Looking to revolutionize and fast track your fortune with real estate investing? Get ready to be inspired by our guests, Jamie and Leslie Collard!
Tune in now for video or audio streaming.
This industrious couple transformed their modest savings into a thriving real estate portfolio. They’ve mastered techniques such as refinancing, property renovation for appreciation, and boosting rental values. This dynamic duo even replaced Jamie’s income in just two years, with 26 units under their belt. Tune in to hear their story of assembling an in-house team for property management, construction, and finance, and how you can do the same.
Brace yourself for invaluable wisdom from Jamie and Leslie’s real estate investing journey. They emphasize the significance of a robust network and efficacious systems. Learn why they believe in business coaching, and how it can aid in comprehending the property market.
Expect an open discussion about their challenges, including changing financing rules and the necessity of adaptability. Be astonished by their recounting of their most successful project, a 22-unit apartment building, where they rewarded their investors with a whopping 109% return in just three years.
We delve into the nitty-gritty of finance as Jamie and Leslie illuminate the disparities between TFSAs and RRSPs, and the tax implications of investing in each. Hear Jamie’s persuasive argument for TFSAs.
In addition, discover the requirements for investing in their Mutual Fund Trust (aka “MFT”), its entry point for investors, and its potential for high double-digit returns. Leslie imparts her mantra of courage and kindness and emphasizes the importance of understanding your investments.
Join us for an episode filled with unmissable insights from the Collard’s exhilarating journey into real estate investing.
To connect with Jamie and Leslie Collard to learn more about their amazing opportunities, please contact me directly at info@serenaholmesrealtor.com.
To connect with our host, Serena Holmes, click here and to buy a copy of The Accidental Entrepreneur, click here.
Thank you again to our sponsors Coast to Coast Homes & REAL Power Ladies for bringing us this episode.
To learn more about them, go to:
* @goodhomescanada on Instagram or https://linktr.ee/coasttocoasthomes
* @realpowerladies on Social or https://real-power.ca online
Tune back in on Wed., Aug. 23 for Episode Eleven with an investor from B.C. who has moved along from the military into land development and 3D modular printing.
Thank you for tuning into the Inspired To Invest real estate investing podcast.
And remember, “when you invest in yourself, the sky’s the limit!”
Real Estate Investing Podcast Episode Transcript
Speaker 1
00:01
Welcome to the Inspired to Invest podcast, where we’re sharing stories from real estate investors and how investing has changed their lives. This episode of Inspired to Invest has been brought to you by Coast to Coast Homes and Real Power. Hi everybody, welcome to Inspire to Invest. I’m so thrilled to have Jamie and Leslie Collard here from Collard Properties and just to introduce them appropriately. They’ve been investing since 2016 and boy they have done so much Everything from burying multifamily properties and apartment buildings to commercial properties and even land development. They focus on renovating properties to force appreciation, increase the rental values. They have an in-house team including property managers, construction specialists and even full finance department. So, without further ado, please welcome Jamie and Leslie, Hi guys, hi guys, how are you?
00:59
Thanks for having us on. Thank you for being here today. So I feel like you started investing just a little bit before I did. I know that we’re both part of the same real estate education company, but maybe you can tell me a little bit more about what you did before real estate, because I only know you as these real estate gurus. Yeah, sure.
Speaker 2
01:21
We did nothing to do with real estate actually. So I was actually a youth probation officer and I had worked in the youth justice field for about 20 years. Wow, so yeah.
Speaker 3
01:34
Yeah, and I was an automotive mechanic. Actually In about 2014, I started my own shop and became self-employed and that was really one of the key factors why we got into real estate, because I didn’t have a pension to lean on once I needed to retire. So we thought, if we got into real estate, to kind of be my pension and Leslie had one with the government.
Speaker 2
01:58
That was kind of our goal.
Speaker 1
02:01
Yeah, and now looking, so you obviously thought real estate could possibly provide that solution for you. But what was really the catalyst where you really started to go into a full force and obviously like ultimately leaving your places of employment?
Speaker 2
02:18
Yeah, I think that we. So I grew up in a family with contractors, so I’ve always known the value of real estate. My dad always used to renovate our houses, flip them. We’d move on to the next terrible house, fix it up and keep moving on. And I was always on job sites with them. So I’ve always had that construction knowledge and backgrounds. But also we got to the point where it was like we’re always have no money Even though we’re working, both working full time jobs, and we just, you know I was getting burnt out at work, especially in my job, and you know I got to the point where I was frustrated that somebody was telling me the value of my time in a year sitting in that desk and I wanted the freedom to be able to give myself value. Yeah, make as much as I wanted to make.
Speaker 3
03:16
I mean for us. I think too it was when we got into real estate. We didn’t really realize the game or anything Like. We just thought flipping was the only way to make money in real estate yeah.
Speaker 1
03:27
You own a property you have a landlord, you got tenants. Yeah, yeah.
Speaker 3
03:30
We never thought of being landlords. We thought maybe flipping we just flipped some properties and then once we’d learn more about it, about how you can do a refinance and pull your money back out on a burr and move on to the next property I think that would this is for people who don’t know what is really the true value of refinancing when you’ve done something like that, like forcing appreciation.
03:52
So for us, we didn’t have a lot of money. So what we needed to do is, you know we didn’t have much for down payment or rental costs. We were borrowing the money to be honest stuff or line of credit and stuff. So we needed to be able to get that money back out when we refinanced. And if we could get that money back out, we could use that money again over and over to the next property and such.
Speaker 2
04:15
So free houses, we were getting free houses. So really the infinite. It’s an infinite return because the houses are not costing us anything.
Speaker 1
04:23
Yeah, and I guess for anyone listening again, because I just want to be mindful of the fact that there could be a lot of investors listening, but there could be people who literally have no experience when it comes to this thing. And I think what I was really trying to get it is the fact that when you are taking that money out on a refinance, is you’re actually taking that money out tax free? So it’s just like you’re just selling that and paying capital gains, because obviously there can be big tax implications. But this is a really unique strategy in the sense that you can rinse and repeat tax free. So it’s obviously something that can be very, very attractive to someone that’s starting out, that wants to mitigate their taxes and just to really maximize the return and the potential to put towards major investments. Yeah for sure.
Speaker 3
05:02
Yeah, I think when we started, we were just hoping to get our money back out, but then we started realizing whoa, we can get a lot more than our money back out and we can gradually In our pocket, yeah, Money in our pocket and buy bigger stuff and duplexes and triplexes and start growing. What we were doing so I think that was the big aha moment for us is oh, we can do this essentially with just a small pot of money that just gets bigger and bigger as we go.
Speaker 1
05:31
So how long did that take? So obviously, you guys had your jobs. You started in 2016. Did you just decide, okay, well, we’re doing this and just cut the ties, or was there a span of like six months to a year or a couple of years that it took you to get comfortable?
Speaker 2
05:46
It was two years Two years for me. So we actually bought our first actual property in February of 2017 and I walked away from my job in March of 2019. We had 26 units at that point, so I was able to replace my income, and that was kind of the target for me was my income is replaced. We have that stability. We had a little bit extra more than what my income would be, in case somebody doesn’t pay rent one month or anything like that. And then, yeah, that was when it felt good for us that I would become full-time into real estate.
Speaker 3
06:29
And I just kind of slowly phased out. I obviously own my business and I hired mechanics to work for me so I could come and go a little bit. And then I think when was it about 2020?
Speaker 2
06:41
Yeah, you were full-time real estate 2020,.
Speaker 3
06:44
I hired a shop manager to come in and run the shop for me, so I didn’t need to be out there and then kind of stepped away.
Speaker 1
06:51
So yeah, is it still operating today?
Speaker 3
06:54
It is yeah no-transcript.
Speaker 1
06:58
As a business owner, you can get sucked back in sometimes. I was just curious to see if you have that still running.
Speaker 3
07:03
So I don’t usually. I haven’t worked in the shop in years, Years, but this morning I was working in the shop so I had I had two mechanics in the shop manager. Yeah, one mechanic broke his shoulder last week.
Speaker 1
07:16
Oh no.
Speaker 3
07:17
And I had a funeral today, yeah. So we were out of mechanics so yeah, so there you go Today the first time in like two years I was out in my shop working, actually this morning.
Speaker 1
07:27
Yeah, oh, interesting. That’s so funny. Obviously, I know you’ve done a lot from where you started to where you are now, and we’ll get into some of that stuff. But now, looking back at your history over the last seven years, what would you define as your biggest success and why does that make the most impact for you personally?
Speaker 2
07:44
I honestly, I think our biggest, our biggest success so far is just the relationships we’ve built. I think is is always what I come back to. You know, we have the most amazing friends and they’re all you know most of them, anyway, are real estate investors and just being surrounded by that community to help one another and lift one another up, it’s amazing and it’s it’s a community that we’ve never. We’ve never really had that kind of a friend group that I could call anybody anytime of the day and and just get answers and get support and it’s just been. It’s been incredible.
Speaker 3
08:28
Yeah, I mean, I think the biggest thing is a different outlook on life. I guess Everything’s different, I guess when you’re in the real estate world.
Speaker 5
08:38
Yeah.
Speaker 3
08:38
I mean it’s more positive and it’s you know, problems are easier to solve, I would say, even though they’re bigger problems, you have all the support from people that can help, and I mean there’s just different ways of looking at things, you don’t? You don’t have to work harder to make more money, you just have to, you know, do things a little smarter, I guess, yeah, yeah.
Speaker 1
09:00
Well, I think that’s why it’s so important to have that community. Like as a business owner or technically as an investor, like you’re obviously building that business. It can be really isolating and I think times for the average person you know they look at real estate investing as really intimidating and really scary or overwhelming compared to just the comfort of their job. And obviously to me, like there’s nothing really more risky than just one sole source of income because that could always appear at any point in time. And you know, I think that’s why having that network is essential, so that you have people to lean on, you’ve got ways that you can troubleshoot, you just don’t feel like you’re floating along by yourself.
Speaker 2
09:35
Yes.
Speaker 1
09:36
I’m sure it goes without saying that you know it’s not all sunshine and rainbows, no, it’s just sunshine and rainbows and sunshine checks. When you think back now, what do you think is one of the biggest lessons that you’ve had to learn? And if you could go back and change anything now, knowing what you know, like what would you have done differently maybe in that situation? To like lessen the blow from that lesson?
Speaker 2
09:56
Yeah. So one of the biggest lessons and we’re kind of going back now is systems, systems and people. Yeah, so putting systems in place and people in place when we needed them, before we need them, I should say yeah, instead of Always being in a position where it’s like we should have hired them six months ago but we didn’t. Yeah, so Systems are we. We do use a project management software. Monday comm in our company and it’s been amazing. So that has kind of helped us clean up, I guess for lack of better word but you know, now we’re moving into more land development.
10:37
So before we do the land development, now we’re getting a project management system specifically for land development. Yeah, you know our quick books. We use quick books online and it’s not really meeting the needs of the company anymore. So now we’re looking for something more real estate related. So we’ve learned that those systems we have to start and implement now, even though we might just kind of not necessarily need them today, but in six months we are definitely gonna need them. So we’re implementing it on time. And being afraid to hire people really held us back and it still does today, like it’s one of those hurdles that we just it’s like we need this person, but do we want that extra expense? And then all of a sudden, six months later, you’re like oh my god, we needed them six months ago.
Speaker 1
11:25
Yeah.
Speaker 2
11:26
Yeah, I mean.
Speaker 1
11:28
I was gonna say I ran my own business for 18 years so I can understand. You know, as you’re, you’re growing. It’s kind of like the heart, the horse and cart kind of thing, right, like you got a lot of work and all of a sudden you’ve got a rush hiring. One thing that we ended up doing was developing playbooks for each role in the business, and there’s a couple different reasons for that is that one we wanted everyone to be doing things consistently, so if someone was on holidays or was sick for a day, we all knew exactly how Things were being done and we could very easy and seamlessly like pick up the pieces and stuff like that and then, from an onboarding perspective, like even documenting what I would do, like I eventually wanted someone I quote on the business and do some of the marketing and stuff like that.
12:05
So literally not only just documenting what had to happen but screenshoting like exactly how each thing, like think about the roles that happen and stuff like that. And we just found that that learning curve significantly decreased. It became far easier when we’re hiring people because they could just reference the playbook and I’m not gonna ask questions and collaborate and stuff like that, but it just made it a lot easier. And then obviously, as we continued to scale and grow and stuff like that, there was a playbook for each of those roles. So it became like a very essential part of our business.
Speaker 2
12:33
Yeah, and we’re actually in the middle of doing some of that right now too, and again, we should have done this probably two years ago, but we just, you know, in the the hustle of real estate, yeah, it’s things that just kind of get put to the wayside. So For us, 2023 is a year of cleanup. I mean, that’s kind of the office it’s actually wrote in our office.
Speaker 1
12:54
Yeah, and you don’t know, you don’t know right, like I mean, I I think I was 12 years in when we made the playbooks. You know, yeah, I think kind of like a group coaching environment and you know, they suggested a number of different things and that was obviously one of them having one of them operating procedures.
Speaker 3
13:08
So yeah, I think. I think another thing that we would have done differently, probably we took we’ve done tons of coaching on real estate, like we’ve gone to all different courses and seminars and everything about real estate. Yeah and then we, we kind of had the aha moment this year that we didn’t take any business coaching at all. So we’ve done, you know, we’ve done some business coaching this year and I think that that’s a game changer and I think we wish we’d done that earlier, yeah, but the systems in place sooner.
13:38
So I think that I think that was the biggest aha for us, at least this year anyway.
Speaker 1
13:42
Yeah, yeah. So I guess, with that being said, we’ll just take a really quick break forward from our sponsors.
Speaker 5
13:49
I’m Deanna Boyden, ceo of real power, where female investors and entrepreneurs come together to enjoy real content, real connections and real collaborations. Our events and programs are designed to give women the type of community, the type of support, the type of learning that they need to flourish in this business. We have a 12 month mastermind program, starting a fall cohort in October. Also, we have our upcoming hand more event, october 20th to 22nd in the beautiful Rocky Mountains, featuring a full slate of powerful female speakers, great interactive sessions and, of course, our beloved sequence, social. And If you or someone you know are just looking to get started in real estate investing, be sure to check out the girlfriend’s guide to real estate investing kicking off in September of 2023. You can find this and more at real-powerca.
Speaker 1
14:42
We hope to see you soon upcoming events for real power include the real power mastermind fall cohort, the girlfriend’s guide to real estate investing, real weekend fall retreat and can more, and the real power weekend in Palm Springs. To get in touch with real power, contact Deanna Boyden, the CEO of real power, ladies at Deanna at real powerca. For more, go to real-powerca Online. Thanks again for following along with this episode of inspired to invest. In addition to real estate investing and running my own brand experience agency for 18 years, I also published a book called the accidental entrepreneur in October of 2021. This is my story and it chronicles how I turned tragedy into triumph to embrace my destiny in entrepreneurship. If you’re interested in picking up a copy, you can find the link at SerenaHomesRealtorcom and you can also find my link tree with all of the retailers in the details below. Thanks again for your support.
Speaker 4
15:45
Welcome to coast to coast homes, canada. We are Colin and Nicole, the passionate founders. We started this journey because we know that real estate investing may not be easy, but it doesn’t have to be complicated. Our education and our relationships have formed the bedrock of our success. We invest time, energy and care in both. Our portfolio has grown from basement suites and duplexes to apartment buildings and land development, and we’re just getting started. Reach out to us to set up a time to chat. You never know where one call will lead you.
Speaker 1
16:18
Welcome back everybody. Thanks for joining us. On inspire to invest, we have Leslie and Jamie colored here from colored properties and we’re just talking about some other successes and lessons, and I think you know. For my next question, I want to understand a little bit about some of the obstacles that you face, because you’ve obviously tackled some really, really large projects and, when you think about that, what was probably your biggest obstacle and what have you really done to overcome it over the last seven years?
Speaker 2
16:45
I think the biggest obstacle has been overcoming ever changing financing rules, especially to keep you on your toes, that’s for sure.
16:56
CMHC loves to change the rules overnight, so there’s always changing financing rules. There’s always you go into a project and you have a plan in place and this is going to be, this is the mortgage rates and this is how I’m running it conservatively and then all of a sudden the rates jump 3% in a year and a half. So it kind of puts you your projects in a different place. So we’ve never had a project go bad, thank God. We’ve always been able to make sure that we run our numbers conservatively, really conservatively actually, so that we’re kind of in that buffer zone. But it’s stressful.
Speaker 3
17:45
Yeah, I mean changing strategy.
Speaker 1
17:48
I think everyone, every real estate investor, would agree with that.
Speaker 3
17:51
Yeah, I mean, I think that’s the biggest thing, though, is that you pivot and change and you know, okay, the strategy I was going to do doesn’t work. What do I need to change to make it work? And just find a different way of doing things. You know, I think I’m probably the worst one on the team for getting stuck with doing the same thing over and over again, definitely, I was very sure.
18:14
Because I just, you know, with finding a method, we just do it and you just repeat it and keep doing it, but obviously times you need to change and pivot and find something different. And you know we’ve been able to do that. Whether you know apartment buildings it’s adding you know garages that we can rent out, other things like tech packages that we can, you know, provide internet for the whole building and you know, buy it at a discount and be able to sell it at retail price and that boosts your NOI in the building, which increases the value of your building. So you know, just being able to do stuff like that.
Speaker 2
18:51
At the drop of a hat, yeah.
Speaker 1
18:54
Yeah, and I think that’s what they say like the true mark of an entrepreneur is to see things not as they are but how they could be, and identifying all those opportunities where you can be bringing in money or saving money and, you know, just trying to make sure that not only is the profit you know you’re profitable but you know it is successful for everyone that’s involved. Yeah, but you think of all the different things you’ve done, because it’s you know there’s a pretty widespread there. Out of all the projects, what would you say you’ve been the most happy with?
Speaker 2
19:22
Well, the most happy with eh, yeah. Do you have one that you’re most happy with?
Speaker 3
19:27
I mean, I think, our first one, our first apartment building we ever did, we bought in 2019. Yeah, what was?
Speaker 2
19:34
it 19.
Speaker 3
19:34
19? Yeah, 2019. And it was a three-year project and it was like our first shareholders I guess we had done some JVs and stuff, but this one we started another corporation and brought in shareholders for a three-year term. This was our first apartment building. Up to that point, I think the biggest thing we’d done was a four-plex.
Speaker 1
19:54
So how many units would that apartment building have been?
Speaker 3
19:57
It was 22 units, a five-story building with an elevator, so like it was. You know, a pretty big jump for us, yeah, and I mean that was very stressful getting it under contract. It was an off-market deal. We tried to deal with the doing the realtor stuff for that and we decided we never wanted to do that ever again.
Speaker 2
20:17
That was so stressful.
Speaker 3
20:20
But anyways, we did that deal ourselves and you know we did the full renovation and it was a three-year term with our investors and I mean, that was the scary part too, is making sure that we can perform for our investors.
Speaker 2
20:33
Every day, yeah. That was on our minds for three years. Yeah, and it worked out well.
Speaker 3
20:38
I mean, we ended up getting a way more return than we expected.
Speaker 2
20:42
I was just reading the documents shareholders’ documents. They ended up. Shareholders made 109% in three years from that deal, so yeah.
Speaker 1
20:51
It was they shareholder’s meaning like they still have equity after their capital’s returned or we buy them out at that point, yeah.
Speaker 2
20:57
We bought them all out. We still own the building, actually, and it’s still. It was really good.
Speaker 3
21:02
Yeah, so, yeah, so we were able to pay them out. They got their 109% return. Everybody was happy.
Speaker 1
21:07
Yeah yeah, it’s better than seeing a mutual fund. Yeah, so you mentioned that you’ve had a lot of coaching. I think I saw something online about how much you’ve spent. I don’t know if you’d be willing to share that, just so people really understand. Oh yeah, it’s been an investment that has been in your education.
Speaker 2
21:24
Yeah, we’ve spent right now I think it’s over 300,000 easily on our education in the past like six years, and every single penny of it has been worth it. I mean, we’re kind of like education junkies now. It’s one of those things where we go into a conference or one-on-one training or group sessions or whatever it might be, and as long as we’ve had an open mind, you always come away with something and you never know when those small little nuggets are going to come out that actually change the trajectory of your whole career. And we just had one of those moments, actually last weekend, where we were opening our mutual funds. We were really concerned and trying to figure out how we’re going to pay salespeople that were coming on to went to this fund conference, met with one of the well, the gentleman who used to run the largest real estate fund in the world, and he, in two minutes he gave us the answer and we were like, oh my God, like this is genius.
22:39
And what did that conference cost us? $600 for three days, and I’m just like that was amazing.
Speaker 1
22:46
That’s a trick. Yeah, I’ve mentioned that once said. If you start to look at things differently, things will look different, and it sounds really simple, but sometimes you just need a little bit of light kind of shone on your problem from a different perspective. So would you say that’s the best advice you’ve been given, or is there anything you can identify? If I be like, this was literally the best advice that we are ever passed down.
Speaker 3
23:08
I mean, there’s so much that we’ve learned and, to be honest, like a lot of the conference we went to, like we obviously learned lots, and all these different conferences and groups that we’ve joined, but maybe the most valuable information we got was not from the people on the stage but the people that you network with while you’re there. I mean, don’t eat your lunch and dinner alone. Eat with other investors or other people that are there. I mean, that’s the conversations you have there sometimes are the most valuable stuff that you learn. Yeah.
Speaker 2
23:42
And I think for us, when we first started in real estate, we went to this conference in Salt Lake City and it wasn’t even really about real estate, it was about business in general. But the speaker there said if you’re lucky enough to take the elevator up, then you have an obligation to send it down for the next person. And we’ve kind of lived the whole real estate life with that in mind, because those people that helped us they didn’t have to and they did, and it’s changed our lives. So we try to help as many people as we possibly can, because you never know, like I mean, I might have a little piece of information that I might think is useless to people, but it could change somebody’s life. Yeah, so we always try our hardest to kind of live by that.
Speaker 1
24:33
Yeah, no, that’s really, really smart. I believe in karma as well and I found out as I started to kind of share my story and my journey in real estate. Every time I’ve been on a different podcast, a few people reach out. They’re like they wanna know how I did and how I can help them.
24:47
And I think you know that can even eat up sometimes a couple hours of my day, but you just never know how that’s gonna come back to you down the road and it was in that exact same situation when I reached out to the community and one person like sent me a direct message and we had a call and she gave me like a list of all the different opportunities and people that she’d worked with and you know, that’s really what allowed me to expand. Yeah, that’s amazing. A lot of different ways. So I mean I think that’s so important in this community. Yeah, when you think back to the beginning, like is there anything that you would tell your former self now, knowing all the things that you know now? Oh, there’s quite a bit.
Speaker 2
25:25
How much time you got. Yeah, I think the biggest thing would be have more confidence. I think that is the biggest thing, and you know, people see us and they think that we don’t struggle with confidence. Now, we always struggle with confidence issues. So, I think, just being more confident and really taking charge of our own life, so not being worried about what other people think too.
Speaker 3
25:56
I think the big thing is we were both hard workers and I think, you know, for the longest time, we just, instead of hiring somebody else to do the job, we just did it. And no, that was so dumb. We were literally working our day jobs and then coming home and directly going to work on houses and stuff and really wore ourselves down. You know, working all the time, and we worked all weekends, we didn’t take time off and we just, you know, we pushed through, we felt like that’s what we had to do. Now I mean looking back now there’s easier ways to do it where we don’t have to work.
Speaker 2
26:36
Yeah.
Speaker 3
26:37
Yeah, in.
Speaker 1
26:37
The beginning, though I think you’re also very cost sensitive, right Like you didn’t necessarily have this big portfolio and all these cash flow properties. So I think you know you try to be wise with your spending and you try to, you know, cut costs where you can. So I can understand in the beginning. That’s, I think, natural for any entrepreneur and it’s not, you know, I’d say the majority of real estate investors do spend that time where they’ve got their jobs and then they’ve got to invest that time at night to try to get things going right.
Speaker 5
27:02
Yeah.
Speaker 1
27:03
Now I guess, in terms of what’s next, obviously you guys have built this big portfolio, so what would you say is next kind of in the cards for you? And if you could identify it, what would you say your freedom number is? So whether that’s like the volume of size in your portfolio so you can really look at it and say like feel like you’ve made it and it doesn’t mean you stop, but you can feel like okay, like I’ve kind of this is my pinnacle.
Speaker 2
27:27
Yeah, so I think so first. The next phase for us is more land development, so mid to high rises, or just bringing land to site plan approval. Those will be run through our mutual funds and we will still buy properties, but they’re going to be more stabilized, new, you know, larger cash flowing building. So we’re kind of transitioning the whole portfolio into a bit of a higher level portfolio.
Speaker 3
28:03
And I think you know transferring it over into the mutual fund trust will help us expand faster and larger and be able to provide good returns to investors and keep everything kind of streamlined. I think that’s just-.
Speaker 1
28:16
Can you elaborate on that, because I’m aware of what it is and it feels like all of a sudden a lot of people have them. But I think it’s generally not something that from the outside of the community and that most people would be familiar with the mutual fund trust and like what really that means and what kind of returns that they could be looking at. So maybe you can shed a little bit of light on that for everyone.
Speaker 3
28:34
So the mutual fund trust is just basically a vehicle to invest into. So, essentially, investors will invest into the mutual fund trust and then we will run the project to you know to make it maximize returns essentially So-.
Speaker 2
28:53
It’s a basically it’s a limited partnership. It’s just in a different fund model, so investors actually own units just like they would in a shareholder agreement.
Speaker 3
29:05
Yeah, so the model we’re using I mean you can do different models in an MFT, but model we’re using is more like people that are investing are basically owners into the projects that we’re doing. So they split cash flow, they split profits with us. So the better the project does, the better they can do. And you know, the other nice thing about the MFT is you can invest registered funds, so your RSP, tfsa, liras, I think, even ERS, r-e-s-p’s you can put into it.
Speaker 1
29:40
So you know, you can really grow oh great I gotta leave my daughters over.
Speaker 2
29:44
I just did our sons too, yeah. The biggest thing, though, that, like a lot of people don’t realize, is, with the TFSAs, you can invest it in whatever you earn and your TFSA is twice free. Yeah, so it’s another big thing.
Speaker 1
29:58
I’m a big believer in the TFSA over the RSPs and I know people that I can understand why. If you’re in a very high income bracket, however, at the end of the day, you may not necessarily, you know, live as long as you intend to, and then there’s obviously big tax implications, not only for you but potentially beneficiaries, and there’s just a lot of restrictions.
30:17
I’ve personally steered away, but I do have to say in like two land development deals, and as it continues to grow, I’ll remember this on those kinds of things, not only just for the returns but the tangibility. I think I like that better than just you know the money markets are a little bit elusive at times. So now, in regards to your MFT, do investors have to be accredited?
Speaker 2
30:40
They do not. So we are working with an exempt market dealer. So we will have our term sheets available actually this I keep saying this week, this week, but it is actually this week now they’ve assured me and then we will have our offering memorandum available in two to three weeks as when it will be actually approved. So, yeah, we’ll be able to take in anybody on it.
Speaker 3
31:08
So yeah, Our minimums are 20,000 to get involved, so fairly low entry point and yeah, we should have some high double digit returns that we’re projecting. So yeah, should be good.
Speaker 1
31:22
Right, yeah, that’s good to know. I think so often, you know, people invest with the bank and they have this illusion that it’s protected. And you know, I think back in 2008, my uncle had sold his business. He had money into things I don’t think even knew what it was into, but they lost like 90% of their life savings in 2008. And they never fully recovered. And you know, I think they were just not, they didn’t really know enough about, like what they were invested in and things like that. So I think you know diversification is really important and trying to really fully understand, not only like what you’re investing in, but like who you’re investing with.
Speaker 2
31:56
Yeah.
Speaker 1
31:56
Because I don’t think that I’m not gonna, you know, put down the banks. But it’s very unclear sometimes of what you’re making, what their take is. You know there’s a lot of things that just people kind of sign on the dotted line and don’t fully understand the scope of what they’re doing, and you know there can be those consequences down the road. So it’s nice to hear that there’s all these things coming out now that are giving people options.
32:17
And you know, I think that I think it’s needed because people have to plan for their own financial futures.
Speaker 2
32:23
Yeah, I totally agree, totally agree with you, yeah.
Speaker 1
32:26
So I guess, in terms of quotes I’m a big believer in quotes Is there any particular quote that you feel like personally inspires you, that you’d like to share with anyone watching?
Speaker 2
32:35
Mine is have courage and be kind. Good one, that’s my biggest one.
Speaker 3
32:40
Yeah, I mean, like Leslie mentioned earlier, that model about the. You know, we’re lucky enough to take the elevator up, send it back down for the next person, something we, especially I, use quite often.
Speaker 1
32:52
So yeah, yeah, I think paying at Gordon Karma is huge. So for anyone that does want to connect with you in case they’ve got questions or they want to learn more about the opportunities that you have how can they find you on social?
Speaker 2
33:04
So they can find us under Jamie Collard, leslie Collard or Collard Properties. We also have a Facebook page on there that you can just message us through there and we’ll get it.
Speaker 1
33:16
Yeah, great. So we’ll include your info below and thank you very much for being here today and, of course, for everyone watching. Thanks for joining us. If you like what you’ve seen, make sure you subscribe below I can say that word properly and also make sure you’re following Inspired to Invest podcast. Thanks again. Yeah, thank you. Thanks again to Coast to Coast Homes and Real Power for bringing you this episode of Inspired to Invest. The views represented on this podcast are for general information only and does not constitute investment or other professional advice or an offering of securities. The hosting guests featured on Inspired to Invest make no representations as to the performance of any particular investment. Should you decide to make an investment, you are responsible for conducting your own review and analysis. It is recommended that you obtain independent legal accounting and tax advice from licensed professionals.