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Good evening.

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Hi everybody and welcome to our monthly meetup, our, our monthly meetup where we're going to be talking about private equity versus private lending, my name is Judy parade.

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I'm one of the signature mastermind coaches and I'm happy to take a deep dive into the differences between private equity and private lending. We're going to have a great time today.

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We're going to spend lots of time talking about the differences and some of the key factors that you must consider when you're looking at doing a passive investing or passive investment particularly private equity or private lending.

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I am here with Joe and Gabrielle your program advisors and Jason.

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Other key spire coach and host extraordinaire, who is going to support me in this in this monthly meetup, and I'm excited to be here I'm excited to share this information with you because I know that there were a lot of questions.

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So if you please come on camera if you'd like, have yourself muted, we are going to give you an opportunity to talk and to share and to discuss and we'll do a breakout room today.

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And then come back as a group as well after the breakout room and and you'll have an opportunity to ask myself, myself and Jason and Gabrielle Joe all kinds of questions that you have and more here to support you.

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So let's just take a deep dive let's jump in and talk about what the differences are in private equity versus private lending there's there's a there's a couple of big differences but what we're going to do today is talk about the five core things that you should

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be looking at and I've got a really great tool for you later that outlines this it's a quick reference guide that's going to give you the key differences between private lending and private equity.

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So we're going to get into some details around risk and return the investment structure of a private equity deal versus a private lending deal. We're going to talk about the time horizon is this a short term a mid term a long term.

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How do you know what the term is, how do you know the time horizon, we're going to talk about your level of control and involvement in each of these investments as the investor of a private equity or a private lending deal.

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And we're going to teach you some things about the control and involvement and the differences the very key differences between private lending versus private equity.

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And then we're going to talk about liquidity.

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Liquidity is really just, it's, it's more about.

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How do you get out of the deal can you get your money, how, how locked in, are you when you're in a private equity versus private lending deal.

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And we're going to talk about the two very different investment options in the real estate industry, where private lending offers lower risk and a shorter time horizon while private equity offers the potential for higher returns and a more active role in the investment

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options have their own advantages and disadvantages and it ultimately depends on the investors risk tolerance and their investment goals.

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Let's, let's take a little look at risk and return.

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You know it's funny I talked to our lawyer. Recently, Kyle Hampson who is one of the key spire preferred service providers and in your, your key spire connect, and I said what would you say are the biggest differences between private equity and private lending

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talked about was risk and return private lending is considered a lower risk investment compared to private equity. This is because private lenders have a secured interest in the property, which serves as collateral for the loan.

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So they're giving you a mortgage. When you are in a private lending situation. And in the case of a default, the lender can foreclose on the property on the property to recoup their investment.

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Private equity on the other hand involves a higher level of risk, as the investment is tied to the success of the real estate project. However, private equity offers some sexy returns it's got some

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them, you know, it offers that potential for higher returns

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compared to private lending. In private, in private lending,

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you've got some guaranteed returns, it's all documented in

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your mortgage agreement in your mortgage terms, it'll say, I am

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getting 11%, or 10%, or 8%, it'll say specifically what

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your guaranteed return is. Whereas in private equity, you

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may have preferred returns. And what a preferred return is, and

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I'm going to get into this a little later, but a preferred

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return will be outlined in the document that says, hey, you

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and I are partners. And I, as the person who's investing in

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this deal, is going to be getting 12% return in this

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investment, regardless of how much money it makes. Okay.

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caveat being if it makes less than 12%, you're going to make

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less than 12%. So let's say, you know, I did a land development

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deal, and I had a preferred return of 12%. If the deal only

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makes 11%, how much are you making? Well, you're only going

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to make 11%. Right? Because your preferred return is up to a

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maximum number. Okay, so it's important when you're looking at

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land development deals, that you read your document, are you

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getting a preferred return? Or are you getting a variable

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return? And what that means is, based on the success of the

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project, you get your split. Now it can be 6040, it can be 7030,

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it can be 5050. It can be whatever the document says it

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is. So when you're looking at your subscription agreement or

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your agreement for a private equity deal, you need to read

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the document, I can't even stress that more than I'm going

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to say in today's presentation is it is all around the

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structure of the deal that defines what your return is

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going to be, whether it's fixed or variable. So let's get into a

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little bit of that. Let's talk about the investment structure.

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Okay, whether you're an owner or a loaner, private lending

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typically involves a direct one to one relationship between the

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lender and the borrower. Okay, the the lender provides the

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funds directly to the borrower, and earns interest on the loan.

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So private lending is typically a mortgage, and it is secured

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against a property. And it has a defined term and a defined

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return. So you're going to get either, you know, 12%, in a

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second mortgage for a one year term, for example, it's defined,

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it has an end date, we know when it ends, because it is a one to

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one relationship in a mortgage for private lending. Okay,

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private equity, on the other hand, involves a partnership or

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a fund structure, where multiple investors pool their money

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together to invest in a real estate project. This allows for

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larger investments, and the diversification of risk. So

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imagine you're doing a, you know, you're a part lender, or

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you're bringing in, you're a part owner, and you're bringing

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in your funds, let's say it's $100,000. Okay, I just did one.

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I just did an acquisition recently, and everybody came in,

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and they put their, their money together in the fund, it was a

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private equity acquisition. And they, you know, they don't know

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how long it's going to be, we have a projected term, but

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they're an owner in this project, there are limited

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partners, they're a partner with me. So you've got the many hands

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there is a partnership. These are owners, whereas the one to

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one relationship in a mortgage is an a loaner. So know the

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difference between an owner and a loaner. A loaner is in

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mortgages, and in private lending, whereas an owner is a

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limited partner or shareholder of a corporation, where you are

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all involved with a project, and your returns are dependent on

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the success of the project. So it's really important to know,

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who is the originator of this project? Who is the general

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partner in this project? How much experience do they have?

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Have they built anything before? Have they done land development

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in the past? What is their credibility? How does that look?

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The same applies to a mortgage when you're offering a mortgage

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loan is who is

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this? I think when you guys went through, I hope all of you have gone through your first

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signature mastermind where we get into the, I think it's in the first session, the what, where,

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when, why, who, and how. You know, we've got the five W's and the H. Who is involved? When you're

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looking at your investment structure, it's really important to know what is the project,

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when is it going to be done? What is the term? Where is it? Because you don't want all your

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eggs in one location. When are they going to be done? When is it going to be finished? Why are

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they doing this project and why do they need your money? Why do they need your money? That's

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really super important. And who is doing it and how are you getting your money back? How are you

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getting your money back? That's really important. And this is all going to be outlined in the

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investment structure documents. So we've got owners and loaners. Owners are private equity,

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loaners are mortgages, and private lending. All right, we're going to get into this a little

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deeper. All right, let's look at the time horizon. We got private equity and private lending.

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Private lending is usually a short-term investment with the loans ranging from three months to

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sorry, six months to three years. This means that the lender can quickly recoup their investment

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and earn a return. Private equity, on the other hand, is a longer term investment,

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typically holding three to five years, sometimes even longer. Sometimes you're going to be five

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plus years. Real estate projects take time to develop and generate returns. So you can be

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in a private equity deal for quite some time. I saw a Graybrook one just recently. It's in

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Brantford, just down the street from one of my developments. And it's an 11-year project. Why

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is it 11 years? Well, they're building 1,100 homes. It's not zoned properly yet. They have

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to go to an official plan amendment. They have to go to rezoning. They have to go to site plan

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approval. Then they have to get building permits. Then they have to get construction financing.

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Then they got to build it. Then they got to occupy it or sell it and do all of those things.

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And then the project wraps up. That takes time. Land development takes a great deal of time. So

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depending on where you get into the land development deal, whether it's at the very

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beginning when it's just brownfields and it's just land and they're doing infill of some sort,

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you get into it right at the very beginning. It could get anywhere from three to five years

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upwards to 10 years, depending on the deal. If you come into it where they're already site plan

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approved, it's going to shorten the timeline significantly. A private lending deal, however,

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with mortgages, much shorter. You're looking at shorter timelines from six months to three years.

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Typically, mortgages are about a one-year term. They're one year, two years. And what's really

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important when you're doing a private lending deal in a mortgage is what is their exit? How

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are they exiting your mortgage? Are they doing a bunch of work beforehand and then flipping to

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themselves and refinancing? Or are they just kicking the can forward to fill a gap? Those

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are questions that you need to ask. You need to figure out and ask how are you getting your money

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out? And if they don't know the answer to how you're getting your money out or the timeline,

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then you may want to reconsider it. Your control and involvement in a land development deal or a

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private equity deal versus a mortgage is significantly different. In an LPGP or a

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limited partnership and general partnership structure or a shareholder agreement structure,

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the participant acts in an LPGP as a limited partner. They provide capital to the partnership

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while the general partner manages the day-to-day operation of the business.

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The general partner is the throat to choke and they are the one accountable for this.

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And they're the leader of the project and your money is limited to being solely an investment

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in it. The limited partner has limited control over the partner's decision. So when you're

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getting into an LPGP, understand you are limited. You're limited by the partnership's

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decisions. You're not involved in the management of the business. You are

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only liable for the amount of the investment, and you do not have personal liability to the

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partnership's debts. For example, let's say I'm in an LPGP, and the general partner is

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being sued for something, and they're coming after the project. As a limited partner,

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you're not involved in that. You are protected, okay? You're outside of the scope of the

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personal liability of the partnership debts, okay? Control and involvement as the lender

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of a mortgage. Remember, private equity, you're an owner. Here, we're a loaner, okay? So the

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control and involvement as a lender in a mortgage is a little bit different. The participant has

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controls over the term of the loan and the repayment schedule, okay? They also have the

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right to foreclose on the property if the borrower fails to make payments. However,

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the lender is not involved in any management of the property and does not have any say in the

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day-to-day operations. If you're going to do a mortgage for somebody, ask yourself this very

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important question. Would I want to own this property? Would I want this in my portfolio?

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If push came to shove and I had to foreclose on this property, would I want to own it?

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How liquid is this property? How quickly could I sell it to get my money out? Is the market

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going to allow me to sell this property if I can't get my money out? I'm involved in a mortgage

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right now. I own the second mortgage on a project that's in foreclosure, okay? This project was

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something that I gave great consideration to owning, right? I own the second mortgage. Myself

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and a few shareholders own this second mortgage. It's a $2 million mortgage and it's in foreclosure,

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but the question was, do I want to own this land? Do I want to own this project?

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We didn't put a bid on it when it went to foreclosure. We had an opportunity to put a bid

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on this property and we did not put a bid on it because nobody else was competing. We're now

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looking at the market and saying, okay, let's let the first lender finish the project and we'll get

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our money out later, right? We had to make some business decisions about what is the strategy we

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want to have. When you're a lender on a private mortgage, you have some controls. You can foreclose

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if you wish, okay? The limited partner in a land development deal, the participant has very

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limited control over the project. They have the right to receive a share of the profits and losses,

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but they do not have a say in the management of the project. The general partner is responsible

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for making all of the decisions related to the development, while the limited partner's involvement

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is limited to providing capital and receiving returns on their investment.

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When you're in an LPGP, there is no guarantee that you're going to make money. It's not a

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fixed term. It's not a fixed return. Your success or your return is based on the success of the

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project, okay? So, it's really important as an LPGP, as a private equity investor, when you're

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an owner in the project, that you decide who you're going to invest in because their credibility

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is going to be amazingly important, okay? You want to invest in private equity with people

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who have credibility and who have a history and who have raised capital in the past,

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who have never lost an investor's money, who has returned 100% of the investor's money. You may not

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get the return that was projected, but did this individual or organization perform in the past?

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Were they able to protect and de-risk your capital when push came to shove, okay? That's what's really

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important here. As a mortgage lender, however, you're in a little bit more control, okay? But what's

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important here to understand is you are in control of your decisions. You're in control of what

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you invest in and your decisions, and it's important that the main difference here

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is the level of liability and potential for personal involvement in the project or

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the business. So, when you're in control and

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You have a choice.

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The choices really comes down to what is your tolerance to risk?

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And are you diversified?

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Are you laddering your investments?

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You don't want to put all your eggs in one basket

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and then find that somebody else is

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in control of your portfolio and everything

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is with that one individual.

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You want to diversify, because this

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is what you're in control is.

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You're in control of your choices.

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Liquidity.

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This is a big one.

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This is a big one.

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Private lending is a more liquid investment

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compared to private equity.

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All day long, it's more liquid.

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This is because private lenders can sell their loans

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to other investors or institutions

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if they need to exit the investment.

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I was talking to a guy in the US, one of the coaches,

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and he was talking about how he gets

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into mortgages all the time.

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Actually, it was Steven Libman.

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So he's out of Montreal, but he was talking about how

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he does a lot of mortgages in the US

205
00:21:13.400 --> 00:21:16.280
and what he does is short-term mortgages.

206
00:21:16.280 --> 00:21:20.120
So what he'll do is he'll do a short-term rental mortgage,

207
00:21:20.120 --> 00:21:22.200
and then he'll sell that note.

208
00:21:22.200 --> 00:21:23.840
So he's out of the deal.

209
00:21:23.840 --> 00:21:26.600
He'll sell the note during the refi process

210
00:21:26.600 --> 00:21:30.960
or while somebody else, he'll sell it

211
00:21:30.960 --> 00:21:33.880
to another private lender who ups the ante,

212
00:21:33.880 --> 00:21:36.960
maybe gives more money in the refi,

213
00:21:36.960 --> 00:21:38.600
and he sells it to somebody else,

214
00:21:38.600 --> 00:21:39.800
and somebody else comes in.

215
00:21:39.800 --> 00:21:42.720
So he's in and out of these private notes

216
00:21:42.720 --> 00:21:46.120
within 90 days.

217
00:21:46.120 --> 00:21:48.720
And what that does is it allows him

218
00:21:48.720 --> 00:21:52.640
to be in and out of a deal and be liquid.

219
00:21:52.680 --> 00:21:57.200
And he sets a specific flat rate.

220
00:21:57.200 --> 00:22:02.200
You're gonna give me 12% or 6% or whatever it is.

221
00:22:02.520 --> 00:22:03.640
This is the flat rate.

222
00:22:03.640 --> 00:22:06.400
You need $25,000 of my money.

223
00:22:06.400 --> 00:22:07.240
That's great.

224
00:22:07.240 --> 00:22:09.960
I'm gonna charge you 2,000 bucks, okay?

225
00:22:09.960 --> 00:22:11.320
So I don't know what the math is on that.

226
00:22:11.320 --> 00:22:13.600
I'm just talking off the top of my head here,

227
00:22:13.600 --> 00:22:16.160
but you're gonna pay me 2,000 bucks.

228
00:22:16.160 --> 00:22:18.720
You're gonna borrow my money for 30 days.

229
00:22:18.720 --> 00:22:20.040
You're gonna finish your rental.

230
00:22:20.040 --> 00:22:24.680
Somebody else comes in, buys that note for 27,000,

231
00:22:24.680 --> 00:22:26.560
and you get your 2,000 bucks back.

232
00:22:26.560 --> 00:22:30.280
He gets his profit plus his 25,000.

233
00:22:30.280 --> 00:22:33.880
That's the liquidity of a mortgage and private lending

234
00:22:33.880 --> 00:22:35.480
is you can sell the note.

235
00:22:35.480 --> 00:22:37.000
In private equity, on the other hand,

236
00:22:37.000 --> 00:22:40.840
it's much less liquid as it involves

237
00:22:40.840 --> 00:22:44.840
a longer holding period and may require finding a buyer

238
00:22:44.840 --> 00:22:47.880
for the entire project or your subscription agreement.

239
00:22:48.520 --> 00:22:52.920
In a private equity deal, there's a section in the deal

240
00:22:52.920 --> 00:22:55.320
that is really important for you to review

241
00:22:55.320 --> 00:22:56.920
and for you to read.

242
00:22:56.920 --> 00:22:59.800
It's called redemption rights.

243
00:22:59.800 --> 00:23:01.880
I want you to write that down.

244
00:23:01.880 --> 00:23:03.840
Redemption rights.

245
00:23:03.840 --> 00:23:05.880
What redemption rights are,

246
00:23:08.120 --> 00:23:11.760
it's your ability to ask for your money back.

247
00:23:11.760 --> 00:23:16.760
So say you're in an equiton REIT or a plentitude REIT.

248
00:23:17.920 --> 00:23:22.200
And you've invested $25,000.

249
00:23:22.200 --> 00:23:25.920
Everywhere in these offering memorandums,

250
00:23:25.920 --> 00:23:29.000
there's a clause that deals with redemption rights.

251
00:23:29.000 --> 00:23:31.840
This is private equity I'm talking about.

252
00:23:31.840 --> 00:23:35.280
Land development or private equity or mutual fund trust,

253
00:23:35.280 --> 00:23:37.360
those are private equity deals.

254
00:23:37.360 --> 00:23:39.520
In the contract, it'll say redemption rights

255
00:23:39.520 --> 00:23:40.880
and what your rights are.

256
00:23:40.880 --> 00:23:45.440
So it could say, ours, for example,

257
00:23:45.440 --> 00:23:49.720
will say you have the right to redeem at any time.

258
00:23:49.720 --> 00:23:51.120
In the first year, however,

259
00:23:51.120 --> 00:23:54.200
it's gonna cost you 7% of your investment.

260
00:23:54.200 --> 00:23:59.200
Now, what if this opportunity that you're in

261
00:23:59.640 --> 00:24:02.280
isn't bringing you any cashflow yet

262
00:24:02.280 --> 00:24:04.600
and you put $100,000 in it

263
00:24:04.600 --> 00:24:07.480
and now your redemption to get out

264
00:24:07.480 --> 00:24:09.040
is gonna cost you 7,000 bucks.

265
00:24:09.040 --> 00:24:11.720
So you just lost because you didn't,

266
00:24:13.320 --> 00:24:15.080
because you need that money out.

267
00:24:15.920 --> 00:24:18.320
And it's actually up to the general partner

268
00:24:18.320 --> 00:24:22.800
whether they can exit you with the redemption right clause,

269
00:24:22.800 --> 00:24:25.480
because what if there's not enough money

270
00:24:25.480 --> 00:24:28.480
in the project at that time, right?

271
00:24:28.480 --> 00:24:30.480
There's not enough money in the project at that time

272
00:24:30.480 --> 00:24:32.680
because they've just bought the land,

273
00:24:32.680 --> 00:24:36.600
they've raised only enough to buy the land,

274
00:24:36.600 --> 00:24:40.680
to go get permits or to go do zoning

275
00:24:40.680 --> 00:24:43.520
or to do whatever it is in the phase that they're in,

276
00:24:43.560 --> 00:24:47.120
and they've raised for phase one, okay?

277
00:24:47.120 --> 00:24:51.080
People don't generally raise more money than they need.

278
00:24:51.080 --> 00:24:55.000
So if you're trying to redeem at a time in the project

279
00:24:55.000 --> 00:25:00.000
where there isn't any excess,

280
00:25:00.640 --> 00:25:06.880
of capital, you're not going to be able to get out of the deal. Right? So the redemption right is,

281
00:25:06.880 --> 00:25:13.440
is the general partner has the right to say no, or has the right to say not now,

282
00:25:14.800 --> 00:25:20.320
you could have, you know, $25,000 in and you've been in it for three years. And now your redemption

283
00:25:20.320 --> 00:25:26.800
right says, Oh, there's a 3% penalty after three years. So I'm going to take 3% of that. Now,

284
00:25:26.800 --> 00:25:31.200
there could have been a return in the meantime, and you could have got some money out and you

285
00:25:31.200 --> 00:25:36.080
gotta got, you could have got dividends or distributions. But when you go to redeem,

286
00:25:36.880 --> 00:25:44.320
there may be a clause in there that has a fee that you have to pay, that you have to pay. So

287
00:25:45.600 --> 00:25:52.000
check your documents, check what your redemption rights are in private equity, because if you

288
00:25:52.000 --> 00:25:58.480
don't have the right to redeem, it's going to be difficult for you. I have somebody right now

289
00:25:58.480 --> 00:26:06.800
in a limited partnership, and we have a redemption right clause in the document. She passed away.

290
00:26:08.400 --> 00:26:16.560
So the subscription agreement is to the estate of the individual. The project is mid project

291
00:26:16.560 --> 00:26:24.160
and is not in a phase where we can redeem. So this family has to wait,

292
00:26:25.600 --> 00:26:31.680
because there was an unexpected loss in the family. And they can't get out of the deal

293
00:26:31.680 --> 00:26:36.880
at this time. Now, of course, we're making our best effort to ensure that the family is,

294
00:26:38.640 --> 00:26:43.760
you know, is taken care of. And it's the general partners discretion on whether they're going to

295
00:26:43.760 --> 00:26:52.320
charge them redemption fees or not. We won't in this case, but we could. Right. So there are lots

296
00:26:52.320 --> 00:26:57.440
of reasons why people will want to get out of a deal. It could be the loss of a family member,

297
00:26:57.440 --> 00:27:05.760
it could be the subscriber was the the investor and they passed, it could be a divorce,

298
00:27:07.040 --> 00:27:12.720
or separation, it could be loss of a job, it could be all sorts of things. So liquidity is really

299
00:27:12.720 --> 00:27:19.120
important. It's important that you diversify your portfolio, and you ladder it so that you have

300
00:27:19.120 --> 00:27:25.760
liquidity in it. This is why I don't know if you've seen my presentation on laddering. I don't

301
00:27:25.760 --> 00:27:33.840
know if it's it's around somewhere, but we I typically teach it at the summit. But laddering

302
00:27:33.840 --> 00:27:39.440
your investments that I think we have it in the LFD course, right, Jason, we've got in lifestyle

303
00:27:39.440 --> 00:27:46.160
freedom day, we've got a presentation on laddering that that is really important to review.

304
00:27:46.720 --> 00:27:52.880
So if you can get your hands on that, and go visit that, it's going to help you de risk

305
00:27:54.240 --> 00:27:59.360
your investments. Because if you ladder your investments, and you do an investment,

306
00:28:00.320 --> 00:28:04.960
you know, and you do them in five year, let's just say it's a five year investment, you've got

307
00:28:04.960 --> 00:28:10.880
one in year one, one in year two, one in year three, etc. You got five investments staggered

308
00:28:10.880 --> 00:28:18.960
around five years, you've just reduced your risk by 80% in that year, because you only have money,

309
00:28:18.960 --> 00:28:25.360
you only have 20% of your money tied up. Okay, so liquidity is really, really important. All right.

310
00:28:27.360 --> 00:28:33.040
You know, and going back, if I can, if I may, I'm just wanna I just want to talk a little bit about

311
00:28:33.600 --> 00:28:41.840
this thing here is these are the five key points, right risk and return, the investment structure,

312
00:28:41.840 --> 00:28:48.640
the time horizon, your control and involvement and liquidity. These are the five most important

313
00:28:48.640 --> 00:28:54.240
things that you've got to be thinking about when you're doing an investment. Are you an owner?

314
00:28:54.240 --> 00:28:59.120
Or are you a loaner? And how can I get my money out? And when will I get my money out?

315
00:28:59.760 --> 00:29:06.000
We're going to go into a little breakout group. I'm going to give you a discussion point. And

316
00:29:06.000 --> 00:29:10.880
you guys are going to talk about what's the better investment may want to write this down,

317
00:29:10.880 --> 00:29:16.480
because I know in a breakout group, you don't get the slide. So what is the better investment?

318
00:29:16.480 --> 00:29:23.040
Is it a five year land development deal with a projected timeline of five years with an expected

319
00:29:23.040 --> 00:29:33.440
ROI of 20% or more? Or is it the 14% fixed second mortgage on a land development deal with a one

320
00:29:33.440 --> 00:29:40.080
year term? I want you to have this discussion in your group and just talk to each other about

321
00:29:41.040 --> 00:29:48.080
what your risk profile is and what's important to you. So the five year land development 20%

322
00:29:48.080 --> 00:29:55.680
percent ROI or the one year land development in a fixed mortgage for 14%.

323
00:29:57.360 --> 00:29:59.840
One of these lovely folks, Joe or Gabrielle, are going to throw you

324
00:30:00.000 --> 00:30:01.200
to a breakout room.

325
00:30:01.200 --> 00:30:03.040
We're going to do it for, I'm going

326
00:30:03.040 --> 00:30:07.280
to say, about eight minutes.

327
00:30:07.280 --> 00:30:08.800
And I want you to discuss this.

328
00:30:08.800 --> 00:30:11.840
I want you to discuss what you think

329
00:30:11.840 --> 00:30:14.120
is the better investment, private equity

330
00:30:14.120 --> 00:30:15.120
or private lending.

331
00:30:15.120 --> 00:30:16.800
I've given you two examples.

332
00:30:16.800 --> 00:30:19.560
You can pull out some of your examples

333
00:30:19.560 --> 00:30:21.800
if you want or some of the deals you're in

334
00:30:21.800 --> 00:30:23.640
and have a discussion about that as well.

335
00:30:23.640 --> 00:30:25.080
And then we're going to come back

336
00:30:25.080 --> 00:30:27.080
and we're going to have a group discussion

337
00:30:27.080 --> 00:30:29.960
and answer any questions you may have.

338
00:30:29.960 --> 00:30:31.200
All right.

339
00:30:31.200 --> 00:30:32.760
So let's throw them to the room.

340
00:30:46.960 --> 00:30:49.200
If you haven't accepted the room, the breakout room,

341
00:30:49.200 --> 00:30:51.440
please accept it when it pops up so that you

342
00:30:51.440 --> 00:30:53.680
can participate with other folks.

343
00:30:53.680 --> 00:30:55.640
Your participation is really important.

344
00:30:55.640 --> 00:30:57.800
So I ask that you please go into the breakout room.

345
00:31:13.080 --> 00:31:17.360
Wow, we have a lot of breakout rooms, but we got seven of them.

346
00:31:17.360 --> 00:31:19.200
Carlos, can you go to a breakout room?

347
00:31:26.200 --> 00:31:27.480
Is Carlos here?

348
00:31:27.480 --> 00:31:29.360
Oh, there we go.

349
00:31:29.360 --> 00:31:30.640
Joe, could you go off speaker?

350
00:31:35.720 --> 00:31:38.440
Hey, Joe, what were you saying?

351
00:31:38.440 --> 00:31:40.760
I don't remember.

352
00:31:40.760 --> 00:31:42.560
Was that OK, guys?

353
00:31:42.560 --> 00:31:43.520
It was fantastic.

354
00:31:43.520 --> 00:31:45.000
Yeah, you were great.

355
00:31:45.000 --> 00:31:48.920
I feel like I flew through it and then I looked at my watch.

356
00:31:48.920 --> 00:31:51.680
It was 10 after and then I was like, whoop.

357
00:31:51.680 --> 00:31:53.080
And all of a sudden, it's 7 30.

358
00:31:53.120 --> 00:31:56.000
I was like, holy shit, I'm flying through this, Judy.

359
00:31:56.000 --> 00:32:00.040
Like, you need to add more beef, add more meat and potatoes to it.

360
00:32:00.040 --> 00:32:04.360
And so, yeah, so then all of a sudden it was 7 30 and I was like, damn, OK.

361
00:32:04.360 --> 00:32:07.120
Yeah, it happens all the time.

362
00:32:07.120 --> 00:32:10.440
I remember going through presentation like, oh, my God.

363
00:32:10.440 --> 00:32:11.840
We've got people in the waiting room.

364
00:32:11.840 --> 00:32:13.440
It's 10 after, what am I going to do?

365
00:32:13.440 --> 00:32:15.360
I look up, it's like it's quarter two.

366
00:32:15.360 --> 00:32:17.360
It's like, are we going to take questions?

367
00:32:17.360 --> 00:32:19.560
Yeah, we got four people in the waiting room.

368
00:32:19.600 --> 00:32:24.160
Hi Lisa, did you want to join a group or was there anybody in your group?

369
00:32:24.160 --> 00:32:25.200
Bye, Lisa.

370
00:32:25.200 --> 00:32:28.000
Bye, Lisa.

371
00:32:28.000 --> 00:32:29.440
Someone just asked for help.

372
00:32:29.440 --> 00:32:31.280
I'm going to jump into that room and I'll be back.

373
00:32:31.280 --> 00:32:34.040
OK, what room?

374
00:32:39.800 --> 00:32:42.000
What room did he go to?

375
00:32:42.000 --> 00:32:42.800
I don't know.

376
00:32:42.800 --> 00:32:45.960
I'm not sure what room he went to.

377
00:32:45.960 --> 00:32:48.240
I think he went to the laundry room.

378
00:32:48.240 --> 00:32:49.400
Where did he go to?

379
00:32:49.400 --> 00:32:52.200
I don't know.

380
00:32:52.200 --> 00:32:54.280
Yeah, I have no idea.

381
00:32:54.280 --> 00:32:56.920
He was asking me if I wanted to do the breakout rooms

382
00:32:56.920 --> 00:32:58.840
and I was like, I'm not the host anymore,

383
00:32:58.840 --> 00:33:01.200
so I don't have the ability to do that.

384
00:33:01.200 --> 00:33:02.680
I'm going to join group seven.

385
00:33:02.680 --> 00:33:03.560
That's where Joe is.

386
00:33:07.400 --> 00:33:11.920
Jump in a, oh no, we've only got Joanne Todd in there

387
00:33:11.920 --> 00:33:14.680
and Rosa Maria.

388
00:33:14.680 --> 00:33:16.440
That might be why he jumped in there.

389
00:33:16.440 --> 00:33:18.480
That's fine.

390
00:33:18.480 --> 00:33:23.200
OK, and we got Carlos and Holly Henderson and Melissa.

391
00:33:23.200 --> 00:33:24.320
Tatiana's here.

392
00:33:24.320 --> 00:33:26.160
Oh, I didn't see her.

393
00:33:26.160 --> 00:33:27.720
Hi, Bernard, are you there?

394
00:33:30.320 --> 00:33:31.200
Hi, yeah, I'm here.

395
00:33:31.200 --> 00:33:33.640
I'm here just listening.

396
00:33:33.640 --> 00:33:34.400
That's cool.

397
00:33:34.400 --> 00:33:38.520
Did you want to join a breakout room?

398
00:33:38.520 --> 00:33:39.480
Yeah, I can.

399
00:33:39.480 --> 00:33:40.240
Yeah.

400
00:33:40.240 --> 00:33:42.240
OK, can you put them in group seven?

401
00:33:42.920 --> 00:33:45.920
I don't have permission to assign someone

402
00:33:45.920 --> 00:33:46.880
to a breakout room.

403
00:33:46.880 --> 00:33:48.560
I'd have to get Joe to do that.

404
00:33:48.560 --> 00:33:51.200
I will message Joe, though.

405
00:33:51.200 --> 00:33:51.720
He's back.

406
00:33:51.720 --> 00:33:52.360
Here comes Joe.

407
00:33:52.360 --> 00:33:52.960
Joe's back.

408
00:33:52.960 --> 00:33:54.560
Can you put Bernard in group seven?

409
00:34:07.280 --> 00:34:10.120
We're trying to find a home for Bernard, I think group seven,

410
00:34:10.120 --> 00:34:12.159
or do we move Joanne Todd, because she

411
00:34:12.159 --> 00:34:15.400
seems to be by herself.

412
00:34:15.400 --> 00:34:16.199
You're on mute.

413
00:34:24.679 --> 00:34:27.000
Hi.

414
00:34:27.000 --> 00:34:30.120
And then we're moving Bernard to room seven.

415
00:34:30.120 --> 00:34:32.520
Well, no, nobody's there now.

416
00:34:32.520 --> 00:34:34.239
Oh.

417
00:34:34.239 --> 00:34:37.080
So let's move him to a different room.

418
00:34:37.080 --> 00:34:39.080
Yes, we'll bring him to room five.

419
00:34:39.120 --> 00:34:41.760
We'll bring him to room five.

420
00:34:41.760 --> 00:34:42.639
There we go.

421
00:34:42.639 --> 00:34:43.159
Yeah.

422
00:34:45.840 --> 00:34:46.800
Sorry about that, Joe.

423
00:34:46.800 --> 00:34:48.719
As a co-host, I don't have permissions

424
00:34:48.719 --> 00:34:50.080
to do that for some reason.

425
00:34:50.080 --> 00:34:50.800
No, that's OK.

426
00:34:50.800 --> 00:34:52.920
I tried to just remake you host.

427
00:34:52.920 --> 00:34:55.719
Do you want to take host permissions back?

428
00:34:55.719 --> 00:34:56.639
Sure, if you want to.

429
00:34:56.639 --> 00:34:57.880
I have no problem with that.

430
00:34:57.880 --> 00:34:59.680
Sure, yeah.

431
00:34:59.680 --> 00:35:01.240
I'm just.

432
00:35:00.000 --> 00:35:00.920
Make me co-host.

433
00:35:06.520 --> 00:35:07.240
Yeah, this is good.

434
00:35:07.240 --> 00:35:09.520
We got four or five people in each room.

435
00:35:10.080 --> 00:35:14.280
And, um, I've never had anybody ask for help before.

436
00:35:14.280 --> 00:35:15.360
That's a cool feature.

437
00:35:15.920 --> 00:35:16.440
Yeah.

438
00:35:16.680 --> 00:35:18.320
So what do they need?

439
00:35:19.200 --> 00:35:24.240
Uh, actually it was Rosario Rosario and, and Joanne was not talking.

440
00:35:24.240 --> 00:35:26.300
He's like, she's like, I don't know where Joanne is, but that was

441
00:35:26.300 --> 00:35:27.420
the only two of them in the room.

442
00:35:27.420 --> 00:35:29.440
And so I moved, I moved both of them.

443
00:35:29.560 --> 00:35:32.320
I moved first, I moved her thinking Joanne was by herself and

444
00:35:32.320 --> 00:35:33.640
then she asked for help again.

445
00:35:33.960 --> 00:35:35.160
So I moved her to another room.

446
00:35:35.520 --> 00:35:36.720
Okay, good.

447
00:35:37.320 --> 00:35:37.520
Yeah.

448
00:35:37.520 --> 00:35:38.840
Cause they want to participate.

449
00:35:38.840 --> 00:35:41.360
And if somebody is not participating, you got to move them.

450
00:35:41.840 --> 00:35:42.340
Yeah.

451
00:35:42.760 --> 00:35:43.260
It sucks.

452
00:35:43.280 --> 00:35:47.520
One of the painful things that we have in the virtual workshops is so

453
00:35:47.520 --> 00:35:51.360
many people turn their cameras off and then they end up talking to a blank

454
00:35:51.360 --> 00:35:55.320
screen and screen and the experience is quite negative for those who are

455
00:35:55.320 --> 00:35:56.240
participating.

456
00:35:56.720 --> 00:36:00.880
And that's why I started actually, um, putting a separate breakout room.

457
00:36:00.880 --> 00:36:03.080
Everyone with their camera off goes in the same room.

458
00:36:03.440 --> 00:36:04.560
Yep, exactly.

459
00:36:05.680 --> 00:36:06.880
You're in a separate room.

460
00:36:06.880 --> 00:36:08.240
You're not participating.

461
00:36:08.240 --> 00:36:09.200
You're somewhere else.

462
00:36:09.640 --> 00:36:15.160
It's really, uh, it's a really weird thing to talk to a blank screen.

463
00:36:15.920 --> 00:36:17.840
I've had to do it on coaching calls.

464
00:36:18.760 --> 00:36:19.260
Oh my God.

465
00:36:20.840 --> 00:36:21.720
I shut it off.

466
00:36:21.720 --> 00:36:22.920
I would just say, I'm sorry.

467
00:36:22.920 --> 00:36:23.720
I'm not going to sit here.

468
00:36:23.720 --> 00:36:26.680
If you're not going to come on camera, I'll call you from my car.

469
00:36:27.240 --> 00:36:27.740
Yeah.

470
00:36:27.960 --> 00:36:28.460
Yeah.

471
00:36:28.460 --> 00:36:31.160
I get to go grocery shopping, grocery shopping.

472
00:36:32.360 --> 00:36:33.880
I got shit to do as well.

473
00:36:33.920 --> 00:36:34.420
I'll be right.

474
00:36:34.440 --> 00:36:35.160
I'll be right back.

475
00:36:35.520 --> 00:36:36.520
Yeah, exactly.

476
00:36:36.720 --> 00:36:37.360
Let me take the dog.

477
00:36:38.240 --> 00:36:39.520
I'll actually be right back in here.

478
00:36:40.680 --> 00:36:42.960
Yeah, it's, uh, you're still a host, Joe.

479
00:36:43.160 --> 00:36:44.680
It's not a good experience.

480
00:36:46.640 --> 00:36:48.320
Oh, and one of us be host.

481
00:36:48.320 --> 00:36:49.920
He just left, left.

482
00:36:51.920 --> 00:36:53.360
You'll have to take back host.

483
00:36:54.240 --> 00:36:56.920
He has to give it to me and he didn't give it to me.

484
00:36:56.960 --> 00:37:00.560
He said, well, as a co-host, we're okay.

485
00:37:00.600 --> 00:37:01.840
We can share screen.

486
00:37:01.840 --> 00:37:02.760
We can do what we need.

487
00:37:02.760 --> 00:37:04.560
He'll come back because he left.

488
00:37:04.560 --> 00:37:06.000
I'm able to reclaim host.

489
00:37:06.080 --> 00:37:07.800
Oh, there we go.

490
00:37:08.960 --> 00:37:09.460
Good.

491
00:37:10.160 --> 00:37:10.880
Perfect.

492
00:37:10.920 --> 00:37:11.720
Okay. That works.

493
00:37:12.560 --> 00:37:15.480
All of a sudden, all my controls just came back on my screen.

494
00:37:15.480 --> 00:37:16.000
It's great.

495
00:37:17.040 --> 00:37:18.600
He's in room six.

496
00:37:18.960 --> 00:37:19.800
That's where he went.

497
00:37:20.600 --> 00:37:21.800
Oh, maybe he granted me.

498
00:37:21.880 --> 00:37:22.380
I don't know.

499
00:37:23.340 --> 00:37:24.660
Ronald just missed a breakaway.

500
00:37:25.460 --> 00:37:26.860
He's in room six.

501
00:37:29.980 --> 00:37:31.060
Yeah, there he is.

502
00:37:32.540 --> 00:37:32.980
Okay.

503
00:37:32.980 --> 00:37:33.540
Interesting.

504
00:37:36.780 --> 00:37:41.140
I've never seen where no chat say nobody put a, even a comment in the meeting room.

505
00:37:43.660 --> 00:37:44.540
Yeah, nothing.

506
00:37:46.420 --> 00:37:47.380
No, that is strange.

507
00:37:47.380 --> 00:37:48.980
Isn't it a little bit?

508
00:37:49.060 --> 00:37:49.560
Yep.

509
00:37:50.380 --> 00:37:51.060
I would think.

510
00:37:53.380 --> 00:37:56.540
Well, I didn't do a welcome and say, Hey, tell us where you're all from.

511
00:38:00.660 --> 00:38:02.180
The it's a quiet group today.

512
00:38:05.300 --> 00:38:06.540
They're observers.

513
00:38:08.500 --> 00:38:09.860
What's Heather's last name.

514
00:38:09.860 --> 00:38:11.260
Does anybody know who Heather is?

515
00:38:11.380 --> 00:38:11.880
Curtow.

516
00:38:12.940 --> 00:38:13.660
Ren.

517
00:38:14.340 --> 00:38:15.980
Oh, Haley, Curtow, Heather.

518
00:38:15.980 --> 00:38:16.540
No, I don't know.

519
00:38:16.540 --> 00:38:17.220
Heather's last name.

520
00:38:17.220 --> 00:38:17.720
Sorry.

521
00:38:20.140 --> 00:38:22.020
Well, we've got a us member in here.

522
00:38:22.020 --> 00:38:23.540
A couple of us members.

523
00:38:27.500 --> 00:38:31.740
My guess is that this is really important information because a lot of people are

524
00:38:31.740 --> 00:38:36.100
either raising funds or passively lending in other people's deals and they want to

525
00:38:36.100 --> 00:38:36.860
know the difference.

526
00:38:37.860 --> 00:38:41.620
They're probably just really intently listening to the content.

527
00:38:41.620 --> 00:38:42.120
Yeah.

528
00:38:52.220 --> 00:38:55.260
Some of these people like Pedro, I know his last name is Torres.

529
00:38:55.260 --> 00:38:56.580
He's from Florida.

530
00:38:57.500 --> 00:39:02.500
Um, I think it's your SMP is up now or damn near crew.

531
00:39:02.500 --> 00:39:03.620
We lose crew.

532
00:39:04.500 --> 00:39:06.860
She is from California.

533
00:39:06.860 --> 00:39:08.820
She has been a member for a while now.

534
00:39:08.820 --> 00:39:11.980
She has, oh, there's a lot of us members in here.

535
00:39:11.980 --> 00:39:13.100
I'm surprised.

536
00:39:13.300 --> 00:39:13.800
Yeah.

537
00:39:13.940 --> 00:39:16.140
I think she has an English accent though.

538
00:39:16.620 --> 00:39:17.120
Mm.

539
00:39:17.860 --> 00:39:21.980
Um, she attends all the weekly focusing calls.

540
00:39:22.020 --> 00:39:22.940
She's really sweet.

541
00:39:23.420 --> 00:39:24.380
Nice.

542
00:39:25.900 --> 00:39:26.780
I know Joe.

543
00:39:26.780 --> 00:39:34.780
I mean, I know Roy, um, and Maria don't know Karen Higdon.

544
00:39:34.820 --> 00:39:35.700
I don't know.

545
00:39:35.700 --> 00:39:36.940
Lisa Truong.

546
00:39:37.380 --> 00:39:38.500
No Monroe.

547
00:39:38.500 --> 00:39:40.500
No, Sarah, Eric.

548
00:39:40.500 --> 00:39:42.500
I've never met Pedro crew.

549
00:39:42.500 --> 00:39:43.260
Rosaria.

550
00:39:43.260 --> 00:39:44.340
I've never met Roy.

551
00:39:44.340 --> 00:39:46.220
I know Darren Lee.

552
00:39:46.220 --> 00:39:48.420
I don't her Hernan Sanchez.

553
00:39:48.420 --> 00:39:50.260
Rosie does Sarah McFarlane.

554
00:39:50.260 --> 00:39:51.700
I know she's in my class.

555
00:39:52.420 --> 00:39:54.340
Bryn is Bryn.

556
00:39:55.980 --> 00:39:56.900
I don't know that person.

557
00:39:56.940 --> 00:39:58.660
Haley's my coach Haley.

558
00:39:59.100 --> 00:40:00.060
And then there's Heather.

559
00:40:00.000 --> 00:40:08.320
there's maria martinelli i don't know tatiana was in mine and carlos in my last one um

560
00:40:09.920 --> 00:40:12.880
uh francis hi josie

561
00:40:15.760 --> 00:40:26.160
are you there josie yeah so should we um will it close automatically the breakout rooms

562
00:40:27.120 --> 00:40:31.120
uh well whenever you want me to close those breakout rooms i don't know what the timer was

563
00:40:31.120 --> 00:40:35.280
set for it but i can close we have a timer on it like do they have a timer in there

564
00:40:37.120 --> 00:40:42.880
we usually do but i don't know if we did okay so let's bring them back yeah it's been what it's

565
00:40:42.880 --> 00:40:48.480
been 10 minutes let's bring them back okay should i broadcast that first or just automatically

566
00:40:49.120 --> 00:40:52.400
bring bring them back just close all rooms okay done

567
00:40:54.320 --> 00:41:00.640
because when you do that they get the one minute warning yeah okay sounds good

568
00:41:04.240 --> 00:41:08.400
sorry i was just checking to see if anybody needed help in the in the

569
00:41:09.440 --> 00:41:17.760
um room that i went to that i appointed people so yeah are we recording uh no but let's start

570
00:41:17.760 --> 00:41:30.320
again okay there'll be a break in the recording yeah where is it in 24 seconds oh i think it's

571
00:41:30.320 --> 00:41:36.880
gabrielle has to start the recording uh i'm actually oh no that's pause share so i think

572
00:41:36.880 --> 00:41:43.440
it's gabrielle that has to record okay ready yeah

573
00:41:44.000 --> 00:41:48.000
so

574
00:42:04.480 --> 00:42:10.960
how are we doing has everybody come back looks like we have looks like a bunch of us have come

575
00:42:11.040 --> 00:42:19.600
back that's great um we have a few offenders that have not turned on their camera can i get

576
00:42:20.240 --> 00:42:27.760
hi guys nice to see you let's have everybody on camera um bernard's driving so he doesn't

577
00:42:27.760 --> 00:42:34.800
have to i see you um but uh thank you for joining us and can we get uh can we get the rest of yous

578
00:42:34.800 --> 00:42:40.240
on camera um just we got a few people that aren't on camera i get that sometimes we don't have hair

579
00:42:40.240 --> 00:42:47.280
and makeup done that's cool no problem i always show up with uh with my hair in an absolute mess

580
00:42:47.280 --> 00:42:53.920
every morning when i do these things um you guys are lucky you got me at 6 30 at night i've had

581
00:42:53.920 --> 00:43:00.720
chance to do the hair and makeup um it is great to see everybody it's so great to see everybody

582
00:43:00.720 --> 00:43:08.240
i'm going to open the floor up to questions so we had a chance to just sort of um in groups

583
00:43:08.240 --> 00:43:14.480
talk about private equity versus private lending and i just want a show of hands

584
00:43:15.120 --> 00:43:23.280
if you can click on your hands how many of you have invested in a passive investment in the last

585
00:43:23.280 --> 00:43:34.080
year okay watch your thumbs up or your hands up okay excellent excellent um good we've got a

586
00:43:34.080 --> 00:43:39.840
couple of uh experienced people that have gone through this this is great and now what i want to

587
00:43:39.840 --> 00:43:49.440
do is i want to ask the question um if you can put it in the chat why was this session important to

588
00:43:49.440 --> 00:43:57.760
you why was it important for you to attend the private equity and the private lending discussion

589
00:43:57.760 --> 00:44:04.480
i just want to know um why was this important to you so let's just take a a quick peek here what do

590
00:44:04.480 --> 00:44:12.080
we got it wasn't important nobody is writing a thing i want to know um you're here for the

591
00:44:12.080 --> 00:44:17.360
networking oh excellent sarah that's great i haven't done private lending but plan to in the

592
00:44:17.360 --> 00:44:22.960
future wanting to learn more excellent okay brand new to real estate investing previous to this

593
00:44:22.960 --> 00:44:28.960
didn't know what private equity or private okay awesome learning about different deals risk and

594
00:44:28.960 --> 00:44:36.800
return here to learn it's new for me excellent learning more about both um this is great um

595
00:44:36.800 --> 00:44:40.960
because that's what we're here for right we're here to learn and that's what these monthly meetups are

596
00:44:40.960 --> 00:44:50.400
for is to to learn and to network um it is important to scale your business um it does involve other

597
00:44:50.400 --> 00:44:59.760
people's money to grow bigger um and it's really important to just know the difference okay know the

598
00:45:00.000 --> 00:45:04.400
difference, understand your risk tolerance.

599
00:45:04.400 --> 00:45:09.400
What I like to talk about the most is,

600
00:45:10.380 --> 00:45:13.280
I asked this question, what was the better deal?

601
00:45:13.280 --> 00:45:16.420
Okay, what's a better investment in your opinion,

602
00:45:16.420 --> 00:45:20.060
this private equity deal or this private lending deal?

603
00:45:20.060 --> 00:45:23.180
Let's just get in the chat, tell me what you think,

604
00:45:23.180 --> 00:45:25.860
and then I'm gonna get you to put your hand up

605
00:45:25.860 --> 00:45:28.580
and we're gonna ask you why, okay?

606
00:45:28.620 --> 00:45:33.460
So if you're gonna be brave, I'm gonna put you on,

607
00:45:33.460 --> 00:45:36.980
depends on your liquidity, great, private lending.

608
00:45:36.980 --> 00:45:39.020
We said it depends on your risk tolerance,

609
00:45:39.020 --> 00:45:40.700
private lending depends on your risk tolerance,

610
00:45:40.700 --> 00:45:43.780
depends on what your circumstances are, that's great.

611
00:45:44.780 --> 00:45:48.380
Can I have, okay, we've got a couple of people here,

612
00:45:48.380 --> 00:45:50.820
Rosaria or Haley or Pedro,

613
00:45:50.820 --> 00:45:52.380
you guys have all participated here,

614
00:45:52.380 --> 00:45:54.160
you chose equity, Sarah.

615
00:45:56.380 --> 00:45:57.880
Let's get somebody to put their hand up,

616
00:45:57.880 --> 00:45:59.480
I wanna talk to you about it.

617
00:45:59.480 --> 00:46:01.040
Let's talk about what your group did,

618
00:46:01.040 --> 00:46:04.680
can we just have somebody be a spokesperson

619
00:46:04.680 --> 00:46:08.420
for their group and share what your thoughts were?

620
00:46:11.400 --> 00:46:15.680
Okay, Rosaria, thank you for sharing.

621
00:46:15.680 --> 00:46:18.920
You go ahead and you share what your group talked about.

622
00:46:18.920 --> 00:46:21.480
Well, we talked about both the private equity

623
00:46:21.480 --> 00:46:25.920
and the private lending, and I joined the group

624
00:46:25.920 --> 00:46:28.880
a little late, because I got moved around,

625
00:46:28.880 --> 00:46:32.080
but I think most of them referred to private lending,

626
00:46:32.080 --> 00:46:34.980
and if anybody's in my group and I'm wrong, just speak up.

627
00:46:36.480 --> 00:46:38.640
It's a lot of it is where you're at in your life

628
00:46:38.640 --> 00:46:41.040
and your risk tolerance.

629
00:46:41.040 --> 00:46:46.040
I was sharing with them that in the North end of Barrie,

630
00:46:46.400 --> 00:46:50.080
about five years ago, there was a new develop going in

631
00:46:50.080 --> 00:46:52.080
near the college and the highway,

632
00:46:52.080 --> 00:46:55.640
and it was all big town homes and this and that,

633
00:46:56.480 --> 00:47:01.480
and it was about a year into it, the whole thing collapsed.

634
00:47:03.320 --> 00:47:05.380
There was not one townhouse built.

635
00:47:06.480 --> 00:47:07.560
I don't know what happened,

636
00:47:07.560 --> 00:47:10.160
because I wasn't investing in it,

637
00:47:10.160 --> 00:47:15.160
but now it's a plaza with a McDonald's and a Tim Hortons

638
00:47:15.260 --> 00:47:18.640
and a grocery store, I can't remember which one it is,

639
00:47:18.640 --> 00:47:20.520
and a bunch of other smaller stores.

640
00:47:21.360 --> 00:47:25.520
So I think that the private equity is a little bit riskier

641
00:47:26.360 --> 00:47:28.440
and unless you've got the stomach for it,

642
00:47:28.440 --> 00:47:31.120
I don't know what the remedy is for anybody

643
00:47:31.120 --> 00:47:34.680
that put money in, for anybody that pre-purchased

644
00:47:34.680 --> 00:47:37.720
one of these townhomes, but private lending,

645
00:47:37.720 --> 00:47:41.160
if you're someone that's just getting your toes wet,

646
00:47:41.160 --> 00:47:44.200
is a lot more for someone to stomach.

647
00:47:44.200 --> 00:47:45.520
It's shorter-

648
00:47:45.520 --> 00:47:47.320
Because there's collateral, right?

649
00:47:47.320 --> 00:47:51.200
Because you have collateral in it and you're in,

650
00:47:51.200 --> 00:47:53.480
the property is the collateral.

651
00:47:53.520 --> 00:47:55.920
I wanna talk a little bit about something you said

652
00:47:55.920 --> 00:47:58.440
and it's having the stomach for it.

653
00:47:58.440 --> 00:48:02.960
Did you all know that a REIT, a real estate income trust,

654
00:48:02.960 --> 00:48:05.640
like Equiton has, like Plentitude has,

655
00:48:05.640 --> 00:48:08.240
like I think Scott's got one as well.

656
00:48:09.880 --> 00:48:13.480
Did you know that a REIT is private equity?

657
00:48:13.480 --> 00:48:14.600
You're an owner.

658
00:48:14.600 --> 00:48:17.320
So you may see all this advertising about,

659
00:48:17.320 --> 00:48:21.040
hey, own this apartment building or be an owner of this

660
00:48:21.040 --> 00:48:25.240
and without the risk, without the headache,

661
00:48:25.240 --> 00:48:27.920
we'll be the landlords, we'll take this over.

662
00:48:27.920 --> 00:48:29.960
A lot of real estate income trusts,

663
00:48:29.960 --> 00:48:32.120
and one of the biggest things

664
00:48:32.120 --> 00:48:34.480
that the Ontario Teachers Federation

665
00:48:34.480 --> 00:48:37.840
or pension plan invests in is private REITs.

666
00:48:37.840 --> 00:48:41.800
They invest in REITs and those REITs are private equity.

667
00:48:43.800 --> 00:48:46.800
You become an owner and you get distributions

668
00:48:46.800 --> 00:48:49.280
and you get dividends and you get all of that stuff.

669
00:48:49.280 --> 00:48:52.040
Now, I use the example of land development here

670
00:48:52.040 --> 00:48:55.160
in this example, because I wanted you all to think

671
00:48:55.160 --> 00:48:58.840
about that risk in the land development, which is great

672
00:48:58.840 --> 00:49:01.960
because you all came to a very similar conclusion.

673
00:49:01.960 --> 00:49:05.560
Sarah wants private equity because she wants to be an owner.

674
00:49:05.560 --> 00:49:06.600
She doesn't wanna be a loner.

675
00:49:06.600 --> 00:49:10.440
She wants to be an owner in it.

676
00:49:10.440 --> 00:49:13.240
She wants private equity and she wants the general partner

677
00:49:13.240 --> 00:49:16.040
to go and do all the heavy lifting and all of the work.

678
00:49:16.840 --> 00:49:20.040
And she likely invests with people that are reputable,

679
00:49:20.040 --> 00:49:23.400
that she can trust to do that work and that have credibility.

680
00:49:24.680 --> 00:49:27.160
REITs are private equity.

681
00:49:27.160 --> 00:49:28.760
And a lot of people don't know that.

682
00:49:28.760 --> 00:49:33.760
You can invest in an apartment fund and get income

683
00:49:34.280 --> 00:49:38.160
and have income returns and distributions.

684
00:49:38.160 --> 00:49:42.200
One of the things I didn't talk about or I didn't mention,

685
00:49:42.200 --> 00:49:44.440
and I'm gonna ask the question out there,

686
00:49:44.440 --> 00:49:47.960
is did anybody in this group,

687
00:49:47.960 --> 00:49:51.520
when discussing private equity or private lending,

688
00:49:51.520 --> 00:49:55.560
discuss the income tax implications?

689
00:49:56.640 --> 00:49:58.280
Sarah, you're nodding your head.

690
00:49:58.280 --> 00:50:00.280
So share with us what you talked about.

691
00:50:00.000 --> 00:50:09.560
So I don't know what, I know there's capital gains issues, but when it's real estate, in

692
00:50:09.560 --> 00:50:16.320
the US, depending on what it is, if it's capital gains against real estate, there's like a

693
00:50:16.320 --> 00:50:23.760
limit you can get that you're not taxed on, 250 for individual and 500k for a married

694
00:50:23.760 --> 00:50:24.760
couple.

695
00:50:24.760 --> 00:50:31.520
But with, and even with the private equity, it's the same thing.

696
00:50:31.520 --> 00:50:34.920
Both of them are non-taxable events.

697
00:50:34.920 --> 00:50:39.720
Like the income coming in is taxable, like the cash flow, but the actual return of your

698
00:50:39.720 --> 00:50:44.120
money and the, yeah, it's non-taxable.

699
00:50:44.120 --> 00:50:49.760
And that the equity that you earned, the money that you earned that was equity money is non-taxable.

700
00:50:49.760 --> 00:50:51.600
The cash flow that comes in is taxable.

701
00:50:52.200 --> 00:50:53.720
Yeah, up to a certain amount.

702
00:50:53.720 --> 00:50:59.840
So the way, so the way capital gains works, so let's talk about return of capital first,

703
00:50:59.840 --> 00:51:05.560
because quite often you get a, you get a slip, a tax slip that says return of capital.

704
00:51:05.560 --> 00:51:10.240
When you're getting a return of capital slip for income tax purposes, that means you're

705
00:51:10.240 --> 00:51:11.240
just getting paid back.

706
00:51:11.240 --> 00:51:14.000
It's like your IOU is being paid back, right?

707
00:51:14.000 --> 00:51:15.600
I owe you $10,000.

708
00:51:15.600 --> 00:51:17.400
You invested $10,000.

709
00:51:17.400 --> 00:51:21.640
You haven't made anything until I give you back $10,000.

710
00:51:21.640 --> 00:51:24.400
Anything over and above that you're making money on.

711
00:51:24.400 --> 00:51:30.160
And depending on the partnership structure or the private lending deal, it will determine

712
00:51:30.160 --> 00:51:31.720
how you're taxed.

713
00:51:31.720 --> 00:51:36.160
And in a private equity deal, typically it's capital gains.

714
00:51:36.160 --> 00:51:37.160
Okay.

715
00:51:37.160 --> 00:51:39.240
Typically it's a capital gains.

716
00:51:39.240 --> 00:51:48.160
You get taxed based on your, you know, based on your state, your province, your country,

717
00:51:48.160 --> 00:51:52.440
on how much you're allowed to make tax-free.

718
00:51:52.440 --> 00:51:58.480
I think in Canada, it's about $250,000 before you get into a different tax bracket.

719
00:51:58.480 --> 00:52:00.960
They proposed that recently.

720
00:52:00.960 --> 00:52:08.280
Right now, we're allowed to make 50% of the capital gain tax-free.

721
00:52:08.320 --> 00:52:16.720
If I invested $100,000 and my return was $20,000, I got my $100,000 back and I got $20,000 in

722
00:52:16.720 --> 00:52:20.720
that land development deal, or 20%, and it was a three-year deal.

723
00:52:20.720 --> 00:52:24.840
If it's three years, I'm going to get $60,000, right?

724
00:52:24.840 --> 00:52:30.120
20% per year because it's an ROI that's annualized.

725
00:52:30.120 --> 00:52:36.720
So I got $160,000, but only 100% of it is the return of capital.

726
00:52:36.720 --> 00:52:44.520
The other $60,000 that was my return, because it was private equity and it was classified

727
00:52:44.520 --> 00:52:51.440
as capital gains, I'm going to pay tax on half of that, or a third or two thirds or

728
00:52:51.440 --> 00:52:53.880
whatever it is in your country, okay?

729
00:52:53.880 --> 00:52:56.160
In Canada, it's 50%.

730
00:52:56.160 --> 00:52:58.920
You pay capital gains on 50% of that earning.

731
00:52:58.920 --> 00:53:03.960
So I made $60,000, I'm going to pay on $30,000.

732
00:53:03.960 --> 00:53:08.400
This is why it's important to ladder your investments and ladder when your returns are

733
00:53:08.400 --> 00:53:14.080
coming back because it's a taxable event and you want to make sure that you're paying the

734
00:53:14.080 --> 00:53:16.640
least amount of tax, right?

735
00:53:16.640 --> 00:53:22.000
Private equity gives you the least amount of tax compared to a private lending deal.

736
00:53:22.000 --> 00:53:28.480
If I had made $60,000 in private lending, it would have been income because private

737
00:53:28.480 --> 00:53:35.320
lending and mortgages are considered personal income, okay?

738
00:53:35.320 --> 00:53:41.400
So depending on your tax bracket, you're going to be charged on that full $60,000.

739
00:53:41.400 --> 00:53:46.960
If it was private equity, you would have only been taxed on half of it, okay?

740
00:53:46.960 --> 00:53:51.400
There are thresholds, there are maximums, there are things like that that you need to

741
00:53:51.400 --> 00:53:53.520
take into consideration.

742
00:53:53.560 --> 00:54:00.720
But it is important to consider the tax consequences of your investment, right?

743
00:54:00.720 --> 00:54:07.640
And look at where you are in life when you're making these decisions because if you want

744
00:54:07.640 --> 00:54:14.800
to, you know, let's say I'm doing an investment in private lending in a year that I'm on maternity

745
00:54:14.800 --> 00:54:16.160
leave.

746
00:54:16.160 --> 00:54:20.920
So I'm going off and I'm on maternity leave and my income is reduced, that's a really

747
00:54:20.920 --> 00:54:25.400
good year for me to do private lending, right?

748
00:54:25.400 --> 00:54:29.880
Because now I'm getting income, right?

749
00:54:29.880 --> 00:54:35.680
I'm getting income and it increases my income, whereas capital gains, I'm only getting, I

750
00:54:35.680 --> 00:54:39.720
may have the same return, but I'm taxed differently.

751
00:54:39.720 --> 00:54:45.640
If I'm going to, if I want income, I want it in years that I don't make as much money.

752
00:54:45.640 --> 00:54:48.080
So I don't pay as much, okay?

753
00:54:48.080 --> 00:54:55.000
That's why diversification and laddering is super important so that you get the best

754
00:54:55.000 --> 00:54:56.600
tax efficiency.

755
00:54:56.600 --> 00:55:00.000
So talk to your accountant when you're doing these investments.

756
00:55:00.000 --> 00:55:02.640
good deal for me. Oh, and by the way, should I do this

757
00:55:02.640 --> 00:55:07.360
personally? Or should I do it in my corporation? The answer is,

758
00:55:07.360 --> 00:55:12.000
it depends. Right? I don't know how many times I've had people

759
00:55:12.000 --> 00:55:16.960
lend me money privately, or do an investment with me. In a

760
00:55:16.960 --> 00:55:20.520
mortgage, I had a guy do a mortgage for me recently, it was

761
00:55:20.540 --> 00:55:25.120
252,000. I think it was a second mortgage. But he did it as a

762
00:55:25.120 --> 00:55:28.800
shareholder is he took it out of his corporation, created a

763
00:55:28.800 --> 00:55:35.840
shareholder loan for himself. For 365 days, I had to pay it

764
00:55:35.840 --> 00:55:40.800
back in 364 days. Because if he didn't have that money back in

765
00:55:40.800 --> 00:55:46.360
his corporation, by a specific time, he was going to be taxed

766
00:55:46.400 --> 00:55:53.360
as taking $252,000 as an income with his corporation. So this

767
00:55:53.360 --> 00:55:56.080
is why it's important to talk to your accountants to talk and to

768
00:55:56.080 --> 00:55:59.880
understand the deal and know the tax implications of it. Okay,

769
00:56:00.040 --> 00:56:04.760
so it does come down to those five things. You know that we

770
00:56:04.760 --> 00:56:09.120
talked about the and I'm get we're giving you a guide here.

771
00:56:10.360 --> 00:56:14.360
Did that come up the quick guide? There we go. We're going

772
00:56:14.360 --> 00:56:19.760
to talk about the we only show a portion of it here. But it's

773
00:56:19.760 --> 00:56:24.360
risk and return investment structure, time horizon, control

774
00:56:24.360 --> 00:56:27.880
and involvement. What's the fit? Tell me somebody tell me what's

775
00:56:27.880 --> 00:56:36.400
the fifth one? Anybody? Oh, did it show up in chat?

776
00:56:37.440 --> 00:56:38.160
Liquidity.

777
00:56:39.680 --> 00:56:45.600
Liquidity. Thank you. Exactly. liquidity is that other is that

778
00:56:45.600 --> 00:56:50.200
other fifth one liquidity. Thanks for sharing that. Joe

779
00:56:50.200 --> 00:56:56.280
just put the tool in to the chat if you want to. If you want

780
00:56:56.280 --> 00:56:59.720
to download that, I think it's in your connect as well. Your

781
00:56:59.720 --> 00:57:03.640
key spire connect. But we got a quick just a quick review here

782
00:57:03.640 --> 00:57:06.840
on the quick reference guide, private equity versus private

783
00:57:06.840 --> 00:57:10.400
lending. Jason, you can talk to us about where we can find these

784
00:57:10.400 --> 00:57:13.000
things and tell us what's coming up.

785
00:57:15.120 --> 00:57:18.840
Yeah, so we had a few events already take place this week,

786
00:57:18.840 --> 00:57:20.840
you guys are probably getting sick of seeing me. But guess

787
00:57:20.840 --> 00:57:24.800
what? You're gonna see more of me. So a couple of things going

788
00:57:24.800 --> 00:57:28.120
up. Actually, there was one that was just announced that you're

789
00:57:28.120 --> 00:57:32.160
not going to see on the May calendar right now. And that is

790
00:57:32.200 --> 00:57:39.520
May 20. And it's us financing with Chad tunic way. So I'm

791
00:57:39.520 --> 00:57:43.760
looking forward to that. He's a great speaker. And he'll he'll

792
00:57:43.760 --> 00:57:47.560
talk about how you can use private money to fund your

793
00:57:47.560 --> 00:57:54.320
deals. And then next week, we have Addy. So I'm also looking

794
00:57:54.320 --> 00:57:57.280
forward to that. And that's with Steven Jagger. I hope I said

795
00:57:57.280 --> 00:58:02.680
that right. It could be even Jagger. Yeah. So yeah, busy

796
00:58:02.680 --> 00:58:06.320
month. So what's Steven going to be talking about? Oh, he's with

797
00:58:06.320 --> 00:58:10.400
Addy and Addy. Oh, yeah. So Addy is really cool. Because and the

798
00:58:10.400 --> 00:58:14.440
way that Addy works is it's private equity, folks. It's

799
00:58:14.440 --> 00:58:17.280
you're, you're an owner, you're a loaner. Actually, sometimes

800
00:58:17.280 --> 00:58:19.440
you're a loaner. Sometimes you can do private lending deals

801
00:58:19.440 --> 00:58:23.800
there. And sometimes you can be a private equity investor.

802
00:58:24.880 --> 00:58:29.040
Very cool tech platform that allows you to invest with not

803
00:58:29.080 --> 00:58:33.880
not very much money. Yeah, just very, very cool concept. So

804
00:58:33.880 --> 00:58:34.840
yeah, looking forward to that.

805
00:58:35.520 --> 00:58:38.760
Yep. And that's amazing. And I'm going to just ask one last

806
00:58:38.760 --> 00:58:42.400
question here. This is a quick Canadian question. So I

807
00:58:42.400 --> 00:58:47.760
apologize to the US folks that are with us. Does anybody know,

808
00:58:48.240 --> 00:58:54.320
from a private equity perspective? What is the amount

809
00:58:54.360 --> 00:59:00.600
that any investor can invest and is qualified for in Canada?

810
00:59:00.640 --> 00:59:03.120
Does anybody know the amount that you're allowed to invest on

811
00:59:03.120 --> 00:59:10.120
annual basis in Canada for private equity? Every individual

812
00:59:10.120 --> 00:59:15.880
is allowed to invest $10,000 in private equity, whether they are

813
00:59:15.880 --> 00:59:19.000
eligible, non eligible, or accredited or business

814
00:59:19.000 --> 00:59:22.400
associates or whatever. If you invest if you don't know if you

815
00:59:22.400 --> 00:59:26.000
want to try private equity, you can do it for as little as

816
00:59:26.000 --> 00:59:32.680
$10,000. Everyone is eligible for that once a year. Or you can

817
00:59:32.680 --> 00:59:37.360
do two $5,000 investments or whatever. But just keep in mind

818
00:59:37.360 --> 00:59:40.160
that you're allowed to do $10,000 a year. And when the

819
00:59:40.160 --> 00:59:44.360
anniversary comes up, you can do another 10,000. Right? So

820
00:59:44.360 --> 00:59:48.080
everybody is about eligible for private equity. A lot of people

821
00:59:48.080 --> 00:59:50.720
think, Oh, I'm not eligible for Greybrook. I'm not eligible for

822
00:59:50.720 --> 00:59:54.480
this. I'm not eligible for that. Addy is going to show you next

823
00:59:54.480 --> 01:00:00.080
week, that you're all eligible for up to $10,000 per year.

824
01:00:00.000 --> 01:00:06.640
Okay, so that's a quick fun to know, and you can get into a couple of investments, just

825
01:00:06.640 --> 01:00:12.000
small ones, 5,000, you know, usually it's about $5,000 is the minimum.

826
01:00:12.000 --> 01:00:15.160
Most are around the five or $10,000 one.

827
01:00:15.160 --> 01:00:19.180
If you don't know where to go to find investments like that, ask your coach, talk to your coach

828
01:00:19.180 --> 01:00:22.640
and they'll direct you in the right place.

829
01:00:22.640 --> 01:00:25.220
But every one of you is eligible to do that.

830
01:00:25.220 --> 01:00:29.400
And I encourage you to try just a small investment.

831
01:00:29.400 --> 01:00:31.660
Just do a small investment.

832
01:00:31.660 --> 01:00:33.240
You don't have to go big or go home.

833
01:00:33.240 --> 01:00:39.520
You can do a small one, get to know the process, learn the process and pick something that's

834
01:00:39.520 --> 01:00:41.040
within your risk tolerance.

835
01:00:41.040 --> 01:00:45.040
Joe, go ahead, you're up speaker and Jason.

836
01:00:45.040 --> 01:00:49.920
So just a couple of questions in the chat, just wanted to make sure that didn't go unanswered.

837
01:00:49.920 --> 01:00:52.880
Brynn, I hope I said that right.

838
01:00:52.880 --> 01:00:58.960
She wanted to know what time was the, were the two inner circle lives that Jason was

839
01:00:58.960 --> 01:00:59.960
talking about.

840
01:00:59.960 --> 01:01:04.560
And Darren Lee would like to know where he could find the link for the U.S. financing.

841
01:01:04.560 --> 01:01:07.360
8 p.m.

842
01:01:07.360 --> 01:01:11.920
So we're going to consistently, you'll get an Eastern Standard Time.

843
01:01:11.920 --> 01:01:12.920
Thank you.

844
01:01:12.920 --> 01:01:15.800
We're going to consistently try and have them at 8 p.m.

845
01:01:15.800 --> 01:01:21.200
There'll be uncommon occurrences when they're not, but for the most part, they will be 8

846
01:01:21.200 --> 01:01:23.960
p.m. on Tuesday evenings.

847
01:01:23.960 --> 01:01:26.480
Maybe not every Tuesday, but most.

848
01:01:26.480 --> 01:01:30.480
And it looks like on Wednesdays on this calendar, they're at 7 p.m.

849
01:01:30.480 --> 01:01:33.280
For the MM, for the monthly meetup, the mastery meetup.

850
01:01:33.280 --> 01:01:34.280
Yes.

851
01:01:34.280 --> 01:01:35.280
Correct.

852
01:01:35.280 --> 01:01:36.280
Yeah.

853
01:01:36.280 --> 01:01:37.280
I would like to pipe in for a quick second.

854
01:01:37.280 --> 01:01:41.400
For those of you who are interested in our live events, please sign into your Keyspire

855
01:01:41.400 --> 01:01:45.120
Connect account and click on the corresponding tile.

856
01:01:45.120 --> 01:01:50.080
So if it's inner circle live, monthly meetup, weekly focusing call, and you can see there

857
01:01:50.080 --> 01:01:54.840
under the events tab, you will have the day and the time in your local time zone as well

858
01:01:54.840 --> 01:01:56.680
as the link to join us.

859
01:01:56.680 --> 01:01:59.880
We've made it so easy for y'all.

860
01:01:59.880 --> 01:02:01.640
Yes, we did.

861
01:02:01.640 --> 01:02:06.160
There's also a couple more questions that were put up there a little bit earlier in

862
01:02:06.160 --> 01:02:07.160
the chat.

863
01:02:07.160 --> 01:02:12.480
If I may point them out, there's some people that were looking for investor focused accountants.

864
01:02:12.480 --> 01:02:18.380
We have one in Canada, one in the States, Jason and Judy, how would you recommend that

865
01:02:18.380 --> 01:02:22.980
our members find an investor focused accountant that's local to them?

866
01:02:22.980 --> 01:02:25.740
Well, I do a lot of interviewing.

867
01:02:25.740 --> 01:02:32.780
So one of the things I do is I ask my peers, for one, other investors in the area that

868
01:02:32.780 --> 01:02:38.460
are using an accountant, a real estate focused accountant, that is super important.

869
01:02:38.460 --> 01:02:42.820
Please don't go with your brother or your cousin or your newly appointed kid that just

870
01:02:42.820 --> 01:02:45.340
got their license to do this.

871
01:02:45.340 --> 01:02:46.860
This is big business.

872
01:02:47.860 --> 01:02:53.060
You know, working with the right accountant will save you so much money.

873
01:02:53.060 --> 01:02:55.500
They'll help you make really good decisions.

874
01:02:55.500 --> 01:02:57.700
I mean, I had one that helped me.

875
01:02:57.700 --> 01:03:02.900
My lawyer and my accountant helped me set up my portfolio a couple of years ago.

876
01:03:02.900 --> 01:03:06.940
And just in the way they set it up saved me almost a quarter million dollars in taxes

877
01:03:06.940 --> 01:03:07.940
that year.

878
01:03:07.940 --> 01:03:13.500
So it's really important that you have a good accountant and interview them and talk to

879
01:03:13.500 --> 01:03:15.500
people in your circle.

880
01:03:15.540 --> 01:03:18.540
Who are they using?

881
01:03:18.540 --> 01:03:20.820
You want to ask them who they're using.

882
01:03:20.820 --> 01:03:25.780
When I interviewed mine, so my accountant is multilevel.

883
01:03:25.780 --> 01:03:27.780
So we have an internal bookkeeper.

884
01:03:27.780 --> 01:03:29.940
We have a controller in our company.

885
01:03:29.940 --> 01:03:33.500
And then we have an accountant CPA.

886
01:03:33.500 --> 01:03:37.820
And then we have our other accountant that does all of the audits of our books because

887
01:03:37.820 --> 01:03:41.740
our books need to be audited every year.

888
01:03:41.740 --> 01:03:48.540
So like I have four levels of accounting in my business.

889
01:03:48.540 --> 01:03:50.940
And you know, some of it is just bookkeeping.

890
01:03:50.940 --> 01:03:53.020
You know, you may only need a bookkeeper to begin with.

891
01:03:53.020 --> 01:03:58.500
You may not need a CPA and you only see your CPA once a year, right?

892
01:03:58.500 --> 01:04:03.700
And you use a certified bookkeeper for the rest of it.

893
01:04:03.700 --> 01:04:04.700
I don't know.

894
01:04:04.700 --> 01:04:05.700
I think I covered it.

895
01:04:05.700 --> 01:04:11.220
But I think you talk to people locally and don't do it on a spreadsheet for the love

896
01:04:11.220 --> 01:04:15.220
of Judy, please use like QuickBooks or some other application.

897
01:04:15.220 --> 01:04:18.220
For the love of Judy.

898
01:04:18.220 --> 01:04:21.620
One of the other things that a lot of people will do is they'll just search investor-focused

899
01:04:21.620 --> 01:04:25.980
accountant using the magnifying glass tool in Keyspire InnerCircle.

900
01:04:25.980 --> 01:04:30.100
And there's a lot of good feedback there on investor-focused accountants, who's using

901
01:04:30.100 --> 01:04:31.100
who.

902
01:04:31.100 --> 01:04:35.260
Please look at the most recent posts because things change.

903
01:04:35.260 --> 01:04:39.420
And then yeah, the cool thing is that if you find someone that highly recommends an accountant,

904
01:04:39.460 --> 01:04:44.340
you can also DM that person and just ask them for a little bit more insight on their experience

905
01:04:44.340 --> 01:04:46.580
with this person and that kind of thing.

906
01:04:46.580 --> 01:04:47.580
So, yeah.

907
01:04:47.580 --> 01:04:53.620
And if you have a really great accountant right now, why don't you post it in the Keyspire

908
01:04:53.620 --> 01:04:54.620
InnerCircle?

909
01:04:54.620 --> 01:04:57.660
Why don't you share with others and say,

910
01:04:57.660 --> 01:04:59.740
Hey, I'm using this really great accountant.

911
01:05:00.000 --> 01:05:01.720
This is who I use.

912
01:05:01.720 --> 01:05:04.240
I'm from wherever and this is who I use.

913
01:05:04.240 --> 01:05:06.220
There's nothing wrong with doing that.

914
01:05:06.220 --> 01:05:07.680
There hasn't been a whole lot of activity

915
01:05:07.680 --> 01:05:09.760
in the Keyspire inner circle lately.

916
01:05:09.760 --> 01:05:13.880
I challenge you all to do a post and update

917
01:05:13.880 --> 01:05:15.840
and do something exciting and let us know

918
01:05:15.840 --> 01:05:17.680
who you're using as an accountant

919
01:05:18.560 --> 01:05:23.220
or share something that you've done recently, okay?

920
01:05:23.220 --> 01:05:25.640
So that we can get some activity in kick

921
01:05:25.640 --> 01:05:27.160
so that you guys can be talking to each other.

922
01:05:27.160 --> 01:05:29.160
If somebody said that you're here for networking,

923
01:05:29.160 --> 01:05:31.160
well, get on there and start networking.

924
01:05:32.440 --> 01:05:34.640
Okay, was there another question, Gabrielle?

925
01:05:37.600 --> 01:05:38.640
No, that was everything.

926
01:05:38.640 --> 01:05:40.200
Thank you very much for covering that.

927
01:05:40.200 --> 01:05:42.160
I think that was very thorough.

928
01:05:42.160 --> 01:05:43.000
Okay, thanks.

929
01:05:43.000 --> 01:05:46.200
I'm gonna give people one opportunity.

930
01:05:46.200 --> 01:05:48.760
If anybody has a final question, put your hand up.

931
01:05:51.080 --> 01:05:53.760
And if you have a final question,

932
01:05:53.760 --> 01:05:55.620
please book in with your coach.

933
01:05:55.620 --> 01:05:58.240
All polling stations are closed.

934
01:05:58.240 --> 01:06:01.280
Yes, because we know that the coaching team

935
01:06:01.280 --> 01:06:03.040
can answer all of your questions

936
01:06:03.040 --> 01:06:06.000
and it's really important that you book in with your coach

937
01:06:06.000 --> 01:06:08.860
and that you make the decisions

938
01:06:08.860 --> 01:06:12.040
that are right for your portfolio, okay?

939
01:06:12.040 --> 01:06:13.000
Well said.

940
01:06:13.000 --> 01:06:14.240
Awesome, thanks.

941
01:06:14.240 --> 01:06:15.360
Are we out, Jason?

942
01:06:16.360 --> 01:06:17.460
That's a wrap.

943
01:06:17.460 --> 01:06:21.240
We'll see you all on the inner circle next week

944
01:06:21.240 --> 01:06:23.080
at 8 p.m. Eastern Standard Time.

945
01:06:23.080 --> 01:06:24.360
See you then.

946
01:06:24.360 --> 01:06:25.360
Awesome.

947
01:06:25.360 --> 01:06:26.200
Thanks, folks.

948
01:06:28.240 --> 01:06:29.080
Bye-bye.