January 28, 2025 • 16 mins
In this episode of The 5 Questions Podcast, we’re joined by four seasoned real estate experts: Amy Kim, Shaneka Shaw Taylor, Catalina Martinez, and Patrick Francey. Together, they share invaluable insights on building success in real estate, starting with small investments and scaling strategically.
Discover why thorough due diligence is non-negotiable in partnerships and deals, the pitfalls of relying on cookie-cutter contracts, and how to stay ahead of economic trends and rate shifts. Plus, learn why networking is a cornerstone of any successful real estate journey.
Whether you’re a beginner or a seasoned investor, this episode is packed with practical advice and expert strategies to help you thrive in the ever-evolving world of real estate.
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Transcript
Episode Transcript
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Speaker 1 (00:00):
Am I using a strategy , you know, based on what's
going on economically?
That makes sense.
Speaker 2 (00:07):
Welcome to the 5 Questions Podcast, where we
unlock real estate and businessinsights, one question at a time
.
We are here at the EXPANDconference Once again.
(00:28):
I have another very specialguest, amy Kim.
Amy, thank you so much foranswering, taking the time to
answer some questions.
But first I'd like to ask youI've been seeing you at a lot of
conferences.
Why do you take the time tocome at conferences like expand?
Why do you do that as a realestate investor?
Speaker 3 (00:50):
okay.
There's a couple of reasonshere that, first of all, I
noticed with the current market,some cities in toronto or bc a
lot of people are strugglingfinding a good projects to
invest their money, because Iunderstand that it used to be a
really good market but now it'snot performing as much as it
(01:11):
used to be and now people areeager to find a good project.
So I'm from Edmonton andEdmonton is the hottest market
right now across Canada.
We have so many good thingshappening and strong economy and
a growth population as wellpopulation growth as well so
(01:32):
there are many people coming inand I'm here.
I would like to help peoplethat we have so many good
projects and we can actuallyhelp them grow their wealth
faster.
So, like, why not come here andthen share the knowledge that I
know and we can help each otherright?
Speaker 2 (01:50):
I have so many good projects, but we need a raise
funds for that too so you comehere to share your knowledge,
find potential partnerships,find maybe money partners, so
you find that all in one spot atgreat conferences and it helps
you in your real estate journeyexcellent, yeah, excellent, yes
(02:13):
other question for you.
I know you've been working on abig project right now 32 or 36
units 32 units.
Yes, in edmonton and I'd like tofor you maybe to explain to us
or to me when you start aproject, that of that amplitude,
uh, land development,specifically, what kind of
(02:36):
implication, what?
What should a real estateperson um, where, how do you
start?
Like, where do you start?
Because this is big project?
You're not buying a 32 unitapartment that's already built.
You're, you're dividing land.
You're, uh, you know, workingwith the city.
Like, where do people start?
Speaker 3 (02:58):
great question.
Yes, so I didn't uh, startbuilding 32 unit from the
beginning.
So it has been been more thanalmost five years since I became
a full-time investor and myfirst project was pretty humble.
I started with one smallbungalow, single family, and I
(03:18):
renovated upstairs anddownstairs.
That's how it started.
It was about $250,000.
That was the price that Ipurchased, right?
So, um, and then after that Ilearned something that I like
about the project.
But there's something that Ididn't like about the project.
And um, using the background asa it former, it professional,
(03:41):
every time I love perfecting myprojects and systems, so every
time I learn something from theprevious projects.
And then I have been evolvedthrough multiple years.
So I start from one singlefamily and then I did two
upstairs and then the legalbasement suite and I did more of
(04:01):
this like two to two units, andthen I did four of this like
two to two units, and then I didfour, and then I converted two
to four and then convertedanother one, four to eight.
So I've been evolved that way,right?
Speaker 2 (04:15):
So it's the snowball effect.
You started smaller and thenyou upgraded, upgraded, upgraded
, and now you're land developing32 units.
That's amazing.
Speaker 3 (04:22):
Yeah, that's how I got it there.
Speaker 2 (04:25):
Well, Amy, thank you so much for taking the time to
answer some questions today andI really look forward to
partying with you tonight at thegala yes, I'm so looking
forward to it too thank you yeah, thank you so much, mario, and
having me on your podcast.
Speaker 3 (04:41):
I've been watching your podcast and I love what
you're doing and you have such abig heart and I always admire
you.
So, yeah, I would love to keepwatching you how your business
is growing and booming.
Thank you so much.
Let's grow together.
Let's grow together, thank you.
Speaker 2 (04:56):
Awesome.
Well, we are here today at theExpand Conference and our
special guest today on the FiveQuestions podcast, shanika
Shaw-Taylor, and she is alitigation lawyer specializing
for real estate investors.
Shanika, it's such a pleasureto have you on the show today.
How do you think about Expandso far?
Speaker 4 (05:19):
Well, thanks for having me.
I love coming to Expand.
I've been coming for the lastyear and a half now.
It's just really good to be ina room of like-minded people who
are interested in real estateinvesting, who are in the
trenches, and, yeah, it's goodto be here.
Speaker 2 (05:34):
Absolutely so.
You are a litigation lawyerspecializing in real estate.
Yes, I'd like to ask you maybesome free advice.
You're not going to charge meright.
Speaker 4 (05:45):
Not going to charge you, but anything that I say, do
not rely on it's just generalinformation, not legal advice.
Speaker 2 (05:53):
All right.
So you know people like tolearn from other people's
mistakes.
Speaker 4 (05:58):
Of course, what is, according to you, the number one
mistake that people make whenit comes to real estate and
maybe to avoid going intolitigation with other people,
I'd say the number one mistakeis not doing enough due
diligence, relying on socialmedia, relying on the facade
(06:20):
that people have about how wellthey're doing and how well they
have done, and not doing enoughhomework to see okay, what deals
have they done, how successfulhas this person been, what
mistakes have they made and whathave they learned from those
mistakes.
So the definite number one isnot doing enough due diligence
on the people that you'repartnering with, not doing
(06:42):
enough due diligence on thedeals that you're getting
involved in and, if you are apassive investor, not doing
enough due diligence on the exitstrategy to getting your money
back.
Speaker 2 (06:53):
Okay, so due diligence definitely a must.
What about contracts?
How much contracts or how manycontracts should people have in
place?
Any at all, for that matter,should people have before they
get into a deal with someoneelse.
Speaker 4 (07:11):
So it really depends on the type of transaction.
So if we are talking about ajoint venture partnership, for
example, you certainly want tohave a joint venture agreement
in place, and please don't go onthe Internet and pull
precedents or samples of jointventure contracts, because not
all contracts are the same andthey're not all cookie cutter
(07:32):
right.
You really have to take it to alawyer that specializes in real
estate investment and talkabout well, what are you trying
to accomplish in this particularventure and are you covering
all your bases for thatparticular contract?
There may be things that youfind online that are not
relevant to your particularsituation and there may be
things that are important foryou to have in your contract
(07:55):
that you don't have Right.
So it's really important to getthe proper legal advice from a
real estate focused investorlawyer to help you navigate and
create the appropriate contractfor you.
Speaker 2 (08:09):
You know that's some great advice.
And where could people reachyou if they want to work with
you or have you look maybe atover their contract to make sure
they're all in order?
How can people reach you?
Speaker 4 (08:22):
So they can reach me by telephone, 416-628-9830,
extension 100, or by email atshanika, at taylor litigationca.
It's always best to just go toour website.
That has all our contactinformation, and it's t-a-y,
l-o-r-d, l-i-t-i-g-a, o-nca, sotaylor litigationca shanika,
(08:45):
thank you so much for takingyour time to answer our
questions today.
Speaker 2 (08:53):
It was a pleasure to have you and guys.
Don't hesitate to reach out toShanika, because we all need
legal advice.
Speaker 4 (08:56):
Yes, you do.
Thanks for having me, thank you.
Speaker 2 (08:59):
Well, we are here again with another guest at
Expand, and I am here withCatalina.
Catalina, it's so nice for youto take the time to answer some
questions with us today.
Speaker 5 (09:09):
Thank you for having me.
I'm excited to answer somequestions and to be here with
you.
Speaker 2 (09:16):
So you were telling me that you're starting in real
estate.
Speaker 5 (09:19):
Yeah, so I started about a year ago.
Okay, I started with a youthprogram so that we're doing real
estate, and now I transferredto Wealth Genius and ever since
I bought my first property andI've been learning it's just
been two or three months since Ibought my first property.
Speaker 2 (09:41):
Well, congratulations , Thank you.
So first question for you whatinspired you to start investing
in real estate?
Speaker 5 (09:50):
Security.
Speaker 2 (09:52):
Security yeah, and freedom, can you elaborate a
little bit?
Yes.
Speaker 5 (09:57):
So I immigrated to Canada from Colombia when I was
16 years old, so I learned I hadto work to make a living, and
so I learned about how unstableit can be to just rely on a job.
So to me investing makes sense,and to me what makes sense in
(10:19):
investing was real estate.
Because it's something you canfeel it's there, you know it's
there, you have your house, youhave your property, and it's
just a numbers game.
More stable?
Yeah, it's just a numbers game.
Speaker 2 (10:28):
More stable.
Speaker 5 (10:29):
Yeah, it's more stable.
Speaker 2 (10:30):
And so you said you bought your first property.
What was your first property?
Speaker 5 (10:36):
My first property is a duplex.
Speaker 2 (10:39):
Okay.
Speaker 5 (10:41):
So I'm doing some renovations right now, getting
to know contractors, screeningtenants.
So just starting small, just soI learn, and I've been doing
some wholesaling on the side aswell that's very nice yeah, my
main market is Nova Scotia, sothat's that's where I'm at right
now that's good, and so you're.
Speaker 2 (11:03):
You have your first property, your duplex.
You're getting to learn how towork with contractors.
You're doing wholesale.
That seems like not a beginnerto me.
You seem like you're startingto do a lot, so let me ask you
what would be your next step.
What do you foresee in thefuture that you'd like to do
with real estate?
Speaker 5 (11:22):
I would like to keep wholesaling, because that's a
great way to find off-marketdeals, even for myself, and I
also like to expand.
I'm here at expand, I gottaexpand, right absolutely well,
catalina.
Speaker 2 (11:35):
Thank you so much for answering some questions uh
with us today and, uh, let's goback because there's a, there's
a lot of noise back there, so Ithink there's something.
Yeah, thank you so much.
Thank you, well, another guestfrom the Five Questions podcast,
but we are here at Xpand thisweekend and I have the pleasure
of speaking with Patrick Franci.
(11:56):
Patrick, again, welcome to theshow, but this time live in
person.
Speaker 1 (12:01):
Live in person.
Speaker 2 (12:02):
We're here, so we're at Xpand learning about real
estate, different strategies,different tricks from our
lawyers, accountants we have thewhole gang here.
But you're an expert.
You've been investing for over40 years in real estate.
Why do you think that going tothese events is important in the
(12:27):
journey as a real estateinvestor?
Why should everybody come tothese conferences?
Speaker 1 (12:35):
Well, I think the primary reason that these
conferences are really good toattend and smart to attend is if
you're an investor, you'realways looking number one for
contacts.
You're looking to network, meetother individuals.
But also, when you're havingconversations, you pick up on
those little nuances of perhapssome strategies, some tactics
that somebody's using that younever thought to use.
(12:56):
You know, for me, for example,I deliver what's going on
economically and we look at theeconomic fundamentals of what
drives real estate, and then youconsider that when you're
building your own model, if youwill, so that when you're
building your portfolio, you'reasking yourself the right
questions Am I cash flowing?
Am I using a strategy based onwhat's going on economically?
(13:17):
That makes sense?
And so attending theseconferences is really about
expanding your network.
There is that meme or thatquote that your net worth is a
reflection of your network, andwhen you start to get to know
people, you expand, you buildoff a team, you have resources,
you can ask others who have goneon the path before you, and
(13:39):
then so this is an opportunityto actually meet, read body
language, see people shake hands, do all the things that you do
in these kinds of scenarios, butultimately, it's really about
expanding your network and alsopicking up all of the kind of
nuances that you learn fromother people.
But of course, in an event likethis, you're listening to some
experts on stage.
Speaker 2 (13:59):
Oh, we got a lot of noise going back in the
background.
I think they're getting startedto have another speaker on
stage, but that's really goodadvice.
Now I'd like to ask you becauseyou're more on the technical
side you analyze numbers what doyou think of the new cuts that
the government did this pastweek on the rates?
Speaker 1 (14:21):
On the interest rates .
I mean we have to look at, say,well, why are they cutting
rates?
Of course, as a real estateinvestor, you go cool, finally.
Maybe things will cash flow,things are great and that's true
.
But you have to consider, whyis it that the Bank of Canada
will lower interest rates and sooriginally they raised rates?
Why?
(14:41):
Because they wanted to getinflation under control.
They wanted to actually slowthe economy down.
So, keep in mind, is the Bank ofCanada can't actually control
inflation.
What they're controlling isspending which drives inflation.
So it's a little subtle nuance,but these are the important
understandings.
So when you look at the Bank ofCanada and they do a 50 basis
(15:04):
point cut, that's a significantcut, and so it's because, when
they look into the future,they're going this economy is
slowing down a little too much,a little too fast, and so that
would be considered an emergencycut.
So for us as investors, we lookat it, go great, some
affordability, some cash flow,that's awesome.
(15:27):
But we also have to considerthat the economy is starting to
slow down.
We'll be at the effect of thatas investors.
Speaker 2 (15:37):
Patrick, it's always a pleasure to talk with you and
we're going to have a greatweekend getting ready for the
gala tonight.
But thanks again for taking thetime to answer some questions
on our show today.
Awesome Thanks for tuning intothe 5 Questions Podcast.
If you enjoyed today's episode,don't forget to subscribe, like
and hit the notification bellon our YouTube channel so you
never miss an episode.
Stay tuned for more insightsand tips to transform your real
(15:59):
estate and business game.
See you next time.
Am I using a strategy , you know, based on what's
going on economically?
That makes sense.
Speaker 2 (00:07):
Welcome to the 5 Questions Podcast, where we
unlock real estate and businessinsights, one question at a time
.
We are here at the EXPANDconference Once again.
(00:28):
I have another very specialguest, amy Kim.
Amy, thank you so much foranswering, taking the time to
answer some questions.
But first I'd like to ask youI've been seeing you at a lot of
conferences.
Why do you take the time tocome at conferences like expand?
Why do you do that as a realestate investor?
Speaker 3 (00:50):
okay.
There's a couple of reasonshere that, first of all, I
noticed with the current market,some cities in toronto or bc a
lot of people are strugglingfinding a good projects to
invest their money, because Iunderstand that it used to be a
really good market but now it'snot performing as much as it
(01:11):
used to be and now people areeager to find a good project.
So I'm from Edmonton andEdmonton is the hottest market
right now across Canada.
We have so many good thingshappening and strong economy and
a growth population as wellpopulation growth as well so
(01:32):
there are many people coming inand I'm here.
I would like to help peoplethat we have so many good
projects and we can actuallyhelp them grow their wealth
faster.
So, like, why not come here andthen share the knowledge that I
know and we can help each otherright?
Speaker 2 (01:50):
I have so many good projects, but we need a raise
funds for that too so you comehere to share your knowledge,
find potential partnerships,find maybe money partners, so
you find that all in one spot atgreat conferences and it helps
you in your real estate journeyexcellent, yeah, excellent, yes
(02:13):
other question for you.
I know you've been working on abig project right now 32 or 36
units 32 units.
Yes, in edmonton and I'd like tofor you maybe to explain to us
or to me when you start aproject, that of that amplitude,
uh, land development,specifically, what kind of
(02:36):
implication, what?
What should a real estateperson um, where, how do you
start?
Like, where do you start?
Because this is big project?
You're not buying a 32 unitapartment that's already built.
You're, you're dividing land.
You're, uh, you know, workingwith the city.
Like, where do people start?
Speaker 3 (02:58):
great question.
Yes, so I didn't uh, startbuilding 32 unit from the
beginning.
So it has been been more thanalmost five years since I became
a full-time investor and myfirst project was pretty humble.
I started with one smallbungalow, single family, and I
(03:18):
renovated upstairs anddownstairs.
That's how it started.
It was about $250,000.
That was the price that Ipurchased, right?
So, um, and then after that Ilearned something that I like
about the project.
But there's something that Ididn't like about the project.
And um, using the background asa it former, it professional,
(03:41):
every time I love perfecting myprojects and systems, so every
time I learn something from theprevious projects.
And then I have been evolvedthrough multiple years.
So I start from one singlefamily and then I did two
upstairs and then the legalbasement suite and I did more of
(04:01):
this like two to two units, andthen I did four of this like
two to two units, and then I didfour, and then I converted two
to four and then convertedanother one, four to eight.
So I've been evolved that way,right?
Speaker 2 (04:15):
So it's the snowball effect.
You started smaller and thenyou upgraded, upgraded, upgraded
, and now you're land developing32 units.
That's amazing.
Speaker 3 (04:22):
Yeah, that's how I got it there.
Speaker 2 (04:25):
Well, Amy, thank you so much for taking the time to
answer some questions today andI really look forward to
partying with you tonight at thegala yes, I'm so looking
forward to it too thank you yeah, thank you so much, mario, and
having me on your podcast.
Speaker 3 (04:41):
I've been watching your podcast and I love what
you're doing and you have such abig heart and I always admire
you.
So, yeah, I would love to keepwatching you how your business
is growing and booming.
Thank you so much.
Let's grow together.
Let's grow together, thank you.
Speaker 2 (04:56):
Awesome.
Well, we are here today at theExpand Conference and our
special guest today on the FiveQuestions podcast, shanika
Shaw-Taylor, and she is alitigation lawyer specializing
for real estate investors.
Shanika, it's such a pleasureto have you on the show today.
How do you think about Expandso far?
Speaker 4 (05:19):
Well, thanks for having me.
I love coming to Expand.
I've been coming for the lastyear and a half now.
It's just really good to be ina room of like-minded people who
are interested in real estateinvesting, who are in the
trenches, and, yeah, it's goodto be here.
Speaker 2 (05:34):
Absolutely so.
You are a litigation lawyerspecializing in real estate.
Yes, I'd like to ask you maybesome free advice.
You're not going to charge meright.
Speaker 4 (05:45):
Not going to charge you, but anything that I say, do
not rely on it's just generalinformation, not legal advice.
Speaker 2 (05:53):
All right.
So you know people like tolearn from other people's
mistakes.
Speaker 4 (05:58):
Of course, what is, according to you, the number one
mistake that people make whenit comes to real estate and
maybe to avoid going intolitigation with other people,
I'd say the number one mistakeis not doing enough due
diligence, relying on socialmedia, relying on the facade
(06:20):
that people have about how wellthey're doing and how well they
have done, and not doing enoughhomework to see okay, what deals
have they done, how successfulhas this person been, what
mistakes have they made and whathave they learned from those
mistakes.
So the definite number one isnot doing enough due diligence
on the people that you'repartnering with, not doing
(06:42):
enough due diligence on thedeals that you're getting
involved in and, if you are apassive investor, not doing
enough due diligence on the exitstrategy to getting your money
back.
Speaker 2 (06:53):
Okay, so due diligence definitely a must.
What about contracts?
How much contracts or how manycontracts should people have in
place?
Any at all, for that matter,should people have before they
get into a deal with someoneelse.
Speaker 4 (07:11):
So it really depends on the type of transaction.
So if we are talking about ajoint venture partnership, for
example, you certainly want tohave a joint venture agreement
in place, and please don't go onthe Internet and pull
precedents or samples of jointventure contracts, because not
all contracts are the same andthey're not all cookie cutter
(07:32):
right.
You really have to take it to alawyer that specializes in real
estate investment and talkabout well, what are you trying
to accomplish in this particularventure and are you covering
all your bases for thatparticular contract?
There may be things that youfind online that are not
relevant to your particularsituation and there may be
things that are important foryou to have in your contract
(07:55):
that you don't have Right.
So it's really important to getthe proper legal advice from a
real estate focused investorlawyer to help you navigate and
create the appropriate contractfor you.
Speaker 2 (08:09):
You know that's some great advice.
And where could people reachyou if they want to work with
you or have you look maybe atover their contract to make sure
they're all in order?
How can people reach you?
Speaker 4 (08:22):
So they can reach me by telephone, 416-628-9830,
extension 100, or by email atshanika, at taylor litigationca.
It's always best to just go toour website.
That has all our contactinformation, and it's t-a-y,
l-o-r-d, l-i-t-i-g-a, o-nca, sotaylor litigationca shanika,
(08:45):
thank you so much for takingyour time to answer our
questions today.
Speaker 2 (08:53):
It was a pleasure to have you and guys.
Don't hesitate to reach out toShanika, because we all need
legal advice.
Speaker 4 (08:56):
Yes, you do.
Thanks for having me, thank you.
Speaker 2 (08:59):
Well, we are here again with another guest at
Expand, and I am here withCatalina.
Catalina, it's so nice for youto take the time to answer some
questions with us today.
Speaker 5 (09:09):
Thank you for having me.
I'm excited to answer somequestions and to be here with
you.
Speaker 2 (09:16):
So you were telling me that you're starting in real
estate.
Speaker 5 (09:19):
Yeah, so I started about a year ago.
Okay, I started with a youthprogram so that we're doing real
estate, and now I transferredto Wealth Genius and ever since
I bought my first property andI've been learning it's just
been two or three months since Ibought my first property.
Speaker 2 (09:41):
Well, congratulations , Thank you.
So first question for you whatinspired you to start investing
in real estate?
Speaker 5 (09:50):
Security.
Speaker 2 (09:52):
Security yeah, and freedom, can you elaborate a
little bit?
Yes.
Speaker 5 (09:57):
So I immigrated to Canada from Colombia when I was
16 years old, so I learned I hadto work to make a living, and
so I learned about how unstableit can be to just rely on a job.
So to me investing makes sense,and to me what makes sense in
(10:19):
investing was real estate.
Because it's something you canfeel it's there, you know it's
there, you have your house, youhave your property, and it's
just a numbers game.
More stable?
Yeah, it's just a numbers game.
Speaker 2 (10:28):
More stable.
Speaker 5 (10:29):
Yeah, it's more stable.
Speaker 2 (10:30):
And so you said you bought your first property.
What was your first property?
Speaker 5 (10:36):
My first property is a duplex.
Speaker 2 (10:39):
Okay.
Speaker 5 (10:41):
So I'm doing some renovations right now, getting
to know contractors, screeningtenants.
So just starting small, just soI learn, and I've been doing
some wholesaling on the side aswell that's very nice yeah, my
main market is Nova Scotia, sothat's that's where I'm at right
now that's good, and so you're.
Speaker 2 (11:03):
You have your first property, your duplex.
You're getting to learn how towork with contractors.
You're doing wholesale.
That seems like not a beginnerto me.
You seem like you're startingto do a lot, so let me ask you
what would be your next step.
What do you foresee in thefuture that you'd like to do
with real estate?
Speaker 5 (11:22):
I would like to keep wholesaling, because that's a
great way to find off-marketdeals, even for myself, and I
also like to expand.
I'm here at expand, I gottaexpand, right absolutely well,
catalina.
Speaker 2 (11:35):
Thank you so much for answering some questions uh
with us today and, uh, let's goback because there's a, there's
a lot of noise back there, so Ithink there's something.
Yeah, thank you so much.
Thank you, well, another guestfrom the Five Questions podcast,
but we are here at Xpand thisweekend and I have the pleasure
of speaking with Patrick Franci.
(11:56):
Patrick, again, welcome to theshow, but this time live in
person.
Speaker 1 (12:01):
Live in person.
Speaker 2 (12:02):
We're here, so we're at Xpand learning about real
estate, different strategies,different tricks from our
lawyers, accountants we have thewhole gang here.
But you're an expert.
You've been investing for over40 years in real estate.
Why do you think that going tothese events is important in the
(12:27):
journey as a real estateinvestor?
Why should everybody come tothese conferences?
Speaker 1 (12:35):
Well, I think the primary reason that these
conferences are really good toattend and smart to attend is if
you're an investor, you'realways looking number one for
contacts.
You're looking to network, meetother individuals.
But also, when you're havingconversations, you pick up on
those little nuances of perhapssome strategies, some tactics
that somebody's using that younever thought to use.
(12:56):
You know, for me, for example,I deliver what's going on
economically and we look at theeconomic fundamentals of what
drives real estate, and then youconsider that when you're
building your own model, if youwill, so that when you're
building your portfolio, you'reasking yourself the right
questions Am I cash flowing?
Am I using a strategy based onwhat's going on economically?
(13:17):
That makes sense?
And so attending theseconferences is really about
expanding your network.
There is that meme or thatquote that your net worth is a
reflection of your network, andwhen you start to get to know
people, you expand, you buildoff a team, you have resources,
you can ask others who have goneon the path before you, and
(13:39):
then so this is an opportunityto actually meet, read body
language, see people shake hands, do all the things that you do
in these kinds of scenarios, butultimately, it's really about
expanding your network and alsopicking up all of the kind of
nuances that you learn fromother people.
But of course, in an event likethis, you're listening to some
experts on stage.
Speaker 2 (13:59):
Oh, we got a lot of noise going back in the
background.
I think they're getting startedto have another speaker on
stage, but that's really goodadvice.
Now I'd like to ask you becauseyou're more on the technical
side you analyze numbers what doyou think of the new cuts that
the government did this pastweek on the rates?
Speaker 1 (14:21):
On the interest rates .
I mean we have to look at, say,well, why are they cutting
rates?
Of course, as a real estateinvestor, you go cool, finally.
Maybe things will cash flow,things are great and that's true
.
But you have to consider, whyis it that the Bank of Canada
will lower interest rates and sooriginally they raised rates?
Why?
(14:41):
Because they wanted to getinflation under control.
They wanted to actually slowthe economy down.
So, keep in mind, is the Bank ofCanada can't actually control
inflation.
What they're controlling isspending which drives inflation.
So it's a little subtle nuance,but these are the important
understandings.
So when you look at the Bank ofCanada and they do a 50 basis
(15:04):
point cut, that's a significantcut, and so it's because, when
they look into the future,they're going this economy is
slowing down a little too much,a little too fast, and so that
would be considered an emergencycut.
So for us as investors, we lookat it, go great, some
affordability, some cash flow,that's awesome.
(15:27):
But we also have to considerthat the economy is starting to
slow down.
We'll be at the effect of thatas investors.
Speaker 2 (15:37):
Patrick, it's always a pleasure to talk with you and
we're going to have a greatweekend getting ready for the
gala tonight.
But thanks again for taking thetime to answer some questions
on our show today.
Awesome Thanks for tuning intothe 5 Questions Podcast.
If you enjoyed today's episode,don't forget to subscribe, like
and hit the notification bellon our YouTube channel so you
never miss an episode.
Stay tuned for more insightsand tips to transform your real
(15:59):
estate and business game.
See you next time.
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