Buying Real Estate at 100% Loan to Value with Candice Bakx-Friesen

Buying Real Estate at 100% Loan to Value with Candice Bakx-Friesen
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Table of Contents - Buying Real Estate at 100% Loan to Value with Candice Bakx-Friesen

Podcast Transcription

George El Masry [00:00:00] This is George El Masry and you're tuning into another episode of the Wealth podcast today I interviewed Candace Bakx-Friesen reason and we're going to get into what we spoke about. But first of all, I just want to thank all of you for listening, tuning in and always grateful for you sharing this with friends and family. My goal is to empower people to share a positive message and to also inspire people to invest in real estate. So if you know someone who's looking or who might be interested in the kind of content that I'm sharing, please be sure to share it and always leave us a review because that really helps. So ideally on the Apple podcast platform, if you can leave a review there, that would be always that's always appreciated. So Candice and I, we had a chance to discuss a little bit about her life. She's from Winnipeg or lives just outside of Winnipeg. I should, I should say, a rural lifestyle. And she's been investing for a long, long time. Her husband started at 17 years old. So we talked a little bit about that getting started in real estate. And then we talked about some of the deals that she does today. One of the things that she does that's really cool is to work with credit unions. So she has relationships with a couple of different ones. And she will actually get like, say, a 75 percent loan to value with a credit union and get the second or get a second mortgage for the remaining up to 25 percent in some cases, either from somebody Espy's or from a vendor take back mortgage. So she ends up with no money in the deal. Really cool. I don't remember really hearing anyone doing it that way. If you're looking for 100 percent loan to value opportunity, that may be one way to do it. So have a listen. Let me know what you think. As always, appreciate you tuning in. Enjoy the episode. Welcome to the Wealth podcast, where the goal is to motivate, inspire and share success principles. Today, I am here with Candace Backes Fresen and we are going to talk about real estate stuff as usual. So Candace is a realtor, a certified money coach, a real estate investor for Winnipeg, Manitoba, and she specializes in helping people take control of their future through marketing, sales and wealth creation. So we're going to dove into your story a little bit, Candace, and we will start off by asking you a little bit about your childhood. Can you tell me about where you grew up and a few things you remember from back?

Candice Bakx-Friesen [00:02:22] That for sure. Thanks for having me. So the yeah, my parents and my grandparents came from an entrepreneurial background, so none of them invested in real estate. But my grandparents both came over to Canada as first first generation, I guess, was my grandparents. So on one side, my grandparents came as refugees. So they came really with nothing. And after World War Two and on the other side, my grandparents immigrated in the fifties. So but yeah, all entrepreneurial background, mainly farming and small business was kind of what what they did. And so I've lived in rural Manitoba. I live about forty five minutes outside of Winnipeg and have lived to rural my whole life. So going I guess going to maybe when I was about 12, I see all this sort of success, I guess you call it in my family and everybody's working hard and my uncles and aunts and I'm like I should maybe figure out this money stuff. And so I was like this 30, 12 year old who is reading personal finance books. And I just thought, OK, I'm going to I'm going to be a career woman. My aunt was an accountant and she was sort of the only one from my family who had gone to post-secondary. Everyone else was doing the entrepreneur thing. And back then you didn't really go to university, just dived into business. Right. And so I just said, yeah, I'm going to be like her and I'm good with numbers. I'm good at math. And so I was driven to go to university, become an accountant, to be a career woman. And and so the big takeaway is never say never. And that's with real estate investing. And I think anything in life, because I ended up getting married at 19 and I've got four kids and multiple businesses and I haven't looked back. So life is good.

George El Masry [00:04:27] Yeah, that's great. I'm curious about what life is like outside of Winnipeg. Like, can you tell me a little bit about how you guys are living out there? Is it just kind of like casual, normal type of lifestyle or is it a little bit different out there?

Candice Bakx-Friesen [00:04:43] I think as you get to small town, even small city, there's less of the keeping up with the Joneses and the hustle bustle. And I think people just leave the quieter lifestyle. So I think when people move like even my brother. So he moved to Calgary for employment and he noticed it. Right. It's just a little bit more fast paced, more hustle bustle, more keep up with the Joneses, you know, all the fancier houses, fancier cars, all that stuff. Whereas I think the prairies is just it's just a quieter lifestyle to just I don't know, maybe you're happier with what you have or you just you know, it's just not that concern. I got to acquire more and more and more all the time. Right, in general. Yeah.

George El Masry [00:05:27] Cool. Cool. Yeah. All right. So you talked a little bit about owning multiple businesses. Can we get into that a little bit? And then we'll also talk about your real estate journey.

Candice Bakx-Friesen [00:05:37] Yeah, go for it.

George El Masry [00:05:38] Yeah. So tell me what your business is.

Candice Bakx-Friesen [00:05:40] OK, so I guess we're real estate investing started and then that can sort of translate a little bit into our our story. But my husband was seventeen and he had had, you know, multiple jobs as a teenager and was a good saver and had a little stash of money. And his dad just said, you know, you need to buy a rental house. And he's like, no, dad, this is all I have is like, no, you can buy a rental house. It's all going to work out. So, you know, with the shaking hand, my husband was signing his first mortgage documents at seventeen, buying his first rental house, and he was still living at home. And he didn't he didn't need to move out. So and of course, you can acquire money a little bit quicker, 17 or 18 than you can at 15 and 16. So he ended up the next year buying another little house and these two little rental houses and was living at home. And and at that point was kind of when I met him. And so I didn't know anything about rentals my parents were on to. Pruners, but didn't invest in rent, and so as we're dating, these are the kinds of things that we talked about. Tell me about rental properties. Tell me about life. And so, yeah. So you just told me about why he bought a rental house and what and it just made sense. So I was like, well, that's really cool. And I just thought, you know, if it makes sense with one house, why wouldn't it make sense with way more properties? It's just multiplying what's already working. So I thought that that was really cool. And of course, we ended up getting married. So he did residential stucco for about 20 years and has since then we moved into actually farming. We both were raised as kids on dairy farms and now we own a poultry farm. So the chicken that you buy in the store is what we raise. So, yeah. So that's yeah. So that's kind of how he ended up doing that. Purchasing poultry farm or farming in general is very expensive. It's it's like buying a business for a few million dollars. And if we didn't have a big portfolio of rentals at that point when we wanted to invest in real estate, we wouldn't have been able to say where we want to invest in this this poultry farm. First of all, we purchased it with my parents, but coming up with a lot of cash like that would never have been possible for us. But because we had the rentals first, then we were able to refinance and use that money. So what I always preach when I'm helping people is buying properties is like this gives you options. And if you can have options in life, that's where you want to be. Right? People talk about the freedom and eventually I can retire whenever I want to, and that's their goal. It's never been my goal because I love to work, but it's the freedom ride. It's the freedom to be able to know that we could end up buying this business. Right. And it was really it was tough for about five or seven years. But, you know, it gets easier over time. And I think that's anything in life. Whether you're starting a business or buying a rental property. It's scary. It's hard. Things are are difficult. You got to put in a lot of hours when you're starting a business. But if you stick to it, you know, things.

George El Masry [00:09:14] And of course. Yeah, well, that's awesome that you guys started at such a young age, 17 years old for your husband. Interesting that you ended up in poultry farming. That's totally different from real estate investing. So I saw that you're also a certified money coach. Can you tell us what that means and how you help people?

Candice Bakx-Friesen [00:09:36] Yeah, so what I did was after going to university, I completed my Bachelor of Commerce, but obviously decided I don't want to become an accountant anymore. And so I worked in a bank for about a year and then I was a mortgage broker and then ended up stumbling into real estate. And somebody had approached me and said, hey, I'm starting a real estate team. Do you want to join? And I thought, well, it's a team. Make sure, you know, there's so many realtors out there. I don't know if I would have ever thought of it otherwise, but the fact that it was a little bit of a team that I was like, OK, well, that's a little bit more secure and we're working together and stuff. And the team ended up not really working out, but never looked back. And so I'm top producing agent in my market. But again, things always go full circle. Right. And so having that interest in in personal finance and being a real estate agent, you end up really connecting with people. And I know you said you were a realtor, too, and you connect with people in a deep way when you're helping them sell their houses or their house. And sometimes people just think of real estate as the fun times. But, you know, you're dealing with the death, the divorce and the really tough moments in people's life. And you get really connected in a deep way sometimes. And so people would just turn to me and say, you know, what can this like? Can you help me with this money stuff? I feel like you will know about this stuff. Can you help me with this? Can you help me with that? I'm getting an inheritance. What should I do with it? And so, you know, I think it's just sometimes in life, listening to what people are telling you and the feedback that comes back. And so when people say, oh, you're really good at this or not to just brush it off, but to say, OK, is that something that I should be exploring? Is that a way that I can help more people? Right. And so so that's where the money coach comes in. You know, whether it's somebody who's looking to invest in a rental property or it's, you know, I'm struggling. I'm going to lose my house. I don't know what to do right now just to be able to really focus on helping others, because I've been really blessed in my life. And it's it's sort of you get to that point really quick. You know, it now it's time to really give back. And I always have. But, you know, it's it's my intentional focus. Every day of who can I help today? Who am I meant to help today?

George El Masry [00:11:50] Yeah, well, that's great. It's nice to have that attitude of giving back and helping people. And I'm sure that served you well for the last couple of years, I'm sure. So let's get into a little bit of your your real estate holdings. So obviously, you've been investing for a long time. So what kind of properties you're kind of telling me about investing in rural parts of of Winnipeg, Manitoba. Can you tell me a little bit of what kind of properties you target and what your strategies are?

Candice Bakx-Friesen [00:12:18] Sure. So the first couple properties that my husband owned because we live rural, what that means is that a lot of the smaller towns around us or maybe fifteen hundred people. Three thousand people, five hundred people, the nearest larger and larger city is about fifteen thousand. So we're talking all very small town and that's what we know. And that's what we decided to invest in. So there's opportunities everywhere and that's the beauty of real estate. When the market crashed in 2008 in the States, a whole pile of people went and invested in that. This wasn't our thing. Like we want to be able to drive past our properties. We want to know the people in the communities who are potentially going to be renting from us. And there's benefits to small town with things like that. Right. You can ask the neighbor, hey, do you know this guy? And likely he might know somebody who knows that person. And and so you get a little bit of a better feel on the tenants. And the quality of tenants overall has been really good. And and we're really thankful for that. But yeah, so and of course, there's going to be negatives, too, in terms of appreciation might not be as high or the values the values aren't going to go up as much may be in rural compared to inner city and and different things like that. But whether it's investing in the states after the crash or or whatever you're looking to do, Airbnb or obviously student rentals isn't popular now, but it was really hot for a while in Toronto. And, you know, whatever that is, there's always opportunities. It's just what you want to focus on, what you're comfortable with, risk return of what you're looking for and and really taking action. So.

George El Masry [00:14:07] That's really cool. So how far are we from Winnipeg are you investing? I'm not sure if you touch that already.

Candice Bakx-Friesen [00:14:13] No, that's OK. So we live about forty five minutes away and so are rental properties are all sort of within an hour of Winnipeg. For a lot of people, that's a fairly easy commute. So we do have people who will still work in Winnipeg, but they're leaving the city to again go after that quieter lifestyle, whether that's less crime or smaller schools or get to know the neighbors. Sometimes when I sell a property. People are like somebody popped by from next door and brought me a pie. And that's weird, right? And that's normal in small town. Right. There's just that we're going to help out the next guy and friendly Lolek and stuff. So, yeah. So it's been it's been really good. When we started with was there are two rental properties that my husband had and we ended up selling one of them when we got married to buy our house. Instead, we didn't want to live in in that exact house and wanted to move a little closer to one to pick for jobs at that point, because I was thinking of becoming accountants and stuff. So but anyway, and then this opportunity came up and my husband's dad, my father in law said, hey, guys, there's this five plex. And my husband's like, absolutely not. And I'm like, what's the difference? Again, you know, it's five instead of one. If one works, if the numbers work, I'll want to work on five. And he's like, I don't know. He's like, we don't even have the money. So I approached my my mom and just said, hey, you know, like we're looking at doing this, like, would you want to invest with us? And so kind of without even realizing because I didn't go and spend fifty thousand dollars on education or anything like that, it was really just let's just learn as we go. And of course people help you along the way. But but yeah. Anyway, so it just started a I just kept going till I found the money. Right. And so I started with my mom and of course that ended up working out. So then because she believed in what we were doing and I could show her the numbers and. So we ended up getting a private mortgage for that building, but the property had enough room that we could actually do another building on it. And so but we still didn't have the money because we were like twenty and twenty four. And so we just. So I've got to keep looking. Right. So I called up my grandma on my dad's side and so grandma kind of thinking we'd like to do this building. Of course, being entrepreneurial, like I was like, yes, this sounds great. Now I'm supporting my grandkids and their vision and their businesses. So. So we ended up building a building with private money again. So we had two private mortgages. And then after about a year, my grandma wanted to be paid out. So we ended up getting financing and paying her out on that. But yeah, money can be a tricky one. Right. Especially with with family. So sometimes that works, sometimes it doesn't. But I think it's just so many people struggle with the concept of money and the emotion around it that if you're asking for money or in trouble or you're struggling or you're embarrassed, and if we just look at money as a tool no different than, hey, like I need a vehicle who can borrow me a vehicle right now, I need the money. I'll pay you a return. There's a benefit for you as well in this. So if we look at us as a tool instead of the emotional part of money, we can get so much further with our investing.

George El Masry [00:17:47] Absolutely. Yeah. There is just one thing I wanted to share with you about the pie. The neighbor bringing in over the pie. I just moved into a home. So my first experience with one of the neighbors was awesome. There were super friendly and everything. The other neighbor was not not the nicest person. First thing they say, not very nice things to us. So it's interesting that you say that I don't think they'll be delivering any pies to us. So I want to ask you a little bit about the kind of kind of returns you can expect in the markets that you're in. Are you seeing any growth in the prices or in the values, I should say, or are you more so focusing on cash flows? And if so, how much cash flow are you generating? Typically, is it a substantial amount or is it small amounts in your market?

Candice Bakx-Friesen [00:18:42] Now, so if we look at some of the bigger markets like Toronto and Vancouver, you're going to see a high appreciation, but you can also see the drops and the prairies is much more slow and steady wins the race. So when we have investors from Toronto looking at a two percent appreciation there, like, why are you bothering? But there's also, again, it's the risk of return, right? So you don't have as much return, but your risk is also lost, too, because we don't have these massive drops in the market. That would cause a lot of us for Manitoba stress that you guys are just kind of used to because you know what's going to happen sooner or later, it's going to go up sooner or later. It's going to also go down. And so we're a little bit more that slow and steady wins the race. So we don't have huge appreciation in our market. There's, again, there's always opportunity. So if you're looking at a strategy where you find a really good deal and then you end up doing the B are rates or whatever type of take on that, because there's a few different versions. But if you're going to buy it and fix it up and then refinance it and actually keep it just to rent it out, then of course your return is higher. Right, because you force that appreciation. So I think it just depends, again, what you're looking for. Are you looking for the work or do you have the time to do the work or are you just looking for a really simple buy me a rental property that's low maintenance? There's just so many different opportunities, but you just have to decide what you want. And then when you decide that, then you're going to find what you're looking for.

George El Masry [00:20:18] Right. And is there pretty decent cash flow in the market or is it more or less break even?

Candice Bakx-Friesen [00:20:26] Yeah, a lot of times you're going to find mostly, you know, break even for the average yield that you can find on MLS. If you go into multifamily, of course, you're going to find better returns than if you're getting a single family home. And again, it depends on what area. If you're looking at Winnipeg, if you're going to find bigger returns in an area where maybe your clientele, your tenant profile is not as strong. Right. So you can get decent returns, but then you maybe don't have the greatest tenants or the areas or a little bit worse. And some people would invest in areas where they're renting to executives and not getting as much cash flow, but then have a great tenant profile.

George El Masry [00:21:08] Right. For someone like me who doesn't know very much about Winnipeg. In fact, the first thing I ever kind of found out about Winnipeg is that the hockey chant is go, just go, go, jets, go. Because I heard it at a bar once. But it is what would draw someone into the Winnipeg market. What's the draw like? Why would somebody want to invest there?

Candice Bakx-Friesen [00:21:33] A lot of times people from outside of Winnipeg really appreciate the that the average sale prices are so much lower. So you could come here and buy an average, just an average Hoso Winnipeg is about three, 30 right now. Three hundred thirty thousand. And that would be a nice bungalow and a good area. Of course, you can find properties for one hundred and twenty five thousand that are not going to be in the greatest area, but you can rent them out and get a decent return still. Right. So, so sometimes it's looking at that where you can purchase more properties and diversify a little bit more. Again, if you're going to go buy one house for one point two million in Toronto, or you can come buy a whole apartment block here for one point to. And all those trade offs, right?

George El Masry [00:22:22] Sure. Just out of curiosity. So for that, let's use those two examples. You said one hundred twenty five thousand dollars property and a not so great area or a three hundred thirty thousand dollars property in a decent area. What kind of rents can you get for those two options?

Candice Bakx-Friesen [00:22:37] So for the house, you'd be probably looking at about twenty five hundred. For which ones are that for the nice

George El Masry [00:22:45] for the nice one. The three hundred thirty two thousand five hundred

Candice Bakx-Friesen [00:22:48] twenty five hundred. And then for the lower area probably. It's a thousand. No, again, I don't invest in Winnipeg heavily, no more rural, but just using these examples from Winnipeg, probably about eleven hundred, I'd say.

George El Masry [00:23:08] OK, so so just based on these numbers, you should be feeling a little bit. Yeah. Yeah, just a little just to touch on that. So that's pretty decent for someone, especially someone maybe who wants to invest for the first time and they don't have a lot of money. Maybe they have twenty five. Thirty thousand. This could be a ten for them.

Candice Bakx-Friesen [00:23:28] Yeah. Or if you're going to do a vendor take back or a second mortgage for maybe the down payment. So maybe you can get a conventional mortgage for seventy five percent and then there's enough cash flow to be able to pay an investor and not have to put down as much as you can find somebody to do a second mortgage or that sort of thing.

George El Masry [00:23:47] So now the first mortgage, would that be with one of the big five banks or in that case or would it be with like another private source or a lender or something?

Candice Bakx-Friesen [00:23:58] Yeah, typically a lot of the big banks don't really want to have a second mortgage attached to it. So what we've done is grown our portfolio with credit unions. So in Manitoba, credit unions are a lot more flexible. And so if you don't have that option, you might have to go to the, you know, get a conventional and then. Gets maybe get the investor after that, after you've already placed the first mortgage, but but, yeah, we've done a lot of creative stuff where we've had an investor do the second on the property for 70 or for the twenty five percent. And so we've basically done a hundred percent financing.

George El Masry [00:24:44] Right. So just just to elaborate on that credit union thing. So you were saying you'd get a seventy five percent loan to value with the credit union and then you would get an additional what, like 10 percent or something from a private lender as a second loan or something like that?

Candice Bakx-Friesen [00:25:03] You could do anything you want. That's again, the beauty of the of real estate. But just as an example, one deal that we did. So I do I'm basically an opportunist and I don't really focus on one type of real estate. So from our single family to multifamily, we have some commercial, some multifamily family. We do private financing, RSP lending. We've we've got funds through our Espy's. We do rent to own. So just sort of depends what comes up. And so for one of the deals that we did, that was a rent to own on a home. And my husband and I are doing this chicken farm thing. Our debt was like super high because we refinanced everything. We didn't have extra cash just floating around. So I approached this woman that I knew and I said, hey, I want to do this rent to own deal. You have money interspace because we have been talking about it. And would you be interested in investing in this? And so you would be the second behind the credit union and will pay you a return to your piece. So she's like, sounds good. Obviously we would pay her a decent return on that money. And so within the rent to own deal itself. Again, you're creative, right? So we made all the payments kind of work out so that we could pay her her return. We could still be the credit union and we knew what the end game was with the rent to own and what we would be making at the end. So rent to own is a nice option where you can kind of figure out what the deal is going to look like and you kind of plan that out ahead of time. Right. So that was just one example where we used our money and we didn't put any money in suite.

George El Masry [00:26:48] OK, so I just want to recap that so you might have a situation where you'd get a seventy five percent loan to value mortgage from a credit union. Yeah. And the remaining twenty five percent in this situation, you went to someone, you know, who had some money sitting in our spouse and you said if you loan me twenty five percent of this property and ask from your spouse, I'll pay you X percent. And that way you have 100 percent loan to value total mortgage. You don't have any money out of pocket. And the credit unions OK with that? Because I don't know, I guess that was just their policy. But if you if you were to go to the bank and say, hey, this is what I'm doing, they'd say, no way. You got to have at least 20 percent of your own cash in this deal, correct? Yes, that's interesting. I like the way you did that. That's creative.

Candice Bakx-Friesen [00:27:35] Yeah. And, you know, so why would this and so I want to answer the question that maybe some of your listeners have. Why would this crazy friend be willing to loan to one hundred percent loan to value? Number one, she also knows the market because she's also from the same area. So when I say that house is the house I want to buy, she's she's kind of aware, right, of the property values. Most people, they sort of know what properties are going for in their neighborhood or the town or the area and and the trust in me. Right. So she trusts me as an investor because I've proven myself she can literally see properties that we have. So she knows that and she knows the area. So there's the comfort level. So when you're looking at, OK, I want to do what kind of talking about on the podcast day one. Yeah. That's going to be a little bit harder because you don't have the experience, you haven't proven yourself and you don't maybe have the worth. We don't know. We didn't have the net worth at nineteen and twenty three when we started that. We do now either. Right. So some of these things become easier over time. But I just always want to give people the hope and make them recognize that you can work past a lot of your challenges when you know that other people have done it too.

George El Masry [00:28:56] Yeah. And for sure I was just going to ask you, did you have to use another property as collateral in that situation to be able to go up to one hundred percent or was an unsecured. Well, I guess it was secure to that specific property, right?

Candice Bakx-Friesen [00:29:10] Yeah. So we secured it here. So it was a brand new home. The yard wasn't done. The basement wasn't finished. And so that's where I also just said to this. If things don't go well with this rent to own and they do leave, then our intention is to finish the basement, finish the yard and the expected sale price would be this, right? Since then, the values have gone up quite a bit more than what I would have forecasted because land values went up, etc. So now we probably could sell it for about twenty thousand more than I would have said two years ago. We could have sold it for. Yeah, so that ended up obviously working out OK that, you know, rent to own is one of those things that we do because we really believe in home ownership, obviously with my job and and investing. So I want to see people get into homes again. My whole legacy is that I want to help as many people as possible while I'm on this earth. And so if you can help people get into a home that they wouldn't have otherwise. Yeah, that's that's sort of why we do rent to own. And so I don't want to see people forfeit. I don't want to see people not make it with the rental if it happens. These deals are set up where, you know, I can turn around and sell the house again because again, I know the market and I'm going to buy a house that I know is salable. Mm hmm.

George El Masry [00:30:35] Yeah. Awesome. I love I love what you're doing. And I just keep going back to this whole credit union thing. Did you develop relationships with credit unions directly or did you do it through a mortgage broker that then connects you with the people that they know?

Candice Bakx-Friesen [00:30:53] Yeah, we started with credit unions and both of us as kids. Banks with credit unions or families had histories with credit unions. And I would say 20 years ago that mattered. Now, you know, you're kind of a number just like with banks, people feel that if you've been banking with somebody for 30 years that they care, they don't like you. You're still just a number. But there's that there's still that that the thought out there that the bank is going to help me because I've been so loyal. So that's just something to kind of get your head around and just to really be fighting for what you want and to go out there and keep trying. Because just because one bank says no doesn't mean the next one will. And so in the beginning, I would say definitely relationships did help. And when we were young and I was like, oh, it was a summer stewarded, I we were buying our first house and it was super tight. And I was like, OK, but Baker, you know, us my parents, you know, is like, could you just somehow make this work? And I think she kind of squeaked by with probably it was a little gray. So I did 20 years ago, definitely that that did help us when we were buying our first house. And but yeah.

George El Masry [00:32:07] So now you don't like do you still call the credit unions yourself or do you do it through a at this point,

Candice Bakx-Friesen [00:32:13] now that we have established relationships, we're happy with what we what we have. When I get when I get a renewal, one of our properties, I'll still always call a broker and I will still always renegotiate to get a lower rate than what they're offering. So am I, you know, again, loyal to them to an extent, but not really. You know, if I wouldn't get what I wanted, I'd definitely just go somewhere else and and flip some of the mortgages out of there. But when we were purchasing the the farm, it was a little easier just to have sort of everything there. And then they did definitely help us and have made they've made their return, obviously, for for doing that in the meantime. Right.

George El Masry [00:32:55] Awesome. Cool. Well, I think we covered a lot of stuff here. Is there anything else you'd like to add before we move on to the next section?

Candice Bakx-Friesen [00:33:04] No, I think that we have covered a lot.

George El Masry [00:33:08] Yeah.

Candice Bakx-Friesen [00:33:09] OK, perfect. If anyone has any questions specifically, feel free to reach out.

George El Masry [00:33:14] So, yeah, I'll post all your information, like for your website and all that in the show notes. OK, so let's go on to the random five. I'm going to ask you five random questions and you just tell me the first thing that comes to mind. OK, number one, what should parents stop teaching their children?

Candice Bakx-Friesen [00:33:34] Well, I would say is that I think I've got four kids, so I can say we as parents, but I think in general parents are just trying to be too safe. We're trying to protect their kids way too much. And when things like this pandemic come around and it's now it's a pandemic, the next time it might be the crash of two thousand and two things are going to happen in life. And we need to, instead of trying to protect our kids, build resilient kids. And so when this pandemic came, we said, OK, we're going to not shelter them, but we're just going to live life as we were yesterday as much as possible. So you know what? Things are little different guys, but let's carry on. So what are you working on right now? What do you need to do with school? Continue on with jobs. My kids have little kid businesses, so we continue with that. And as much as possible, nothing really changes because as soon as we feel the fear and we project that fear to the kids, they feel it too. So we have to be really careful what we're saying, what we're watching in the house, what we're reading, and make sure that we're yeah, we're showing up the best we can and our kids will pick that up from us.

George El Masry [00:34:56] Awesome. Cool. OK, number two, what says the most about a person?

Candice Bakx-Friesen [00:35:03] I would say how authentic they are and what they value is probably what I look for first in a person. Yeah, so if I'm going to invest with somebody, I want to get to know them before I just cut a check. So if somebody is like, hey, I've got this great deal, I'm like, OK, great, but who are you? Where you as a person, why would what matters to you. What what makes you tick.

George El Masry [00:35:29] Right. Right. Yeah. Have you started doing that? Have you started possibly investing like being the passive investor in a joint venture or something like that?

Candice Bakx-Friesen [00:35:41] No, we've really just focused on our own properties. So because we're already real estate investors will just likely continue on with that unless it's kids or a niece or nephew or somebody where we're kind of pouring into them. So I, I give back more with helping people reach their dreams. But financially, we haven't really poured into them because we're doing our own projects. So I typically say to people is often you want to find investors who aren't already investors because, you know, somebody who's a business owner and they're really focused on their business. They don't want to get into rentals. That's just another hassle. They want to stay focused on that. So you want to look at for people like that who they're interested in and diversifying their portfolio, they like what you're doing. They believe in the project, but they're not going to get involved. Right. And like an investor typically will. So, yeah. So that's kind of where we're at.

George El Masry [00:36:39] Awesome. OK, number three, what's your best life? Haak.

Candice Bakx-Friesen [00:36:49] I think, honestly, if you can avoid debt as early as possible in life, you're going to lead a better life. And if you really are true to yourself and you know what is important to you, you're also going to lead a better life. So I think the earlier that you can figure that out and begins, the wise soul may be out there, but the sooner you can figure that out and not be dependent on other people for your happiness, the further you're going to get in life. Mm hmm. I think a lot of people spend a lot of money in life just trying to impress other people or even getting married while they get to go spend fifty thousand on my wedding for one day because of this, like, fairy tale wedding that I need to have. That's like Cinderella or whatever, you know, like all these things that like really is it? I think if we could always ask, is this the wise decision and just really focus on the people that you surround yourself with that are just authentically great people and focusing on the experiences of life and spending. Life is so short. Right? So if we could just spend time doing things that we love with the people that really matter to us and not be distracted by the rest of it, I think that that's a huge factor.

George El Masry [00:38:11] Yeah, absolutely. Yeah. I got married this year and one thing I told my wife was we are not spending fifty thousand dollars on our wedding and this was before, before covid and all that. So it forced us to make our wedding a lot smaller. But yeah, I agree with you on that.

Candice Bakx-Friesen [00:38:26] All the guys were like, yeah, we'll do the covid wedding, you guys.

George El Masry [00:38:30] Yeah, yeah, yeah. No, for if you owned a restaurant, what kind of food would it serve? Oh, boy,

Candice Bakx-Friesen [00:38:40] these are random. I would probably have a coffee house, I absolutely love spending time with people in coffee houses and I would say that is again, one of the things I've missed the most with this pandemic is when the shutdown came, I missed getting together with people and just chatting and interacting, pouring into people and having the same background. So I would say a coffee house, it's got a great atmosphere. It's casual and probably fairly easy to manage, but also cool.

George El Masry [00:39:16] Yeah. So the last one is not not right now. I actually use it every time. But what success principles do you live by or principle. Sorry. Do you live by.

Candice Bakx-Friesen [00:39:29] So what we did from early on was we tried to invest one of our incomes in rental properties or in savings, so we tried to invest one one income and live off the other income. That got trickier as we had kids. Kids are expensive and different things came up. We started businesses and stuff like that. But but, yeah, we just again, you know, we don't have the vehicle that we would drive used vehicles. Now, being a real estate agent and rural, I put on about 80 to a hundred thousand kilometers. So there's no point having a nice vehicle because

George El Masry [00:40:09] at the year you're doing that in a year. Whoa.

Candice Bakx-Friesen [00:40:12] Yeah, yeah, yeah. So I've only got a vehicle for a few years anyway. So we buy used vehicles and my husband, but I guess his second new vehicle, but it was a killer deal otherwise we went to. Right. So again, just, just making those smart money moves I think has been a principle that that is really important to us and has served us well.

George El Masry [00:40:37] Awesome. Awesome. OK, so that's it. So how what's the best way to reach you and what services do you provide.

Candice Bakx-Friesen [00:40:44] Yeah. So if people want my name can be a little bit difficult, but if you search me by my name you'll find me like any realtor you really can't hide. So can this fax freezing dot com or if you want to specifically talk rental properties, money coaching, all that kind of great stuff, then it's investor smarts.

George El Masry [00:41:05] That's awesome. OK, I'll be sure to include your information in the show notes. Candace, I appreciate it. Thank you for sharing all the good stuff and I look forward to speaking with you again soon.

Candice Bakx-Friesen [00:41:16] You bet.

George El Masry [00:41:18] Thanks once again for listening to another episode of the Well Off podcast, just want to remind you that if you do appreciate the content, all I ask is that you comment, maybe like it if you can, on the platform that you're listening to it on and finally share it with friends and family. I'd love to get the message out there and it would mean a lot if you can share it. And finally, I just wanted to offer you as a valued listener, a free copy to the roadmap to real estate investing, which is a document that I've put together which helps you identify what strategy would best suit your needs at this current time. You go over certain things that are included in this document step by step, and it'll hopefully provide you with some clarity. So have a look. You can go to w w w well off Dasia Forward Slash Guide to download your free copy.

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