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Ehren Laycock - Building Relationships & Financing Your Real Estate Projects from A-Z
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Ready to dive into the world of real estate financing like a pro? Grab your toolkit and a cup of coffee because we’re about to break down some high-value insights in this episode of the Build The Missing Middle Podcast, featuring Ehren Laycock of Finlay Mortgage Team. Whether you’re a first responder looking to build wealth or just someone who enjoys navigating the labyrinth of real estate finance, this episode is your go-to guide for navigating the thrilling world of real estate financing, and trust me, it's packed with juicy tips and insider info!
4 Key Takeaways from the episode:
1. CMHC MLI Select: Your New Best Friend
Imagine lower interest rates and extended amortizations that let you sleep better at night. That’s what CMHC MLI Select offers—think of it as your real estate BFF with benefits! With rates around 4.65% (compared to the 7.5% banks are throwing around), you’re looking at a hefty savings and a much easier ride. Just remember, a well-balanced team is crucial to avoid those pesky budget overruns and permit snafus.
2. Assembling Your Dream Team
You wouldn’t build a skyscraper without an architect, right? The same goes for your real estate projects. From savvy realtors to sharp mortgage brokers and ace contractors, having a crew that knows their stuff can make or break your success. It’s like having an Avengers team but for construction—minus the capes.
3. Financing 101: Documentation and Strategy
Ready to impress those mortgage brokers? Make sure you’ve got your personal network statement and up-to-date corporate financials in hand. And don’t forget the 15-20% capital reserve for your construction budget. It’s like having a safety net for your financial trapeze act. Newbie or pro, being upfront about your financial situation will get you the best deals and smoother processing.
4. Future Goldmine: Missing Middle Housing
Here’s the scoop: rezoning allowances for up to 4-6 units per lot are on the horizon. It’s a golden opportunity for mid-level investors to jump into the development game and rack up some serious returns. Think of it as the latest real estate craze—like avocado toast but for property investments.
Action Items:
- Get Your Docs in a Row: Before you charm those mortgage brokers, ensure you’ve got your personal and corporate financials ready.
- Build Your Capital Reserve: Aim for 15-20% of your budget in reserves for those unexpected construction curveballs.
- Consult the Pros: Book a call with a mortgage broker and explore all your financing options to make the most of your investment journey.
Tune in to the podcast, take these tips to heart, and watch your real estate ventures soar!
Ehren Laycock Links:
Instagram: @laycock22
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