On the scale of 1-10, where 1 is Tai Lopez, and 10 is the definition of "actionable": this is a solid 11.
@CanadianRealEstateChannel7 жыл бұрын
Thank you Kellan! This is the best compliment ever! I want to be all about that actionable content!
@ChunkyMonkaayyy6 жыл бұрын
I got 6 cryptos in my Lamborghini bookshelf.
@TheTurdballs4206 жыл бұрын
I showed this video to my son who is now my father
@CameronChardukian6 жыл бұрын
hahaha
@thiagoghisi6 жыл бұрын
Could not agree more! This video is awesome! Thanks a lot Matt!!!
@edgehodl48324 жыл бұрын
Worst thing u can do is follow ur passion, my passion is to Netflix and chill, it destoryed my life
@thiagoghisi6 жыл бұрын
Amazing!!! As always, 100% actionable tips! Love the spreadsheet and how transparent you were with all the numbers. I would love to see a video about how you would approach lean fire in big cities like Toronto or New York City where the real estate is just insane. In NYC, it almost impossible to find a reasonable duplex, 4plex or 6-plex in less than 1 hour from Manhattan...
@gersonadr26 жыл бұрын
For a guy approaching FIRE using the 4% SWR, this video just blew my mind. Thank you sir
@CanadianRealEstateChannel6 жыл бұрын
Glad to hear you enjoyed it Gerson! It's surprising how with some strategic life hacks, you can drastically reduce what you 'need' to live. Thanks for watching & commenting!
@andyp7437 жыл бұрын
Spot on. I've been house hacking since I was 21, 6 years $10k per year income off the house I live in, yes please. Rented my first 5 bed house and did it, you don't even have to buy. We don't really have 'plexes', had to google them but it works with bedrooms. Very interested in this side of things. Me and my girlfriend are looking to retire off our rental income and p2p lending in the next 6 months and travel. It should give us $40k nzd/$45k cad to live off. It might not go smoothly but like you say, we can always do work along the way. Awesome vids as always.
@CanadianRealEstateChannel7 жыл бұрын
Andy P epic story! Kellan & I may need to have you on our new podcast in the near future!
@andyp7437 жыл бұрын
Matt McKeever Sure, not to be a creep but ive sent you a request on fb. Keen to hear more on 'hard money lending', not a concept i've heard of before.
@andrewlu45294 жыл бұрын
I love this!! when you said "The thing about LEAN FIRE is really about being cognizant of what you want in life and what's really adding value to your life" really made me take a look at my day to day life a lot differently, being more aware of the important aspects of a 'good' life! Thank You for sharing. #PM4 #ProjectMayhem
@DrewSynder6 жыл бұрын
If Canada allows you to deduct your live-in water, electric, insurance, property taxes, heat and so forth -- it's free money. This would be illegal in the US for tax code purposes. In the US, you would assign only the rental expenses. So for instances (Scenario 1), you're expenses wouldn't be $1403.79 a month, they would be half that and you would positive cash flow and be taxed on such.
@mariorobinson91122 жыл бұрын
4 years later here I am watching this vid! LEAN FIRE
@Jimmy-ph8xn5 жыл бұрын
I can sell my house, sell my car, divorce my wife, and live in a dilapidated shack today! Chopping firewood and Infinite crossword puzzles here I come!
@mitcht10265 жыл бұрын
lol exactly
@jobe87645 жыл бұрын
Most of my friends were divorced by their wives, lost their beautiful homes, live in dilapidated mobile homes, including me. Yes, I have a log splitter for selling firewood, LOL!
@lewis65905 жыл бұрын
Yeah! Imagine not spending 5/7ths of your life working for someone else to afford the big house you get to clean every month. What a bunch of losers. They probably don't even know the constant source of joy that is car insurance, a phone plan, binging netflix on the weekend and bringing in every new year wondering wtf happened.
@BigRed25 жыл бұрын
LewieBot Imagine living in a shack smaller then the ones in the congo and having have the income people in poverty make and let’s not mention when Social security age comes you won’t qualify most likely, but hey you don’t work !
@lewis65905 жыл бұрын
@@BigRed2 You obviously didn't get the point of the video, and dismiss the idea to protect your ego for having worked this long and having little to show for it. I get it.
@UnauraOS6 жыл бұрын
Currently reading the book you showed, it`s not my first book on FI but I find it very very interesting, good choice!
@CanadianRealEstateChannel6 жыл бұрын
Glad you’re enjoying it! Thanks for the feedback!
@snakechrmr63984 жыл бұрын
$250,000?? Totally ridiculous. I moved to western Europe to work my last years and retire. Retired 6 years later at 62 with $30K savings, a small pension, a new high mpg inexpensive car (bought 3 months before retiring for cash) and a 7 year old Harley (bought new in US for cash). Lived on savings and the pension for a couple of years until SS was enough for me to live comfortably. Moved to eastern Europe a couple of years ago and today here I sit. 68 years old, $15K in savings, a small pension, US Social Security, 6 y/o high mpg inexpensive car, 13 y/o Harley (127,660 miles) and you couldn't run fast enough to give me a job. I did take over all my investments from the so-called experts after what they did to me in 2008 and began handling them myself. To date I've not lost a penny on any of my 2 investments. Every month I invest in one bottle of Jack Daniels and Harley parts.
@jschultzf36 жыл бұрын
Solid stuff, Matt. The FIRE system looks promising 🔥
@CanadianRealEstateChannel6 жыл бұрын
Thanks James!
@azteca66956 жыл бұрын
I "NAG" my two nephews (18,19) about retirement and savings.
@CanadianRealEstateChannel6 жыл бұрын
😆
@ChrisMFlorida6 жыл бұрын
I nag my coworker who is 42 and has no retirement savings, but owns 3 drones and rents a room.
@mphomolapo15624 жыл бұрын
@@ChrisMFlorida w.o.w 😓
@dvelop49753 жыл бұрын
@@ChrisMFlorida ahhha
@chrisarguello11707 жыл бұрын
Drowning yourself is mortgage debt is not a good idea. You're ignoring risk (assuming you have a renter, renter pays on time, etc.)
@CanadianRealEstateChannel7 жыл бұрын
Hi Chris, I def understand your concerns about debt. The manner in which I get (more) comfortable with it is: All my properties are max 80% LTV, meaning that I have at least 20% equity in them, as well ensuring my properties are in line with the 1% rule (which in my market is a strong indicator of cashflow, meaning it should be able to service the debt and still cashflow). Is it all debt that you disagree with, or the particular implementation I've used here? Real Estate investors are often far more comfortable with debt than other individuals. (as the reason people are drawn to debt is for the leverage, being able to control a much larger asset base than they otherwise could have, if this asset base is then put to good use it can create greater wealth than if debt hadn't been used) but that's just one perspective from a real estate investor (and I'm obviously biased as this is one of the primary means I've used to grow my wealth). If a person wasn't refinancing in a short period of time - would you be ok with debt on an investment property? Regardless - thanks for watching!
@roslynmonahan13526 жыл бұрын
Matt McKeever and if someone is uncomfortable with too much debt they can purchase the property while they are still working and have a 3-5 year plan to pay all or most of it down before they retire. Too many people find reasons why they cant instead of how they can make it work for them.
@nickyspersonalfinance92567 жыл бұрын
I'm just getting started in REI and have watched 75% of your videos. Can you do more deal analyzing? I need help analyzing the numbers. Always great content. Thanks!
@CanadianRealEstateChannel7 жыл бұрын
Thanks Nicky! For sure I'll do some more deal analysis video's - thanks for watching and commenting!
@vansicklejerry5 жыл бұрын
Of course you kind of mentioned heath care cost aren't an issue for you, but In the USA health care cost are a big killer for some people. Also, it sucks are Roth IRA is nothing like your TFSA. I wish we had that here.
@hendrikvanderzandt18997 жыл бұрын
Matt, very well explained. Thank you! Maybe also worth mentioning that you don't need to save cash until you have $250k to follow this strategy, but that you can have your money work for you until you reach that equilibrium of income and personal required expenses.
@CanadianRealEstateChannel7 жыл бұрын
Fantastic point Hendrik! I was just trying to cram so much into this video (and keep it close to 20mins) that there was all sorts of things I wish I could have discussed but needed to cut for brevity. Thanks for watching!
@matthewmagennis20724 жыл бұрын
I'm so excited to retire and never work again! All I need to do is get $250,000, buy a duplex, interview potential tenants, follow up with tenants that don't pay their rent, deal with tenants that trash your property from time to time, get up at any time during the night to call the plumber to fix a broken toilet or go fix it yourself, deal with tenants that sue you over a broken part of your property, find new tenants when you have to evict them, do spreadsheets, replace fire alarms and extinguishes... Not working sounds like a dream!
@CanadianRealEstateChannel4 жыл бұрын
I bet you’re fun at parties 😉
@dawsondixon48567 жыл бұрын
Love hearing about the lean FIRE, great content in here. I like how you're breaking down each property with real life examples
@CanadianRealEstateChannel7 жыл бұрын
Thanks Dawson, it's a big topic to try and cram into even a couple videos, but hopefully I covered enough to at least pique peoples interests on how to take control of their financial lives.
@1KnattyDread6 жыл бұрын
Matt what would you do if all you had was 10k to your name to start to reach for financial freedom?
@nerad19943 жыл бұрын
How ya doing now?
@randolphbehm8773 жыл бұрын
With a Roth IRA you can pull your contribution back out whenever you want but you have to be 59.5 to pull out the growth penalty free.
@rachaeldxoxo5 жыл бұрын
House hacking is an idea I have been toying with. I currently live in old south, Wortley is in walking distance and all in all I love the area and the apartment I live in. When I purchase my first multi unit, I will have to look at the numbers and decide if it makes more sense for me to keep renting where I am (that I love soooo much) and get that extra rent each month or if moving into one of the units is more cost effective. That’s my perspective on the subject of house hacking
@priceandpride6 жыл бұрын
How do you get a job after being unemployed for so long?
@CanadianRealEstateChannel6 жыл бұрын
Ideally, if you've FIRE'd you don't need a job. That being said, if it's a major concern, you can keep your skills sharp, in what ever field you wish, while not working by volunteering, being a member of trades organizations etc. As well the idea of mini retirement, or taking a year or two off is becoming less and less unusual; and in my experience few employers/recruiters judge negatively in that regards. For example, myself as a CPA - there are lot of ways I can keep my skills fresh/sharp - volunteer doing taxes, volunteer at charities and not for profits and work in their finance department or sit on the board of directors, I can work/volunteer for Ontario CPA organization, I could work part time, start my own practice etc. As well, it's not like by retiring you immediately loose all your business/trade connections. And if you were competent enough to FIRE once, I'd suspect you were competent at your job and have a good network that would write you references.
@yuliya22015 жыл бұрын
Oh my god, I just found your channel through Graham's and I can't believe the timing. I am just about to start renting out my condo (Alberta) and need to binge watch all your other videos to learn more about your strategies. I feel like I want to acquire more real estate in my 30s soon 🤗
@leelaffan39257 жыл бұрын
Ok so Matt I've just added up my time as of today and with all the big q and a sessions left i have 10 hours and 1 min. LOL. That's still a lot of video to watch but i'm almost there. Thanks for all the great tips commentary and just plain fun stuff. 1 of the things I really want to see is more on the RV. I can't wait to here if you sell it or really use it for the road trip. I would love an episode on how you are analyzing a property. Like using padmapper and google and so on. I myself am having an issue with my analysis. I just struggle to organize myself with what i should be looking at. The other thing I am wondering more about it zoning bylaws. If you have any helpful tips or if you could make a video on those subject I would really like that. Also I hope we can meet up sometime in the future. Before you become a HUGE KZbin star. LOL Lee Laffan
@CanadianRealEstateChannel7 жыл бұрын
Wow Lee! Thanks for such a meaningful comment! You've made my day! Yeah I need to do an update on the RV. Appreciate the video idea suggestions! I'll be sure to do another video or series on analyzing properties and how to learn more about bylaws etc. Thanks again!
@thesovereignindividual65944 жыл бұрын
You are showing how to invest not how to retire. These investments have risk also. Especially when using mortgages as you suggest. This is work and risk reward. Not retirement. Correct me if I'm wrong. 250k should give 7500 a year. Buy a property and live in a cheap country and work on what you like as a semi retired solution would be a more retirement kind of solution.
@jaylenlenear39445 ай бұрын
Getting into real estate just isnt3 that easy though. If I buy a duplex and the other units sit for awhile don't I still have to pay on all 4 monthly ?
@epictetus3406 Жыл бұрын
Where in canada did you buy a duplex with a garage in a nice neighborhood for $140 000?
@zzdrunksniper85867 жыл бұрын
I need some advice Matt! Im 19 and i live in Chile, how can i start getting in the real estate world and learning how it works. I really look up to you. Ty
@CanadianRealEstateChannel7 жыл бұрын
I've been getting a lot of these questions lately - and will have a video coming out shortly - showing step by step how to build your knowledge base in real estate. Hopefully that will help you out. (Hoping to release it later this week)
@GiancarloCorzo6 жыл бұрын
Great video, like the idea but I notice you didn't include few services into the spreadsheet is that because renters are going to pay for it? (like water, snow, grass) and what about house maintenance and other fees?. I like the concept but there is probably too many hidden fees
@JP-tw2od7 жыл бұрын
Great vid Matt! I'm curious to know how you would approach the Lean Fire strategy in high shelter cost cities like Toronto or Vancouver?
@CanadianRealEstateChannel7 жыл бұрын
+JP 34 good question - I'm going to assume that house hacking in major cities like Toronto is unlikely at best - so in that situation I'd consider relocating first, if I decided that was unacceptable I'd try to find a rent hack opportunity - rent a 5 bed house for say 2k, rent out 4 rooms and live in fifth etc - now you'd need to get your landlords approval
@jeffg38955 жыл бұрын
Van life.
@whodat98905 жыл бұрын
no smart landlord is going to approve.
@mpodobnik7 жыл бұрын
Had no idea about lending through a TFSA. Great content as usual, Matt.
@CanadianRealEstateChannel7 жыл бұрын
Thanks Marko!
@mpodobnik7 жыл бұрын
Your spreadsheet game is strong. I need to get on that. Did you make these from scratch?
@CanadianRealEstateChannel7 жыл бұрын
Yeah... haha - huge spreadsheet junkie (I likely have my former day job as a CPA to thank for that). It really is worth it though to get at least decent with spreadsheets for analyzing properties and other opportunities.
@pegasus88734 жыл бұрын
Ok. But why would I hire someone who has a big break in their work history instead of someone right out of school? I mean how long would you actually stay at my job?
@escapethecircle73705 жыл бұрын
This is amazing. Your content is great.
@CanadianRealEstateChannel5 жыл бұрын
Thanks for the support!
@awalters09137 жыл бұрын
How do you find reputable contractors that are both reliable and complete good-quality work for your renovations when you rehab properties?
@CanadianRealEstateChannel7 жыл бұрын
I wish I knew...😭 I'm only half joking... Finding competent contractors who are reasonably priced is one of the most frustrating parts about real estate investing. There's no silver bullet. I think referrals are a great starting point. Talk to other landlords and find out who they're using, talk to property managers - find out who they're using. Also never depend on only one contractor/tradesperson for everything. Always have a back up person - otherwise you'll find your self frequently disappointed/upset. If the wrong contractor knows you're their only hope - they will use it to their advantage. I've been getting this question a lot recently - and I think I'll do an indepth video on it in the future.
@awalters09137 жыл бұрын
+Matt McKeever thanks for answering that question, very insightful response. That’s what I struggle with as well. I own a few properties in Ohio and have focused on ones that already are in great condition and need minimal upfront capex, but as a result have lower returns for taking on lower risk. I would really like if you did an in-depth video on this in the future! Thanks again and I wish you continued success!
@HustleHue6 жыл бұрын
Matt your videos keep getting better man! keep it up *******************
@CanadianRealEstateChannel6 жыл бұрын
I assume that's a compliment? If so thanks Jeremy for the kind words. If a critique of my videos - I may need further feedback to understand. Thanks for watching!
@HustleHue6 жыл бұрын
I mean this in the best way possible!! This is one of the best videos you have made Matt keep it up
@DuncanRenovates7 жыл бұрын
Is your success predicated on living in a university town where you're almost guaranteed renters? I'm in Cambridge, would I have to look North to Waterloo or could I stick local?
@CanadianRealEstateChannel7 жыл бұрын
Good Question Duncan... The only real estate market I know well is London Ontario - So I'm not sure if my perspective is predicated on living in a university town... I think any market that has a strong renter base would be capable of replicating this - I know some of the smaller towns near London this is also possible. (Strathroy, Stratford, Woodstock and Exeter come to mind.) I think if you're a 'grinder' you'll always be able to find renters (assuming your in a decent sized market say 10K+ population) - having a clean property goes a long way in most markets and regardless of your tenant profile - if you focus on having a freshly painted and very clean unit - you should be able to attract decent renters (based on my experience). I think you could do this in Cambridge - but Mat Piche (another Real Estate KZbinr) who is based out of Cambridge would be a better person to ask.Thanks for watching!
@DuncanRenovates7 жыл бұрын
Found him, thanks. I haven't lived in London for a long time (UWO student) so I haven't kept up with the local vernacular -- what's a "grinder"? To me it means "one who keeps their noise to the grinding wheel" (which itself is a pretty ridiculous colloquialism now that I think about it), do we use it the same way?
@CanadianRealEstateChannel7 жыл бұрын
Duncan McRae sorry - by grinder I mean someone that works Harder - and/or smarter than the average person and so can usually get average and/or above average results. Thanks for watching!
@Duxa_6 жыл бұрын
FIRE with 250k sounds like committing to a life of poverty. Worst case scenario as you present it is not even close. Worst case you are trying to find a job as a 50 year old while completely out of touch and forgotten what it was you went to school for 30 years prior. On top of that you have no contributions to 401k or Social Security, so your retirement is 100% dependent on your savings, which you no longer have because you spent it all because 250k is pennies.
@NubHubGaming5 жыл бұрын
This plan sounds great in theory but it is based upon some strong assumptions. If everything goes smoothly and without hiccups it is possible, but the plan has high risk exposure. I would not recommend anyone in Canada to attempt to retire on 250k.
@benefitnessstudio27027 жыл бұрын
Cheers from Sarnia Matt! I hope to pick up more rentals in London soon!
@CanadianRealEstateChannel7 жыл бұрын
Thanks for watching!
@stevenbury39804 жыл бұрын
Group three of types of people watching this video 'I could live off half of that'
@reasonfeel6 жыл бұрын
Hey, sweet excel tables. Where did you get trained/how'd you learn how to be excel savy?
@CanadianRealEstateChannel6 жыл бұрын
I'm a CPA so my day job included a ton of excel work. So that led to a lot of my experience with it. But excel is such a useful tool that I highly recommend everyone learn it. Lynda.com is often a great source for online courses - and you can usually get it free through your local library.
@ShihabPersonalFinance5 жыл бұрын
Great explanation, but why no down payment on the duplex?
@chibsryder3 жыл бұрын
Hey Matt, does this work in 2021?
@GrahamStephan7 жыл бұрын
SECOND!
@CanadianRealEstateChannel7 жыл бұрын
You'll always be my number one! 😄
@Darija_Institute7 жыл бұрын
Cute 😂
@storyofscripture6 жыл бұрын
NO homo
@DavidJGlad5 жыл бұрын
On your remark about the Roth IRA, as I understand it and (Wikipedia gives for its advantages), you can withdraw the principal (not interest/dividends/capital gains/etc) at any time which brokerages give if you want to make a downpayment on a house/etc. Obviously you should talk to a financial/tax advisor rather than listening to somebody on the Internet. As I would think tapping retirement accounts should be THE LAST RESORT well after you beg family/etc for money. :) PS Important thing is starting now!
@Baron19753 жыл бұрын
I have lived on less for 4 years now. I sell options derivatives... and have generated an average 38% return average over 4 years. I have well over 250k however I think I could live on 100k indefinitely just selling derivatives.
@JackWagonRL7 жыл бұрын
what did you do for a living before getting into real estate investing?
@CanadianRealEstateChannel7 жыл бұрын
I'm a CPA, so I worked in public accounting, then transitioned to private sector as a controller. Thanks for watching!
@angelao8245 жыл бұрын
Awesome video! This was great!
@CanadianRealEstateChannel5 жыл бұрын
Thanks for the support Angela!
@embitious6302 жыл бұрын
Yes…. I’m going back to my hometown country and live like a queen
@honestly1017 жыл бұрын
Thanks Matt, another great video! He is a great person in real life. Thank you for all you do.
@CanadianRealEstateChannel7 жыл бұрын
Thanks Noel! It was great meeting up with you yesterday!
@Cryptomaniac.2 жыл бұрын
Ill make it simple. I only need 300k to retire, put all that 300k into a high interest savings account at 10% interest per year or even an index fund at 10% per year work for one more year and start living in the interest. I only earn €30,000 a year now and am easily able to pay rent, childcare and all my other bills. When i retire I wont have rent or childcare to pay for so ill be way better off than i am now.
@laurencemathewriggs80237 жыл бұрын
You should get him to get it on there. My regular job is logging truck driver. So it's were a lot of us get are book reading on.
@CanadianRealEstateChannel7 жыл бұрын
+Laurencemathew Riggs great point! I will reach out.
@samsantos39235 жыл бұрын
Rey good content , keep it up , FYI I just subscribed
@CanadianRealEstateChannel5 жыл бұрын
Thanks!
@Ryano106 жыл бұрын
Great videos. Keep it up I'll keep watching.
@CanadianRealEstateChannel6 жыл бұрын
Thanks for the support! I really appreciate it.
@AlexSanchez22547 жыл бұрын
I love it!! Subscribed
@CanadianRealEstateChannel7 жыл бұрын
Thanks for the support Alex!
@JimmyBlimps5 жыл бұрын
Van life if you enjoy it is a sweet house hack
@CanadianRealEstateChannel5 жыл бұрын
100% Agree - it's an amazing way to reduce your personal overhead - I have friends currently undertaking converting a sprinter van - they just took it on the maiden voyage a few weeks ago! I'm super jealous - If only there was time to do it all. Thanks for watching
@whodat98905 жыл бұрын
i prefer the 6 plex have an apartment and get paid 800 a mnth
@marcmini81372 жыл бұрын
miss this matt.
@madchild747 жыл бұрын
Matt this video was awesome!
@CanadianRealEstateChannel7 жыл бұрын
Thanks Jason!
@lisaa60995 жыл бұрын
Great vid. Like the practical ideas.
@Doso7776 жыл бұрын
Invest 250K into Mintos, get 12% interest, have low living expenses. Might work, but it's probably a bit risky ;)
@sierraignition53935 жыл бұрын
this is awesome! Can you give more information on hard money lending, like how to be a lender etc?
@slackerjo5 жыл бұрын
Is 250K retirement possible if one inherits 250K in one shot? I am very frugal as I make a lousy income at a job I don't like ($2364 CND a month) so I am pretty good at managing a very low income. I'd rather work 25-30 hours a week at a job I do like and live off investments.
@vcoonrod6 жыл бұрын
Wow. This guy is amazing.
@CanadianRealEstateChannel6 жыл бұрын
Thank you! ❤️
@pla48256 жыл бұрын
I like your style bro u gained yourself a subscriber
@CanadianRealEstateChannel6 жыл бұрын
Thanks! I appreciate the support!
@tmonique114 жыл бұрын
Matt, where can we get the template of the excel spreadsheet you used in the video???
@brianwahl88527 жыл бұрын
You're my hero wanna post the excel template my man?
@jonathanjacques72505 жыл бұрын
Very interesting. But I don't want to live in apt. or duplex.
@DanTheMentor7 жыл бұрын
Great video!
@CanadianRealEstateChannel7 жыл бұрын
Thanks! Appreciate the support!
@MrTofu134 жыл бұрын
You're rockstar! I'm trying to FIRE myself. Good luck man!
@CanadianRealEstateChannel4 жыл бұрын
You can do it!
@ariefraiser1406 жыл бұрын
You can't just always go back especially if your occupation is in a professional field. Your skillset becomes obsolete.
@CanadianRealEstateChannel6 жыл бұрын
Hi Arie - I understand your perspective, but disagree - I think in nearly every field you can go back, you may not be going back at the same pay or title, but myself for example as a CPA - I may not be able to reenter the work force as a controller for a pub co (though I actually believe I could, even though I've been away for 2+years) I would certainly be able to enter the accounting field and find some sort of employment.
@ericgalaxies55367 жыл бұрын
How do you find such cheap properties? I've been checking the Winnipeg kijji listings and the renovated I saw was 200,000.
@CanadianRealEstateChannel7 жыл бұрын
Based on the three weeks I lived in Winnipeg - I know those deals are out there - the key is you want to find properties that are not renovated (those will create the best value adds for you) then you can implement the BRRRR investing strategy and keep recycling your money. I'll have a video coming out later today on the subject! thanks for watching!
@anh78075 жыл бұрын
I agree. Cheapest in my area is 300,000 and that was only one tiny 1 bed 1 bath duplex in which my bigger family would not be fit to live in. The other properties were more than half a million.
@bitscratch2297 жыл бұрын
It's giving good returns now, but your entire net worth is in real estate which is a market that could easily see another recession. Even if that doesn't happen, you could have a couple months of bad luck where you can't find a tenant or have expensive repairs.
@CanadianRealEstateChannel7 жыл бұрын
Hi Nathan - I understand your perspective - Admittedly I likely wouldn't retire off of only 250K, I think it is reasonable to do so, and like I've mentioned in this and other videos: worst case if you go back and work some more, which isn't the end of the world. (From my perspective) I think as long as you're willing to approach everything dynamically, it turns out to be a more resilient strategy than most assume at first glance.
@no9254me5 жыл бұрын
What about those who live in hcol areas with huge property tax. Brrrr is impossible.
@ritasjourney6 жыл бұрын
So are you paying cash for these homes that you are renting out?
@ritasjourney6 жыл бұрын
Never mind. I got the answer when I kept listening
@specialk22tt5 жыл бұрын
I'll subscribe if you find where the camera lens is and actually look into it. ;)
@CanadianRealEstateChannel5 жыл бұрын
😆 it’s tough not to look at the screen 😂
@rickymagicanada4 жыл бұрын
Thank you Matt
@thepenthouse15074 жыл бұрын
The problem with fire is outside of Europe, healthcare is extortion. I can retire with 250/ even less 😂 Because I only need 300 bucks for healthcare and the rest is covered. On top of that, 15 percent of my dividend payments go into my taxes and get deducted from my bill. It takes almost half off my taxes 😂
@thepenthouse15074 жыл бұрын
And yes, kids are a bitch, and I don't have a mortgage
@yeetusfeetus7877 Жыл бұрын
It’s not just Europe that’s like that.
@blin75096 жыл бұрын
A lot of assumptions. You have to be super optimistic to be able to follow this plan.
@CanadianRealEstateChannel6 жыл бұрын
Perhaps. But the awesome thing about LEAN FIRE and/or early retirement is - there are no rules saying you can never earn income again. As well you could always reduce your expenses. Something really powerful once you realize you're truly in-charge of your financial future and stop viewing things from a scarcity perspective and switch to abundance. Thanks for watching & commenting!
@kayjay94846 жыл бұрын
great video,where can I get that spreadsheet
@billcarson92286 жыл бұрын
4:45 ... "complainty-pants" !! Love it !
@CanadianRealEstateChannel6 жыл бұрын
Thanks for watching!
@anthonypeltier40396 жыл бұрын
Awesome! Love it!
@CanadianRealEstateChannel6 жыл бұрын
Thanks for the watching & commenting!
@Mantis8585856 жыл бұрын
"Complainypants" Mr Money Mustache. 😉😀
@phazalrahman7 жыл бұрын
link to the spreadsheet please
@sdsumiguel59376 жыл бұрын
This video is lean fiyah
@CanadianRealEstateChannel6 жыл бұрын
Hahaha thanks!
@brenmmw6 жыл бұрын
Really appreciate that you’re Canadian and the content is relatable
@CanadianRealEstateChannel6 жыл бұрын
Thanks for the kind words!
@rmh6915 жыл бұрын
Rentals need repairs, have vacancies, tenants don't pay. He's misleading because he doesn't understand the real estate business and potential pitfalls of being a landlord.
@CanadianRealEstateChannel5 жыл бұрын
You know I’m a landlord with over 60 tenants right??? I retired 3 years ago because of my real estate investments...
@sammiwright24365 жыл бұрын
You’re one of those “can’t do it “ people aren’t you
@marianelavega4536 жыл бұрын
I'm frugal so that will last
@CanadianRealEstateChannel5 жыл бұрын
Haha 😆
@j.d.90105 жыл бұрын
I don't know about all that. I'm 48, my house is paid off (worth $175k-$200K), have no debts, no kids, no wife & currently have $500k in retirement savings. I can tell you right now...there's no way I could retire. But unlike you...I'm not willing to be a landlord...so, maybe that's the missing key. Bottom line, if it's all working out for you, I can't be mad...CHEERS!
@georgec28945 жыл бұрын
J. D. Your spending rate is key. I live off £6250 a year
@j.d.90105 жыл бұрын
@@georgec2894 I hear ya. If I were to bare bones it, I could probably get by on $8k-$9k a year...but it wouldn't be enjoyable. It would mean no more contributing to savings/retirement accts, no more concerts (2 or 3 a yr), no more vacations (1 or 2 times a yr), no more dining out (1 or 2 times a month) & etc. Being able to do things with family & friends (other than just visiting them) is also important...we've all only got so much time on this earth. Retirement should be fun, to an extent. I mean you can't spend money like a drunken sailor on leave...but, I wouldn't want to spend my retirement just sitting at home every day.
@georgec28945 жыл бұрын
@@j.d.9010 Yes, this is very balanced. There's a lot of thought around having too much money too young and thinking you know what to do with it (me included to some extent!) With so many unknowns (both tangible and intangible, quantifiable and qualitative) that come with very early retirement I can see why you'd advocate a lower SWR than 4% for instance... more currencies in life than merely the monetary ones etc...
@laurencemathewriggs80237 жыл бұрын
Just wondering if that book is in Auidble
@CanadianRealEstateChannel7 жыл бұрын
I wish it was! I've been tempted to reach out to Jacob and see if he would release it on audible... maybe I will do that now. Thanks for watching!
@AA-nj2ni5 жыл бұрын
@7:35 Did he ever link his excel sheet for us to download?
@Godblack15 жыл бұрын
Hey MAtt are you sharing that Excel ?
@marcmini81372 жыл бұрын
retired at 27
@imperi424 жыл бұрын
what does "hydro" mean for expense?
@magicpony95 жыл бұрын
I think you’re vastly underestimating how difficult it is to “just go back and work some more” especially at anywhere near the salary you were making. Especially for people age 50+ (age discrimination is real) you shouldn’t depend on that.
@someonemight6 жыл бұрын
I've retired on $200k. The key factors were moving to a cheap third-world country that offers very high interest accounts, living minimalistically, and abandoning women.
@edietenbroek44925 жыл бұрын
So if there are not many multi plexes in my area, can I not do basically the same thing by purchasing multiple homes? Instead of a duplex, buy two homes and live in one. Is this qualitatively different in some way?
@Phoenix117205 жыл бұрын
Would cost more in most cases, and would be two separate mortgages
@theaus66046 жыл бұрын
I like your style!
@CanadianRealEstateChannel6 жыл бұрын
Thanks Dave! Be sure to hit the subscribe button and checkout some of my other videos!
@cunningham.s_law4 жыл бұрын
can you live abroad while on fire?
@petramaier91537 жыл бұрын
Have you ever studied the ancient history of 2008? Real estate always work great---- until it doesn't. Having multiple mortgages when the market crashed and you now owe more than your house is worth is not a sound strategy.
@CanadianRealEstateChannel7 жыл бұрын
Hi Petra, just to confirm is your position - that real estate is always a bad investment, or a bad investment because of the current market conditions? Does the fact that I invest in properties that cashflow and meet the 1% rule, and have min 20% equity impact your idea of whether this is a sound investment strategy? In your opinion is having multiple mortgages always a bad idea? Thanks for commenting!
@CanadianRealEstateChannel7 жыл бұрын
Forgot to mention - I'm a huge Ludwig von Mises fan.