First, I'm gonna share my screen here because I wanna show you guys something. So this is a Facebook post from Irwin Cedo. So he found this chart online. I'm going
Scott Dillingham:to show you as well. I found a chart as well. So this chart, what this represents is Canada's investing dollars. Okay. And whether the money's coming into the country or the money's coming out of the country.
Scott Dillingham:And honestly guys, this is one of the main reasons why we started doing The U. S. Lending is because we see the writing on the wall. So I know it's really small. Maybe I can zoom in here a little bit.
Scott Dillingham:Yes, I can.
Scott Dillingham:Okay, so you see on the very left of the chart, bar graph is below the line. So below the line means money coming into the country. So you
Scott Dillingham:can see in 2014, money was flowing in. So the investors globally thought Canada was the place to invest. So since that probably around 2015, because it's kind of in
Scott Dillingham:the middle there. You see the bar is on the upper line. So the upper line represents money leaving Canada. And you can see what it was like during COVID. It peaked, but it came back down as COVID ended.
Scott Dillingham:And it does go in cycles. You see the up and down and up and down, but more than ever investors are leaving. And I gotta say, since the capital gains tax as well, that's gonna be coming out at the end of the month.
Scott Dillingham:It's totally against corporations. They don't have any buffer. So in your personal name, your first two fifty of the capital gains is taxed the old way. And then above that, you're taxed using the new capital gains. But for corporations from the end of this month, they are taxed all in
Scott Dillingham:the new way. They don't get a buffer. And so what that's causing investors to do is to lead. Now, if you look, so I have another chart. So this chart, I did not find the source.
Scott Dillingham:I just found the Facebook post, but it lists the source there.
Scott Dillingham:So I could probably look that up on the site, but I actually found Statistics Canada, which is showing as well, all of the countries. So this is Canada's net international investment.
Scott Dillingham:So what that means is people in Canada, where they're starting to invest their money and you see, and it's not showing all the other countries. Well, actually let me rephrase that. It is showing all the countries, but it's grouping it into the light blue. You can't see any other countries' individual influx of dollars, but you can see United States. So United States is the dark blue line.
Scott Dillingham:So you can see here that money is just moving to The States. And this is only up until the end of 2023. So this does not reflect anything in 2024, which we can see 2024
Scott Dillingham:had a large jump based on this chart.
Scott Dillingham:And then also we're not showing any of the capital gains. So if you guys look back to this link, I
Scott Dillingham:think that you'll see, and you'll find that tons of investors once this chart updates, the money is gonna be leaving further. Okay. So as this webinar is about why you should invest in The States, I first wanted to show you where the money's going. So The States is very, very friendly for investors. They want that money.
Scott Dillingham:They encourage And because of that, things like lending is very, very easy. Canada, for
Scott Dillingham:an example, has a foreign buyer tax ban. And not only that it was supposed to end. So it first came out for two years and now they've renewed it for years. So they're what they're ultimately saying, at least
Scott Dillingham:in the real estate market is we don't want your foreign dollars here. Okay. So that obviously affects our country.
Scott Dillingham:And I love Canada. I still invest here. I'm still going to invest here. So I'm not saying don't drop everything, go to The States. I'm not saying that I'm just saying, look for other options.
Scott Dillingham:Okay. So what I'm gonna do, I'm gonna copy this link into the chat. So I'll paste it there. So everybody can check that whenever you want down the road. So you can see, and I'm very positive once it updates to the capital
Scott Dillingham:gains that things are, you're gonna see that
Scott Dillingham:graph skyrocket again. And so for any of those who are just joining today, I'm actually working from home, so I'm in my home office. So it's not the office, just wanted to get this going anyways. So there's multiple things that are going on in Canada that are restricting investment as well. So I'm gonna make this all geared towards real estate investing.
Scott Dillingham:And as you guys know, the landlord tribunal in many provinces are very challenged. I'm even going through a situation myself. I'll share it here in a moment, there's backlogs. Now I've heard they're getting better. So we're between a six month to an eight month backlog that I'm hearing, but there's things that a tenant can do to delay things further.
Scott Dillingham:So I'll just share my story of what's going on. So I got a property. I've had it for years and I've always had the variable rate mortgages on it. And when I first signed up this tenant, I did sign below market rents. It was actually $400 a month below market rents is what I leased it to them for.
Scott Dillingham:And I did it on purpose because my property manager, he came to me and he said, Scott, you know what? These tenants are so good. They're the best tenants I've ever had. They're gonna take care of your property. They're gonna do the renovations.
Scott Dillingham:They're gonna do gardening. They're gonna really take care of it. Like it's their home. That's just how these guys are, but they can only pay this much. So again, it was 400 below market rents.
Scott Dillingham:So I rented it for $1,400 a month. It should have rented for 1,800. I believe this was $2,035.16.
Scott Dillingham:Now mortgage rents on the home is 3,000 a month for this property's location. So I'm already losing because of that. But then anyways, have the mortgage. I've always gotten variables. So the mortgage comes up for renewal.
Scott Dillingham:So now it's renewed into these higher rates, right? That everybody is concerned with and rightfully so.
Scott Dillingham:But now it doesn't cash flow because I've accepted a lower market rents from day one. And we have increased the rents a little bit. I think it's up to like $14.60 now. But it still doesn't cashflow when you factor in property taxes and all insurance. So I'm like, you know what, I'm just gonna sell it and I'll redeploy my capital into another property or into The States, whatever.
Scott Dillingham:Doesn't matter. I'll just sell it because it's a weak property. That's what investors do, right? If it doesn't make you money anymore, you get rid
Scott Dillingham:of that investment and you buy another one. So I tell the tenants I'm selling and the tenants are like, you know what, we're not moving. So I spoke to my lawyer and what they said was, if I get somebody to put an offer on this home and buy it to move forward, and then I have to submit a claim to tribunal to get these tenants out. Now, if that process goes too long, like the six to eight month waiting period and the buyers back away because they can't take possession of the
Scott Dillingham:home right away, then I have to restart that tribunal process with a new buyer. So I don't know if you guys have ever, well, I'm sure you bought and sold, right? We're all investors here, but nobody is gonna say, oh, I'll buy your home in nine months. You know what I mean? It doesn't work like that.
Scott Dillingham:It's They want it in a month or two. So these guys found a loophole that they can
Scott Dillingham:pretty much stay there forever and stop me from selling the property. So it's quite unpleasant. I'm trying
Scott Dillingham:to figure out some different solutions, but my point here is, is this type of thing does not happen in The States. This would not be acceptable. You need to sell the home. You need to move into the home, whatever. Two to four weeks is the average.
Scott Dillingham:And I'm hearing the maximum is two months and then they're out. And I just don't wanna kick people out, but it's like, at the same point, costs money. So the landlord tribunal issues that we have here are not going on in The States. So that is a major reason as an investor to add a few US properties to your portfolio. You're gonna diversify and you're gonna actually reduce your risk because you're dealing with more landlord friendly rules.
Scott Dillingham:So Ali in the chat put, yeah, me too, except I'm moving in with an N12. I may be homeless July 1 because the hearing is September 11. Yeah, like it's crazy. You just never know what's gonna happen. So landlord tribunal is absolutely one of the most important reasons why I would suggest picking up something in The States.
Scott Dillingham:Another reason is rent, right? So let's just go back to my example, right? I started renting to these guys at 1,400. It's below market rents. My mortgage went up.
Scott Dillingham:If I'm in The States, I can go to the tenants and say, sorry guys, I need you to pay $3 or you have to move because my mortgage payment went up and it won't cash flow unless you do. And The States they don't wanna pay, they go and then you put someone in for market rents. It's as simple as that. But in Canada, same thing. Can't raise those rents like that.
Scott Dillingham:You have to, like Ali's doing, moving into the property. There's obviously other strategies too,
Scott Dillingham:but in The States, these rising interest rates do not affect people like it does in Canada. So I think that is a super important thing to know. Another thing that's really neat in The States is just their overall cost of the building and the materials, even though it's
Scott Dillingham:in U S dollars. So dollar for dollar, we're paying a little bit more for materials. The fact that they have full houses that you can get. I mean, I don't recommend buying the cheap ones, but I mean, could get like a nice house that doesn't need work for $50. I mean, you can't really do that here.
Scott Dillingham:Now, again, those $50 properties might not be in the most prestigious neighborhoods. I wouldn't recommend it, but it's still an option. So you can still get low costing real estate that does cash flow depending on the market that you're looking to invest in.
Scott Dillingham:And then the other major, major thing is the lending. It is completely different over there. It's more of a common sense approach. So
Scott Dillingham:let me give you an example. So in Canada, when we're processing an application for an investor, the lender is using the client's personal income, they're also using the rental income of the property. Now, generally speaking, the lenders, they don't use 100% of the rental income.
Scott Dillingham:They want to target around half of the rent. Okay. Then we've also got a stress test, which makes all the payments artificially high. Now I will say with the rising rate increases, the reason why there hasn't been so many foreclosures is because of the stress test. Okay.
Scott Dillingham:So I think
Scott Dillingham:it has some merits, which is useful and I can see it, right? Cause people are renewing, but they can still pay their payments. And it's because they were tested at 5.25 or 5.34. The stress tests change there depending on
Scott Dillingham:the year when you bought your home and rates are now around there. And even in the fours, like five year fixed, we've got a lender. We're doing one right now. It's at 4.59. So they're coming down.
Scott Dillingham:So where I'm going with this is, you know, you're not gonna see a ton of foreclosures, but we still have
Scott Dillingham:this stress test, which artificially limits the borrowing capacity of an investor. So it limits your rental property. And then again, the government to Canada says, we only will let you use 44% of the total income on the application to be used for borrowing purposes. So they're not even using all of your income to qualify you. So they're using half the rental income, they're using stress tests and they're using 44% of your income to go to debt.
Scott Dillingham:Now keep in mind, these
Scott Dillingham:are A lenders, B lenders do allow elevated debt ratios. So with B lenders there's fees and there's higher rates. So in The States, it's very common sense in the way of how they qualify you. So what they do is they literally look at a property's cash flow. And if it cash flows, they move forward.
Scott Dillingham:So it's very, very simple and the link, you know what, pull it
Scott Dillingham:up here so you guys can see it. I'm gonna share my screen in one second. But if you go to the investors hub, we actually have the calculator in here for you to use and to work with. So you just go to USA investing on the
Scott Dillingham:left here and hold on here.
Scott Dillingham:Nope, sorry. It's under cash flow calculators. Okay. And then there's the calculator. So just for fun, I'm
Scott Dillingham:gonna open it up and we're gonna take a
Scott Dillingham:look at this. I wanna show you. So just taking a second here.
Scott Dillingham:So this is the calculator. So we literally put in
Scott Dillingham:the property's value, the loan amounts, and the LTV. So generally speaking, it's 70% LTV If we're going based on rental income, or you can go to 75% LTV,
Scott Dillingham:if you're confirming your income. So they do give you that option for better loan to values, but it's not necessary. Okay. So then they look at the properties, rental income that it generates, and then they
Scott Dillingham:look at these expenses. So they factor in property taxes, hazard insurance, which is the same thing as home insurance here.
Scott Dillingham:HOA is a homeowners association fees. Those would be similar to like a condo fee over here. And that's it. And if the property has a DSCR, which
Scott Dillingham:stands for debt service coverage ratio of one or above, We even actually have lenders that'll go below, but I don't recommend that because it's not a strong investment. I would look at at least one or above, but DSCR of one or above means the whole property covers itself, you're good to go. As long as your money's not from funny sources, they will absolutely move forward with you. There's no Canadian credit that you have to prove. You don't even have to show them a job.
Scott Dillingham:You don't have to even have a job. They'll move forward because they know that the property is gonna cover itself and you're good to go. What they will do though, is they'll ask for reserves. So depending on the lender, the reserve will be anywhere from three months to twelve months. So what the reserve is, is like kind of just repaying the mortgage interest and it's held in trust at the title company.
Scott Dillingham:And actually let me rephrase that. Not a lot of lenders, you actually have to prepay. Some of them, they just wanna see that you have the reserve, but some of them do want a small prepayment there and they'll take your payments from that
Scott Dillingham:and you're good to go. So there's many, many reasons here, but I think fundamentally, and just to touch on
Scott Dillingham:this too, I'm gonna try to get the video, but I was at an event speaking about U S funding last week. Benjamin Tau was there. He's Canada's lead economist with CIBC And his whole presentation was how all the money is leaving Canada and what Canada can do to stop it. Right. Because that's the thing.
Scott Dillingham:You don't want this to happen for a long period of time, or it will really negatively alter our economy. But there's even like the Canadian retirement funds. So I didn't know this, but there's some retirement funds in Canada, through the pensions, directly through the government and through third party providers, they invest in real estate. We see it on the commercial end actually. So behind the scenes on some of the commercial deals, they're actually the lenders is the pension funds.
Scott Dillingham:And they do that so that way their pensioners, their assets are secured to real estate, and then they make the interest off the real estate to pay them. Because they might lend out commercial real estate at six to eight, but they might offer an investor one or 2%, annual return, something like a GIC. So that's usually where we see them.
Scott Dillingham:But what they're doing now, one of
Scott Dillingham:the pension funds, and I'm not gonna announce it here, can look it up, but they've announced they're gonna start with $1,000,000,000 and they're gonna buy US single family properties instead of Canadian properties. So even the large pension funds are saying, let's invest over here. Things are better over here. So when I see that personally, it just makes me think, okay, we have to diversify. I actually am in the process of moving money there.
Scott Dillingham:I don't have a property in The States yet. I have my entity set up. I've got my bank account. I've got all that stuff. But we're moving over.
Scott Dillingham:There's a platform where you can potentially move your RSPs depending on your net worth, and you can invest them into real estate in The States. So I'm actually leveraging my RSPs to do this. But yeah, so that's going on. Obviously, once I sell the weak cash flowing property, I'm gonna invest those funds there too. Now I want this to be a little bit more interactive.
Scott Dillingham:We went over multiple reasons why investing
Scott Dillingham:in The States is good. Is there any comments or questions that anybody has? If so, drop them in the chat. I'll answer them and then we'll go from there. We're just gonna wait, give you guys a minute,
Scott Dillingham:see if anything comes through. So Ali, are you saying you're looking to hear more about the RSP? Now you're typing. So,
Scott Dillingham:okay. So Arlene and Ali. It's called Seaport credits. So you wanna look up Seaport credit and you wanna set up a call with them. In fact, if you guys send me a message through the investors hub, like just look me up under the members and send me a message.
Scott Dillingham:I'll get you the direct introduction to the guy. There's different net worth requirements and things that
Scott Dillingham:you have to have as an investor to determine how much of your RSPs you can use for down payments. So it will be a different figure per person, But yeah, it's amazing. So Amy and Kip are saying, who are my US bank accounts with? So I opened with Comerica Bank. They're quite local to me because I'm in Windsor, which is a border city.
Scott Dillingham:So they're right across in Michigan. The reason I chose Comerica bank is one, the account is free. So you don't need to maintain a minimum balance and it's completely free. So I like that. And then secondly, they don't require that you have a U S address to set up the account because a lot of the banks will open an account for Canadian, but you have to have a U S address.
Scott Dillingham:Okay. So I don't. Well, I mean, I do now, but I didn't then because I got my Detroit mailbox thing. So I've got the address and whatever, but they might, I actually don't know. They might not even use that address as your physical address.
Scott Dillingham:So anyways, Comerica bank they've got locations all over the place and they did it. So Glenn, Amy is also asking Glenn Brash is who I set this up with. And yes, it's a U S Business Bank account. Okay. Moyo is saying you talked about DSCR loan type.
Scott Dillingham:How much down payment is required by the lenders? So there's two programs for that. 30% down is the standard program, where they're basing the approval strictly on the property. And then we can go down as low as 25% down, but that's the confirmed income. So they're gonna look at your Canadian income.
Scott Dillingham:They're gonna look at your debt ratios. They accept much higher debt to income ratios than Canada does. So it's still quite easy, but yeah, that's the minimum and we have a ton of lenders. So that's like across the board. I will share that minimum lending amount is 75.
Scott Dillingham:So do keep that in mind because we do have investors that do wanna buy those 50 key properties I talked about, but they just can't get
Scott Dillingham:a mortgage on it. So we'll refinance properties in Canada so they can buy those ones cash. But if you want a mortgage, you gotta be buying around 110. So then with the 30% down, you meet that 75 ks minimum. Okay.
Scott Dillingham:Salman says what U S markets look good from your perspective? So here is where I want to buy. I like Ohio for the low purchase price and strong cash flow percentage numbers. Sorry guys, just due to that.
Scott Dillingham:Okay, so I like Ohio for that purpose. Again, cash flow, low purchase prices. I like Cleveland and Columbus and Ohio. There's some places you gotta avoid, like Toledo, right? Toledo, lots of people are leaving Toledo.
Scott Dillingham:Vacancy is going up. So you don't wanna don't wanna be there. So for Ohio, my strategy is cash flow. I really like Florida for the Airbnb style market and the lifestyle market. And what I mean by that is, so you buy an Airbnb and it's vacant, you can
Scott Dillingham:use it yourself, which I like, right? Because Florida is beautiful. It's like paradise of The U S so I really like that. And then Texas, there's
Scott Dillingham:a lot of business opportunity in Texas in the sense of jobs and major corporations opening up there. So for Texas, I would do something like a pad split. So think Airbnb, but it's for executives. So pad split will rent your rooms out of your property, but they rent it to executives on a midterm basis, but they're paying short term rents. So you kind of get a, I don't wanna say a better tenant, but the fact that they're longer paying short term rents, because a lot of the people that do PAD split, their employers are helping the sponsor or their employers are fully paying their rent.
Scott Dillingham:So I really like Texas for pets. So again, my perspective is cash flow. That's my personal choice of what I like to invest in. So your markets might be different. The ones I've just stated might not be the highest appreciating and that type of thing.
Scott Dillingham:And that might be what you're looking for. So just take what I'm
Scott Dillingham:saying with a grain of salt and do your own research, because again, my investing goals are different. Okay. So Nadia is
Scott Dillingham:saying the down payment minimum is 30%. Is that what you said?
Scott Dillingham:Yes, that is exactly it. And then Moyo is saying, and what is the interest rates for the DSCR? So there's two things and I'll share this with you. So rates, the lowest is 6% right now, which is actually really good. In fall, the lowest was around seven.
Scott Dillingham:Okay. So it's actually come down over there. Now the default you're gonna see is between seven to eight and a half without any credits. So in The States, can buy down your interest rate, which means you're sort of prepaying a bit of the lender's profit. So because you're doing that, the lender gives you a better deal on the lending.
Scott Dillingham:And you
Scott Dillingham:can do that with any mortgage, whether you're refinancing, doing a purchase, whatever. But what I would recommend and what I educate and coach all of our clients is you wanna ask for a seller credits and you can go up to 5% of the purchase price. So you say to the seller, I'm gonna offer you, I'm just making up numbers here so we can see the math. But let's say I'm gonna offer you a 100,000 for this home, but
Scott Dillingham:I want 5,000 cash on closing. Okay. It's better to ask for the seller credit if you're gonna use it to buy down the rate then to get a lower purchase price. Cause if I financed the home at 95,000, I might save 10, maybe $15 a month. But if my rates coming in at 7 and a half, and I use the seller credit to buy down my rate, to now I can get 6, you're gonna save a $101,150
Scott Dillingham:bucks a month. So it's gonna be much more worth it to have that lower rate. So not only are you saving on the monthly payments, but you're saving on the interest. So always ask for seller credit, try to get both, try to get a reduction in purchase price and the seller credit, but it may not always be possible. Okay.
Scott Dillingham:So Amy and Kip is saying, can we share your banking contact information? So Glen has asked me not to publicize it. I don't know why. I mean, if I was a branch manager, I would want everybody to know, but I can send it to you separately or I can have Jillian send it to you. That's
Scott Dillingham:fine. And then Ali saying I has found lenders in Georgia at 8.5 to 10 with three points and 30% buy down. So it does depend on the location. Absolutely Ali. Portfolio loans do tend to be a little bit higher in interest rate.
Scott Dillingham:Because I know you guys are working on that larger portfolio loan. So the thing with portfolio loans is there's less lenders that do them and they kind of do price them a little bit higher than an individual loan. And the reason for doing that is they know you're gonna save ton of money on closing as a portfolio loan than if you finance each property individual. Because if you finance each one individually, you'll have closing costs on every single property. So you're spending so much money.
Scott Dillingham:So the portfolio loans, they tend to price a little bit higher on the rates, but you're saving a ton on the closing costs. So all in all, I'm sure if we ran dollars and cents, it would be cheaper. Now, one thing to keep in mind too, Ali, is
Scott Dillingham:I would ask Aya, is it open right away? Is it open after two years? Is it open after five years? Because in The States, the maximum is open after five. So if the rates are coming down and you're in that product,
Scott Dillingham:as soon as it becomes open, we can swap lenders for you. So that's kind of how that works. Any other questions guys, before we get going in? Again, I do apologize for those that were not here right away. Our main guest is a realtor in The States and he was gonna do a deep dive because he also invests in Canada and he was gonna share even more examples and from his perspective, but he had a medical emergency, so he wasn't able to join us.
Scott Dillingham:Do this lending all day, so I figured I would hop on here. But any other questions before we let everybody go? I'll leave
Scott Dillingham:you guys with one final thought. If you're interested in buying in The States, how it works is we generally review the property first. So we'll run it through one of the lenders pricing. I'm sorry, my phone's always ringing.
Scott Dillingham:We run it through the lenders pricers and we have many, many lenders. So we check them all and we'll say, okay, here's what this looks like with this lender. Here's what it looks like over here. We think that this will be the best lender for you. And we kind of price it upfront.
Scott Dillingham:So that's kind of like the pre approval as we price the property, analyze the cashflow and let you know what this looks like. You don't need any documents upfront. Then if that goes good and you put in an offer, we'll give you a pre approval letter so you can submit that. And then regarding documents, it's literally at that point, then we do an application and then we send in like your IDs. There are some basic things, right?
Scott Dillingham:They're gonna wanna see proof of down payment, right? Just like Canada. But in Canada it's reversed, you kinda do all the documents upfront and then you get your approval. But over there you get approved first and then they want the documents. So it's backwards.
Scott Dillingham:And I know I get a lot of investors that are confused about that process, but over there it's property first. So just remember that. So that's what we're presenting to the lender and we're saying, here's the property. Do you like it? And if they do, then we get the paperwork.
Scott Dillingham:So Amy and Kip saying, what are my thoughts on purchasing in Detroit? Being that it's right across the water, I know it's very attractive over there. Real estate pricing is cheap. And I gotta say, I really liked the improvements that Detroit has done in the past recent years. They lost a lot of government funding a few years ago because their population dipped below a million.
Scott Dillingham:So in The States, if your population's over a million, there's a ton of government incentives and extra funding that a city gets. So when Detroit's population shrunk, they lost a lot of that funding. And it was really, they were in the slumps for a long period of time, but they've really revitalized and they're getting private investments in the downtown core. And I mean, don't know if you've been there recently, but it looks much better and nicer. And there's so many more things to do than there was before.
Scott Dillingham:Ali's saying that the downtown looks stunning. Yeah. It just, they've completely redone it. Now people are moving back. Right.
Scott Dillingham:Which means the more people that move back, then there's more funding and the more it's going to grow. So I really like the trajectory of where Detroit is now. You just obviously want to be careful. The lower income areas, just like any town, Detroit, because it's a big city, it's more of a problem, but in low income areas, there's more crime, right? There's violence, there's guns, drugs, right?
Scott Dillingham:So you just wanna be careful and try to focus on not the low income markets, but buying something for $1.50 in Detroit would be considered like pretty nice neighborhood. So that's the cool thing in comparison is that, you can get absolutely cheap properties for good areas with good cash flow, that type of thing. And then Amy saying, do I recommend any realtor? So I don't have a strong Detroit realtor referral yet.
Scott Dillingham:I've tried and spoke to a few. There is a company that I can introduce you to. And what they do is you let them know what you're looking for. And they find properties off market. They've actually been doing this for ten years, and they've helped over 500 investors find properties in Detroit.
Scott Dillingham:So they'll find off market properties, they fully renovate it, and then they sell it to you based on an appraisal value. So it's not like you're buying it for some outrageous price. I mean, you're buying it completely turnkey property management in place. If you're open to that sort of thing, I can let you know. They don't have any fees.
Scott Dillingham:I mean, they get their markup from, because they're doing the work.
Scott Dillingham:Like they're doing all of that stuff. So they're making a little bit of money on sale, but again, it's still supported. So if you want that connection, I can give
Scott Dillingham:you that today. And then as I work on building a realtor relationship, I can let you know that. And then Aida says, will you do section eight in Detroit? Oh yeah. We can do section eight anywhere.
Scott Dillingham:The lenders love section eight because it's guaranteed rent from the government. And not only that, it's generally higher than average market rents. The government generally pays top tier rents. So section eights are great. The lenders do not discriminate about that.
Scott Dillingham:Again, you just wanna be careful if you're doing a section eight, is the property in a good location? Right. That's the number one question. So I see Amy and Kip and Arlene talking about getting the info on Detroit. Do you, I know Amy means, you know, she wants that contact.
Scott Dillingham:Are you saying Arlene that you want that contact as well? Because I'll message you the details right when we're done here for The US turnkey properties in Detroit. Just waiting for your response. Okay. Perfect.
Scott Dillingham:Okay. And then Ali's saying, oh, maybe that's what I need to tell. Have one third of the properties in section eight and want to switch more over to section eight.
Scott Dillingham:Yeah. That won't let me rephrase this. Having section eight rent versus non section eight rent will not change your interest rate. However, if
Scott Dillingham:your Section eight rents are so much more massive than regular rents and that changes your debt service coverage ratio higher, then you can get better interest rates. So it may help with your rates, but it may
Scott Dillingham:not. Okay, so I'm gonna just take some notes here, because I don't wanna miss. We gotta send, I'm just gonna write down everybody's name who's looking for that contact in Detroit. And
Scott Dillingham:then for you as well, Ayna. Perfect. And there's no like affiliation guys. They don't pay me for giving out his name or anything like that. It's just, I know them from doing it and we do work with some of their clients for lending.
Scott Dillingham:Okay. Perfect. So I will get you guys in contact with Wojtek or James. They're the ones that run Selvan. Okay.
Scott Dillingham:So yeah, it's gonna be Wojtek or James that reaches out. I can get everybody's email address because you're all members of the hub. So I'll pull that up. I'll get your emails and then I'll introduce everybody via email and I'll let you guys connect. But I do appreciate you guys.
Scott Dillingham:Please let me know, or my team, you're already working with them, if there's any questions at all. And at the end, this recording will be there. If you wanna see it, you can see the comments as well. And at the top within the hub, it says book a strategy call with somebody on my team. So if you're interested in this, or you wanna sit down and talk further and make sure that this makes sense for you, then that's available for you as well.
Scott Dillingham:And Aida is saying she knows that. Perfect. So then you know that. So that's great. So I'll scratch you off the list Aida, but that's who I would give a call to.
Scott Dillingham:So awesome. Well, you guys have a great day. You were fun to chat with. I appreciate that and looking forward to seeing you guys soon and watching everybody grow together. This is so exciting.
Scott Dillingham:Have a great day guys.