Paul McAllister: 00:21

Episode of Wisdom Lifestyle Money Show. My name is Paul McAllister. I am gonna be your host today. I have a special guest, Ryan Day from Calvert Mortgage. But first, who am I?

Paul McAllister: 00:32

I am a mortgage agent. I'm a investor focused mortgage agent, specifically. I'm an investor myself, investing for over 10 years. I work at Lend City Mortgages who we do Canadian Mortgages throughout every province. We also do if you're an investor investing in a Canadian investor investing in America, we can do your investment property mortgages as well in in America.

Paul McAllister: 00:56

So I think that's really, what's unique about us. I'm really excited for today's conversation with Ryan because I use Calvert a lot and I preach it a lot because some of these products that we're going to get into are so unique and really I've seen and people grow with these products. Brian, introduce yourself. Yeah. So just introduce yourself, then we'll get into kind of different things about what you guys offer.

Ryan Day: 01:19

For sure. Yeah. I'm really, appreciate you having me on Paul. I'm really looking forward to this discussion today. I know we, we were talking about it before the show, but we actually have a deal closing as well too.

Ryan Day: 01:28

So super happy that you're a big fan. My name's Ryan been with the company for just over 3 years now, really focused on business development. So finding new mortgage brokers, real estate investors, wholesalers, flippers primarily in Alberta and Ontario. Company's been around for over 45 years. So we have a long history managing risks, primarily supporting real estate investors in in Alberta.

Ryan Day: 01:51

We've been in Ontario for about 3 ish years now. And we just see so much opportunity going on in the marketplace, supporting real estate investors and primarily helping investors create more real estate stock, just because obviously we're extremely undersupplied and trying to help a solution going on in order to essentially help increase supply through our unique products As most clients buy renovate and sell or buy renovate and refinance. So I really focus on just building new relation, new relationships and managing current relationships with top accounts and understanding how we can serve our clients better, what we can do in order to prove our service, our value proposition. And to your point, we'd like to think we have some really amazing products in the marketplace, something really unique that I'm super pumped and super excited to get in it into it. Just very thrilled that, obviously, you have firsthand experience using our product, so you could vouch for the service.

Paul McAllister: 02:46

Yes. One one of the things that stand out to you is like, you've been around 45 years supporting investors, which is is pretty long time. That stood out to me. And I know you're Calgary based, but you're doing mortgages. You're doing loans in Calgary and Ontario mainly, correct?

Paul McAllister: 03:02

Are those the 2 provinces? Yes.

Ryan Day: 03:05

Yeah. You got it. Correct. So Alberta and Ontario, we're looking to go start lending in BC in about 1 ish year's time. We probably said that a year ago, but we're just trying to manage the really unique flow of capital, lending opportunities, human resources, and processes and systems.

Ryan Day: 03:22

We were planning on being in BC around this time ish. However, there's just still so much opportunity in the marketplace in Ontario because we've only been in that province for 3 years. So we're gonna really look to grow and expand the Ontario base, primarily lending in major urban city centers. So population is a 100,000 and above. Where we do most of our businesses is Southwestern Ontario, specifically speaking for the, obviously, the Ontario province, but we do some Northern Ontario, Sudbury, Sault Ste.

Ryan Day: 03:48

Marie. We don't do Timmins unfortunately, just cause we find it's a little bit too rural, but those major urban city centers, we love lending there. The reason being is there's just a lot of data to support real estate values. So obviously, the larger the population, typically, obviously, more housing stock. And with more housing stock, there's more data points to understand obviously what the value is currently right now and what it could be worth as if complete if a client's looking to flip a property.

Ryan Day: 04:14

But general rule of thumb is we lend in populations 10,000 and above in Ontario. There there's some exclusions to that, but that's typically a general rule of thumb. And then in Alberta, most of our business is Calgary based just because company's been around to your point over 45 years, primarily here in Calgary. We do a lot of lending in Edmonton and that Red Deer a little bit and, same with Lethbridge. So those are the markets we focus on, the markets we're gonna be expanding to.

Paul McAllister: 04:40

So for the 100,000, so you said 100,000. I know it's less than 5 units, and I know the terms you want to be less than 12 months. So if I have a we have Windsor where I'm from. We're located. We have an office in Windsor.

Paul McAllister: 04:54

Mhmm. But then we have small towns outside of Windsor that are, like, 25,000, 20,000 populations. You would still land in those places? Or because I think you said a 100,000, but then you said 10,000.

Ryan Day: 05:07

So I'm just gonna land there.

Paul McAllister: 05:09

Okay. So you'd still land there. Yeah. It's based on the data. You need data.

Ryan Day: 05:12

Less in populations. Correct. Our our preference is population's a 100,000 and above or 25 kilometer radius from those city limits. But as long as there's a population 10,000 and above and the property is directly in that city, then we will land there.

Paul McAllister: 05:29

Sounds good. So then I had a deal that just closed, minutes ago, about an hour ago. So very excited for that. We used you have a cool pro I guess not product. It's I don't know what you call it a pro flipping, the flip product, basically for when you're flipping houses or flipping properties, or when you are doing the BRRRR strategy and you use Calvert you use your lending for the beginning and then you have an exit.

Paul McAllister: 05:55

So I know everything is tied to the exit, but I just got done actually doing one where the guy's doing a BRR. So he's buying it. He's gonna rehab a basement and then he's going to, it'll be 2 units. So rent it out. Then we're going to refinance it.

Paul McAllister: 06:09

I think we have about a 3 month timeline to do that. I just want to talk about the flip analyzer because I know how to do that flip analyzer inside. Now I really think it's a cool kind of tool. Can Can you talk a little bit about your flip product and then maybe the flip analyzer and just how do you view things from your side?

Ryan Day: 06:29

Yeah. For sure. Super pumped that, obviously, you've used the product and you have firsthand experience, so that's awesome. Essentially, our value proposition for what makes us really unique when it comes to our flip product is number 1, we all, in some instances, we're able to fund a deal with as little as $20,000 down for purchase prices up to $800,000 So low money down option. And that reason how we're able to do that is because we're taking a look at the after repair value, not so much the as is value.

Ryan Day: 06:58

So value proposition number 1. Number 2 is we do not require 3rd party appraisals. And the reason being is that we have 4 in house analyst currently right now who are employed by Calvert, and they do remote valuations completely for free for our clients. So they typically on average value around 4 to 5 ish properties per day. So we have a really good pulse on the market on what the HPI is doing for that specific for that specific property type in that specific geographic region.

Ryan Day: 07:26

So we have really good data to support our lending decisions in order to manage and essentially mitigate risk when essentially the market's going down in order to draw back our lending or obviously increase it if the market's going really well. So don't need an appraisal, low money down. We can fund deals in as little as 3 business days in Ontario. And how we're able to do that is number 1, we don't require a 3rd party appraisal. Number 2, we draw up all of our own mortgage instructions for the lawyer.

Ryan Day: 07:56

And this really helps the lawyer essentially act quickly when it comes to closing the transaction because a lot of the lead ways a lot of the work is already done, and it's very clear direction on essentially what our mortgage documents entail. On that note as well too, we've partnered up with a few around 2 2 to 4 law firms that really specialize on quick closing fundings, and that really helps the client service as well too. If there are any very time sensitive scenarios where clients are they're in a pickle, they're in a pinch, and they need to close in just a few days. Mortgages are fully open as well too. Obviously, this real estate investors love this, not having any prepayment penalty.

Ryan Day: 08:34

Having it fully open, obviously, incentivizes them to be in and out as quick as possible and not having to worry about any of those pesky fees when it does come to, exiting the mortgage early if it's with a traditional lender. Point number, I guess, 4, 4 or 5 we're on now is we are able to also collateralize other properties completely for free using our evaluator. So let's say typically real estate investors have a property or 2 at minimum. As long as they give us property photos as of today and a most recent mortgage statement, they would hand that off to you. You would hand that off to our underwriter in house.

Ryan Day: 09:09

They would hold comps, take into consideration what's recently sold using the direct comparison approach, and pull 3 to 6 comparables, and essentially assign a value to what the property our appraiser believes will sell for as of today on the MLS. And we will lend up to 75% of that in 2nd position. As long as there's an a or a b lender in first position, we don't go behind other privates. And then obviously, it's subject to the deal as well too, the property type and low the, and the location. And the benefit to the client for this is they're able to tap into the equity of another property that's currently sit sitting idle, and they're able to get it either number 1, a higher loan to value on the subject property.

Ryan Day: 09:50

So we do advance them, obviously, the down payment, or we could advance some renovation funds, or it could be a combination of the 2.

Paul McAllister: 09:57

That's So

Ryan Day: 09:57

we're able to really find create yeah. We're able to find really creative solutions for our clients with the other app with the other assets that they currently have available. And this is all for free as well too. Like, we just need property photos. It's hassle free.

Ryan Day: 10:11

Don't need to go in, schedule an appraiser in there. I'm currently working with one right now for me personally. And it it's just less of a hassle as opposed to doing it the traditional route. Obviously, with alternative lending, you're gonna pay a premium. But we typically find that clients of ours, there's a time and a place for alternative lending.

Ryan Day: 10:29

And having a short term mortgage is one of the needs and the requirements that obviously, as long as you're comparing apples to apples, it's, very situation dependent on when you'd use us. But we'd like to think we have a really unique value proposition for low money down, no appraisal, quick turnaround time, creative solutions, and hopefully from your experience, really timely service as well too when it comes to replying to our clients.

Paul McAllister: 10:55

Yeah. So I could attest to all what you've said there. A lot of things stood out. I just learned about the collateral. I didn't know about the collateral thing, and that's something I'm gonna have to be coaching because I I'm a coach as well.

Paul McAllister: 11:06

So I'm gonna be coaching certain people through. I I didn't even realize that. So thank you for letting me know about using collateral from existing properties. It's something that I wasn't really thinking about it when I think about that product, so you've just evolved my thinking. But some other things I want to

Ryan Day: 11:21

Yeah. I find it's Go ahead.

Paul McAllister: 11:22

I was

Ryan Day: 11:23

gonna say I could even, give an example because I find examples typically help, people who aren't, you know, specifically in the mortgage industry, essentially helps solidify their understanding. So so if easy numbers and a property worth $1,000,000, obviously be about 75% of that. So, 750,000. Say if they had a mortgage with TD for 500 grand. So in this example, you just do 750,000 subtract 500 and that's 250,000 in equity.

Ryan Day: 11:51

And we essentially just view that 250 in equity as quote, unquote cash that's sitting idle. Say if they were purchasing a property for a $1,000,000 then they could use this 250 in equity as a 25% down payment, get our cheapest interest rate, which is 9.99% currently as of today in February. We would advance the full $1,000,000 of the subject property that we're gonna be going on title. We'll be in 2nd position on the property we're using as collateral. So it's 1 mortgage registered against 2 properties, 6 month term fully open, and they're getting in at a 100% loan to value on the as is value.

Ryan Day: 12:26

And the reason why we're able to do that is because we're taking a look at the global loan to value, not so much just obviously the as is value of the subject property. Say if they wanted funds for renovations and they wanted to put 10% down. So a $100,000 on the on the 1,000,000. And then they still have a $150,000 left over that we could advance them above the purchase price. If they wanted funds for renovations, closing costs, operating costs, whatever the case may be, in order to best service our clients to give them the access to the capital that they're looking for in order to scale.

Ryan Day: 13:01

Keep in mind all of this, obviously, is subject to due diligence. It really depends on the client and the deal, but that's just a very rough, scenario in order to solidify the understanding of I the applicable scenario that this could be implemented.

Paul McAllister: 13:13

Yeah. I think it's clear. For me, it's 100% clear. For the listeners, like, kinda what I do here and what I I can give you through an example what I did this week. So I got a client that come to me a week ago.

Paul McAllister: 13:24

He said, alright. I have this property. I wanna buy it. It's it was under contract. He's I wanna burr it.

Paul McAllister: 13:29

And I said, okay. So I sent him I went through with him and built the flip analyzer saying, what do you what's the what are the scope? You have to get clear on the scope. And what I've noticed is Calvert don't just want you to say, oh, I'm doing a kitchen. It's gonna cost me this.

Paul McAllister: 13:43

No. They need to understand what type of cabinets are you putting in, what type of some more details because they're gonna be looking at the ARV. They need to calculate the ARV. If you're putting in garbage cabinets or whatever, that's gonna affect your ARV compared to you're putting, custom cabinets or you're putting granite countertops compared to linoleum. Getting very clear with the scope is something that I start with the client.

Paul McAllister: 14:05

I actually do a PowerPoint presentation where we take the listing photos. We just put them in a presentation. We say, okay. In each picture, what are you gonna be doing? And get clear on that.

Paul McAllister: 14:14

And then further from so that's just to help them understand, verbalize what they want to do. And then it's the next step is, okay, you know, your scope now go get a quote from a reputable contractor that that who's actually gonna execute the work. And so to me, before we even go to cover, we've done this presentation. We figured out the scope. They've got their quote, and then we've filled in this flip analyzer that just basically walks you through what are your costs gonna be up front, What are your what type of fees are involved maybe related to financing?

Paul McAllister: 14:47

What type of operation cost, meaning, like, the bills that you're gonna need? So they wanna know everything. And then at the end of the day, they actually have it so like, to me, this flipping light is so good because it tells you what is gonna be your return on your investment. Mhmm. Basically, what did you buy it for?

Paul McAllister: 15:04

What did you rent it for? What is the ARV? What did you sorry. What did you buy it for? What did you what do you think it's gonna be worth when you're done the renovations?

Paul McAllister: 15:13

How much did you spend on renovations? And it's just so clear. This sheet to me is I'm a big I'm an engineering background and I love these little sheets. So what I'm actually doing with clients is working them through one building the scope out, getting the documents that you're gonna need for due diligence, because I know you're gonna need them. And then furthermore, what is the exit strategy?

Paul McAllister: 15:34

So if you go to Calvert, from my experiences, if you say, oh, here's what we're gonna do, and here's what we're gonna, and then we're gonna go and we're gonna get refinanced. And to me, the more detail you can be for what you're doing from a, lending standpoint, if it's not just a sale, if it's a refi, the better. Right? Like for this specific case, he came to me last week. We got him all that stuff.

Paul McAllister: 15:57

Monday, we got it to cover. Today, we close, which is Friday. So we have Monday to Friday, we've closed. And with the same thing, you have your lawyers. I have a lawyer that will close a a deal in a day.

Paul McAllister: 16:09

He does his that's why I use them because he can close in a day. Not many lawyers will close in a day, but he will, especially if he knows if there's pressure on him, especially because we do so much kind of business together. Like we know how each other work and even he does his in house title searches or anything like that. So he has unique things that make me want to use him more and more. He can even virtually close.

Paul McAllister: 16:32

Those are things that like, and it's not just like a DocuSign thing. It's he gets you on camera. You can see his screen. So there's things like that helped us get from Monday to Friday. But Calvert, the the amount of time it took for us to give them the package, to review the package, to ask us some questions, to provide maybe more documents to get to close this 5 days.

Paul McAllister: 16:54

We can do it in 3 days, really. So that's everything you've said is this was a live example that I've seen happen. You can supplement it by saying anything as clear as I think you see it, but this is my example that just happened this week. That's what I wanted to share.

Ryan Day: 17:08

Yeah. You nailed it on the head. And and to your point, few things I'd like to touch on is we lend to first time flippers, all the time. When they are first time flippers, we're gonna share our expertise even if they're experienced flippers, but share our expertise, our knowledge, our resources. Everything that we see going wrong or potentially going wrong with the deal, we're gonna communicate, verbalize that to you just to ensure you have a second set of eyes on your deal from a third party that obviously we're we're gonna be involved in in it if we provide a mortgage.

Ryan Day: 17:40

But having someone who on average, we see around a 100 deals a week. We only approve around 20% of them. I think it's invaluable to have someone looking at that volume of primarily flip deals on a day to day basis, assessing your deal, ensuring purchase price ARV, renos, everything's on a conservative basis. And the scope that we like to view the deal at is, does this make sense for the client? Even though that we make money off fees and interest, we have a minimum profit threshold of $20.

Ryan Day: 18:10

It's extremely rare that the profits in and around that $20 is normally around 40 to 75 ish depending on purchase price, renos, location, all that stuff. But you have someone else assessing your financials on the flip, ensuring that it's gonna appraise that subject that you're actually do the renos that you pitch and provide to us. And I just think that is, is so invaluable from someone doing it for over 45 years. The company's seen everything in their existence of deals going well, deals going bad. So we share all of those resources, all of those learnings for our clients.

Ryan Day: 18:45

So that's number 1. Number 2 is, to your point, if a client is by renovating and selling, we look at that differently than a client who's borrowing or by renovating and and refinancing. A lot of our clients are business for self. They're trades people, electricians, general contractors, whatever the case may be. And to be tax efficient, they show that they made whatever, 20, 30, 40 grand a year.

Ryan Day: 19:08

And how we underwrite is as long as they're flipping. As long as you have the capital for all of your operating purchase price closing costs, mortgage payments readily available in either cash or debt that you can show us that's liquid as of today. You can buy a property for 200 grand, 700 grand, 800 grand. As long as the numbers make sense in terms of profitability, You show us that you have the capital. There's no issues with location, property type, exit strategy, all of that.

Ryan Day: 19:36

And we have confidence in your business plan in order to execute the plan. Sky's the limit for some of these clients. You're able to do subject to due diligence, obviously, multiple deals at once. We have one guy doing 20 flips currently right now, and I know there's a lot going on with promissory notes and stuff like that. We do not encourage promissory notes.

Ryan Day: 19:55

All of our mortgages are registered on the title, but if you want to scale up your operations, we're able to do that. And we've seen clients who started doing this part time. Now they're doing it full time. They have a whole trades people and team under them. So as long as the exit's the sale, we're not taking a look at GDS, TDS income, the typical underwriting criteria and debt service ratios.

Ryan Day: 20:17

I'm sorry. I guess I already mentioned that. But so, yeah, we don't underwrite traditionally just because we understand what the property will look like as if complete. You show us that you have the capital to service everything, and the numbers make sense. However, if the exit is a refi, then we will take a look at that the the other underwriting criteria just because the takeout lender, they're gonna be focusing on that as as Volta.

Paul McAllister: 20:36

So I think, the first thing you said there, I got an example of how you used your experience. So, originally, this guy came to me, and and he wanted to do something with a he wanted to renovate the basement, and he wanted to convert the ADU. He wanted to convert a garage into an ADU. And we originally did the numbers based on, are you doing all that work? But Calvert came back and actually was like, we don't like the permit.

Paul McAllister: 21:00

The permit part of that for that ADU is where I we feel like you could run into some trouble in terms of length. So what is they didn't reject it. They said, what is your strategy for permits, or do you have a strategy for permits? And then when we went back and looked at it, we had discussion with the client, and he decided, okay. Let's just do the the one unit in the basement, adding unit in the basement, adding in the converting the unit upstairs, and leave the ADU for later.

Paul McAllister: 21:27

And he so he was like, it still makes sense if we just go in there, do this renovation and lose later on, I can come back and I can do the ADU. He was happy with that. We were able to move forward, but it, it is true. I, when I did ask him about the permit strategy, he's well, I know, I, I know somebody. And I was like, nobody wants to hear that we're relying on because you know somebody in the municipality.

Paul McAllister: 21:51

Yeah. So I was like, that's not gonna be a permanent strategy, at least, like, officially. So it's funny that was the response, but that was one of the ways where you've raised your hand and said, listen, we we know that permitting can be an issue here, and you're trying to do this project in 3 or 6 months, and we've seen permit be an issue that could push it a lot further. So that that would be your expertise helping in in a situation.

Ryan Day: 22:16

Yeah. And to to your point, like, we don't wanna be a hindrance to the deal. We're doing everything within our power as long as it makes sense to get the deal across the finish line. But we've just seen so many projects where they forecast it'll take 4 months. 6, 8 months, 9 months go by.

Ryan Day: 22:33

And, and the biggest challenges that we see are, are permits. And then if they're getting properties with tenants, they're not getting vacant on possession. That can be a huge hindrance. And last year we, we did around just over 800 mortgages. So we're not trying to persuade or or push back.

Ryan Day: 22:50

It's we really wanna see you be successful. From what we see on a daily basis, these are the 2 most com one of the two most common reasons of we see deals taking extremely long from the original plan that you have set in place. And it's because it's it's not within your area of control that you can, or your area of influence that you can really control. It's only to some extent. So we're yeah.

Ryan Day: 23:10

We're still trying to push everything through the finish line, but we just would really wanna see clients successful. And those two issues commonly come up of why deals always gets go always typically double over the projected timeline.

Paul McAllister: 23:23

I guess one other thing I want to hit on is, as you use and keep using or as you, I guess, get experience flipping in general, being able to prove that. And also with Calvert, the is that help the underwriting process? Does it get obviously, it's easier because we're gonna be better at giving the deal and giving it the way you like it. But is there any kind of if there's a close spot or something like that, is there anything given if I've done 5 deals or if this is my first deal or if I've done 20 deals with you, do you consider that in your underwriting kind of process?

Ryan Day: 23:56

100%. Definitely. We have, yeah, quite a few clients where now we're at the point where they have a purchase agreement, they have the renovation plan, they just show us our proof of funds. It takes them an hour or so to put together, and it's primarily the renovation plan, and they just submit that to us. We are very relationship based.

Ryan Day: 24:16

So once that track record is there, that relationship is there. The timeline in order to fund deals is that much quicker just because we do have a relationship. They have a track record. We understand the renovations that they do. We track all of the properties that we lend on as well too.

Ryan Day: 24:29

And we essentially have a benchmark of what the property sells for and what our analysts valued it at. We're typically within around 2% of what the property actually sells for versus what our appraiser valued it at. Keep in mind, obviously, there's been a lot going on in the market depending on the property type community and the location. So there's obviously some outliers, but, yes, if, if a client has a track record, we're more than happy to do what's best in order to optimize and, have an effortless experience on their end. But even if they aren't doing volume, like, if if we have a client, they do one deal, the property sells, it's it's complete, and they're looking to submit another one.

Ryan Day: 25:06

As long as it's a year or less, we don't need doc updated documentation every time. So once we have app, credit, NOA, proof of funds, their and their renovation agreement and their renovation plan on the first deal, the next deal, as long as the years have passed, we can use all the exact same documentation and all we need is the rental funds and or sorry, the renovation summary and proof of funds. So it's it's it's quite seamless, we'd like to think, for just not having to update documentation every time, because it is obviously a pain having to fill out an app, pull credit, notice of assessments, all that stuff from a client's point of view. I've done it and it's, it's a hassle. I'd like to think we're trying to reduce documentation while managing risk on our end and creating a win for everyone where not a bunch of documentation, but you give us all the information that we're looking for.

Paul McAllister: 25:56

I love it. So that's the second thing I've learned in this call. So I'm writing down my nuggets. Because honestly, it's I have certain clients who just they're gonna use cover to build their portfolio quicker than they can do it themselves. So it leads me into let me make sure I get my note here for that.

Paul McAllister: 26:13

Don't don't need to resubmit because that's a selling point because, yeah, you're right. Some clients, they absolutely hate providing documents. And if they say they don't need to do it, so we're gonna get into why use a private lender. And honestly, for some clients that might be Yeah. Oh, I don't have to keep giving them documents because they hate it, especially now in the past, even 3 years or even a year of how much more documents we gotta give to a lenders.

Paul McAllister: 26:37

Don't need to update documents. So I guess let's get into

Ryan Day: 26:41

It's Yeah.

Paul McAllister: 26:42

Why use a private lender? For me, I'll start it off saying when you're, I have clients who, their TDS and there is usually the issue, the TDS, they're out of whack. And there's a lot of things we can do as a mortgage broker that, to get you like even all the way 60 rate 60, 60 ratios or even 70. There's a lot of cool programs. Right?

Paul McAllister: 27:00

I have 70 lenders, 40, but still there's a time to use private lending, and there's a time to use it for what was the question? Why use it? It's when you're trying to get in and out and Yep. Sometimes I coulda got a bid deal with the one that I did. I was like, here's you could go b or you could go private.

Paul McAllister: 27:16

He chose private. And why did he do that? I was like, well, b is still gonna come with fees. They're gonna hit you with the penalty. And I was like, so if you do the calculation between private and b, I personally think you may go better with private because it's all about how quick can you do the renovation, how quick can you refi, how quick can you get out.

Paul McAllister: 27:36

If you go b, they are you're gonna get hit with a penalty, and that has to be k taken into the account. And it actually we did the numbers, and it made sense to go private. But what are other reasons why you find all your fines? 800 deals, why are they going private? Besides it's easier.

Paul McAllister: 27:53

Yeah. Yeah. What are other reasons that stand out to you?

Ryan Day: 27:56

Yeah. The first one that we didn't touch on is definitely quick closings. A lot of our business is similar to your deal. It closes it under a week or it closes in 2 weeks. A lender, B lender just can't close in time.

Ryan Day: 28:08

So we're able to offer a really quick closing and that's a huge value add to clients, especially if they're active real estate investors. They're working with a seller. Maybe the seller's in a distressed situation because we can underwrite deals typically in 24 business hours. If you submit us a deal and it's for Joe Smith and he's working with the seller, and the seller wants to sell next week, a huge value add to some of these real estate investors is having a really quick closing for the seller because they need to offload the property as as quickly as possible. So number 1, definitely quick closing.

Ryan Day: 28:41

Number 2 is similar to your point is we're not taking a look too much at GDS, TDS. So clients are definitely able to scale up subject to due diligence, but stretch their capital further. And as opposed to doing one deal with 20, 25% down, they're able to scale up if they want to have a lower down payment option. So they can obviously get the benefit that real estate offers in terms of leverage and stretch that even further, specifically when it comes to us. And then to your point, reduce documentation.

Ryan Day: 29:11

No appraisal. Don't have to worry about the headache. They have confidence knowing that if we approve the deal, we're actually gonna fund it just due to our history and relationship with our clients. And then the 4th point, probably one of the more important ones is actually a product fit. So the reason why we're in business is because the big banks, B lenders, they hate the short term lending.

Ryan Day: 29:32

They think it's too risky. They don't understand it, especially when it comes to flipping. So we really carved out a niche and as opposed to going to a B lender or an A, it's just not a good product that clients want something fully open, quick closing, a lender that really works with investors and helps create solutions as opposed to creating roadblocks to help them scale their portfolio. So it's just really having a product that aligns with the clients trying to achieve. And we'd like to feel that we've really tailored our products around really good customer service, a really unique value proposition to create something that's in demand, something that people want to use.

Ryan Day: 30:10

And to your point, it it's cheaper. And in that scenario, as opposed to going to a b lender, and it's just breaking down all the costs associated with your legal fees appraisal, prepayment penalties, obviously, rates and fees, and just doing a side by side comparison. And when it does come to our rates, fees, and total value proposition, it makes a lot of sense in in most instances, depending on the client scenario, to actually go private because it gives them the access to the capital that they need. And, and it's a really good product fit.

Paul McAllister: 30:38

Yeah. So, basically, when you when somebody asks you why to go private, like that like, everything you just said is the opposite of what a lenders do. A lenders are slower. Yeah. We wanna be we wanna be we wanna be like, 1, it takes us a whole week just to get a commitment.

Paul McAllister: 30:54

2, with them, we have to meet all these conditions. 3, we have to be like, those conditions. I always tell clients within 2 weeks before it funds, they wanna have the broke a broker complete. It just every the documentation, the time it takes, everything you just said is the opposite of a lending and how they think. They think guidelines.

Paul McAllister: 31:14

They're checking boxes if it's not in the box. Mhmm. It's even though if it makes total damn sense, they're not thinking about the sense. They're just thinking about, is it in this box? If it's not, then it can be an issue.

Paul McAllister: 31:26

So, yeah, everything you just said, I guess, the opposite of how a lenders think. B, there's more flexibility, but still a lender, it's like everything you just said is the opposite. So it's really cool. And then so I think Yeah. One thing I I wanted to touch on for that flip analyzer is we will in this show, I'm gonna put in a link, and I'll put a link.

Paul McAllister: 31:44

Like, you can send me a direct message or I even I'll put it in the link of the show for the flip analyzer. I always try to get my even when I'm coaching now. So coaching or even my I'm an investor focused mortgage agent. So when I know people, they might not even be thinking about private. They might not be even thinking about it.

Paul McAllister: 32:02

I motivate people because I tell them, look at this product. This is a sheet. I want you to think about your deals that you're going through with this sheet, and it's good even if you're not using whatever. You still think about it like this because you can tell that sheet is set up for an investor to think and put it on paper and and come up with a good plan. So I have a I I share that sheet a lot.

Paul McAllister: 32:26

I go through and coach people on how to fill it out. And the big value add, I think, where I'm in this equation is, 1, I'm gonna make sure that you're thinking about it, that sheet. And 2, it's making sure you have an exit plan. And that's the the most important thing, I think, for or or at least I've noticed in getting these deals for from Calvert is either if they're only funding 20% of the heated 800 but I'm trying to do the math. But if you're funding 20%, I think that I could my percentage is gonna be higher than 20% because I've I know what they're thinking.

Paul McAllister: 32:58

I know how they're thinking, and the big part is the exit plan. And that's the like, my specialist is making sure there's an exit plan. And even one thing that I've talked to to Calvert this week about was part of the exit plan. People don't know, like, when they go to a mortgage broker and you can work I can figure things out that other people can't because I have a residential mortgage department. I have a commercial mortgage department.

Paul McAllister: 33:21

I know that you can get a commercial loan even on a residential property. Most people don't even consider that in in their thinking. So, yeah, we consider AB private, but also there's commercial loans on residential properties. That could be an exit and be the reason the big difference and you can correct there, I guess, supplement. But when you're dealing with a residential mortgage, people are you the lenders are betting on your ability to pay back.

Paul McAllister: 33:47

When you're dealing with the commercial, they're betting on the property's ability to pay back. So if you're getting a single family house and turning it into a 3 unit legal 3 units, a commercial lender would still would jump all over that if we can't make it work because of your TDS or whatever it is. So that to me is an exit that not many other mortgage brokers are even gonna consider. I'll pause there because I know I've said a lot, and I want you to think about it from the Calvert lens. But go ahead.

Paul McAllister: 34:12

Sorry, Ryan.

Ryan Day: 34:14

Yeah. I know. You mentioned some fantastic points. Absolutely fantastic points. And a few other things that I would mention is when you're coming to a broker and you have a deal, you are essentially when it comes to this specific product, you're pitching a business plan.

Ryan Day: 34:29

You're saying, hey, I'm buying this property for $500. I'm gonna put 50,000 into it. I think I can sell it for 625. This is the due diligence I've done. I've I have 5 different contractors.

Ryan Day: 34:39

They walked through the property. They quoted me the exact same scope for the renovation. This these are the funds that I've had that I have. I think it'll take 6 months to be conservative. I'm gonna project 8 months.

Ryan Day: 34:50

These are the numbers that I have laid out. And when clients do that and they submit it through a broker, it is just, it's music to our ears because we get stuff that's piece mailed. Oh, I think I can sell it for 600. I haven't really dug into the comps. I'm working with a buddy.

Ryan Day: 35:05

He's a contractor. He put together this rough quote. I I think it's accurate, but, I'm just really leaning on his expertise because I I I trust him. He hasn't confirmed that he can start work right after closing date. He he has quite a few projects on the go.

Ryan Day: 35:19

Stuff like that creates I don't wanna say anxiety, but when you come prepared, you have a plan, you pitch it to us, your likelihood and just the way that you come off in the eyes of a lender is tenfold compared to someone who's just praying and wishing and really relying on the mortgage broker to do the underwriting, ask them for the due diligence. So that's definitely point number 1. I I didn't know that you could even get a commercial mortgage on a residential. That's something really interesting that, you know, even, after this or whatever the case may be, I'd love to pick your ring because that, is something that would be so beneficial when it comes to clients, refinancing. And having the ongoing education to your point is crucial and paramount because whenever we get a a deal, the first thing we're gonna ask you is what the what the address is.

Ryan Day: 36:07

We wanna make sure that it abides by our location requirements. What property type is it? How much you're looking to put down? Exit strategies usually question number 4. Question number 2 is how are you gonna pay us out?

Ryan Day: 36:19

Is it gonna be is it gonna be a sale? Is it gonna be a refi? Okay. Has your broker preapproved you for the refi? Have they approved you up to the amount that you're looking to exit at?

Ryan Day: 36:29

Your GDS, TDS income credit, like what lender you're going to, what mortgage product. And when you're able to speak the terms of the lender, it's it it just really sets you up for success in the lender's eyes. And when it obviously comes to the private space, it it it does come down to, obviously relationships, due diligence as well too. But having that view of the lender in order to make their life easier is obviously something completely rare. But, having the view of the lenders is obviously an important skill to have, especially if you're a real estate investor and understanding what they're taking a look at and how they assess risk in order to grow your portfolio, because it it's gonna be paramount on getting educated on how you can scale your portfolio, working with great brokers like yourself in order to just, yeah, set yourself up for success.

Paul McAllister: 37:17

Yeah. I agree. I think it's for my coaching, I I I take it as a requirement. As one of my first steps is you need to think like lenders, because a lender is thinking like that for a reason. They have experienced lending money, and they're doing that due diligence.

Paul McAllister: 37:30

They're looking at things. Everything they look at, you should get good at. Plain and simple. It's not just because you gotta get good at it for submitting it to them. You should be good at it because they're looking at that for a reason.

Paul McAllister: 37:41

They're not just randomly saying, well, I wanna look at these things. They are doing it for a reason, and that's what you gotta get good at. That's number 1. I think it's you say the business plan, you you're basically coming to a business plan for the property. So one thing we do at Lendly, that's very unique, not to keep trying to sell myself, but it's it's just I think you should be doing this.

Paul McAllister: 38:02

And if you're a broker, then then listen up. We do a real estate portfolio investment business plan with you. We'll guide you in doing that because we don't just want you to think one time. We want you to think longevity. And so when you're not just thinking, oh, I'm gonna close this first deal with covered, and then I'm gonna do this.

Paul McAllister: 38:19

No. We wanna plan it out. Tell me what you're trying to achieve long term. Let's plan it out, and let's actually put a business plan in place. And I'm gonna be calling you.

Paul McAllister: 38:29

If you told me you wanna buy 5 properties and we put a business plan in in place, I'm gonna be calling you saying, hey. What's happening with this business plan? Do we need to adjust it? Do we need to update it? What has changed?

Paul McAllister: 38:39

Things can always change, but at least you have something on paper that you're working towards, and you're being less reactive, more proactive. And, hopefully, that's gonna help you build and grow faster. So I I think that's one thing is the business plan you just mentioned. I think that's really important, not just for the the the actual property purchase, but for your portfolio as you try to grow. And another thing is, and I think that we're really unique in is we give a preapproval when you close, we give a pre approval.

Paul McAllister: 39:08

Like my present to you is a pre approval for your next purchase. I'm always every if you're in the next day, I'm giving you your present, and I'm giving you a preapproval of how much you can get for your next purchase. And if you have a real estate business portfolio plan with me, I'm giving you the preapproval. And I'm also gonna refer to that business plan to talk about next steps, because I always want you looking forward. And that's why a lot of realtors work with me because I'm gonna generate more business for them.

Paul McAllister: 39:36

But to me, I have this thing. It's win. Three levels of win at least, meaning it's a win for the client because they're building their dreams and their portfolios. It's a win for the the realtors and the the professionals working

Ryan Day: 39:50

with them. They're going to all be on

Paul McAllister: 39:50

the same page. And because they know it's not just, oh, I'm going to do business one time and then I'm done with that person, but they are continuously maintaining a relationship. And then it's a win obviously for our business because we're doing more and more mortgages. So I'll pause because I, I go on my tangents, but, you got me really excited with the business plan and I just wanted to share kind of certain things that we do. Cause this, that's what I'm passionate.

Paul McAllister: 40:11

I'm not in the mortgage business to just do mortgages at all. I want to help people grow portfolios. I grow my own portfolio and my general kind of strategy is, and I think Calvert's kind of aligned based on the words I've heard before from Calvert is we wanna grow with you. I wanna have 20 clients or 50 clients that have hundreds of properties, and we're gonna keep moving and keep growing and making sure that we're growing together. I don't wanna just get a sick person.

Paul McAllister: 40:38

That's I'm gonna get all those documents one time and then go through, oh, I don't wanna give you documents. And then we complete a first of a mortgage, but what the average person might do a mortgage 3 to 5 years, every and then I don't hear from you again. I actually if you're an investor, I wanna work with you to grow. If you wanna become an investor, I'm gonna grow with you. If you're a one off, sure.

Paul McAllister: 40:59

But I still try to convert those people to investors because I believe in real estate investing myself. I think it's the common person should be doing it in my opinion.

Ryan Day: 41:09

Yeah. And that's a key takeaway for me is I have never heard of a broker preapproved, giving you a preapproval next day, once you close. I think that is such a huge value add. That is wow. That would blow me away as a client for sure.

Ryan Day: 41:23

That is absolutely remarkable.

Paul McAllister: 41:24

It's think about it. We already have the documents. The documents are all updated. It's kinda like you not having to give documents within a year, which I I have a note here. The notes I've wrote is that one.

Paul McAllister: 41:34

Whew. But it's the same thing. It's I already have updated everything, and I know exactly what the new expenses are. Boom. Shoot that in and tell you as long as you have that down payment, here's where you are.

Paul McAllister: 41:46

And then I even break it down to different things because we have certain lenders that will go the typical lender wants their GDS and TDS 3944, but then certain lenders will allow you to go to 5050 a lenders, and certain lenders will look at the Suffolk property rents and all those types of things. I actually have that in the preapproval. I'll give them, like, different scenarios because, like, you use that example of the 1,000,000 and the 750. It's all based on scenarios. I never wanna give somebody a preapproval and say, oh, this is your number.

Paul McAllister: 42:13

I always say this is your number, and here's the different factors we put into your number. You always have to make assumptions. Right? Like, your assumption of how much is the tax gonna be. Your your different assumptions need to be clear, so I never give somebody a number of your proof.

Paul McAllister: 42:26

You can go for a million. You can go for a million if the tax are this, if there's no boiler, whatever it is, you have to get I wanna educate the people I'm working with so they know the different factors that will impact their mortgage. So then it's good for me. It's good for them. Right?

Paul McAllister: 42:41

I teach them once, they know it forever, and it will cause them to make less kind of mistakes as they grow.

Ryan Day: 42:48

That's awesome. That's awesome. That is such a good best practice and really sets the client up for success and having the understanding of what's possible right when they close is opens up so many doors and great value proposition on your end.

Paul McAllister: 43:02

Even I think from Calvert, do you guys have any because I know you guys have so many deals, so I always I I give them advice on what types of renovations are gonna add the most add value. Do you have any kind of literature or anything like that Mhmm. That you you share or that you publish?

Ryan Day: 43:18

Yeah. Typically, I'll reference it in the footnotes here, but there's the Appraisal Institute of Canada released an article. I forget how old it is. 1 of our in house analysts provided it, and it's the, the renovations that increase the value the most. Typically number 1 is painting.

Ryan Day: 43:34

Renovations with within the bathroom, within the kitchen. Typically have the most value add. But I'll provide that list. I forget it off the top of my head specifically how they had it broken down. This was, like, 6 6 ish 7 months ago, but those 3 typically right there from what we see on it, paint is obviously huge.

Ryan Day: 43:50

Just one of the most obviously largest return on investments as well too for the the work involved. But, yeah, more than happy to share that list in order to help clients

Paul McAllister: 43:59

Yeah.

Ryan Day: 43:59

Just stay up to date on the literature. A few other things that I would note is, are you familiar we released a few new products as of late. Have you heard of the intern purchase one? It's essentially we we just started doing this. I wanna say it was about a year ish or or so ago.

Ryan Day: 44:17

And it's the exact same for the most part as the flip product, except no renovations are gonna be involved. So we are we're landing on the as is value. And there's 2 most common use case scenarios that we're seeing with this product. Number 1 is a lender, b lender can't close in time. So if you have a client, they were set up for funding on Tuesday of next week, and a lender pulled out for whatever reason, this would be a product for clients that are in those unfortunate scenarios.

Ryan Day: 44:43

And user case example number 2 is pre construction. So value number 1 is we lend on the as is value. So if the client bought 2 years ago for 500 grand, it's worth 600 today. We would lend on the $600,000 as is value benefit to the client there as they're getting in with lower amount out of their own pocket. On the flip side of this, if it's unfortunately gone down because we lend on the as is value, then we need a little bit more down.

Ryan Day: 45:09

But going back to the example number 1, bought for 500 it's worth 6. We can close in just a few days. It's fully open. We don't need an appraisal. So if the client bought 2 years ago when rates were significantly lower than they are today, and now they don't qualify and the builder let them know that, hey, we're ready to close in 2 weeks, a month, whatever the case may be.

Ryan Day: 45:29

This project allows the clients to close, and they just list it on the MLS to offload it. If the numbers don't make sense, if they were originally looking to keep it as a cash flowing rental property. So we help essentially help clients just close. They list and exit and it's a win for everyone if they're just looking to close and exit on the property.

Paul McAllister: 45:48

Nice. Okay. Yeah. Send me some literature on that. I that sounds pretty interesting.

Paul McAllister: 45:52

I can have some cases in my head to where that could be used.

Ryan Day: 45:56

Yeah. So just a short term solution with a quick closing where no renovations are gonna be completed, and it helps the clients close. And if they're looking to exit, obviously, work with yourself to ensure that they're gonna qualify, on the exit. But if they're just looking to offload and they're only gonna keep it for a few months, they're literally able to to close listed on the MLS the next day. If they're in and out in 14 days, they'll charge 14 days interest.

Ryan Day: 46:18

It's 45 to charge 45. However long the capital is out for, then that's how many days that they're charged.

Paul McAllister: 46:25

Yeah. That's really cool. I think some lenders, some listeners might have a question about that. So you have a a deal, you got it through. It's approved.

Paul McAllister: 46:33

You got the money. It's a 6 6 months open. What happens if I only need 2 months? And I guess I think we touched on it, but it's still I wanna emphasize how the interest works per day. So say I only had it for 15 days and it was supposed to be 6 months.

Ryan Day: 46:48

So because it's fully open, there's no prepayment penalty, any of that. You're charged daily. So how you calculate the interest rate is the interest rate. So say if it's 10%, you times that, by the mortgage amount divided by 3.65 to get the daily interest rate, and then you just multiply by however many days you expect to be in the loan for. And it's really handy because it's in the flip analyzer tool as well too.

Ryan Day: 47:13

So you can able you're able to see how much your interest is on a daily basis in order to obviously incentivize yourself to be shave off and be in. So, yeah. If you're paying an extra 100, 1.50, $200 a day in interest depending on what the mortgage is and the interest rate, Shaving off a few extra days, making a few $100, it's I know it it motivates most

Paul McAllister: 47:35

people. Motivate. I the the guy that closed today, I told him I was like, if I was you, I would have waited till Monday, I would have got permission to put all my supplies in the driveway on the weekend, and I would have had my I I like putting a storage box there and everything. I don't want the trades to say I need to go to the store. My goal is no stores.

Paul McAllister: 47:52

You're work when you're here to work, you're here to work, and so that's what I would have done. And that's it because I would be motivated when I because I've seen the flip I've seen the day. I was like, hey. That could be the difference of $800. It's $800 to $800, but I

Ryan Day: 48:05

Exactly.

Paul McAllister: 48:06

I I like it in my pocket. So, yeah, it's it is motivating knowing that that if you finish early, you can avoid all this cost. Obviously, I I still did tell him, like, listen. You still gotta do quality work. Don't just rush so much.

Ryan Day: 48:21

Yeah. Yeah.

Paul McAllister: 48:22

I think so. There's a fine line. But, yeah, it's a cool thing that they they show up.

Ryan Day: 48:26

100%.

Paul McAllister: 48:28

And then what a

Ryan Day: 48:29

So, yeah, break your Pardon? And then the other one is we're starting to do a little bit of multifamily as as well too. Minimum that we need down is 10%. Low money down for multifamily. We woke a 65% loan to value of the after repair value.

Ryan Day: 48:43

6 months are fully open, renew for another 6 months as long as the client's in good standing. And most common user case scenario we're seeing for this is a repositioning product for CMHC, MLI select program. Most will let on on one property, which unfortunately limits a few individuals is 1,500,000. So if it's in Windsor, Sudbury, Sault Ste. Marie, where purchase prices are obviously typically significantly lower than in around the GTA or or southwestern Ontario is what we're doing.

Ryan Day: 49:11

So just started doing that a little while ago. We've had some success with it. We do quite a bit of it up in Edmonton where your money typically goes quite further as opposed to to Calgary. So that's an option as well too. With those, we do need an appraisal if the value if it's 5 units and then over 1,500,000.

Ryan Day: 49:28

So with that, we would require appraisal, but anything 4 units and below and 1,500,000 and below, we can use our in house

Paul McAllister: 49:35

analyst. The minimum down payment on that? Is it the 35% or is that did I miss that?

Ryan Day: 49:41

10%. Minimum down is 10%.

Paul McAllister: 49:44

Yeah. If you could set the literature on those two products, those are something I'd wanna add to my wheelhouse. For when I'm doing my coaching, it's something they can should consider.

Ryan Day: 49:52

And then a few other things to mention just in terms of deals. We've been seeing quite a bit of debt consolidation. Unfortunately, it's just not in our focus. Refinances aren't in our focus. Mixed use high loan to value stuff in in second position with unfortunate how the economy is and people being leveraged, we're starting to see quite a bit of it.

Ryan Day: 50:13

So just don't do clients in in those types of scenarios. Just the same everyone. Yeah.

Paul McAllister: 50:18

No. For sure. For sure. That's that's really important. That's important.

Paul McAllister: 50:22

So I think the I wanna say one thing that you said about adding value, I had a little note on that is, it's really similar, my approach to your approach on that, the adding value of where to do the renovations. Always kitchens, bathrooms, paint is obviously huge, and flooring is to me, those are the 4 common. And then I always I wanted to add a little spice of anytime you can add a bedroom and not take away from the property. It's never a bad thing, and I think you're always adding a lot of value when you can add a bedroom. That's just my general advice I I usually give my clients when I'm coaching, but I will take that document you said.

Paul McAllister: 50:59

Yeah. That's a the cool document to have. And a part of the like, when I say business plan, these are things that you wanna have readily available to you in a in a organized way. So even these 3 products that you've meant through the flip analyzer, to me, you should just that should be something you use even if you're not doing a Caliber loan or not. Like, that's something you should always have.

Paul McAllister: 51:19

And then knowing about these other products. Because if you a lot of times people not knowing that things exist, like, you didn't know about the commercial exit, that means, like, there's a lot of deals where they can't exit. You can send them to me. I'll take them, and I'll I'll figure out how to exit because I know that I have that knowledge. Right?

Paul McAllister: 51:37

Knowledge is power and who you work with and who that power team is. Obviously, if you're doing these types of things, you wanna have that contractor's key and build that relationship. But the mortgage broker, you would never think about it as being, like, a huge key like I'm proposing. But when you have somebody who's an investor focused mortgage broker, investor focused professionals in general, it's something I really preach, and I encouraged to listeners to get that power team. And I'm not just saying me.

Paul McAllister: 52:06

I'm just saying, in general, make sure you have investor focused real resources around you because it can be the difference of your portfolio growing in a flat curve or that upward cycle. Right? My goal is to get you really hammering it, and I truly think that I can add value by knowing about all these products from privates and just knowing about all the different ways that we can help you grow, and I care about that more than, oh, I you don't have TDS the same or you don't have all these documents. No. That's not ever how I think.

Paul McAllister: 52:39

A lot of people don't even come to the table or come to the ballpark to play because they think they don't have the tools. They think, oh, I haven't my taxes are bad. They're they've been talking to their banks about they don't put anything on paper. There's products out here that if you are good at what you do in terms of finding value, being able to execute, and you have an exit strategy, you can there's nothing holding you back. So that's my, I guess, my last I am gonna leave it to you, Ryan.

Paul McAllister: 53:09

Anything else that do you wanna touch on before we start to close?

Ryan Day: 53:13

I think you nailed everything on the head. Yeah. I love what you guys are doing, creating education, helping real estate investors, and to your point, having someone who's also investing in the asset class is a huge value add just because you know it, you live it, you breathe it, you understand it, you're experiencing it firsthand. So that is something that we always recommend clients is work with a realtor, work with a mortgage broker who's investing in the same asset class that you're looking to get in. Just because having that lens of the firsthand experience as well as coaching others

Paul McAllister: 53:46

Sorry. You froze for a second. So I heard as well as coaching others and then your audio cut out. Here, I turned off my video. Ryan, can you hear me?

Paul McAllister: 53:54

Okay. Yeah. I'm gonna turn off the video and let it just so yeah. You said the importance of working with, professionals in your same master class, and then it cut out. Can you repeat that?

Paul McAllister: 54:04

I appreciate that. I definitely would be the one. I love to always continuously improve. Just in general, that's the engineer in me. But I honestly, you guys, this isn't just because you're on the show, but you provide a good service.

Paul McAllister: 54:16

You're really responsive. You'll say, oh, if it's gonna take you 2 days, you're gonna say it's gonna take you 2 days, so then you're setting an expectation with us. You're very fast, and and you'll tell us why if it's gonna take whatever. So that's what I really like. You're really open book.

Paul McAllister: 54:30

I've enjoyed working with Calvert. And I think, Ryan, maybe we should we can talk after this about so we have something called the Lendcity Investor Hub, where, basically, we have a investor community. We've created this about a 100 and a 120 days ago. We have 600 investors that are in this hub, and we actually have live we do the same thing we basically just did, but we just do it live with investors that actually can ask questions as we talk. So they can do a meeting raising their hand, or they can do it via a chat.

Paul McAllister: 55:02

It's usually a Teams meeting. But we have about 70 or so people in these calls, And that's something that when you talk about working with education is a huge pillar, for us. And I think that there's some value possibly in us doing a webinar on that show where you'll get live questions from the audience. And a lot of these people that I coach are actually in this hub already, So it's nice that they're gonna hear it from your mouth and not just mine, but yeah, that's something we should consider. And if any listeners there, you can send me a DM.

Paul McAllister: 55:34

Instagram, turnkeymicali is my handle. That's the easiest way to get in touch with me. Ryan, how do you wanna leave, how to get in touch with you, even though I would still advise you that coming to me, then me going to Ryan is the best way, because I'm going to make sure that you're presented kind of the right way. Okay, cool. I appreciate you taking the time this afternoon, Ryan and, happy Friday.

Paul McAllister: 55:57

I hope you have a good day. Good weekend. And, yeah, thanks for your time and we'll chat more about some other things we can do in the future. Alright. You too.

Paul McAllister: 56:04

Cheers.