106: The Realities of Real Estate Development Financing in 2025 with Lakepoint Capital's Caroline Coudreau

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Welcome to the mortgage game.

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I truly, truly believe that

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building a mortgage business, a
successful one, is like playing a

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game.

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There's winners, there's losers,

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there's certain things you try.

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Some of us are playing checkers,

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while others are playing chess.

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I've had the ability to coach and

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mentor hundreds of mortgage
brokers.

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I myself built a very nice
business, so now I want to distill

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all that information, all the
things I've learned from that, and

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bring it directly to you in a
simple -to -understand way.

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I hope you enjoy.

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All right.

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Welcome to the Mortgage Game
Podcast.

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West Coast whiteboard, Wiley in
the house, recording live from the

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Dodge Ram studio down at the
beach.

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Saturday morning, about to take
off to Vancouver for some academy

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league games with the kids,
soccer.

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Got six games, two today and four
tomorrow.

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um gonna do that super pumped just
before we get into what today's

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podcast about and today's an
important one podcast um just a

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lot of stuff i'm seeing out there
different angles of things and so

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this is should be a good one
should just be like a high if if

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anything i'm just reminding you
some of your superpowers but maybe

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i'm giving some of you superpowers
on this call but before that just

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we're working on a project i'm
gonna i'm gonna shout it out to

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the world at some point but we're
working on a project behind the

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scenes and we're We're coming up
with our own Team Wiley CRM.

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And it's freaking awesome.

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And so we're taking one that's

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already out there.

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We're bringing it in.

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We're putting my marketing, mine
to it, combining with a couple

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other people.

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And we're building out this thing.

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We're going to launch it within
the team with probably the next 30

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to 45 days.

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It's going to be freaking awesome.

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Out of the box, it's going to be,
in my opinion, the best CRM out

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there.

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And hey, everyone's got their CRM.

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CRM, talking CRM is like talking
politics with brokers.

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Everyone's like, no, mine's the
best because it's got this.

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Not getting into that.

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I'm just going a lot of brokers.

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And the reason we're doing it and
some of you are like, Ryan, you

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never had a CRM.

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Why are you doing it?

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You actually made a podcast where
I don't think you need a CRM.

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Yeah.

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Well, the way that I roll with my

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business versus the way that other
brokers can roll, it's not the

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same.

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And so, yeah, I didn't have a CRM.

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So I tracked email.

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I had a marketing CRM where we

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emailed people things.

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regularly, but I didn't have

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something.

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And then we tracked mortgage rates

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and whatnot, but I didn't have
something where I could see, I

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would just go into the submission
platform and go, oh, that was kind

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of the CRM.

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Here you go.

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It's in here.

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I never saw the purpose of it, but

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I could broker that way.

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And it worked really, really well

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for us. 90 % of brokers need some
sort of client journey built in to

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a process, a system.

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And so it's, why is it my opinion?

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I'm not trying to force my opinion
on anyone.

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And so we decided to, hey, let's
go bring in.

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We think there's a ton of value in
having CRM that manages the

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workflow of a client before does
all the follow ups with leads and

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whatnot.

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So we're not going to get into it

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here.

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Plus, there's a marketing angle to

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it with webinars and all this
stuff and some other cool things

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in there.

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just pumped about it because this

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is my world behind the scenes.

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We're spending a lot of time on

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this.

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Next week, we'll be spending a lot

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more time on it, getting it all
sorted and whatnot and building

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it.

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So let's get into what we're

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talking about today.

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So we ran a training session on

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Thursday and the training session
was, it was a man one training

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session.

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Okay.

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Now this isn't a man one call.

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I'm not like this episode, but I'm

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going to sprinkle in a couple of
things about the man one, but this

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is also just about how you Like
finding opportunities on the

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discovery call and not being an
order taker, and a lot of you are,

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and even really good mortgage
agents.

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You're just dropping the ball all
over the place.

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So I'm going to frame a scenario
to you, a client scenario, and

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then I'm going to go, what do you
do?

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And normally, like in the
training, we paused for 20

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minutes.

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People went back and then came

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back with a plan and then
presented it to the team.

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And then I said, okay, now this is
what I would do.

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Right.

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And that was like, ah, OK.

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And a lot of times we're talking
about the same thing.

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I'm just saying it differently.

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And sometimes I'm just showing

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different angles that other people
miss.

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So that's what we're going to talk
about today.

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OK, because a lot of you are
getting people come to you and it

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could be a purchase.

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It could be maybe a refi,

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definitely renewals and purchases.

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And it's like, hey, Ryan, I've got

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my renewal offer sitting here.

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It's a 404 from RBC.

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What do you got?
Right.

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So this is my question to you is
and then we'll frame the client

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scenario we trained on and then
I'll explain what I did with that

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scenario.

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Because a lot of you are just

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missing the mark here.

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And some of you just don't know

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what you don't know.

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Others of you are just freaking

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lazy and you just you haven't
upped your game.

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You've been in the game for a
while and you just like refused to

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up your game.

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And I'm like, okay.

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So hopefully after this, you will
be like, yeah, totally get it,

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Ryan.

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Ah, interesting.

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That's cool.

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Different way of thinking about

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it, different way of positioning
it.

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And so client comes to you and
this is what I've got.

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What's your answer?
Like, what's your move?

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Do you go your usual way and you
go, hey, well, how's this service

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been at RBC?
Well, yeah, it's been okay.

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Okay, did you know that their
prepayment privileges are only 10

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%?
Did you know that if one of you

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passes, God forbid, that the other
person has to re -qualify for the

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mortgage?
Like if that's your move, you're

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fucked.

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Sorry, I hope there's no kids in

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the car.

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I should have warned you up front.

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I think you know by now.

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So you are.

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You are screwed if that's your
move.

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You might as well just pack up.

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You might as well just carry on.

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Because at some point, you just
won't have any business.

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You'll have no moves, right?
And now I'm not getting into

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advanced stuff here.

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I'm talking, I'm going to give you

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like the bare bones stuff.

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This is the minimum stuff you need

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to understand on this episode,
right?

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I'm not going to get into the
fancy, super advanced stuff.

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I'm not.

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This is all stuff you should know.

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And if you don't, I don't know
what you're doing.

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Honestly, if someone comes to you
like that, what's your move?

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What do you do?
This is a general, I'm just

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putting that question out the
universe before I do that.

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And we carry on this podcast is
brought to you by Americano.

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Oh, it's a hot one.

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Go figure.

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Uh, so that's the thing.

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Like, and, and now it's like, Oh,

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my customer service is really
good.

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And I'll share.

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And like, this used to work back

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then.

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And it was, and mine was always,

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Hey, I'll build you a customer
proposal.

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I'll walk you through all the
numbers.

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And so when someone comes to me at
a four Oh four, and I've got a

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four.

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Three, four.

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Let's just say.

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These are the numbers, right?

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I'm a 30 basis point difference.

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What do I do?

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Well, initially, I know a lot of
you are like, I look for a debt

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console.

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100%.

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That's a move.

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You look and you go, hey, do you

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have any high interest debt you
want to swap out?

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How's cash flow?
You're looking to pull money out.

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Do anything you turn into maybe a
refi.

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You're looking to pull out money
for any home renovations.

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Like all stuff that they could
just walk into the branch and do.

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Okay.

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Those aren't advanced strategies.

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Those aren't strategies.

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They are, it's common sense moves.

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And you'll still pick up
breadcrumbs.

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You'll still get deals from that.

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Those moves are never going away.

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And I'm going to package some of
those moves and what I would do in

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this scenario.

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But it's like, then after that, so

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if there's no debt console, and so
mine used to be, hey, I'm looking

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for a debt console, looking to
pull money out to like start a

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business, help family out, help my
kids out, help whatever, buy an

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investment product.

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If they're not doing that, they're

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like, no, no, we're good.

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Everything's good.

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And we're putting money here and
there.

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And I'm like, great.

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Okay.

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Then I would go.

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So you're telling me the number

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one thing is, is paying off your
mortgage as fast as possible.

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They're like, yes, Ron.

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So then that's when I would take

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them to what I had at that point
was mortgagefreein10years .com.

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It's not, not around anymore.

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If you're checking it out and I

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just show them how to buy an
investment property, one

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investment property.

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And eventually with a two, 3 % of

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your appreciation and mortgage pay
down after 10 years, I have enough

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money.

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And they cash out.

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If they sell the property and they
pay their capital gains and exit

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costs, they could pay off their
principal residence.

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That was the move.

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And it worked very well.

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That move right now isn't there,
where it's definitely pushing a

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big boulder up a hill, up a
mountain, actually, to convince

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people to buy investors.

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So take that off the table.

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A lot of you weren't even doing
that.

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So now what do you do?
right?

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You're sitting there and you're
like, shit, I got like, and so you

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start scrambling, you go and you
start sending out emails to BDMs

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and colleagues and you look on
lender spotlight and you're

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sifting through your inbox,
looking for rate specials.

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And you're trying to find like a
needle in the haystack.

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And then you're going, okay, well,
the mortgage is 700 ,000 and I can

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get this maybe on exception on a
four to none.

255
00:08:28,530 --> 00:08:32,890
What if I buy it down more?
And what, and you start going that

256
00:08:32,890 --> 00:08:34,630
and then you're working for 30, 40
basis points on a deal.

257
00:08:34,630 --> 00:08:37,190
And, and, and that's the energy
out there right now.

258
00:08:37,190 --> 00:08:38,210
Because you'll never have the best
interest rate.

259
00:08:38,210 --> 00:08:40,610
Nine times out of 10, you won't
have the best interest rate.

260
00:08:40,610 --> 00:08:42,870
You'll find opportunities within
insurable transfers and blah,

261
00:08:42,870 --> 00:08:44,049
blah, blah, and all that stuff.

262
00:08:44,049 --> 00:08:46,470
But for the most part, nine times

263
00:08:46,670 --> 00:08:49,790
out of 10, definitely in the
uninsured world, you will never

264
00:08:49,790 --> 00:08:51,010
have the best interest rate.

265
00:08:51,290 --> 00:08:52,870
And this is why a lot of you are

266
00:08:52,870 --> 00:08:55,290
going, I don't like that type of
business anymore.

267
00:08:55,290 --> 00:08:56,650
I want to do B and private.

268
00:08:56,850 --> 00:08:58,430
I want to do stuff where rate

269
00:08:58,550 --> 00:08:59,170
doesn't matter as much.

270
00:08:59,170 --> 00:09:00,010
And that's where you go.

271
00:09:00,010 --> 00:09:02,850
And it's like, okay, so let me
paint this scenario for you, okay?

272
00:09:02,950 --> 00:09:07,830
Trying to remember it from, we
did, I had it all mapped on the

273
00:09:07,830 --> 00:09:09,890
whiteboard and I said, okay,
everyone take 20 minutes and go,

274
00:09:09,890 --> 00:09:11,110
come back with a plan for this.

275
00:09:11,110 --> 00:09:14,530
So the clients, they had a

276
00:09:14,610 --> 00:09:16,870
mortgage, let's call their
mortgage, it was $700 ,000

277
00:09:16,870 --> 00:09:18,970
mortgage, or no, it was $500 ,000,
I think, whatever, it doesn't

278
00:09:18,970 --> 00:09:19,670
really matter.

279
00:09:19,930 --> 00:09:21,790
Half a million dollar mortgage,

280
00:09:21,790 --> 00:09:24,030
RBC, three year, 404 on the table,
okay?

281
00:09:24,030 --> 00:09:24,610
These clients had typical debt.

282
00:09:24,610 --> 00:09:26,730
Let's call it 15K in credit cards,

283
00:09:26,730 --> 00:09:28,210
making 650 a month payment.

284
00:09:28,210 --> 00:09:30,470
I'm going to talk slower here

285
00:09:30,470 --> 00:09:31,110
because we're numbers.

286
00:09:31,110 --> 00:09:33,910
They had a car payment, maybe 30

287
00:09:33,910 --> 00:09:37,320
grand owing on it, like $700 a
month payment at 2 % interest.

288
00:09:37,320 --> 00:09:41,940
They had $50 ,000 sitting in a
high interest savings account over

289
00:09:41,940 --> 00:09:42,060
here.

290
00:09:42,180 --> 00:09:42,980
They had 150K in GICs and RSPs.

291
00:09:42,980 --> 00:09:44,700
about $11 ,000 a month of net
income.

292
00:09:44,700 --> 00:09:47,200
They had household expenses, about
$4 ,500 plus mortgage payment.

293
00:09:47,200 --> 00:09:49,920
And they were putting $500 a month
away into an investment.

294
00:09:49,920 --> 00:09:52,380
So they had about $2 ,000 a month
of cash flow.

295
00:09:52,440 --> 00:09:53,240
That's what they had.

296
00:09:53,360 --> 00:09:54,380
Now, going through that discovery

297
00:09:54,380 --> 00:09:56,120
call, this is the information I'm
finding out.

298
00:09:56,360 --> 00:10:00,020
This is how the discovery call
works.

299
00:10:00,020 --> 00:10:04,280
I need to figure out some of this.

300
00:10:04,280 --> 00:10:05,940
I'm trying to find opportunities

301
00:10:05,940 --> 00:10:08,860
for me to weave in my value.

302
00:10:08,860 --> 00:10:08,880
Right?

303
00:10:08,880 --> 00:10:13,240
If I'm just like, rate, okay, got
it, got it, yeah, don't know what

304
00:10:13,240 --> 00:10:17,700
to do, go over here, get a better
rate, see you later.

305
00:10:17,700 --> 00:10:20,840
Tell your friends about me.

306
00:10:20,840 --> 00:10:25,220
Or this move, which I know a lot

307
00:10:25,220 --> 00:10:33,130
of you do, which drives me crazy,
is, hey, I'll write you an email.

308
00:10:33,130 --> 00:10:36,610
And hey, I did this too, by the
way.

309
00:10:36,610 --> 00:10:38,250
I did it too.

310
00:10:38,250 --> 00:10:43,130
So I'm not like... saying, Oh, I'm

311
00:10:43,130 --> 00:10:43,910
above that.

312
00:10:43,910 --> 00:10:44,710
I did this too.

313
00:10:44,710 --> 00:10:45,050
Okay.

314
00:10:45,190 --> 00:10:47,390
I didn't do it a lot, but there

315
00:10:47,390 --> 00:10:48,510
were times I did that.

316
00:10:48,510 --> 00:10:48,650
Definitely.

317
00:10:48,650 --> 00:10:52,290
If it was like really good
referral partners and stuff like

318
00:10:52,290 --> 00:10:52,910
that.

319
00:10:52,910 --> 00:10:55,590
Um, but I just do it for

320
00:10:55,590 --> 00:11:00,040
everybody, but Hey, I'll write you
an email and I'll help you get a

321
00:11:00,040 --> 00:11:01,200
better rate there.

322
00:11:01,200 --> 00:11:05,280
And then you can, uh, and then if

323
00:11:05,620 --> 00:11:09,060
anyone, you know, that needs a
mortgage comes along, if you refer

324
00:11:09,300 --> 00:11:10,380
me like, that'd be awesome.

325
00:11:10,520 --> 00:11:11,440
And you're trying to like put

326
00:11:11,440 --> 00:11:13,820
goodwill out there, but like,
think about that for a second.

327
00:11:13,820 --> 00:11:16,820
This person came to you, you
didn't solve a problem of theirs.

328
00:11:16,820 --> 00:11:20,020
They got a better interest rate on
their own.

329
00:11:20,020 --> 00:11:22,320
And what are they going to go
tell?

330
00:11:22,320 --> 00:11:24,260
What are they going to tell their
buddy?

331
00:11:24,260 --> 00:11:26,280
Hey, go use Ryan.

332
00:11:26,280 --> 00:11:28,140
Fuck, what did he do?

333
00:11:28,140 --> 00:11:28,620
He did nothing.

334
00:11:28,620 --> 00:11:29,920
I got a better rate already.

335
00:11:29,920 --> 00:11:31,180
And he didn't tell me how to do
anything else.

336
00:11:31,180 --> 00:11:32,620
And he wrote me an email.

337
00:11:32,620 --> 00:11:33,000
Cool.

338
00:11:33,000 --> 00:11:35,780
So go to him and he'll write you
an email.

339
00:11:35,780 --> 00:11:37,500
So you can get a better rate of
your bank.

340
00:11:37,500 --> 00:11:38,620
It's crazy when you think about
it.

341
00:11:38,620 --> 00:11:40,220
It's like, what are you doing?
Like, come on.

342
00:11:40,220 --> 00:11:42,500
You got to be better if that's
your move.

343
00:11:42,780 --> 00:11:45,220
then you have to look in the
mirror at some things.

344
00:11:45,220 --> 00:11:46,860
Okay, so this podcast is brought
to you by Americana.

345
00:11:46,860 --> 00:11:49,680
And I know some of you, you have
moves up your sleeve, you have

346
00:11:49,680 --> 00:11:53,120
strategies, and you do that once
in a while.

347
00:11:53,120 --> 00:11:55,980
Cool, I'm not shitting on you.

348
00:11:55,980 --> 00:11:57,380
I'm just saying in general, like

349
00:11:57,380 --> 00:12:01,080
if that's where your head goes,
more that's what I'm saying.

350
00:12:01,200 --> 00:12:04,420
If that's where your head goes, I
can't help, I can't beat that

351
00:12:06,060 --> 00:12:09,280
rate, I'll help you get a better
and hopefully you send me business

352
00:12:09,280 --> 00:12:11,700
or hopefully you introduce me to
someone.

353
00:12:11,700 --> 00:12:13,900
Like if that's where you're at the
sequence of thoughts, We have a

354
00:12:14,060 --> 00:12:14,940
problem, Houston.

355
00:12:14,940 --> 00:12:15,640
We definitely have a problem.

356
00:12:15,640 --> 00:12:17,620
So this scenario, this client,
average amount of debt, 22 years

357
00:12:17,620 --> 00:12:18,240
left on the amortization.

358
00:12:18,700 --> 00:12:19,720
Forgot to mention that.

359
00:12:19,720 --> 00:12:20,420
They have some investments.

360
00:12:20,420 --> 00:12:23,100
They have $2 ,000 a month left

361
00:12:23,100 --> 00:12:23,900
over cash flow.

362
00:12:23,900 --> 00:12:24,080
Pretty typical.

363
00:12:24,080 --> 00:12:25,640
They're pushing money into savings
every month.

364
00:12:25,640 --> 00:12:26,580
They have that rainy day fund
sitting there.

365
00:12:26,580 --> 00:12:28,080
What they have.

366
00:12:28,600 --> 00:12:30,220
So it's kind of like, what do you

367
00:12:30,220 --> 00:12:34,400
do there?
And they're going through that

368
00:12:34,400 --> 00:12:34,520
call.

369
00:12:34,520 --> 00:12:37,520
Their goal goals is this is, hey,

370
00:12:37,660 --> 00:12:39,540
we'd love to have more improved
cash flow.

371
00:12:39,540 --> 00:12:39,840
Number one.

372
00:12:39,840 --> 00:12:40,740
Number two, we'd love to pay that

373
00:12:40,740 --> 00:12:41,120
mortgage off faster.

374
00:12:41,120 --> 00:12:42,100
And number three, we might

375
00:12:42,100 --> 00:12:44,040
renovate our basement in the next
one to two years.

376
00:12:44,040 --> 00:12:45,940
So we want to be able to do that.

377
00:12:45,940 --> 00:12:48,200
OK, and that could be 50 to 75

378
00:12:48,200 --> 00:12:48,340
grand.

379
00:12:48,340 --> 00:12:49,600
OK, so now what do you do there?

380
00:12:49,600 --> 00:12:51,540
right?
So I'm going to go, I'm going to

381
00:12:51,840 --> 00:12:55,080
come back to you with the result
that I got them and then I'll

382
00:12:55,080 --> 00:12:57,280
break down how I got there.

383
00:12:57,280 --> 00:12:57,580
Okay.

384
00:12:58,000 --> 00:13:04,760
And so this is where most of you
live in this world right now.

385
00:13:04,760 --> 00:13:11,220
Me, I'm an, I analyzed all this
and I do this on the fly on the

386
00:13:11,220 --> 00:13:11,640
discovery call.

387
00:13:11,640 --> 00:13:14,180
Some of you won't have the

388
00:13:14,180 --> 00:13:16,320
expertise or wherewithal to do
that.

389
00:13:16,320 --> 00:13:21,570
So then you would break it down
behind the scenes and come back to

390
00:13:21,570 --> 00:13:23,850
them, but I'm going to come to
them and I'm going to say this,

391
00:13:23,850 --> 00:13:26,930
I'm going to go, Hey, This is
awesome.

392
00:13:26,930 --> 00:13:30,150
And going through all these, I've
been crunching some numbers.

393
00:13:30,150 --> 00:13:33,650
I have my calculators open and
boom, boom, boom.

394
00:13:33,650 --> 00:13:34,550
I have an opportunity.

395
00:13:34,550 --> 00:13:38,390
I think if we partner together,

396
00:13:38,390 --> 00:13:40,190
this is what I could execute for
you.

397
00:13:40,190 --> 00:13:43,090
I'd be able to increase your
cashflow by about $500 a month,

398
00:13:43,090 --> 00:13:44,950
which you said you wanted.

399
00:13:44,950 --> 00:13:47,810
I'd actually, the $500 a month

400
00:13:48,090 --> 00:13:52,300
you're pushing into investment,
I'd show you a way we can double

401
00:13:52,300 --> 00:13:52,400
that.

402
00:13:52,400 --> 00:13:53,660
We'll put $1 ,000 a month away

403
00:13:53,660 --> 00:13:54,880
instead of $500, I'm sure.

404
00:13:54,880 --> 00:13:55,840
That kind of intrigues you.

405
00:13:55,840 --> 00:13:57,540
Would you agree?
And they're like, oh, wow, that's

406
00:13:58,080 --> 00:13:58,440
cool.

407
00:13:58,440 --> 00:13:58,660
Okay.

408
00:13:58,660 --> 00:13:58,980
Yeah.

409
00:13:58,980 --> 00:13:59,180
Awesome.

410
00:13:59,180 --> 00:14:02,180
I'm going to make sure we have $75
,000, $80 ,000 available sitting

411
00:14:02,180 --> 00:14:04,160
there for you to renovate the
basement if you need it.

412
00:14:04,160 --> 00:14:06,720
You're not going to pay for that
money until you use it.

413
00:14:06,720 --> 00:14:06,800
Okay.

414
00:14:06,800 --> 00:14:09,360
And they're like, okay, that's

415
00:14:09,360 --> 00:14:09,540
intriguing.

416
00:14:09,660 --> 00:14:10,700
I'm also going to show you a way

417
00:14:10,700 --> 00:14:11,300
with just one move.

418
00:14:11,300 --> 00:14:11,620
Pretty simple.

419
00:14:11,620 --> 00:14:12,760
I'll hold your hand through it.

420
00:14:12,760 --> 00:14:13,520
If we partner together, we can

421
00:14:13,520 --> 00:14:15,760
save you, get you a $1 ,000 tax
refund every year.

422
00:14:15,960 --> 00:14:16,020
Okay.

423
00:14:16,020 --> 00:14:16,500
Maybe more.

424
00:14:16,500 --> 00:14:19,100
But I'm estimating at least $1
,000 a year in tax refunds, just

425
00:14:19,100 --> 00:14:19,640
free money from CRA.

426
00:14:20,940 --> 00:14:21,960
Oh, okay.

427
00:14:21,960 --> 00:14:22,080
Wow.

428
00:14:22,080 --> 00:14:22,360
Interesting.

429
00:14:22,520 --> 00:14:26,060
And then the start of the show is
I'm going to show you how we can

430
00:14:26,060 --> 00:14:28,880
cut your amortization, your
mortgage in half from 22 years to

431
00:14:28,880 --> 00:14:30,040
11 years.

432
00:14:30,040 --> 00:14:31,960
Nothing in your world is going to

433
00:14:31,960 --> 00:14:32,300
change.

434
00:14:32,300 --> 00:14:34,880
Your quality of life is going to

435
00:14:34,880 --> 00:14:35,480
stay the same.

436
00:14:35,480 --> 00:14:36,400
I'm going to piece that plan

437
00:14:36,400 --> 00:14:37,120
together for you.

438
00:14:37,120 --> 00:14:38,400
How does that sound?

439
00:14:38,400 --> 00:14:41,010
So improve cash flow, double your
investments.

440
00:14:41,010 --> 00:14:43,930
$1 ,000 a year tax refund, if not
more, give you the money for the

441
00:14:44,110 --> 00:14:44,250
basement.

442
00:14:44,410 --> 00:14:46,270
Don't pay for it until you use it

443
00:14:46,270 --> 00:14:49,930
and cut your mortgage in half.

444
00:14:49,930 --> 00:14:51,010
Ah, okay.

445
00:14:51,010 --> 00:14:51,690
Now you got me.

446
00:14:51,690 --> 00:14:52,170
I'm interested.

447
00:14:52,170 --> 00:14:54,990
So they came to me with like, and
I'm going to tell you right now,

448
00:14:54,990 --> 00:15:00,070
and this is up to you how you want
to weave this in, but my interest

449
00:15:00,070 --> 00:15:00,530
rates, not 404.

450
00:15:00,530 --> 00:15:02,350
I can never get to 404.

451
00:15:02,350 --> 00:15:02,630
Never could.

452
00:15:02,630 --> 00:15:03,310
My interest rates probably going

453
00:15:03,310 --> 00:15:07,250
to be 4, 4, 4 .5, somewhere in
that range, give or take, but I'm

454
00:15:08,050 --> 00:15:10,880
going to accomplish all this over
here.

455
00:15:10,880 --> 00:15:13,940
And this is where I would have had
the conversation up front, the

456
00:15:13,940 --> 00:15:19,460
interest rate for, okay, and so
what's your goal here?

457
00:15:19,460 --> 00:15:20,620
Are you looking for the lowest
interest rate?

458
00:15:20,620 --> 00:15:21,980
Are you looking for the lowest
payment?

459
00:15:21,980 --> 00:15:24,860
And you've heard me talk about
this in other episodes.

460
00:15:24,860 --> 00:15:27,380
Are you looking to pay off your
mortgage as fast as possible, pay

461
00:15:27,520 --> 00:15:29,040
the least amount of interest?
Because they're not all the same.

462
00:15:29,240 --> 00:15:31,400
If they come back and go, oh, I
want the lowest payment.

463
00:15:31,400 --> 00:15:35,630
Because why do you think the
interest rate is so important?

464
00:15:35,630 --> 00:15:38,450
The interest rate is absolutely
important, but why do you, Mr. and

465
00:15:38,450 --> 00:15:39,570
Mrs. Klein, think it's so
important?

466
00:15:39,570 --> 00:15:41,230
I want to know why you think that.

467
00:15:41,230 --> 00:15:41,730
Oh, lowest payment.

468
00:15:41,730 --> 00:15:43,530
No, it's not.

469
00:15:43,990 --> 00:15:45,130
Because we could throw your

470
00:15:45,410 --> 00:15:48,210
mortgage into a HELOC, interest
-only payments, and that's a lower

471
00:15:48,210 --> 00:15:48,990
payment.

472
00:15:48,990 --> 00:15:49,250
Oh, okay, okay.

473
00:15:49,250 --> 00:15:51,090
Usually people think it's because
they pay the least amount of

474
00:15:51,090 --> 00:15:53,310
interest, which means they get to
pay the mortgage off fast.

475
00:15:53,570 --> 00:15:56,530
And I'm assuming that's what
you're connecting the dots on

476
00:15:56,530 --> 00:15:56,790
there.

477
00:15:57,030 --> 00:15:58,990
And they're usually like, yeah,

478
00:15:58,990 --> 00:15:59,270
yeah, yeah.

479
00:15:59,270 --> 00:16:01,230
So it'll be a version of that.

480
00:16:01,230 --> 00:16:02,910
So as soon as I get them to
understand.

481
00:16:02,910 --> 00:16:06,480
They just want to pay the least
amount of interest to be mortgage

482
00:16:06,480 --> 00:16:06,660
-free faster.

483
00:16:06,660 --> 00:16:09,520
I've shifted it off of rate

484
00:16:09,520 --> 00:16:12,880
because rate won't get there
because the plan that I just told

485
00:16:12,880 --> 00:16:14,640
you, increase cash flow, double
your investments, tax refund every

486
00:16:14,640 --> 00:16:16,980
year, money for your basement, and
cut your mortgage in half.

487
00:16:16,980 --> 00:16:18,680
None of that involves the lowest
interest rate.

488
00:16:18,680 --> 00:16:20,500
So you start going, okay, I'm not
just an interest rate guy.

489
00:16:20,500 --> 00:16:21,320
I'm a mortgage planner here.

490
00:16:21,320 --> 00:16:21,400
Right.

491
00:16:21,400 --> 00:16:23,120
So now I'm going to explain to you
how we do that.

492
00:16:23,120 --> 00:16:26,480
And a lot of this is just stuff,
you know, we're just framing it

493
00:16:26,480 --> 00:16:26,580
differently.

494
00:16:26,580 --> 00:16:28,040
And other stuff I'm going to

495
00:16:28,040 --> 00:16:30,960
explain to you might be like,
shit, I didn't know that.

496
00:16:30,960 --> 00:16:31,100
Okay.

497
00:16:31,100 --> 00:16:33,910
So this podcast brought to you by

498
00:16:33,910 --> 00:16:34,030
America.

499
00:16:34,030 --> 00:16:35,470
Remember, it's how do you paint us

500
00:16:35,470 --> 00:16:37,290
a picture?
How do you tell a story through

501
00:16:37,290 --> 00:16:39,030
the numbers?
And I'm living in the, I'm going

502
00:16:39,030 --> 00:16:44,530
to do these five things for you if
we partner together and it costs

503
00:16:44,530 --> 00:16:44,830
you $0.

504
00:16:44,830 --> 00:16:45,890
You're living in that.

505
00:16:45,890 --> 00:16:48,510
Uh, yeah, I'll try to find like
the best rate for you.

506
00:16:48,510 --> 00:16:48,790
Right.

507
00:16:48,790 --> 00:16:51,470
I don't have another move.

508
00:16:51,470 --> 00:16:54,270
And so how do we do this?
Well, right out of the gate, I

509
00:16:54,270 --> 00:16:58,720
knew they had 50 K sitting in and
there's a bunch of ways you can do

510
00:16:58,720 --> 00:16:58,840
this.

511
00:16:58,840 --> 00:16:59,860
I'm just, so don't be like, Hey,

512
00:16:59,860 --> 00:17:03,380
Ryan, what if you did this?
And you do a hundred percent, a

513
00:17:03,380 --> 00:17:03,980
hundred thousand percent.

514
00:17:03,980 --> 00:17:05,220
But yeah, they have $50 ,000

515
00:17:05,220 --> 00:17:09,839
sitting there in a high interest
savings account, just sitting

516
00:17:09,839 --> 00:17:10,420
there.

517
00:17:10,420 --> 00:17:11,460
Okay.

518
00:17:11,460 --> 00:17:16,140
You could put that, have that as
for the renovation money, blah,

519
00:17:16,380 --> 00:17:16,780
blah, blah.

520
00:17:16,780 --> 00:17:18,619
I'm just going to go, Hey.

521
00:17:20,359 --> 00:17:23,680
You know, either we make a
prepayment on your mortgage now

522
00:17:23,680 --> 00:17:27,260
and pay down your $500 ,000
mortgage down to $450 ,000 or

523
00:17:27,260 --> 00:17:29,680
after the fact, down your $500
,000 mortgage down to $450 ,000 or

524
00:17:29,680 --> 00:17:31,180
after the fact, we can do it.

525
00:17:31,360 --> 00:17:33,460
I'm just going to say up front,

526
00:17:33,460 --> 00:17:34,440
let's do it up front.

527
00:17:34,440 --> 00:17:35,420
Let's do a prepayment on your

528
00:17:35,580 --> 00:17:37,260
mortgage, put it down to $450
,000.

529
00:17:37,260 --> 00:17:42,000
When we do the renewal, we're
going to put that $500 ,000 back

530
00:17:42,000 --> 00:17:42,760
on your mortgage.

531
00:17:42,760 --> 00:17:43,840
We'll get that $50 ,000 back.

532
00:17:43,840 --> 00:17:44,560
So do it.

533
00:17:44,560 --> 00:17:48,840
You'll sit there for a week or

534
00:17:48,840 --> 00:17:52,120
two, and then we're going to pull
it off at closing with the new, if

535
00:17:52,120 --> 00:17:54,860
we decide to partner together.

536
00:17:54,860 --> 00:17:57,420
I'm not explaining this to them on

537
00:17:57,420 --> 00:17:59,140
the call, by the way.

538
00:17:59,140 --> 00:18:00,780
I'm not getting into how we're

539
00:18:00,780 --> 00:18:02,060
doing all this.

540
00:18:02,060 --> 00:18:03,020
I want them to send an application

541
00:18:03,140 --> 00:18:05,400
and documents in, and then I'm
going to build the proposal and

542
00:18:05,400 --> 00:18:07,880
walk them through it on a video.

543
00:18:07,880 --> 00:18:08,560
I'm definitely not explaining this

544
00:18:08,680 --> 00:18:08,940
to them.

545
00:18:09,120 --> 00:18:10,320
Now that we've got that $50 ,000

546
00:18:10,320 --> 00:18:12,380
we prepaid down and we borrowed
back out, we're allowed to write

547
00:18:12,380 --> 00:18:14,960
the interest off on that $50 ,000.

548
00:18:14,960 --> 00:18:15,560
We can.

549
00:18:15,560 --> 00:18:16,660
That's where that tax refund comes
from.

550
00:18:16,660 --> 00:18:20,220
Once again, I'm not explaining
this to the client right now.

551
00:18:20,380 --> 00:18:21,840
This is just you and I talking.

552
00:18:21,980 --> 00:18:22,720
mortgage agent or broker mortgage

553
00:18:22,720 --> 00:18:25,330
agent or broker um so now it's
called a debt swap it's a

554
00:18:25,330 --> 00:18:30,010
accelerator of the smith maneuver
it's one shot deal many of you can

555
00:18:30,010 --> 00:18:30,010
do personally and reap the rewards
long term and so now i get to

556
00:18:30,010 --> 00:18:33,250
write that interest off so i'm not
going to get into how we structure

557
00:18:33,250 --> 00:18:34,750
it and how we just for simplicity
purposes their mortgage is down to

558
00:18:34,750 --> 00:18:37,230
450 now we're going to put a 500
000 mortgage we're actually going

559
00:18:37,230 --> 00:18:42,150
to increase that because we're
going to do a deck and solve for

560
00:18:42,150 --> 00:18:44,910
cash flow but So they get that $50
,000.

561
00:18:45,250 --> 00:18:47,250
We'll replenish the high interest
savings account now when it comes

562
00:18:47,250 --> 00:18:47,990
tax time.

563
00:18:47,990 --> 00:18:49,090
Let's just say they're paying 5 %

564
00:18:49,090 --> 00:18:50,750
interest, for easy math, on that
money, on the mortgage.

565
00:18:50,750 --> 00:18:53,130
Mortgage amount is 5%, let's just
say.

566
00:18:53,130 --> 00:18:53,530
That's $2 ,500.

567
00:18:53,530 --> 00:18:54,890
$2 ,500 a year of interest they're

568
00:18:54,890 --> 00:18:55,130
paying.

569
00:18:55,130 --> 00:18:56,970
So they get to write that off.

570
00:18:56,970 --> 00:19:00,150
And assuming they're at a 40 % tax
bracket, it might be higher.

571
00:19:00,150 --> 00:19:00,630
Let's just say 40%.

572
00:19:00,630 --> 00:19:02,690
40 % of the $2 ,500 is $1 ,000.

573
00:19:03,250 --> 00:19:07,030
they get a $1 ,000 refund, right?
If they prepaid their taxes and

574
00:19:07,030 --> 00:19:07,310
whatnot.

575
00:19:07,310 --> 00:19:09,090
So $1 ,000 refund, that's what we

576
00:19:09,090 --> 00:19:09,370
did.

577
00:19:09,370 --> 00:19:10,930
Just move the money around, shift

578
00:19:10,930 --> 00:19:13,970
it, put it back where it was.

579
00:19:13,970 --> 00:19:15,990
They can still start earning the

580
00:19:15,990 --> 00:19:17,730
money over there.

581
00:19:17,730 --> 00:19:18,770
That's called the debt swap.

582
00:19:18,770 --> 00:19:21,690
It's like, it's a move that most
of your clients can make and it

583
00:19:21,690 --> 00:19:22,910
would set you apart.

584
00:19:22,910 --> 00:19:25,410
Now they can either keep that $1

585
00:19:25,410 --> 00:19:29,510
,000 as cashflow every year or
they can put it against the

586
00:19:29,510 --> 00:19:29,930
mortgage.

587
00:19:29,930 --> 00:19:31,750
Ah, but we're not even going to

588
00:19:31,750 --> 00:19:33,450
get to that.

589
00:19:33,450 --> 00:19:35,170
That's like bonus stuff.

590
00:19:35,170 --> 00:19:36,330
Okay, so that's one.

591
00:19:36,330 --> 00:19:37,490
Then we're going to do a typical

592
00:19:37,490 --> 00:19:39,430
debt or a debt consult because
they told me cashflow.

593
00:19:39,430 --> 00:19:41,270
So I'm going to come back.

594
00:19:41,270 --> 00:19:44,350
And just because the interest rate

595
00:19:44,350 --> 00:19:47,690
on that car, I told you it was 2 %
and the interest rate on the

596
00:19:47,690 --> 00:19:49,030
mortgage you're going to give them
is four and a half.

597
00:19:49,030 --> 00:19:52,200
A lot of you are telling, you tell
the story already.

598
00:19:52,200 --> 00:19:53,640
You're like, I wouldn't do that.

599
00:19:53,640 --> 00:19:54,820
So I'm not going to present it.

600
00:19:54,820 --> 00:19:57,600
Like, what are you doing?
Present the story to the client.

601
00:19:57,760 --> 00:20:00,840
Hey, I want to free up cashflow.

602
00:20:00,840 --> 00:20:03,240
This, I came up with this.

603
00:20:03,240 --> 00:20:09,400
And so we're going to improve your
cashflow by X. We're going to roll

604
00:20:09,400 --> 00:20:10,160
that in.

605
00:20:10,160 --> 00:20:11,840
I know it's only at 2%, but you

606
00:20:11,840 --> 00:20:13,560
told me cash flow was important to
you.

607
00:20:13,800 --> 00:20:16,220
So this is what we're going to do.

608
00:20:16,220 --> 00:20:18,900
So in this scenario we ran, we

609
00:20:18,900 --> 00:20:21,340
put, let's just call it a 550
mortgage on.

610
00:20:22,400 --> 00:20:26,380
We paid out the car, the credit
card, and the car, car, the credit

611
00:20:26,380 --> 00:20:26,440
card.

612
00:20:26,440 --> 00:20:27,400
And we also paid out, we're

613
00:20:27,400 --> 00:20:28,960
pulling 50K back out because the
mortgage is only 450.

614
00:20:29,100 --> 00:20:30,660
We're pulling 50K back out to
replenish the investment.

615
00:20:30,660 --> 00:20:32,320
Okay, so there.

616
00:20:32,320 --> 00:20:34,680
So far, now with that debt

617
00:20:34,680 --> 00:20:37,340
console, I've increased their cash
flow by $1 ,000 a month.

618
00:20:37,340 --> 00:20:39,520
I'm taking half of that, and I'm
going to double their investment.

619
00:20:39,520 --> 00:20:42,080
They're already putting $500 a
month away.

620
00:20:42,080 --> 00:20:42,640
I'm presenting a story.

621
00:20:42,640 --> 00:20:44,520
Hey, we're going to double your

622
00:20:44,520 --> 00:20:45,120
investments to $1 ,000 now.

623
00:20:45,120 --> 00:20:46,820
I bet your financial advisor would

624
00:20:46,820 --> 00:20:49,410
be happy, and I bet you'd be happy
knowing you're putting money away.

625
00:20:49,410 --> 00:20:52,210
And I'm going to increase, so I'm
cutting in half.

626
00:20:52,210 --> 00:20:53,910
How you present that up to you.

627
00:20:54,050 --> 00:20:56,230
This is just how I did it because

628
00:20:56,230 --> 00:20:56,890
it sounds really good.

629
00:20:56,890 --> 00:20:58,510
When I go $500 a month cash flow,

630
00:20:58,510 --> 00:20:59,150
double your investments, $1 ,000
tax refund.

631
00:20:59,150 --> 00:21:00,930
I've already accomplished those
three things.

632
00:21:00,930 --> 00:21:03,310
Next, we're going to set the
global limit higher because there

633
00:21:03,310 --> 00:21:05,310
was room in the loan to value.

634
00:21:05,310 --> 00:21:06,390
And in this scenario, we were able

635
00:21:06,390 --> 00:21:09,670
to give them about an $85 ,000
home equity line with no balance

636
00:21:09,670 --> 00:21:10,970
on it, which they could use.

637
00:21:10,970 --> 00:21:12,330
For the basement, if they ever

638
00:21:12,330 --> 00:21:13,410
used, did build it.

639
00:21:13,410 --> 00:21:14,870
If not, it's not costing them a

640
00:21:14,870 --> 00:21:15,890
dollar, right?
That's pretty standard.

641
00:21:15,890 --> 00:21:18,330
So now I've accomplished that
because they told me that was

642
00:21:18,330 --> 00:21:19,290
something that they were talking
about.

643
00:21:19,290 --> 00:21:20,710
This podcast is brought to you by
American.

644
00:21:20,710 --> 00:21:24,290
And then the last move is that
extra $2 ,500 a month in cash flow

645
00:21:24,290 --> 00:21:26,990
now that they have just goes into
the prepayment strategy, which you

646
00:21:26,990 --> 00:21:29,310
can do at any bank.

647
00:21:29,310 --> 00:21:33,210
I'm going to use Manulife for this

648
00:21:33,210 --> 00:21:37,710
example because it is fully
automated and it's super easy to

649
00:21:37,710 --> 00:21:37,810
do.

650
00:21:37,810 --> 00:21:39,110
Very user friendly in the back

651
00:21:39,110 --> 00:21:39,590
end.

652
00:21:39,590 --> 00:21:41,890
And I am going to structure that

653
00:21:42,010 --> 00:21:44,760
in there, which then takes the
mortgage from 22 to 11.

654
00:21:44,760 --> 00:21:48,720
We did the math on the calculator
up there.

655
00:21:48,720 --> 00:21:50,900
Here you go.

656
00:21:50,900 --> 00:21:52,740
So that's what I'm bringing to the

657
00:21:52,740 --> 00:21:53,020
table.

658
00:21:53,020 --> 00:21:53,220
Right.

659
00:21:53,220 --> 00:21:58,040
And I'll get into maybe we'll talk
a little bit about the man one and

660
00:21:58,040 --> 00:22:01,220
how I'd structure that and
whatnot, because some of you are

661
00:22:01,220 --> 00:22:02,340
who aren't up to speed.

662
00:22:02,340 --> 00:22:03,200
Hey, have any of you noticed

663
00:22:03,200 --> 00:22:06,100
there's a lot of people talking
about the man one, the power of

664
00:22:06,220 --> 00:22:07,040
the pitch?
I wonder why.

665
00:22:07,040 --> 00:22:09,360
I wonder why.

666
00:22:09,360 --> 00:22:10,340
This is a movement, kids.

667
00:22:10,440 --> 00:22:12,780
This is a movement to get you
thinking differently about being a

668
00:22:12,780 --> 00:22:13,120
broker.

669
00:22:13,340 --> 00:22:15,780
And the argument I get is it's too

670
00:22:16,060 --> 00:22:16,520
risky.

671
00:22:16,520 --> 00:22:19,300
No, it's because a lot of you are

672
00:22:19,300 --> 00:22:22,560
just idiots in how you set it up.

673
00:22:22,560 --> 00:22:23,740
You're setting it up risky.

674
00:22:23,740 --> 00:22:24,980
You've been taught to set it up
risky, right?

675
00:22:24,980 --> 00:22:28,360
There's no way in hell I would
give someone with a $2 ,000 a

676
00:22:28,360 --> 00:22:29,880
month cash flow.

677
00:22:29,880 --> 00:22:33,400
that I would give them a half a

678
00:22:33,400 --> 00:22:36,290
million dollar, put their whole
mortgage in a HELOC.

679
00:22:36,290 --> 00:22:38,370
A lot of you are doing that.

680
00:22:38,510 --> 00:22:39,550
You're putting 550 ,000 into the

681
00:22:39,770 --> 00:22:41,970
HELOC or 350 ,000 in the HELOC.

682
00:22:41,970 --> 00:22:43,810
I don't understand why you're

683
00:22:43,810 --> 00:22:44,110
doing that.

684
00:22:44,110 --> 00:22:44,910
It doesn't make sense.

685
00:22:44,910 --> 00:22:46,790
You don't put that much in.

686
00:22:46,790 --> 00:22:49,310
You have to figure out, you just

687
00:22:49,310 --> 00:22:53,310
put a small amount in, right?
You put a small amount in the

688
00:22:53,310 --> 00:22:53,470
HELOC.

689
00:22:53,470 --> 00:22:55,230
So you carve out for the HELOCs.

690
00:22:55,230 --> 00:22:56,750
For this example, we carved out 50
,000.

691
00:22:56,750 --> 00:22:58,470
So we gave them about $140 ,000
HELOC, 50 advanced.

692
00:22:58,470 --> 00:23:01,990
The other 90, let's call it, was
for the basement if they needed it

693
00:23:02,580 --> 00:23:03,300
sitting there.

694
00:23:03,300 --> 00:23:04,900
And then the rest of the funds

695
00:23:04,900 --> 00:23:07,540
went into sub -accounts, re
-advanceable, non -re

696
00:23:07,720 --> 00:23:08,700
-advanceable, depending on the 65
% threshold.

697
00:23:08,700 --> 00:23:10,220
Won't get into breaking that down.

698
00:23:10,220 --> 00:23:11,520
That's not what this calls about.

699
00:23:12,500 --> 00:23:14,580
But that's what we did.

700
00:23:14,580 --> 00:23:16,980
And now that $2 ,500 can just be

701
00:23:16,980 --> 00:23:18,420
applied against the balance on the
HELOC.

702
00:23:18,420 --> 00:23:19,880
And now when it gets paid down
eventually, in probably three

703
00:23:19,880 --> 00:23:21,480
years, give or take, two to three
years.

704
00:23:21,480 --> 00:23:24,320
We just would put a new balance
back on the HELOC.

705
00:23:24,320 --> 00:23:26,260
So the only difference we've given
these people is we've given them

706
00:23:26,260 --> 00:23:29,820
an interest -only payment on $50
,000 versus locking it all up into

707
00:23:29,820 --> 00:23:30,880
an AM mortgage.

708
00:23:30,880 --> 00:23:33,770
But if we lock it all up into an

709
00:23:33,770 --> 00:23:36,530
AM mortgage, they don't have any
upside.

710
00:23:36,530 --> 00:23:39,290
They're in a 22 -year AM.

711
00:23:39,290 --> 00:23:42,110
If we set it up this way, and

712
00:23:42,110 --> 00:23:43,750
maybe their payments are about
$30, $40 different, that's the

713
00:23:43,750 --> 00:23:47,630
additional cash flow they get
because it's in a HELOC.

714
00:23:47,630 --> 00:23:52,730
Whereas a lot of you have
structured it so that all the

715
00:23:52,730 --> 00:23:56,130
money, all the mortgage goes in
the HELOC and they're sitting here

716
00:23:56,130 --> 00:23:59,550
with like four grand a month left
over going, holy crap, we're

717
00:23:59,550 --> 00:24:00,170
ballers now.

718
00:24:00,310 --> 00:24:01,070
Let's go party.

719
00:24:01,070 --> 00:24:01,530
That's risky.

720
00:24:01,530 --> 00:24:01,970
That's wrong.

721
00:24:02,090 --> 00:24:03,890
And so this has zero risk to it.

722
00:24:03,890 --> 00:24:05,530
Like literally zero risk.

723
00:24:05,530 --> 00:24:07,070
We're giving them interest only
payments on 50K, right?

724
00:24:07,130 --> 00:24:07,910
With a plan in place.

725
00:24:07,910 --> 00:24:11,330
And I'm going to monitor with them

726
00:24:11,330 --> 00:24:12,950
and set it up correct and check
in.

727
00:24:12,950 --> 00:24:13,710
I make sure the plan's working.

728
00:24:13,710 --> 00:24:14,570
It's a simple plan.

729
00:24:15,830 --> 00:24:16,410
It's all automated.

730
00:24:16,410 --> 00:24:17,870
That's why we're going to man one.

731
00:24:17,870 --> 00:24:19,290
So that's what I'm bringing to the
table.

732
00:24:19,290 --> 00:24:20,650
I'm bringing to the table.

733
00:24:20,650 --> 00:24:22,870
So if that client is talking to

734
00:24:22,870 --> 00:24:30,150
you and they have that situation
and then they talk to me and I

735
00:24:30,150 --> 00:24:31,110
don't broker, by the way.

736
00:24:31,110 --> 00:24:33,470
So when I say that, I'm just

737
00:24:33,470 --> 00:24:35,910
talking out loud like that
scenario, but I don't broker

738
00:24:35,990 --> 00:24:36,130
anymore.

739
00:24:36,130 --> 00:24:37,430
Happened in a while.

740
00:24:37,430 --> 00:24:40,950
Sometimes makes me want to go back
in because I'm like, oh my God,

741
00:24:40,950 --> 00:24:41,530
I'd crush it.

742
00:24:41,830 --> 00:24:42,930
I would absolutely destroy it.

743
00:24:43,050 --> 00:24:43,810
I know I would.

744
00:24:43,810 --> 00:24:45,250
But I'm on a different journey.

745
00:24:45,250 --> 00:24:46,270
I will not broker again.

746
00:24:46,430 --> 00:24:47,110
I'm on a different path.

747
00:24:47,110 --> 00:24:50,410
I'm teaching people this, right?
How to think this way.

748
00:24:50,410 --> 00:24:52,680
And that's where I get leverage.

749
00:24:52,680 --> 00:24:54,040
Now I get leverage because I have

750
00:24:54,040 --> 00:24:56,920
a bunch of agents who will
hopefully go out and do all this.

751
00:24:56,920 --> 00:24:57,500
And they are.

752
00:24:57,500 --> 00:24:59,400
So this is the thinking.

753
00:24:59,400 --> 00:25:04,040
It's like now that person, okay,
now I know why I'm going to go

754
00:25:04,040 --> 00:25:04,340
over here.

755
00:25:04,340 --> 00:25:04,540
You're right.

756
00:25:04,540 --> 00:25:06,180
And this is with a 4 .4 interest
rate, right?

757
00:25:06,180 --> 00:25:09,180
A blended rate between 4 .34 and
the 50K and the HELOC.

758
00:25:09,180 --> 00:25:10,880
Maybe it works out to 4 .4.

759
00:25:10,880 --> 00:25:13,080
four, four, four, two, whatever,

760
00:25:13,360 --> 00:25:14,380
somewhere in there.

761
00:25:14,380 --> 00:25:16,400
But that's like, I've changed the

762
00:25:16,400 --> 00:25:16,560
game.

763
00:25:16,560 --> 00:25:18,080
I've changed the conversation.

764
00:25:18,080 --> 00:25:18,980
We're not talking interest rate
anymore.

765
00:25:18,980 --> 00:25:20,980
I'm addressing their problems and
their pain points.

766
00:25:20,980 --> 00:25:22,240
This podcast brought to you by
American.

767
00:25:22,240 --> 00:25:22,780
So, right.

768
00:25:22,780 --> 00:25:24,120
And that's a big thing that you

769
00:25:24,120 --> 00:25:25,760
need to figure out your only goal.

770
00:25:25,760 --> 00:25:27,080
Not your only goal.

771
00:25:27,080 --> 00:25:33,160
One of your main goals on that
discovery call outside, you want

772
00:25:33,160 --> 00:25:35,520
to make sure they're not an
asshole.

773
00:25:36,080 --> 00:25:37,680
You want to make sure they're not
disrespectful.

774
00:25:37,680 --> 00:25:42,080
You want to make sure they have
good credit or whatever your

775
00:25:42,080 --> 00:25:43,000
avatar is.

776
00:25:43,000 --> 00:25:45,520
You want to make sure they have a

777
00:25:45,520 --> 00:25:45,760
job.

778
00:25:46,040 --> 00:25:47,780
You want to make sure they have

779
00:25:47,780 --> 00:25:48,720
equity in their home.

780
00:25:48,720 --> 00:25:49,980
Like you want to make sure all

781
00:25:49,980 --> 00:25:50,380
that stuff.

782
00:25:51,140 --> 00:25:53,740
But then on top of that, I need to

783
00:25:53,740 --> 00:25:54,460
figure out their pain.

784
00:25:54,720 --> 00:25:56,520
And if they're coming to me with

785
00:25:56,520 --> 00:26:00,300
interest rate and that's it, I
haven't asked the right questions

786
00:26:00,300 --> 00:26:00,460
then.

787
00:26:00,460 --> 00:26:00,740
Right.

788
00:26:00,740 --> 00:26:01,800
I haven't asked the right
questions.

789
00:26:01,800 --> 00:26:03,200
I need to figure out the pain.

790
00:26:03,260 --> 00:26:05,260
Because then that's where I can

791
00:26:05,260 --> 00:26:07,320
put the plan together to solve the
pain, solve the problem.

792
00:26:07,320 --> 00:26:10,740
So for them, I knew they needed
cash flow.

793
00:26:10,740 --> 00:26:12,840
And I knew they wanted to pay the
mortgage off faster.

794
00:26:13,160 --> 00:26:15,640
And then third, it was just money
for a basement.

795
00:26:16,700 --> 00:26:19,800
What if money for the basement?
A lot of people just be like,

796
00:26:19,800 --> 00:26:20,840
yeah, just use your savings.

797
00:26:20,840 --> 00:26:23,500
No, no, no. Your tax refund goes

798
00:26:23,500 --> 00:26:23,700
away.

799
00:26:23,700 --> 00:26:25,620
There's a different way to do it.

800
00:26:25,880 --> 00:26:26,960
And maybe they do that as well.

801
00:26:26,960 --> 00:26:27,260
I don't know.

802
00:26:27,260 --> 00:26:28,960
There's eight different ways we
can do this through move and

803
00:26:29,080 --> 00:26:29,240
shake.

804
00:26:29,240 --> 00:26:31,040
So I wanted to point this out.

805
00:26:31,280 --> 00:26:33,420
This is a training exercise we
did.

806
00:26:33,440 --> 00:26:34,760
We do these every Thursday on the
team.

807
00:26:34,760 --> 00:26:35,460
It's all man one related.

808
00:26:35,660 --> 00:26:37,840
We put scenarios up there and we

809
00:26:37,840 --> 00:26:42,380
go, how can we package this,
create a story and present it from

810
00:26:42,380 --> 00:26:43,820
this?
And I'll tell you right now, the

811
00:26:43,820 --> 00:26:49,220
star of the show, and this is a
big thing a lot of you, I think

812
00:26:49,220 --> 00:26:53,700
you're missing the mark on when
you're seeing people out there

813
00:26:53,700 --> 00:26:56,140
talking about the man one.

814
00:26:56,140 --> 00:26:59,500
The man one is not the star of the

815
00:26:59,500 --> 00:26:59,640
show.

816
00:26:59,640 --> 00:27:04,060
You're the freaking star of the

817
00:27:04,060 --> 00:27:04,260
show.

818
00:27:04,260 --> 00:27:05,360
That scenario I just created, that

819
00:27:05,360 --> 00:27:05,700
was me.

820
00:27:05,700 --> 00:27:07,850
Just so happens, the tool we're

821
00:27:07,850 --> 00:27:09,970
going to use is going to be the
man one.

822
00:27:09,970 --> 00:27:11,990
The man one's like number two or
three down the list here.

823
00:27:11,990 --> 00:27:12,630
It's me.

824
00:27:12,630 --> 00:27:13,230
I'm the star of the show.

825
00:27:13,230 --> 00:27:15,370
And a lot of you are trying to
hide behind these products,

826
00:27:15,370 --> 00:27:16,050
whatever they are.

827
00:27:16,050 --> 00:27:16,650
In all reality, you're that.

828
00:27:16,650 --> 00:27:18,630
And the way you present it, the
way you make the people feel, the

829
00:27:18,630 --> 00:27:19,870
way you uncover problems they
didn't know they had.

830
00:27:19,870 --> 00:27:21,090
A way that you just...

831
00:27:21,090 --> 00:27:22,790
Keep the conversation focused on

832
00:27:23,070 --> 00:27:24,330
the pain points they have.

833
00:27:24,330 --> 00:27:26,190
And then create a situation where

834
00:27:26,190 --> 00:27:26,770
you can solve them.

835
00:27:26,770 --> 00:27:28,530
What would it look like?

836
00:27:28,530 --> 00:27:32,130
Like, I can do this for you.

837
00:27:33,290 --> 00:27:34,410
Increase cash flow, tax refund,

838
00:27:34,410 --> 00:27:36,390
double your investments, cut your
mortgage in half, give you money

839
00:27:36,390 --> 00:27:36,910
for the bill.

840
00:27:36,910 --> 00:27:37,650
Like, that's a completely

841
00:27:37,650 --> 00:27:42,150
different story, right?
Ah, but that's because I'm the

842
00:27:43,070 --> 00:27:43,430
star.

843
00:27:43,430 --> 00:27:44,430
I'm the star of the show.

844
00:27:44,430 --> 00:27:48,030
And this is just another tool I
have, is to do this.

845
00:27:48,030 --> 00:27:49,850
Right?
So I want to put that out there.

846
00:27:49,850 --> 00:27:51,430
Hopefully that means something to
you.

847
00:27:51,430 --> 00:27:52,130
Hopefully you learned something
there.

848
00:27:52,130 --> 00:27:54,690
Hopefully you are looking in the
mirror and going, I need to up my

849
00:27:54,890 --> 00:27:55,070
game.

850
00:27:55,650 --> 00:27:58,270
And whatever that means for you,

851
00:27:58,270 --> 00:28:00,450
because I'm here to tell you, you
do.

852
00:28:00,450 --> 00:28:01,900
You absolutely do.

853
00:28:01,900 --> 00:28:03,200
There are seasoned pros out there

854
00:28:03,200 --> 00:28:04,540
where their businesses are
igniting on fire.

855
00:28:04,540 --> 00:28:06,160
They're just like, because they
haven't upped their game.

856
00:28:06,320 --> 00:28:07,020
They got lazy.

857
00:28:07,020 --> 00:28:07,940
And they did things the old way.

858
00:28:07,940 --> 00:28:09,760
And they're like, hey, we're
buddies.

859
00:28:09,760 --> 00:28:10,060
We're friends.

860
00:28:10,060 --> 00:28:11,320
We know the same people.

861
00:28:12,300 --> 00:28:13,780
Yeah, but 30 basis points, dude.

862
00:28:13,780 --> 00:28:14,460
Over five years.

863
00:28:14,460 --> 00:28:14,960
It's a lot of money.

864
00:28:14,960 --> 00:28:17,120
Like, I like you, but not that

865
00:28:17,120 --> 00:28:17,540
much.

866
00:28:17,540 --> 00:28:17,860
Right?

867
00:28:17,860 --> 00:28:20,080
The old way of brokerage is out
the window.

868
00:28:20,080 --> 00:28:21,340
There's snippets of it.

869
00:28:21,340 --> 00:28:21,820
They can still win.

870
00:28:21,820 --> 00:28:23,260
But five years from now, three
years from now, they'll have

871
00:28:23,260 --> 00:28:23,440
nothing.

872
00:28:23,440 --> 00:28:25,240
So you need to make a shift

873
00:28:25,240 --> 00:28:25,560
somewhere.

874
00:28:25,560 --> 00:28:26,500
So hopefully this helps you with

875
00:28:26,500 --> 00:28:27,740
that shift.

876
00:28:27,740 --> 00:28:28,380
That's it, kids.

877
00:28:28,380 --> 00:28:29,000
Enjoy your weekend.

878
00:28:29,000 --> 00:28:29,200
Peace out.