:26.580 --> 00:27:29.720 from the Hard Rock Hotel in Las Vegas 465 00:27:29.720 --> 00:27:31.880 because that mattress was the most comfortable mattress 466 00:27:31.880 --> 00:27:33.320 I was ever on in my life. 467 00:27:33.320 --> 00:27:35.100 And they refused to sell me a mattress. 468 00:27:35.100 --> 00:27:38.480 I offered them $5,000 to buy the freaking mattress. 469 00:27:38.480 --> 00:27:40.900 I offered to bribe the guy if they would tell me where, 470 00:27:40.900 --> 00:27:44.100 and it was an industrial mattress supplier, 471 00:27:44.100 --> 00:27:45.940 so I couldn't buy one-off mattress from them. 472 00:27:45.940 --> 00:27:48.060 I was so angry, but I have to tell you, 473 00:27:48.060 --> 00:27:50.500 I love that, I mean, I still talk about it today. 474 00:27:50.500 --> 00:27:55.060 I just did a free ad for the Hard Rock in Vegas. 475 00:27:55.060 --> 00:27:56.740 I just did a free ad, nope, right? 476 00:27:56.740 --> 00:27:57.860 Because of the dang mattress. 477 00:27:57.860 --> 00:28:00.700 That shows how important that mattress is. 478 00:28:00.700 --> 00:28:03.820 So it, look, it's gotta be neutral. 479 00:28:03.820 --> 00:28:08.100 It's gotta be, it's not a short-term rental in Disney 480 00:28:08.100 --> 00:28:10.460 where you're putting up Mickey and Minnie Mouse. 481 00:28:10.460 --> 00:28:14.700 It's gotta be easy to manage, easy to maintain. 482 00:28:14.700 --> 00:28:16.100 You're not putting carpets in, 483 00:28:16.100 --> 00:28:18.500 you're putting in hardwood floors or tiles 484 00:28:18.500 --> 00:28:19.340 and stuff like that. 485 00:28:19.340 --> 00:28:20.940 We could do a whole other show 486 00:28:20.940 --> 00:28:23.100 just on how to furnish one of these. 487 00:28:23.100 --> 00:28:24.140 And there's packages, 488 00:28:24.140 --> 00:28:26.500 just like there are for short-term rentals. 489 00:28:26.500 --> 00:28:28.180 You know, your packages can be anywhere 490 00:28:28.180 --> 00:28:31.260 between 20,000 and 50,000 for, 491 00:28:31.260 --> 00:28:32.500 depending on the size, right? 492 00:28:32.500 --> 00:28:34.500 Of course, I'm always talking about size 493 00:28:34.500 --> 00:28:37.900 because normally, unlike a short-term rental, 494 00:28:37.900 --> 00:28:40.460 which often has four or five bedrooms, 495 00:28:40.460 --> 00:28:42.020 your short-term rentals do not have 496 00:28:42.020 --> 00:28:43.020 to have four or five bedrooms. 497 00:28:43.020 --> 00:28:46.300 You can do a two-bedroom and a three-bedroom's huge. 498 00:28:46.300 --> 00:28:48.860 So you can do a one-bedroom, you could do a two-bedroom. 499 00:28:48.860 --> 00:28:52.060 You could be like literally with that $3,000 mattress, 500 00:28:52.060 --> 00:28:55.620 you could be under 15,000, including the appliances. 501 00:28:55.620 --> 00:28:56.860 Because again, you're gonna have to have 502 00:28:56.860 --> 00:28:58.060 the appliances in place. 503 00:28:58.060 --> 00:29:00.100 It's gonna be that type of a thing. 504 00:29:00.100 --> 00:29:05.100 It's gotta be turnkey and it's a hybrid version 505 00:29:05.220 --> 00:29:06.540 of short-term. 506 00:29:09.340 --> 00:29:10.580 No, that's perfect. 507 00:29:10.580 --> 00:29:12.740 Okay, I'm starting to get the feel for it 508 00:29:13.460 --> 00:29:14.300 because it also depends. 509 00:29:14.300 --> 00:29:15.580 I mean, you want it to be comfortable, 510 00:29:15.580 --> 00:29:17.100 you want it to be functional. 511 00:29:17.100 --> 00:29:19.460 And what's the first thing that people ask? 512 00:29:19.460 --> 00:29:21.620 How did you sleep, right? 513 00:29:21.620 --> 00:29:23.780 So I love that you put that on our radar. 514 00:29:23.780 --> 00:29:26.020 And the criteria as well, you're thinking, 515 00:29:26.020 --> 00:29:28.420 this is a minimum of 30 days. 516 00:29:28.420 --> 00:29:30.540 So you have to have good quality sleep, 517 00:29:30.540 --> 00:29:32.780 especially if you're working. 518 00:29:32.780 --> 00:29:35.420 Maybe it's an insurance claim and you're stressed out. 519 00:29:35.420 --> 00:29:38.660 You need a good sleep to be able to process everything 520 00:29:38.660 --> 00:29:39.660 during your stay. 521 00:29:39.660 --> 00:29:42.180 What is the maximum amount of time 522 00:29:42.660 --> 00:29:44.900 that someone can stay at a midterm, Stephen? 523 00:29:45.860 --> 00:29:50.860 Interestingly enough, they can stay indefinitely. 524 00:29:51.780 --> 00:29:55.860 And there are cases where people are staying indefinitely. 525 00:29:55.860 --> 00:29:59.540 But when we were doing executive rentals, 526 00:30:00.000 --> 00:30:05.000 you would lease the property out to the company 527 00:30:05.520 --> 00:30:09.560 on an annual basis or on a multi-year contract, 528 00:30:09.560 --> 00:30:12.240 and they would put in and they would manage the people 529 00:30:12.240 --> 00:30:14.040 that are going in from their company 530 00:30:14.040 --> 00:30:18.120 because it's like a corporate apartment 531 00:30:18.120 --> 00:30:21.160 where you have people from that corporation. 532 00:30:21.160 --> 00:30:22.740 They might be staying for a week, 533 00:30:22.740 --> 00:30:24.520 they might be staying for two weeks, 534 00:30:24.520 --> 00:30:26.460 but it's a corporate apartment, 535 00:30:26.460 --> 00:30:29.160 so it's the corporation that manages it. 536 00:30:29.160 --> 00:30:33.780 But generally speaking, three to six months 537 00:30:33.780 --> 00:30:38.780 is probably the sweet spot with 90 days to 120 days. 538 00:30:39.380 --> 00:30:41.480 And again, depending on the group of people. 539 00:30:41.480 --> 00:30:46.480 So this thing, these digital nomads that I learned about, 540 00:30:46.540 --> 00:30:49.380 they might show up, they might be there as little as a month, 541 00:30:49.380 --> 00:30:52.540 they might be there more two, three months, 542 00:30:52.540 --> 00:30:56.200 but again, it depends on who it is. 543 00:30:56.400 --> 00:31:00.520 If you're renting this out to an entity 544 00:31:00.520 --> 00:31:02.640 and they're filling it, that's one thing. 545 00:31:02.640 --> 00:31:06.280 If you're, for example, making sure that you're near hotels, 546 00:31:06.280 --> 00:31:08.720 you're near corporate hubs, you're near universities, 547 00:31:08.720 --> 00:31:11.540 you're near military bases, all of these, 548 00:31:12.640 --> 00:31:15.060 you're looking for one to two bedroom condos, 549 00:31:15.060 --> 00:31:16.680 you're looking for townhomes, 550 00:31:16.680 --> 00:31:20.900 you're looking for small single family homes. 551 00:31:20.900 --> 00:31:25.160 And if you can provide that, 552 00:31:25.200 --> 00:31:27.040 you're gonna get people probably 553 00:31:27.040 --> 00:31:28.640 in the three to six month range. 554 00:31:30.320 --> 00:31:33.700 Okay, that really allows for the type of planning 555 00:31:33.700 --> 00:31:36.720 that you wanna do when you're running your numbers. 556 00:31:36.720 --> 00:31:40.000 And yeah, so perfect, thank you very much for that. 557 00:31:40.000 --> 00:31:42.680 Now, I know that we have to wrap up 558 00:31:42.680 --> 00:31:46.140 and time flies by on these focusing calls 559 00:31:46.140 --> 00:31:47.880 and I have so many questions for you. 560 00:31:47.880 --> 00:31:51.220 So I'm gonna quickly ask you just a couple of questions 561 00:31:51.220 --> 00:31:53.320 from the chat that we have here. 562 00:31:53.320 --> 00:31:57.840 Rosario asks, can a tenant suddenly claim regular rental 563 00:31:57.840 --> 00:32:00.520 and then you're under the RTA in Ontario? 564 00:32:01.880 --> 00:32:03.680 So people who know me know 565 00:32:03.680 --> 00:32:08.280 that I will never answer a legal question 566 00:32:08.280 --> 00:32:11.540 because two reasons, I'm not qualified 567 00:32:11.540 --> 00:32:15.460 and you wanna get the answer from your local authority 568 00:32:15.460 --> 00:32:18.280 because we are broadcasting today 569 00:32:18.280 --> 00:32:22.120 to the entire United States and all of Canada 570 00:32:22.120 --> 00:32:26.720 and the local laws will govern the use of midterm rentals. 571 00:32:26.720 --> 00:32:28.520 So I'm gonna encourage you Rosario's 572 00:32:28.520 --> 00:32:32.000 just to check the local rules 573 00:32:32.000 --> 00:32:34.160 and wherever they have their short-term rental, 574 00:32:34.160 --> 00:32:36.560 their long-term rentals, et cetera, 575 00:32:36.560 --> 00:32:39.520 it would be managed in a way, 576 00:32:41.000 --> 00:32:45.840 it would be managed in your case of the RTA more than likely 577 00:32:45.840 --> 00:32:49.200 but again, find out what their rules are on midterm rentals 578 00:32:49.200 --> 00:32:50.800 and you'll find them a lot more flexible 579 00:32:50.800 --> 00:32:51.820 than short-term rentals. 580 00:32:52.520 --> 00:32:55.580 You usually find them very similar to long-term rentals. 581 00:32:55.580 --> 00:32:57.220 Now, does that mean you can have squatters, 582 00:32:57.220 --> 00:32:58.860 you can have this, you can have that? 583 00:32:58.860 --> 00:33:03.860 Listen, it's still up to you to work with a legal team, 584 00:33:03.980 --> 00:33:06.120 make sure your contracts are good, 585 00:33:06.120 --> 00:33:09.860 make sure your tenant verification is top tier. 586 00:33:11.180 --> 00:33:14.900 I can't begin to tell you when I do my three-day bootcamps, 587 00:33:14.900 --> 00:33:16.780 we spend a good amount of time learning 588 00:33:16.780 --> 00:33:19.780 to be a great landlord that doesn't have problems. 589 00:33:19.780 --> 00:33:22.700 So I learned that directly from Scott McGillivray 590 00:33:22.700 --> 00:33:25.940 who literally told me from thousands of units, 591 00:33:25.940 --> 00:33:27.940 he couldn't count on one hand 592 00:33:27.940 --> 00:33:30.380 how many evictions he's had to deal with 593 00:33:30.380 --> 00:33:33.700 and that just shows what an amazing landlord he is 594 00:33:33.700 --> 00:33:36.140 as far as a technical aspect. 595 00:33:36.140 --> 00:33:41.140 So become a great landlord and know what you're doing 596 00:33:41.540 --> 00:33:44.660 and rent to the right people 597 00:33:44.660 --> 00:33:47.260 for what it is you're actually doing. 598 00:33:47.260 --> 00:33:48.860 Like if you have a corporate lease, 599 00:33:48.860 --> 00:33:50.340 it changes the game completely 600 00:33:50.340 --> 00:33:52.980 because corporate leases don't fall under the RTA 601 00:33:52.980 --> 00:33:54.020 in the same way. 602 00:33:54.020 --> 00:33:57.920 So again, do your research, do your due diligence, 603 00:33:57.920 --> 00:34:00.820 this is the type of thing if you haven't done it before, 604 00:34:00.820 --> 00:34:02.780 definitely do your homework on it 605 00:34:02.780 --> 00:34:04.780 and then familiarize yourself with that 606 00:34:04.780 --> 00:34:06.540 and because you're Key Spire members, 607 00:34:06.540 --> 00:34:08.199 get together with your coaches 608 00:34:08.199 --> 00:34:10.659 and have your coaches walk you through some of this 609 00:34:10.659 --> 00:34:12.820 so that you don't make some of the mistakes 610 00:34:12.820 --> 00:34:14.960 just like anything else you haven't done, 611 00:34:14.960 --> 00:34:17.560 you're gonna make mistakes if you're not paying attention 612 00:34:17.560 --> 00:34:20.440 and it's a really great opportunity 613 00:34:20.440 --> 00:34:24.040 to generate more revenue from existing long-terms 614 00:34:24.040 --> 00:34:27.280 and when you're looking at new midterms, 615 00:34:27.280 --> 00:34:30.199 you'll find that some properties will now make sense 616 00:34:30.199 --> 00:34:31.880 that didn't make sense before. 617 00:34:31.880 --> 00:34:33.360 So just keep all of that in mind, 618 00:34:33.360 --> 00:34:34.480 it's definitely a great question, 619 00:34:34.480 --> 00:34:36.760 I'm sure it was on everybody's mind. 620 00:34:36.760 --> 00:34:39.360 Yes, thank you very much, I appreciate that 621 00:34:39.360 --> 00:34:41.340 and the last question that's in the chat, 622 00:34:41.340 --> 00:34:45.320 I'm gonna say that it would summarize doing your research, 623 00:34:45.320 --> 00:34:47.040 it kind of branches off of that, 624 00:34:47.400 --> 00:34:50.199 what the tenant profile is going to be. 625 00:34:50.199 --> 00:34:53.719 The question from Ed is, can I use a four bedroom house? 626 00:34:53.719 --> 00:34:57.200 Would you like to maybe speak to that a little bit, Stephen, 627 00:34:57.200 --> 00:34:58.760 before we end the call today? 628 00:34:58.760 --> 00:34:59.840 Yeah, absolutely. 629 00:35:00.000 --> 00:35:04.320 And if I was coaching you, I would say you can use a four-bedroom house, but I wouldn't. 630 00:35:05.040 --> 00:35:12.640 Because it's more space than most mid-term rentals require. A four-bedroom house is 631 00:35:12.640 --> 00:35:21.440 phenomenal for short-term rental, but could also be phenomenal for university rental, 632 00:35:21.440 --> 00:35:28.720 for college rentals. Because depending on the local bylaws of how many unrelated people you're 633 00:35:28.720 --> 00:35:33.600 allowed to have in the same dwelling, for example, you might be able to have eight unrelated people 634 00:35:33.600 --> 00:35:38.000 in the same dwelling. You could have two per bedroom. You have eight people each paying 635 00:35:38.000 --> 00:35:43.120 a much higher rent than one family would normally pay. That could make sense, 636 00:35:43.120 --> 00:35:49.680 although we don't consider college rentals as mid-term rentals. We consider them annual rentals. 637 00:35:49.680 --> 00:35:53.680 But nonetheless, since we're talking about rentals anyways, that's where I see it 638 00:35:53.680 --> 00:35:58.480 coming into play, is doing something like that. Now, does that mean that a company 639 00:36:00.240 --> 00:36:03.840 would not be interested in a four-bedroom? If you have a four-bedroom already, 640 00:36:04.800 --> 00:36:11.040 not most people. The upside, like I always find the silver lining, the upside is 641 00:36:11.040 --> 00:36:16.400 most people don't use them for mid-term rental. So if you did do a little bit looking around or 642 00:36:16.400 --> 00:36:20.400 did market a little bit, you might find somebody who says, oh my gosh, we've been looking for a 643 00:36:21.200 --> 00:36:26.480 four-bed rental for mid-term. This is perfect. So it's not a black-white answer like everything 644 00:36:26.480 --> 00:36:30.960 else in real estate. It's not black and white, but I can see an opportunity for you. 645 00:36:30.960 --> 00:36:36.320 And I can also see in looking for new ones, I wouldn't look for four bedrooms. I would look for, 646 00:36:36.320 --> 00:36:43.600 as I said, like one to two-bedroom condos, townhomes, small single-family homes. Those 647 00:36:43.600 --> 00:36:50.000 are the ideal ones, semi-detached, make sure they're furnished, put your money into the mattress. 648 00:36:50.800 --> 00:36:56.160 And obviously there's other tips and tricks that go along with that and use inner circle folks 649 00:36:56.160 --> 00:37:01.920 to be able, I'm sure a lot of our members have done midterm rentals, use the brain trust that's 650 00:37:01.920 --> 00:37:07.360 inside the inner circle to feel out some other things that we're not able to touch on today 651 00:37:07.360 --> 00:37:15.280 in the short time that we have. Yeah, absolutely. Thank you. I could talk to you forever about this. 652 00:37:15.280 --> 00:37:20.720 There's a lot of feedback in the chat and unfortunately we don't have enough time to get 653 00:37:20.720 --> 00:37:25.200 to everyone, but Stephen, I feel like we could just talk about this. We're probably going to 654 00:37:25.200 --> 00:37:31.600 have to do another weekly focusing call just to cover the rest of our bases. So I'm going to take 655 00:37:31.600 --> 00:37:36.320 this opportunity to thank you, Stephen, for joining us today. You have been truly amazing. 656 00:37:37.280 --> 00:37:42.720 You're an inspiration and you've really opened my eyes to the possibilities that I haven't 657 00:37:42.720 --> 00:37:48.560 otherwise considered. I want to thank everyone on the call today for joining us. This has been 658 00:37:48.560 --> 00:37:55.120 a treat in my opinion. I think Stephen is just a wealth of knowledge and we all thank you very 659 00:37:55.120 --> 00:38:01.120 much. You're getting a lot of positive feedback, thank yous in the chat, Stephen. So thank you all 660 00:38:01.120 --> 00:38:07.200 for joining us. I hope you guys have a wonderful and productive week. Take care everyone and we'll 661 00:38:07.200 --> 00:38:17.440 see you next time. Thank you, Stephen. Take care. You too. You're welcome.