** Transcript Auto-Generated**

0:01 – $35,000 in tenant losses to a better
0:04 – rental solution screening and court
0:06 – ordered aers with open room have you
0:09 – ever been perfectly aligned with your
0:10 – values for example helping people
0:12 – creating value in your unique ability
0:14 – using technology to automate and provide
0:16 – transparency to landlords getting
0:18 – specific now provide transparency to
0:20 – landlords screening tenants for court
0:22 – orders of rent owing well that’s
0:25 – waitting Buu of open room.can she’s
0:27 – today’s guest on the truth about real
0:28 – estate investing for Canadians
0:30 – before we get to waiting Happy New Year
0:32 – to everyone my name is Eran CTO host and
0:34 – creator of the show since 2016 real
0:36 – estate investor since 2005 investment
0:38 – specialist realtor since 2010 and
0:40 – leading a wonderful team to coach the
0:42 – most wonderful clients in the world to
0:44 – almost half a billion dollars of income
0:45 – properties transactions uh no
0:48 – preconstruction condos no private
0:49 – lending the uh the black holes for
0:52 – investment these days anyways just good
0:54 – oldfashioned houses on land you know for
0:57 – anyone who studied any the basic
0:59 – economics knows that it’s the hardness
1:01 – of assets is what matters hence our
1:04 – client properties and my own uh they
1:07 – they are all on land and they own the
1:09 – land that’s on and we focus on highest
1:12 – and best use practices to maximize cash
1:14 – flow and return on investment within a
1:15 – reasonable tolerance of effort and risk
1:18 – unfortunately reasonable Toler tolerance
1:21 – for effort and risk is no longer
1:23 – available and much of Canada especially
1:26 – in the least affordable tenant friendly
1:28 – provinces of Canada Ontario
1:30 – being by far the most challenging uh
1:33 – both in Canada and North
1:35 – America Our Guest waiting will share uh
1:38 – in her own experience of massive losses
1:41 – uh like I mentioned over
1:43 – $35,000 by a tenant living in her own
1:45 – home the tenant would not move out uh as
1:48 – waiting was uh pregnant and her and her
1:51 – husband were looking to start were
1:53 – looking to move back into their property
1:55 – so they can um you know have the back
1:58 – into the family home
2:00 – uh but that didn’t happen uh before we
2:02 – get to waiting it’s been around two
2:04 – three years for anyone investing in real
2:05 – estate or for those in the services who
2:08 – service Real Estate Investors uh well
2:10 – affordability is at its worst uh
2:12 – interest rates are were at historic
2:15 – highs more investors than ever with
2:17 – negative cash flow and uh worst the
2:19 – worst cash flow they’ve ever seen uh the
2:22 – the saying was survive till 2025 two
2:25 – three years ago 2025 is now here the
2:28 – time is now to thrive uh for those who
2:30 – invested properly and I am excited to
2:33 – start 2025 right I’ve blown up my
2:35 – morning routine actually my morning
2:37 – routine was kind of not very good I have
2:40 – a whole new one I have a whole new one
2:42 – thanks to Chach PT uh I asked it to use
2:45 – what it knows about me and can Custom
2:47 – Design me a uh quote unquote Miracle
2:49 – morning uh which is the book by hell
2:51 – alrod uh which includes reading a self
2:54 – self self-development book uh which chat
2:57 – and I asked chat PT to recommend me one
3:00 – it came back with a big gap in the game
3:02 – by Ben Hardy and Dan Sullivan of of
3:05 – strategic coach Fame uh I’m already
3:08 – feeling better it’s been now four days
3:09 – in a row of uh completing my morning
3:13 – routine uh and um I’ve needed I need
3:16 – that extra help as well to recover from
3:17 – jet lag after returning from China just
3:19 – for for after three weeks and uh by
3:24 – tomorrow it’ll be it’ll be one week that
3:26 – we’ve been back uh and I’m pumped to
3:28 – keep the momentum going all the way
3:30 – through the entire year of
3:32 – 2425 to round out my Miracle mornings
3:35 – again like I said I want to continue
3:36 – this for the entire year I’m going to
3:38 – create a
3:39 – custom uh 365 moderation it’s a play on
3:43 – the extreme uh 75
3:46 – hard which so many my friends try uh
3:49 – personally I like having the occasional
3:51 – social drink or slice of birthday cake
3:53 – on someone’s birthday or or getting my
3:56 – money’s worth when there’s an open
3:57 – bar uh for me where I am in my life and
4:00 – for my research I can get plenty of
4:02 – long-term quality of life with 30 60
4:04 – minutes of cardio a couple times a week
4:06 – plus some heavy lifting uh not too heavy
4:09 – um never going to get back to
4:12 – challenging for the th th000 pound
4:15 – challenge anyways uh as from my research
4:17 – it shows that the returns diminish uh
4:19 – from returning from doing extra exercise
4:23 – uh I’ve shared a copy of my morning
4:25 – routine in the show notes in case
4:26 – anyone’s interested it’s about two pages
4:29 – uh it’s a pretty cool cool stuff uh I’m
4:30 – also posting a lot of my social media as
4:32 – well around this so if you’re looking to
4:34 – get out of the rut uh from the last few
4:36 – years and start 2025 right uh I can’t
4:39 – recommend enough that you follow me on
4:40 – social media and have a look at uh what
4:42 – I’m
4:43 – posting my goals include uh quality and
4:46 – quantity of time with family and friends
4:48 – I do not want to take away from it uh
4:50 – hence I’m choosing to be a passive
4:52 – investor going forward a share sfr
4:54 – single family rental the company I’m
4:56 – partnered with they are continue to
4:58 – continuing to handhold me uh through my
5:01 – Texas Investments and all my us investor
5:04 – clients and that number is growing uh we
5:07 – have dozens of clients dozens of
5:09 – Canadian clients who are going through
5:11 – creating their us entities as I as I
5:13 – speak as they are all fed up with
5:16 – investing in Canada anyways to
5:18 – accelerate my own investing in the US
5:20 – while I maintain 100% ownership of the
5:22 – property and control yet I do none of
5:25 – the work uh I will pay share to do all
5:27 – the heavy lifting and and I’ll stay out
5:29 – of the way uh they are my who not how if
5:31 – you’re a big Dam San fan like I am I’m
5:34 – going to stay out of their way so I can
5:35 – focus on what I enjoy doing which and in
5:38 – in my own unique abilities which is
5:40 – helping Canadians Achieve Financial
5:42 – Peace I have uh I forget the number now
5:45 – it’s been a while since I’ve been doing
5:46 – this show since I’m back doing this show
5:49 – I have somewhere over 45 clients who who
5:52 – I’ve helped um help them grow their net
5:54 – worth by over a million dollars via US
5:57 – sorry via Canadian real estate investing
5:59 – and and the way forward is Canadian
6:00 – investing for anyone who has read the
6:03 – the read the writing on the wall as such
6:06 – we are offering a free us property
6:08 – virtual tour on Saturday January 18th
6:10 – via Zoom webinar we will go over why our
6:12 – clients chose those locations properties
6:14 – the numbers one of the properties is
6:16 – located in a state where non-payment of
6:19 – rent is a criminal offense so what
6:22 – happened to weitting would never have
6:23 – happened we’re going to share what the
6:25 – state is and the details of that
6:26 – property my client owns this is quite
6:28 – the Polar Polar opposite of anything in
6:30 – Canada uh Saturday 20 January 25th we’re
6:33 – hosting an in-person and zoom webinar so
6:35 – it’s a hybrid format on how to maximize
6:37 – the sale of your investment property
6:39 – even if it’s tenanted this is a
6:41 – specialty of ours uh it’s what we
6:43 – focused on doing for the last about two
6:45 – years now as many of our clients are
6:48 – looking to exit um their Ontario
6:51 – properties uh as the risk is not worth
6:53 – the reward um and we are of course
6:56 – veteran Ontario landlords ourselves um
6:58 – myself U my colleague and I who will be
7:01 – my colleague Tim honk who will be
7:02 – presenting along with me uh he also has
7:04 – a property management business and again
7:06 – we’ve been in this business for a long
7:08 – time Tim and I have both been investor
7:09 – focused realtor since 2010 so we’ll be
7:12 – sharing our secrets uh myself
7:14 – specifically uh as you know we’ve sold
7:16 – um my wife and I have sold four of our
7:18 – own properties this this past year
7:22 – uh yeah I won’t get into politics
7:24 – anyways we’re going to share our best
7:26 – practices on how to sell investment
7:27 – properties for top dollar uh with
7:29 – interest rates falling the market
7:30 – improving uh the time can be is now if
7:34 – for those interested in rebalancing
7:35 – their portfolios especially with those
7:38 – uh with all the challenges going on at
7:39 – the landlord tener board uh I don’t see
7:42 – why people are waiting any longer to
7:44 – sell uh these events are comp uh these
7:46 – events that we’re hosting they’re
7:48 – complimentary as in no charge it is my
7:50 – belief that education should be quality
7:52 – affordable and attainable hence it’s
7:53 – free and available both in person in
7:55 – Zoom webinar for the how to sell your
7:58 – investment property the us property T
8:01 – will be virtual uh virtually only uh
8:04 – Cher again
8:05 – um yeah so back to what my wife and I
8:09 – did we sold our own our own income
8:10 – properties we sold four of them sorry
8:12 – just four and it took an average of 22
8:15 – days to sell those properties and again
8:17 – we’re both very happy with the doll with
8:19 – what uh what our Returns on investment
8:21 – and also the value that we sold them for
8:24 – uh yes I know the Canadian dollar is not
8:25 – fairing well versus the US dollar much
8:28 – like the rest of the world uh the Euro
8:30 – the the the R&B the um current um
8:35 – currencies all over the world are not
8:36 – fairing well against the US dollar uh
8:39 – because their economy is just so much
8:41 – stronger uh and they are the currency
8:43 – reserve of the world anyways uh but keep
8:46 – in mind are falling interest rates are
8:48 – the in Canada are part of the main
8:50 – driver why the US dollar is is
8:52 – outperforming the Canadian dollar the
8:54 – cost most almost all of our clients are
8:56 – borrowing so the cost of borrowing to
8:58 – finance your investment us investment is
9:00 – getting cheaper while the cost of buying
9:03 – US dollars is getting more expensive so
9:05 – it does partially offset each other
9:08 – there is never a perfect time to invest
9:10 – uh except for anyone buying us property
9:13 – I don’t conceptually theoretically I
9:17 – think the timing is quite appropriate
9:19 – take the state of Texas for example
9:22 – Texas already had a price correction uh
9:24 – following the pandemic uh boom right
9:27 – price correction now prices have fallen
9:29 – quite a bit across Texas uh and all the
9:31 – sun Bel States now with Elon Musk uh
9:34 – quote unquote in office it’s reasonable
9:36 – to believe Texas will outperform most US
9:39 – states for Price appreciation now that’s
9:41 – my prediction uh the future will tell uh
9:44 – this is not advice uh please seek
9:47 – professional advice I’m not your
9:49 – professional financial adviser uh but me
9:51 – personally I think again you all know
9:53 – I’m willing to take this bet we’re
9:55 – looking to buy another house in Texas
9:56 – ASAP onto this speak guest I Anway Ting
10:00 – uh an Unstoppable Unstoppable
10:02 – entrepreneur speaker and innovator
10:04 – reshaping the rental landscape in
10:05 – Ontario with plans to expand across
10:07 – Canada after losing over $35,000 to a
10:10 – non-paying tenant and spending countless
10:12 – hours navigating Ontario’s complex
10:15 – rental compliance laws both residential
10:18 – tency act and la la tenant board waiting
10:20 – toci it enough was enough she co-founded
10:22 – open room doca a bold step toward
10:25 – building a transparent and connected
10:27 – rental ecosystem for tenants and land
10:29 – landlords
10:30 – alike and that wasn’t enough she’s also
10:32 – a
10:33 – 247 mom to two little ones under two
10:36 – years old she waiting describes
10:39 – Parenthood as her most demanding role
10:40 – yet while expertise in patience road map
10:43 – planning and improvisation uh did we
10:46 – mention uh the co-founder of open room
10:48 – is her husband yes this is a family
10:50 – business mixing P both personal and
10:52 – business uh she’s been so waiting shares
10:55 – about that as well how it is to co-found
10:57 – a startup Tech startup with uh with her
10:59 – partner uh she’s been featured on major
11:01 – platforms like the CBC CTV blog too
11:04 – BNN Yahoo news and of course the truth
11:07 – about real estate investing uh her talks
11:09 – promise to not just in be insightful but
11:11 – also she’s a funny person as you’ll soon
11:15 – learn uh if you’re looking for someone
11:16 – who’s obsessed with making life easier
11:18 – for landlords while balancing humor and
11:19 – grit you’re in the right place let’s
11:22 – dive into waiting’s Incredible Journey
11:23 – with open
11:25 – room.com she’s learned along the way to
11:28 – connect with weting uh it’s she’s given
11:31 – her
11:31 – email waiting openen room.can is spelled
11:35 – Wei t iing uh you can and she’s very
11:40 – responsive on our social media atop room
11:44 – HQ on Instagram and Tik Tok web website
11:47 – of course is open
11:50 – [Music]
11:57 – room.can did I say that correctly yes
11:59 – that’s right that’s my
12:01 – name we t b we t
12:04 – b what’s keeping you busy these days
12:06 – these days I am taking care of our two
12:09 – little ones who are under two one years
12:11 – old and two years old so very busy on
12:15 – that front and then Building open room.
12:18 – CA so take us through from the beginning
12:21 – can you walk us through the the moment
12:23 – you realized you needed to create open
12:24 – room oh how did your personal experience
12:27 – feel with your drive oh yeah yeah when
12:31 – my co-founder and I wanted to move into
12:34 – our property which is a tenanted
12:35 – property we asked our tenants at the
12:38 – time hey we we want to move back in is
12:41 – it okay we gave extra time we gave
12:43 – compensation they said no and we are
12:47 – also not going to pay rent anymore so
12:49 – that was about a 2year ordeal uh that
12:53 – turned into multiple times at the
12:55 – landlord in tenant board requesting for
12:57 – the eviction because my were not payment
12:59 – of rent it was about $335,000 of
13:02 – non-payment and then from the LTB the
13:05 – landlord tenant board I had these court
13:06 – orders in my hand or these LTB decisions
13:09 – and I said this is public information
13:11 – why isn’t it known to the public so
13:14 – that’s the point when we said you know
13:16 – what Vall my co-founder why don’t we go
13:19 – build something because honestly we
13:21 – build software for a living why don’t we
13:23 – go build something and that was when we
13:25 – decided let’s go give this a try gotta
13:27 – love technology I love it I love
13:29 – technology I spent the last decade of my
13:31 – career building for all sorts of
13:33 – companies from AI to Insurance to
13:36 – education Tech and I started my career
13:38 – in Bell Canada building the my bell
13:40 – self-serve
13:42 – app so we we’ve had Villa from single
13:45 – key on the show we’ve had Zach on on the
13:47 – show from front lobby how come no one
13:49 – else has done this before it’s not that
13:52 – people haven’t done it so if you look at
13:54 – Canley which is the Canadian Legal
13:56 – Information Institute it actually has
13:58 – aggreg
13:59 – many orders uh from all sorts of Courts
14:03 – throughout Canada but the thing is it’s
14:05 – not timely and it is not completely
14:08 – relevant to the tency space itself so
14:11 – when we look at it and we say how can we
14:13 – get it to timeliness meaning can it be
14:16 – as fresh as yesterday that I know
14:17 – someone has gotten evicted or someone
14:19 – has been through non-payment of rent
14:22 – that’s what we focus on so if I dial it
14:24 – back a little open room we aggregate
14:26 – orders from all across Canada all
14:29 – different types of Courts including the
14:32 – LTB the landlord tenant board and then
14:35 – we extract the information from these
14:37 – court orders and then we make it
14:39 – publicly
14:40 – searchable so the top use case there is
14:43 – know who you’re renting to and who
14:45 – you’re renting from so you do a search
14:47 – inside open room for name address legal
14:49 – reps adjudicators and you can see what
14:51 – pops up as an
14:53 – order so tell me about Jal experience
14:55 – you said 35,000 in renters so you had
14:59 – you had two reasons for the ten to be
15:00 – leaving for reasons to evict nonpayment
15:03 – and also you’re moving in yes how long
15:05 – did what 35,000 like so from the notice
15:08 – from the time you told me you’re moving
15:10 – in 35,000 rental re occurred uh it was
15:16 – across two years it wasn’t uh when they
15:18 – first started non-payment of rent it was
15:21 – two uh at the beginning of the two years
15:23 – it was more of giving them verbal notice
15:26 – giving them a way advanced notice that
15:28 – this is one day coming because I am
15:30 – interested in growing my family just so
15:32 – that you can mentally prepare but I
15:35 – think that I should not have done that
15:36 – and just went straight into more of the
15:39 – uh give the official notices so 35,000
15:43 – you break it down into yeah I gave um
15:46 – $33,000 which is a month’s rent for n12
15:49 – personal use purposes and then it was
15:53 – $3,000 and some change per month that I
15:56 – didn’t get each month wait you had to
15:58 – pay them as well yes because moving in
16:01 – and eat the rental a well because my
16:04 – first uh request to them was can you
16:06 – move out because I need it for personal
16:08 – use right so then I have to give the n12
16:11 – for personal use first and n12 what does
16:13 – that say in Ontario you have to give I
16:16 – think it was 180 days notice or it was
16:18 – 90 days notice 90 days notice and I gave
16:21 – 180 days I remember doubling that amount
16:23 – okay uh or was it 60 and 120 I forgot
16:26 – but I I doubled it and then you also
16:28 – have to pay one month’s rent at least
16:31 – yes so you paid them as well yes I waved
16:35 – one month’s rent and then it became I’m
16:37 – no longer going to pay rent just overall
16:40 – and that was so stressful Irwin it was
16:43 – one of the most stressful periods of my
16:45 – life not just from non-payment of rent
16:47 – but when anybody goes to the landlord
16:49 – and tenant board they know that it is
16:51 – mentally physically legally financially
16:54 – stressful so stressful and it leaves you
16:57 – traumatized
16:59 – did you do the online version or the
17:00 – iners it was online oh yeah inperson is
17:03 – so much
17:05 – worse I have heard stories of people
17:07 – going in person some Fair legals would
17:10 – talk to me and tell me about that but I
17:11 – haven’t gone in person I’ve been a land
17:14 – since 2005 I’ve been in person it is
17:17 – soul sucking it is so depressing because
17:21 – you you witness it firsthand how
17:23 – horrible some landlords are too oh yeah
17:26 – yeah and then you realize that’s why
17:28 – when number before we recording I was
17:30 – saying the the the the uh the good
17:33 – tenants are getting the end of the
17:34 – stick too with the with the bankruptsy
17:37 – of the landlord tenant board right which
17:39 – is so unfortunate because you look at
17:40 – all of the great renters out there
17:42 – people who don’t end up paying rent and
17:46 – it then affects everybody in the rental
17:50 – ecosystem right because then landlords
17:52 – are so scared right now to put up their
17:54 – rental properties and these are the most
17:56 – affordable rental properties too so take
17:58 – for example example my dad as an
18:00 – immigrant coming to Canada we were
18:02 – lowincome at the very beginning in 2000
18:05 – when we first immigrated to Canada we
18:07 – were living in uh Gerard and uh River
18:10 – Street you know 210 Oak Street that is
18:12 – lowincome housing I remember sleeping
18:14 – with cockroaches and four years later my
18:16 – dad had bought a um a bungalow so in the
18:19 – basement he would always rent it out
18:20 – because we needed a little bit more
18:21 – financial support but now I cannot
18:24 – actually believe that my dad does not
18:26 – want to rent out his property his
18:28 – basement property properties and these
18:29 – are the best properties that are most
18:30 – affordable to people who need rentals
18:33 – he’s just so traumatized by what I’ve
18:34 – gone through that he gets secondhand
18:36 – traumatized right okay so don’t let him
18:39 – listen to this episode so but he already
18:42 – knows too much about what I’ve went
18:44 – through from from a resale perspective
18:46 – again because again we’re we’re
18:48 – Realtors uh on the market a house that
18:51 – is tenanted sells for 50 to $70,000 less
18:55 – than a non than the equivalent non
18:57 – rented property and also takes probably
19:00 – about it takes probably about 60% longer
19:04 – as well yeah can you elaborate a little
19:06 – bit more on that for the listeners like
19:08 – why is that the case because a lot of
19:11 – people are like you and your
19:13 – dad or or uh people don’t even want to
19:16 – even before pandemic because even even
19:19 – before the pandemic it was still three
19:20 – to four months to get a hearing from
19:21 – landlord tenant board for non-payment of
19:23 – rent so already like Ontario has always
19:26 – been considered not friendly for
19:28 – landlord Lords um and consistently I’ve
19:31 – heard people many people say they don’t
19:32 – want to be a landlord because they don’t
19:34 – want all the hassle and tenants trash
19:36 – places I’m doing air quotes for The
19:37 – Listener not all ten is trash places but
19:39 – um they know if the ten doesn’t pay rent
19:41 – you are in a lot of trouble yeah okay
19:44 – and if especially if you can’t afford it
19:47 – um yeah yeah so so yeah so the market so
19:50 – then I always say to ENT you’re an
19:52 – entrepreneur wa this is how you get the
19:55 – maximum value to sell your business you
19:57 – pay your clients you’re paying clients
19:59 – to leave once you have no clients your
20:02 – business is worth more
20:04 – money isn’t that isn’t that crazy right
20:07 – property in Ontario that is completely
20:09 – counterintuitive in as an actual
20:11 – entrepreneur but rental in the rental
20:14 – space in Ontario that is actually the
20:17 – way to go is have a non- tenanted
20:19 – property sell it and let the next owner
20:22 – do its thing and then I was literally
20:24 – talking to a friend this week who had
20:26 – paid her cash M Keys her tenant
20:29 – $30,000 and I’m like that’s the most
20:32 – I’ve heard wow but in your case is
20:35 – you’re out of pocket
20:36 – 35,000 at least my friend got the
20:40 – early you know didn’t have to wait all
20:42 – that long and all the stress of how long
20:46 – did it take two years uh overall I would
20:48 – say like B bundle it together yeah two
20:50 – years from the start of when I was
20:52 – intention intentional to move out
20:55 – wanting them to move out versus the
20:57 – actual eviction day March 7th 2022 I
21:00 – remember that day so vividly when the
21:02 – sheriff came for eviction and it went
21:05 – you mentioned seven stays how oh not
21:08 – seven stay seven orders inside open room
21:10 – you can see exactly what they are but it
21:12 – was for the n12 it was for an N4 that I
21:16 – had done incorrectly because I made an
21:19 – error fatal error so many many people
21:21 – make fatal errors on their application
21:23 – because they wrote the date wrong they
21:24 – wrote the address wrong but I had a date
21:26 – wrong and then I had another and four
21:29 – which was the actual one that went all
21:31 – the way through the eviction and that
21:32 – one um my tenants had requested a stay a
21:35 – review all of them which were denied but
21:38 – oh you’re lucky oh yeah very lucky I
21:40 – have heard people have multiple stays
21:43 – right now and just goes around and
21:45 – around in a circle and they’re still
21:47 – stuck in the situation so I got very
21:49 – lucky where the board saw it right away
21:51 – that they were not being truthful gave a
21:54 – uh denial rejection and we got we went
21:57 – straight to the eviction MH mhm it was
21:59 – actually in the news recently uh um that
22:01 – uh a tenant was owing 56,000 between
22:04 – utilities and non-payment rent hired a
22:06 – lawyer uh she was she got the eviction
22:09 – order came through and then she hired a
22:10 – lawyer and then she got a
22:12 – stay so for those who don’t know a stay
22:14 – means you don’t now it’s to be
22:17 – determined when the tenant will be out
22:19 – yeah it it basically means it’s an
22:21 – unenforceable order yeah yeah which
22:25 – stinks yeah so you see why I can’t in
22:28 – good conscious recommend anyone buy a
22:30 – rental property in Ontario I can see why
22:34 – I think another reason that landlords
22:37 – end up in situations like this is that
22:39 – sometimes they actually aren’t doing
22:40 – their own due diligence right and they
22:43 – also lack the knowledge and the
22:45 – education about running a rental
22:47 – business they think that it’s passive
22:49 – income and it is not passive income it’s
22:51 – a it’s a small business yes it is a
22:53 – small business and they should treat it
22:54 – like one where they can run it
22:56 – compliantly or they should be running it
22:57 – compliantly and one that treats their
22:59 – attendants with
23:01 – respect yeah so tell
23:05 – us tell us more about Open room how does
23:07 – it work how does it work uh open room
23:11 – you go into our site and then you would
23:14 – search for a name or an address of
23:17 – someone if you are a landlord and you
23:19 – want to vet your next tenant if there is
23:23 – an a record that shows up then you would
23:25 – want to read what’s that record about is
23:28 – it for an eviction case is it for
23:30 – non-payment of rent and that way you can
23:32 – look at it and make a more informed
23:34 – decision on whether or not you want to
23:35 – rent to that person from a tenants
23:38 – perspective we have many renters who
23:40 – actually search our site as well where
23:42 – they search for their next landlord or
23:45 – housing provider or property management
23:46 – firm and see if there’s anything that
23:48 – shows up saying they don’t take care of
23:50 – Maintenance that is one of the top ones
23:52 – or bat Faith evictions that’s the other
23:55 – one nice so two-way street yes we do
23:58 – look at it as a two-way street of
24:00 – holding people accountable for their
24:01 – actions so that’s the primary of what
24:04 – open room offers the world and how we
24:06 – first got started but now we’re diving
24:08 – into now if you have a court order how
24:11 – do you put it to more use because some
24:13 – of the sentiment in the rental market is
24:15 – oh if I get a court order from the
24:17 – landlord tenant board or any of these
24:18 – tribunals it’s like okay I’ll get to the
24:20 – eviction but I’ll probably never get to
24:22 – collect rent what we want to say is why
24:25 – do we have that sentiment how can we
24:27 – change that sentiment so now we’re going
24:29 – into rental debt if you have rental debt
24:32 – owing on that order you want to send it
24:35 – into open room and let us help you
24:37 – report it to Equifax every month on the
24:40 – 15th of the month we will do all of the
24:42 – calculations so you’re not punching in
24:43 – any money we’ll do it because we know
24:45 – the factual numbers from the order and
24:47 – then we’ll calculate it we’ll send it to
24:49 – Equifax to impact the score over the
24:51 – last uh month we have actually verified
24:54 – with multiple tenants and their
24:56 – landlords that it actually landed on the
24:59 – credit score credit report so that was
25:02 – very awesome what’s the feedback you’re
25:05 – getting from both sides from landlords
25:06 – and from tenants the responsible
25:09 – landlords and the responsible tenants
25:11 – love what we are doing because they see
25:12 – the future that we’re trying to trying
25:14 – to build we’re trying to get to a world
25:16 – where there is transparency and there’s
25:18 – connectedness in the rental ecosystem ER
25:21 – what do I mean that by that it’s
25:23 – transparency you should know when
25:25 – someone doesn’t pay rent you should know
25:28 – so how can we share that information
25:30 – with you which is what we have embarked
25:31 – on doing and then the connected side is
25:34 – that there are millions of tenants
25:35 – hundreds of thousands of landlords out
25:37 – there how can we build something that
25:39 – connects the community together
25:41 – knowledge that you have about Ontario or
25:44 – even in the states investing in the
25:45 – states how can you share more of that I
25:47 – think that the more that we can share
25:49 – the better future we will build well
25:52 – talking about sharing where can people
25:53 – find the website where you can find the
25:55 – website is www.open
25:58 – room doca spell as is open room r o m.ca
26:03 – where’s the HQ come from the HQ we look
26:06 – at it as um like sometimes there are
26:09 – different uh names that are already
26:11 – taken out there right so then we say
26:13 – this is the headquarters uh you you come
26:15 – here HQ is headquarters got it yeah
26:18 – because it’s open room HQ is your
26:20 – Instagram yeah open room HQ is Instagram
26:22 – side got it yes okay very cool and so
26:25 – how do you handle the legal landscape
26:28 – the legal landscape because we work uh
26:31 – very in- depth with these court orders
26:32 – these uh LTB landlord tenant board
26:34 – decisions even the rtb decisions we have
26:38 – legal advisers on board one of our
26:40 – advisers is actually a general counsel
26:42 – at a top firm so we look at it as
26:45 – privacy is super important for us
26:47 – because these are people’s legal names
26:49 – that we handle as well as people’s
26:51 – addresses this is really really personal
26:55 – personally identifiable information so
26:57 – how do we treat it with with care so
26:59 – privacy is one of our top concerns and
27:02 – like many of the big uh databases out
27:05 – there for legal documents they’re most
27:08 – likely not indexable on Google which is
27:12 – also the approach that we took so from
27:14 – legal advice we have very good legal
27:16 – advice and those are some of the things
27:19 – that we have um rallied around has
27:21 – anyone challenged you on your legal like
27:24 – uh yeah I mean people send in all the
27:26 – time that they are really upset the they
27:29 – actually have you actually been served
27:31 – anything from the lawyer uh no no we
27:33 – have not because uh to talk I would say
27:36 – yes people are very angry and they will
27:38 – message in but how open room functions
27:40 – is that we are completely factual very
27:42 – objective we do not allow people to send
27:45 – in a review if you don’t have an order
27:47 – and you are down
27:49 – $35,000 unfortunately that’s not
27:50 – something that open room can help you
27:52 – with at the moment so it’s just Court
27:55 – data there’s nowhere for commentary for
27:58 – anyone involved it’s just data yeah just
28:01 – pure factual data and if we ever get
28:03 – challenged on one particular order we
28:05 – will then go to the courts and request
28:07 – for the original of it yes so we
28:10 – function very very factually how many
28:12 – times have the people requested uh you
28:14 – mean how many times have people
28:16 – contested yeah not many because they
28:18 – know our approach and they know that if
28:20 – they contest it and they have no basis
28:23 – on it then we’re like they it wouldn’t
28:26 – go
28:27 – anywhere contested when and the
28:29 – instances where they’ve been contested
28:31 – has it ever come back different uh there
28:34 – have been cases where they’ve contested
28:36 – and they wanted it taken down but then
28:39 – we went and requested the original and
28:41 – there was nothing different oh yeah so
28:43 – there was no reason for the no no reason
28:45 – for the contesting but the thing is
28:47 – there has to be a very in-depth
28:49 – investigation that we would do on our
28:51 – side before we go in a request from the
28:53 – courts so are they wasting your time or
28:55 – using AI ah well I think that there are
28:57 – certain people people who think that
28:58 – they can get by with uh commentaries or
29:03 – disputes process or lying and being
29:06 – unfaithful a bad faith and we can see
29:09 – right through it yeah
29:11 – it’s it it is it is and and I mean it’s
29:15 – tough out there than that how
29:16 – unaffordable a lot of things are right
29:19 – like the like you mentioned how when you
29:21 – when your family first arrived what the
29:23 – rent was then versus what it be today
29:25 – for the exact same property yep yep well
29:29 – I wouldn’t want to live in a cockroach
29:31 – infested place again and I feel for the
29:35 – uh renters the great renters who are out
29:36 – there wanting P control but yet uh their
29:40 – landlords are not taking care of it uh
29:42 – those are very unfortunate circumstances
29:44 – and I hope that this is a call out uh to
29:47 – the great landlords to take care of
29:49 – those
29:50 – properties there one tenant who had
29:52 – cockroaches in my property because he
29:54 – wouldn’t throw it his garbage right and
29:56 – then he called he called uh the the
29:58 – Health Department on us so you mean they
30:00 – brought in the Cockroaches well no
30:02 – they’re they’re essentially feeding them
30:04 – by not throwing out their garbage oh
30:06 – right remember I was talking like you
30:07 – got to resolve the source problem the
30:09 – source problem is throw your trash yeah
30:12 – yeah yeah it it’s hard though the these
30:15 – pests they even if you are very clean
30:18 – but yet if it’s invested they might be
30:20 – in the walls they might uh they they are
30:23 – everywhere and coces you might know if
30:25 – you cut off their leg they’re probably
30:27 – going to come back
30:29 – they’re going to grow again yes it it
30:32 – actually a really interesting
30:33 – conversation with the uh the
30:34 – representative from the health
30:35 – department at Hamilton and uh I I don’t
30:37 – know like he has health is he has mental
30:39 – health issues and she sided with
30:41 – us we send exterminators like we had to
30:43 – like like I said if he doesn’t clean up
30:46 – after himself this isn’t going to solve
30:47 – anything right it it makes the problem
30:49 – even worse it’s true it’s worse for him
30:51 – too he’s living in the property yes yes
30:54 – and when you talk about affordable units
30:56 – I I or affordability I see it as if
31:00 – landlords were more uh they have more
31:04 – confidence to bring out their units then
31:06 – you’d have more Supply in the market
31:08 – exactly more more Supply means that you
31:10 – can um combat the equivalent of the
31:13 – demand and then maybe there would be not
31:15 – as high inflation of prices going up
31:17 – right um like I follow the rentals
31:19 – dossier uh rental prices every single
31:21 – month and it’s just really unfortunate
31:24 – even though it’s not growing as fast as
31:27 – um prior years but you still see rent
31:29 – prices going up so have you how many of
31:33 – these uh court cases do you read oh I
31:37 – read quite a few and I feel very biased
31:40 – in my world view sometimes because all I
31:42 – see is the bad right so both sides
31:46 – landlord and tenant you mean how many do
31:48 – I read uh from landlord side from or
31:51 – submitted by a landlord or submitted by
31:53 – a
31:53 – tenant well you tell me like you I
31:56 – always enjoy having guests on the show
31:57 – who have access to a lot of data points
31:59 – CU then it you know cuz I don’t have a
32:00 – lot of access to data points so paint us
32:03 – some broad brush Strokes what what do
32:05 – you read what do you see uh right now
32:08 – the majority of what I read are where
32:10 – landlord had filed into the landlord in
32:12 – tenant board but it doesn’t mean that
32:14 – it’s the landlord that have shared it
32:16 – with us from a crowdsourced uh court
32:18 – order perspective right but what I see
32:21 – right now so some of the ones uh there
32:23 – was one that came in where now the
32:25 – landlord is going on about 20 months of
32:27 – non-payment of
32:29 – rent about
32:31 – $50,000 this tenant what had they done
32:34 – they they had gone to the landlord and
32:37 – tenant board about eight times this why
32:40 – is it it’s because this tenant had done
32:42 – what we were saying earlier constant
32:44 – reviews and stays they actually
32:47 – submitted a fraudulent Bank draft
32:50 – stating that they had paid the
32:52 – landlord and what is it well it’s
32:54 – obviously fake it wasn’t true but yet
32:57 – the landlord and tenant board sided with
32:59 – the tenant side and granted the stay so
33:03 – multiple cases like that that they had
33:05 – done or they showed up in in front of
33:07 – the hospital but wasn’t actually at the
33:09 – hospital but stating that they had
33:11 – health complications or issues and
33:13 – that’s why they couldn’t make it to the
33:14 – hearing these are some of the reasons
33:16 – that people are getting granted their
33:19 – stays and this is a case that is still
33:22 – ongoing win still ongoing so we’re now
33:26 – on 20 months and Counting it’s still
33:29 – going yes the tenant is still there not
33:33 – yet at eviction day this is Ontario this
33:35 – is Ontario welcome to
33:38 – Ontario you think you ever invest your
33:40 – in again I would want to be an investor
33:43 – again if I wasn’t Building open room I
33:45 – would like to uh be a heavier housing
33:48 – provider so that I
33:50 – could build a better rental business and
33:55 – with the knowledge that I know I believe
33:56 – that I can do way better than I was two
33:59 – years ago where would you do
34:01 – it I would still try Ontario again and
34:05 – then maybe learn with you to go into the
34:08 – states but I heard I heard tell me a
34:10 – little bit more about what you know in
34:11 – say BC or
34:13 – Alberta oh you’re not out there pardon
34:16 – me no no no I mean like what do you see
34:18 – in terms of people investing in there is
34:21 – strictly Ontario no open room is um is
34:24 – is across Canada but we mainly focus in
34:27 – Ontario because we haven’t fully
34:29 – captured everything in Ontario yet right
34:32 – and how we see it is that you need to
34:34 – dominate in one place before you spread
34:36 – yourself too thin but we still have
34:38 – model yeah we we still have very Avid
34:41 – supporters all across Canada BC being
34:44 – one of them BC is probably number two
34:46 – for challenges their uh their rtb is not
34:50 – as bad as the LTB but still pretty bad I
34:52 – don’t I don’t know where they are
34:53 – between s probably somewhere between
34:54 – three and five months delay to get a
34:57 – hearing right for non-payment of rent uh
34:59 – Quebec is pretty bad as well um yeah
35:03 – Canada’s pretty broken and uh I’m sure
35:05 – nebran won’t be far behind because they
35:06 – just voted liberal a liberal government
35:08 – in they didn’t like the conservative
35:09 – government that had six balanced budgets
35:11 – in their eight-year term uh two terms
35:14 – total of eight years so no we don’t want
35:16 – balanced budgets we want rent control so
35:18 – now they’re GNA have rent control next
35:20 – year of 3% so we’ll probably start
35:22 – seeing more problems out
35:24 – there yeah the country’s it’s it’s
35:27 – really sad I used to be incredibly proud
35:29 – Canadian I don’t know how we recover
35:32 – right I mean I used to not be in the
35:35 – rental industry as in depth as I am now
35:37 – I’ve uh since my tency situation I’ve
35:40 – spent thousands of hours dissecting this
35:42 – so now I know way more than I knew
35:44 – before uh but I I was not in this
35:47 – industry as much before I did like side
35:50 – things I was a housing provider on the
35:51 – side very minimal uh knowledge in this
35:55 – like many other small housing providers
35:57 – is we lack the knowledge and we think
35:59 – that it’s passive income I was one of
36:01 – those ignorant small housing providers
36:04 – and I wish that I knew more back in the
36:07 – day and then the first step would have
36:09 – been just to go invest somewhere that’s
36:10 – landlord friendly for example if you
36:12 – made the same mistakes in Alberta for
36:13 – example or landlord friendly USA it
36:15 – would not be like this okay well you
36:17 – know what even in Alberta we have some
36:19 – super fans over there as well and uh
36:23 – they have their own issues too they do
36:25 – tell me that it is much better than
36:27 – Ontario in terms of the laws that we
36:29 – have here for housing providers or
36:31 – landlords but they have also like many
36:36 – of them have gone through headaches as
36:38 – well from a damages perspective and even
36:41 – some of them have non payment of rent
36:42 – that led into more issues it’s just not
36:46 – on the scale like I’ve never heard of
36:48 – again I have lots of friends who are
36:49 – very sophisticated investors so tenant’s
36:51 – Gone in 30 days for non payment so if
36:54 – you’re gone in 30 days you don’t have a
36:55 – lot of time to trash the place right
36:57 – intentionally or unintentionally like
36:59 – the stories I shared with you before
37:00 – where just someone’s Health failed yes
37:03 – right so it’s unintentional the place
37:04 – got trashed but it’s still got trash and
37:06 – it’s on the landlord I hear you yeah
37:09 – yeah and it’s it’s the say that we’ve
37:11 – had in the industry for a long time is
37:13 – if uh you either learn the LTB RTA how
37:18 – to be a landlord or the tenant will
37:19 – teach you which will you prefer right
37:23 – that’s a very good saying yes like we
37:26 – unfortunately that was our first our
37:28 – first tenant uh back in 200 what was it
37:31 – 2007 is 2005 2007 is somewhere around
37:35 – there and like they taught us wow we
37:37 – didn’t know what N4 was when we doing to
37:39 – deliver it the tenant goes oh is that an
37:41 – N4 it was in an envelope they couldn’t
37:43 – see it they already knew what it was
37:45 – crap we’re learning from them wow and
37:49 – that’s the thing a lot of the small
37:50 – landlords will think oh yeah I know my
37:52 – rights but the thing is you not only
37:53 – need to know your rights but you need to
37:54 – know the rights of your tenants as well
37:57 – that’s how you then connect the
38:00 – dots it’s just for my clients I don’t
38:02 – like most of them don’t want to do this
38:03 – a lot of them are like yourself you have
38:05 – young families they have busy careers
38:07 – like they don’t they don’t have time to
38:09 – absorb all of this go learn all this to
38:10 – be a professional real estate investor
38:12 – so like think there’s better options
38:14 – that’s boring stuff let’s talk more
38:16 – about talk more about let me tell us
38:18 – more about how you monetize the business
38:20 – what are you why are you doing this yes
38:22 – there are oh actually before we even got
38:24 – that like you guys are really popular I
38:26 – think like you’re like your Instagram is
38:28 – like over 10,000 followers yes what
38:31 – happened how did you guys get so popular
38:33 – well because we talk and we share from a
38:35 – very authentic raw perspective of don’t
38:37 – make the same mistakes that we t as the
38:39 – CEO of open room made right so we talk a
38:42 – lot about uh the failures that I made
38:45 – said how how did I lose 35,000 what are
38:47 – the rights of the landlord what are the
38:49 – rights of the tenant so we share a lot
38:52 – out there for free and people find our
38:54 – content very helpful to them and that’s
38:56 – why they follow our work on Instagram M
38:59 – yes and then Word of Mouth like when we
39:01 – first started it wasn’t like I was
39:04 – sitting at home thinking wow open room
39:07 – is going to be this billion dooll
39:09 – company I’m going to quit my job right
39:11 – away it was we’re on a mission we’re on
39:14 – a real mission to hold people
39:15 – accountable and this is one way we’re
39:17 – going to do it and we’re going to see
39:18 – what happens and so at the beginning in
39:21 – September 2022 when we launched the
39:22 – website it went viral word of mouth so
39:25 – over the last couple of years that we’ve
39:26 – been around it was pure Word of Mouth we
39:29 – don’t go out there pushing it down
39:32 – people’s throats it’s because people
39:34 – talk about open room because they truly
39:36 – find us
39:37 – valuable I think it was actually Kayla
39:39 – from onor landat that that that first uh
39:42 – I first noticed it in her feed oh okay
39:45 – that’s I think that’s I’m pretty sure I
39:46 – think I first saw learned about open
39:49 – room yes yes and um how we uh have gone
39:54 – around from a word of mouth perspective
39:56 – the organiz a small ontar small
39:59 – ownership landlords of Ontario solo
40:02 – group had been instrumental in our
40:04 – growth so from the very beginning they
40:06 – were actually the first ones Rosemarie
40:10 – uba Kevin the uh Veron at solo were the
40:14 – first ones that word of mouth kept
40:15 – telling people about open room open room
40:17 – and then we went from my seven orders
40:19 – inside open room to now thousands of
40:22 – orders inside open room and you will not
40:24 – see another company with the same set of
40:27 – fresh relevant timely orders as open
40:30 – room how many orders do you think you
40:31 – have right now we are at about
40:34 – $26,000 uh 26,000 orders inside the
40:37 – system and that is fresh fresh ones like
40:40 – you can go onto our system you can see
40:43 – when’s the latest N4 that we’ve
40:44 – collected and it could be as um uh
40:47 – latest as yesterday’s and right now the
40:50 – we also tabulate how much money of
40:52 – unpaid rent was owed across all of our
40:54 – orders inside the system and we’re
40:56 – looking at about over $175 million of
40:59 – unpaid rent in Ontario right now that is
41:03 – insane
41:06 – irn
41:08 – yeah you still think people want to be
41:10 – landlord in
41:11 – Ontario I say don’t give up I don’t give
41:14 – up I mean you see there’s an election
41:16 – coming up maybe some things will change
41:18 – the US election no I’m
41:22 – kidding maybe well we’ll see I I still
41:25 – have hopes that that there will be good
41:28 – stuff coming and if more landlords ban
41:31 – together more great renters ban together
41:33 – if if it would be a great world if say
41:35 – some of the um tenant advocacy groups
41:38 – see the root causes or root issues of
41:41 – why some of these issues
41:44 – exist I think it could be a really
41:46 – really great world if both sides can
41:48 – work together I find the challenge is
41:50 – that a lot of politicians and a lot of
41:53 – those tenant groups think largely short
41:55 – term yes so they so shortterm what what
41:59 – they are driving landlords to do is
42:01 – sell and then by selling that’ll create
42:04 – inventory right uh but that’s short term
42:08 – because that removes rental inventory
42:09 – right but then don’t all the big
42:11 – financial institutions pick it up or
42:13 – like the the re the what people say so I
42:15 – literally had a conversation with uh
42:17 – someone from core development Inc not
42:19 – that long ago just probably two three
42:20 – months ago like they’re they’re
42:22 – literally in the Global Mail they they
42:23 – owned like uh I think it was last year
42:25 – when they’re on the glob mail they owned
42:27 – 550 houses in Ontario yeah yeah that’s
42:30 – big 550 is not that big exactly and and
42:36 – uh common belief is that they were one
42:38 – of the biggest if not the biggest trust
42:42 – Reit really owner of single family homes
42:44 – in Canada oh okay like I I I heard
42:46 – there’s someone in out in Quebec that’s
42:48 – trying to do something like 700 houses
42:50 – but that’s 700 houses yeah that’s not
42:52 – that big but but you but you see I I see
42:55 – these REITs as taking the opport unities
42:58 – right now to go and pick up some of
43:00 – those distressed
43:01 – homes so many of us small landlords
43:04 – might be selling and then they’ll pick
43:05 – it up and they’re growing their
43:06 – portfolio I don’t yeah again I don’t see
43:09 – the business case for it unless they’re
43:11 – playing for that long term where the
43:14 – there’s so little rental inventory that
43:15 – rents just go up but again you have to
43:18 – suffer
43:19 – from uh rent rent those rent caps yeah
43:22 – yeah yeah it it’s true and then also if
43:24 – you go to sell you need the tenant to
43:26 – leave yeah yes and then you’re you’re
43:28 – paying what 30 35,000 get them to leave
43:31 – right right well you know what there
43:32 – were some very interesting startups uh
43:35 – that were in the industry uh I was at
43:36 – the Rockstar event and there was a
43:38 – company that is tearing down say single
43:40 – family homes and then building say 10
43:42 – units inside there that that’s actually
43:44 – really interesting uh in very Prime
43:47 – locations too yes yeah I that that would
43:51 – that was what inspired me to be like if
43:53 – I wasn’t doing open room what would I be
43:54 – doing and and that that might be a path
43:56 – that I pursue later on and then for
43:59 – everyone interested in doing development
44:00 – I always recommend them join your local
44:02 – Builders Association I’ve had the uh the
44:05 – CEO of West West End Builders
44:07 – Association on this show and when you go
44:09 – network with them uh there are people
44:11 – financially suffering yeah Builders and
44:14 – developers some Smalls and small medium
44:16 – ones are getting wiped out and they will
44:18 – get consumed by the big ones right right
44:20 – right so again like like there is no e
44:24 – there’s no
44:25 – easy like there’s a nice gentleman um I
44:28 – forget his name right now but he he he
44:30 – develops he builds I think he was at the
44:32 – event he actually builds Garden
44:34 – suites uh and his development charges
44:36 – are
44:37 – $470,000 in Kitchener it’s not from the
44:40 – city it’s from the region right but
44:42 – still 40 $70,000 just development
44:44 – charges right this is just an uphill
44:46 – battle so I I I I poke
44:50 – them you know for what to cost you to
44:53 – build a garden Suite you could probably
44:54 – have a house or two in the states and
44:56 – nowhere in control so you’re all you’re
44:58 – all about the United States now uh again
45:00 – I went to business school like I studi
45:02 – finance and business like I we like if
45:06 – you we were talking I was telling about
45:08 – that GP chat gbt prompt I did right and
45:11 – I just posted on my Facebook right what
45:14 – Canadian city or town ranks ahead of the
45:17 – top 100 cities or towns in landord
45:19 – Friendly USA right the answer is none so
45:24 – where is the business case we can go
45:26 – through the exercise doing the business
45:27 – case it will not look good though right
45:29 – right like again you have you have you
45:31 – have a possible worst case scenario of
45:33 – 50 Grand owing and ongoing ongoing
45:36 – ongoing right the average case though
45:38 – right now if you have a non-payment of
45:40 – rent uh tenant it’s about
45:44 – $116,000 average right if you’re lucky
45:46 – maybe you’re going to go into the like
45:48 – 5,000 range if you got it right away and
45:50 – you had you know what you’re doing but
45:53 – many people then wait or their
45:55 – application gets lost C and it’s average
45:59 – that’s what we’re seeing right which is
46:00 – why most professional investors will go
46:02 – ahead readily offer 5 10,000 for cashal
46:04 – Keys yes let me tell you another
46:06 – interesting case um because many of
46:08 – these uh cases I actually meet the
46:10 – person or parties behind the
46:13 – cases well because many of I I get I get
46:16 – a lot of fan mail too so I’ll Pat myself
46:19 – on the back there and so many of them
46:20 – want to chat or want to tell me their
46:23 – story so this one super interesting is
46:25 – um in Toronto
46:27 – super Posh penthouse suite this tenant
46:31 – rented it out uh gave fraudulent
46:34 – documents it was um vetted by a
46:38 – realtor and guess what she used the
46:40 – space
46:42 – for what do you know do you know like a
46:45 – brothel like what close close it was for
46:49 – adult content like filming yeah yeah
46:53 – because you have very nice apartment a
46:55 – lot better than a brothel
46:57 – you’re gonna choose it’s true but yeah
46:59 – well she didn’t end up paying rent and
47:02 – and not paying rent yes and you know
47:04 – what the cost exceeded uh the
47:06 – $335,000 threshold that you can go to
47:09 – the LTB or the small claims court for
47:11 – all right to recover so you should
47:13 – actually if if you have over $35,000
47:15 – owing go straight to the next court
47:18 – system um which is which is the Superior
47:20 – Court oh Superior Supreme Court but the
47:23 – next one don’t go to the LT skip it
47:27 – because otherwise the limit is $35,000
47:29 – and I bother with small claims exactly
47:31 – and don’t wait for the LTB go straight
47:33 – to the next uh next one because if you
47:35 – go to the LTB what some of these cases
47:37 – that we have seen that exceed the
47:39 – $35,000 limit is like say for example
47:41 – that 50,000 one it ends up being where
47:44 – the LTB will only award you the
47:47 – 35,000 so go straight to the next and go
47:51 – go I think that when you go to not I
47:53 – think I know that when you go to the
47:54 – next level you do need to have a lawyer
47:56 – on top
47:58 – no more self-representation at that
47:59 – point yeah so I have this joy in my life
48:03 – and that I’m able to offer wonderful
48:05 – real estate and that helps people versus
48:08 – love of the terrible real estate in
48:09 – Ontario do you get joy out of this
48:11 – business because like um we’re g I’m
48:14 – trying to go into how do you make money
48:16 – with this business I see I I find it
48:19 – like you’re getting fan mail and you’re
48:21 – making
48:22 – money like like that’s you can’t get
48:24 – more win-win I I love what I do right
48:27 – now I’m still very deep into it very
48:29 – early on into it because we’re we’re
48:30 – about about two years in right but how I
48:33 – see it is that I’m on a real real
48:35 – Mission over here and we’re not just a
48:37 – software business yes we are powered by
48:39 – software but how I see it is that people
48:41 – are following open room are following
48:43 – our journey because they believe in what
48:45 – we’re trying to do in holding people
48:47 – accountable for their actions they see
48:49 – the future they want to be part of this
48:51 – rocket ship that we’re on I find immense
48:54 – joy in that and I’m so happy that people
48:56 – want to be part of this journey so we
48:58 – have many people who are we declare as
49:00 – open room super fans and they would get
49:02 – packages from us like a thank you
49:03 – appreciation because they’ve done so
49:05 – much for us for example there was this
49:07 – random fan that uh commissioned a radio
49:11 – ad for
49:12 – us yeah I kid you not he just like
49:14 – forwarded an email I’m like what is this
49:16 – email because it had no content in it
49:17 – other than you read through the thread
49:19 – and you’re like oh he’s talking to
49:20 – someone in the media about uh running
49:23 – this ad on one of the um channels on the
49:25 – 90 point something and then I listened
49:28 – to it and oh my God it cracked me up so
49:30 – hard because I just I I literally sat
49:32 – back that day and I called my co-founder
49:34 – and I said this is why we do it because
49:37 – there are people who believe in what
49:38 – we’re doing and they’re going above and
49:40 – beyond what open room is here for and
49:43 – they’re advertising or they’re promoting
49:45 – us in their Community I wonder how much
49:47 – that ad cost uh you know what I don’t
49:49 – know I I never asked and they had to
49:51 – produce it themselves likely no no no
49:53 – they did not produce they paid uh an
49:55 – agency to do it it was fabulous I kid
49:58 – you not 30 seconds of the was some of
50:00 – the most amazing content that I’ve heard
50:01 – I just loved it there start a
50:03 – crowdfunding campaign for your own
50:05 – marketing well you know what back in
50:07 – January we did we we did a little bit of
50:09 – a crowdfunding we said hey folks if you
50:11 – believe in what we are doing um share
50:14 – $100 with us right and within 48 hours
50:18 – we got 111 people um donating $100 to us
50:23 – and we were like that was the impetus
50:25 – that said people believe the mission the
50:27 – vision of what we’re trying to build and
50:29 – that’s when we decided we were going to
50:30 – go do this full time oh yeah wow that
50:34 – was one of the impetuses I mean other
50:35 – than you know metrics of how many
50:37 – visitors how many people were interested
50:39 – yeah uh what kind of metrics can you
50:40 – share I can share that uh right now we
50:44 – have uh over 30,000 visitors on our site
50:47 – every single month we are conducting uh
50:51 – like hundreds of thousands of searches
50:54 – for individuals searching the site uh
50:56 – every month these are uh and we also uh
51:00 – like in terms of our rental debt product
51:02 – like people who come in and share their
51:05 – court orders with us and wanting to
51:06 – report to Equifax hundreds of those
51:10 – since we started uh two months ago like
51:13 – so we just started that one and we’re
51:15 – seeing hundreds of people interested in
51:16 – it like that’s pretty awesome for us
51:19 – because what we’re saying uh to the
51:21 – community is thank you for believing in
51:22 – us we’ve got so much more to do to hold
51:24 – people accountable yeah Justin Chau
51:27 – wants rent reporting de to credit
51:30 – reports yes the good ontime rent
51:32 – reporting right now we’re focused on the
51:34 – bad debt if you’ve got bad debt I want I
51:37 – want to know about it share it with me
51:39 – so this is a call out to your community
51:41 – if if they’ve got if you’ve got bad debt
51:44 – in that court order I want to see it I
51:46 – want to help you get it onto their
51:48 – credit report so that it can negatively
51:50 – impact their credit history what about
51:52 – good what about good tenants can you
51:54 – report good tenants will come a little
51:56 – bit later not yet not yet good tenants
52:00 – keep doing what you’re
52:01 – doing yeah don’t show up on your
52:04 – radar because there is a radar
52:06 – now yeah but but some of the other ways
52:09 – because you were going down the
52:10 – monetization route right uh we service
52:13 – some of the business clients uh in the
52:15 – rental ecosystem such as tenant
52:17 – screening companies or the REITs or the
52:20 – property management companies so for
52:23 – example tenant screening companies like
52:24 – single key in uh starting November 1st
52:28 – 2024 so it’s already live right now when
52:30 – you pull a single key report Tenon
52:32 – screening report there is a data point
52:35 – inside that report that says an open
52:37 – room check did it pass or was there a
52:40 – hit was there a likely match so we
52:42 – actually exist on that report so that is
52:44 – one way that we are um getting the court
52:47 – order information that people are
52:49 – sharing with us that we’ve aggregated
52:50 – across Canada uh into uh distribution
52:54 – channels like tenants scening reports
52:57 – and then uh if there’s something if you
52:59 – if they find something can you click on
53:00 – it and expand on it yes you go straight
53:02 – into the order that led to that uh
53:05 – record inside the tenant screening
53:07 – report that reminds me vill supposed to
53:08 – come back on the show to share updates
53:10 – yes call him call him and he’ll tell you
53:13 – all about this because this was a long
53:15 – time in the making uh Viller is
53:16 – fantastic he’s been working with us uh
53:19 – for a while and he was actually when
53:20 – when we were still doing open room
53:23 – part-time last year he actually reached
53:25 – out to us and asked us if this was
53:27 – available and originally we had shared
53:29 – with him that this is not available yet
53:31 – cuz we were focused on some of the other
53:32 – priorities but then now uh this year we
53:35 – got it live we got it running and before
53:37 – the holiday so it’s a gift to all of the
53:40 – housing providers out there to make more
53:42 – informed decisions yeah I I’ve been
53:44 – telling uh clients forever single key
53:47 – use single key for tenant screening
53:49 – front lobby for rent reporting and now
53:51 – we have open open room available as an
53:53 – option as well yes that’s right you guys
53:56 – just buy buy each other and then just
53:58 – all be one happy yeah everything in one
54:00 – place you know what one thing I’ll say
54:02 – about front lobby that they do very very
54:04 – well in is that um because open room
54:07 – only accepts it from a court order
54:09 – perspective right for rental debt from
54:11 – front lobby you can actually approach
54:13 – front lobby if you are a housing
54:15 – provider that has a tenant who doesn’t
54:16 – pay rent right away before you have the
54:18 – credit uh before you have the court
54:20 – order but whereas on our side we say we
54:22 – have to have the court order because on
54:24 – our side we are functioning on the fact
54:26 – and objectiv right I can’t take anything
54:29 – before that but if you want to do more
54:31 – before that court order you could and
54:34 – probably should try out front lobby and
54:37 – then share front lobby they uh they
54:38 – implemented the collection they added
54:40 – collections as well recently uh
54:42 – collections with a collections agency o
54:44 – that’s another topic that maybe we need
54:45 – to have a whole other podcast about uh
54:48 – whether or not people should go to
54:49 – collections agencies uh what the
54:51 – outcomes look like and just make more
54:53 – informed decisions do you have data on
54:55 – that uh data as I have anecdotal data
54:58 – but I don’t have strict data on it but I
55:00 – just know that you need to make a more
55:02 – informed decision about all of the
55:03 – options that are out there to collect
55:05 – rent um from a collections agency
55:07 – perspective they take about anywhere
55:09 – from 20 to 55% of whatever that is
55:12 – collected right and some of them do not
55:14 – all work in equal terms some of them
55:16 – just really look at your file and be
55:18 – like win 10,000 oing $20,000
55:23 – owing you’re like yeah yeah yeah you’re
55:25 – like at the bottom $50,000 Ral or more
55:29 – or more right and they buy the data the
55:31 – collection companies they buy the data
55:32 – feed from you who who’s got 50,000 owing
55:35 – and more there have been collections
55:37 – agencies that have approached us that
55:39 – wanted to work with us but here’s a call
55:41 – out if you are a collections agency
55:43 – listening to this and you believe that
55:45 – you want to do more from a technical
55:47 – perspective uh and build something
55:49 – really really awesome in the community
55:51 – of rental ecosystem call me give give me
55:53 – a shout out I haven’t searched for or I
55:56 – haven’t found a good partner just yet on
55:59 – that end who do else do you want to
56:00 – contact you like like the single keys
56:02 – and the companies like that yeah because
56:04 – you were sharing before we were
56:05 – recording you are the data source for a
56:07 – lot of you already talking about you
56:09 – were the data source for a lot of
56:10 – vendors already out there yes if you are
56:12 – a property management company or a Reit
56:16 – uh that wants to look into automated
56:19 – searches so we on on open room we will
56:22 – do all of the combinations of searches
56:23 – so if you’re searching in the thousands
56:25 – each year reach out to us we can find
56:28 – you a better solution than manually
56:30 – searching today manually searching is
56:32 – free So for anybody who’s listening you
56:34 – can actually go on to open room and do
56:35 – it for free I forgot to mention that uh
56:37 – but if anybody wants to do more advanced
56:39 – combos of searches that’s where we come
56:41 – in uh and help out businesses right yeah
56:44 – and you have several of them already
56:46 – like the effort trusts the Starlight
56:48 – Investments those those types of folks
56:50 – uh not Starlight Starlight if if
56:53 – Starlight is listening please say hi uh
56:56 – but we have several uh customers already
56:58 – doing automated searches
57:01 – yes this like to me this is the this is
57:03 – how it should be there should be nowhere
57:05 – to hide if you were if you and sorry
57:07 – with these court orders does it does it
57:09 – like say someone say the tenant does pay
57:11 – off like you know say whatever happened
57:13 – like they had health issues divorce
57:15 – whatever and then they pay then they pay
57:17 – the money back does that how does that
57:19 – record does it get cleansed at all from
57:23 – a court order perspective open room
57:24 – can’t be playing God do not remove any
57:27 – orders even if it has been paid right we
57:30 – don’t delete so everything is visible on
57:32 – there what we’re looking at is well
57:34 – should there be an indicator that
57:35 – someone has paid or is it that it will
57:39 – invade someone’s privacy so those are
57:41 – some of the things that we’re checking
57:42 – through and we don’t have a solution or
57:43 – answer just yet but it is something that
57:45 – we’re actively looking at well if the
57:47 – tenant’s smart they should submit that
57:49 – with their
57:50 – application uh to the next landlord you
57:53 – mean yeah yeah I this is going to show
57:56 – credit I paid it off here’s the proof of
57:59 – payment right right right I had this
58:01 – happened lost my job got divorced
58:03 – whatever it was and like and then to me
58:05 – like you stand out ahead yes right yes
58:08 – like you pay your debts like you stand
58:10 – out ahead of someone I don’t know yeah
58:13 – yeah yeah there are ve uh many tenants
58:15 – who go through unfortunate circumstances
58:17 – absolutely and we hope that uh they will
58:20 – get a second chance or a third chance at
58:23 – getting a good rental again absolutely
58:26 – absolutely what’s next what’s next to
58:28 – open room because this is taking your
58:30 – this is your priority yes this is your
58:32 – full-time gig yes for me one of the top
58:35 – priorities on my side my job is to
58:37 – educate the community some more so yes
58:40 – we also have a training program that we
58:42 – make available from a mandrin
58:44 – perspective as well as English
58:45 – perspective we work with uh pargal as
58:47 – well as uh former real estate agent uh
58:51 – commercial real estate agent Christopher
58:52 – sepi on some of the content that we work
58:55 – on but really the next step is for me to
58:57 – educate the community me coming out with
58:59 – more of the content uh and I hope to
59:01 – deliver some of that for free to the
59:03 – community the more that people can get
59:05 – educated the better our whole ecosystem
59:08 – will be did you ever think you’d be here
59:11 – when you working at corporate in Tech
59:13 – you know what Ann I always thought that
59:15 – I would build something I was waiting
59:17 – for the right problem to solve the right
59:20 – solution to solve it the right time and
59:24 – if I would be the right person to solve
59:26 – it so I’m not I wasn’t ever in a rush to
59:28 – be like I need to go start my own
59:29 – business but I was on the side of
59:32 – caution of will I have an unfair
59:35 – advantage of what I want to do if I’m
59:37 – going to go and commit and do this and
59:38 – right now I believe that I am the best
59:40 – person fit to do this and that’s why I’m
59:42 – on this Mission and also um uh recruited
59:46 – my partner in life to do this with me
59:49 – yes how’s how is it working with your
59:51 – partner in life my partner in life I
59:54 – would say is one of the best choices
59:56 – that I’ve made so in in the world just
59:59 – in general when we look at our career I
60:01 – think you have to really look at who you
60:03 – marry and one of the most important
60:06 – decisions is who do you marry and I’m
60:08 – sure that you picked
60:10 – fantastically no you did you did well
60:13 – you did well Cherry is awesome and we
60:15 – all know that right and though the
60:18 – partner that you have in life they will
60:20 – support you in the decisions that you
60:21 – make and help Elevate what you want to
60:23 – do in the future and I believe that I
60:25 – have picked very well uh in that respect
60:28 – and it’s not that um I just picked any
60:31 – engineer off the street Vall and I we
60:33 – have known each other since high school
60:35 – we went to the same High School fell in
60:36 – love in high school and uh grew up
60:40 – together over the last uh over a decade
60:43 – together right so I look at it as he’s
60:45 – the best engineer that I could have
60:47 – beside me doing
60:49 – this and it doesn’t hurt that he has a
60:51 – couple Acquisitions on under his belt
60:54 – yeah um used to workg and Acquisitions
60:57 – oh no he used to work with uh a couple
61:00 – of startups that was acquired um by big
61:02 – companies in the states yeah and is that
61:05 – something that you’re looking looking at
61:06 – doing for exit you know what that’s too
61:08 – early to tell right now I think that uh
61:10 – right now we’re looking for our first uh
61:12 – full stack engineer hire where we’re
61:15 – we’re so small or like so super small
61:17 – right but how we looked at it was in
61:19 – 2024 V and I sat down and said do we
61:22 – have an opportunity here to go do
61:24 – something even bigger in 2025 and right
61:27 – now we believe so so we’re taking it one
61:28 – step at a time but we see a bright 2025
61:31 – and that’s why we’re going now um
61:32 – investing in a couple hires um I think
61:36 – it’s going to be wonderful
61:38 – 2025 where’s the money coming from just
61:40 – self-funded business right now we are
61:42 – not VC funded we are bootstrapped uh so
61:44 – it is a fully funded uh bootstrapped
61:46 – business by ourselves yes so we but it’s
61:49 – not just by ourselves it’s because we
61:51 – have enough customer Revenue also to
61:53 – fund uh the growth of open room super Co
61:56 – yeah that’s what we’re up to yeah sure
61:58 – we were using the software to uh to
62:00 – crowdfund so everything’s like all the
62:02 – paperwork’s taken care of I can show it
62:03 – to you afterwards actually your husband
62:04 – probably familiar with it well okay I
62:07 – don’t know about my husband maybe I know
62:08 – about it we talk about it after this
62:10 – sure we so you you do crowdfunding no
62:13 – Sher did it oh okay for for something
62:16 – okay good stuff uh the term is when
62:20 – they’re doing an equity raise yeah
62:21 – they’re using a service for it yes yeah
62:24 – there are different ways of uh raising
62:27 – money and one could be to crowdfund from
62:30 – the community and we see a lot of e uh
62:33 – product companies do it right like if
62:35 – you have a physical product and you
62:36 – raise it like a Kickstarter that that
62:38 – could be a really good route yes because
62:40 – I can see you guys having interest
62:41 – people are people are giving money to ad
62:44 – agencies to create ads for you I’m sure
62:46 – they probably want an equity piece of
62:48 – your
62:49 – company we have some very interested
62:51 – individuals and when we are looking for
62:53 – um Angels or U more funders um if
62:56 – anybody is interested I’m happy to chat
62:58 – but we just haven’t opened it up for
63:01 – external folks that don’t see the vision
63:03 – of where open room is trying to get to
63:06 – what is the vision the vision is for
63:07 – that transparent and connected rental
63:09 – ecosystem and then the mission to get
63:11 – there is to hold people accountable and
63:14 – if people really really resonate with
63:16 – that I’m I’m open and people can contact
63:19 – me I’m sure you’ll have my contact
63:21 – information in there and I’d love to
63:22 – chat more with folks yeah just share
63:25 – right now your website Instagram uh cell
63:28 – phone number whatever you yeah well it’s
63:30 – weing at open room. so that’s Wei t n g
63:35 – open room. CA so you can message me
63:37 – straight there or you go to the website
63:41 – www.open
63:43 – room.can at open room
63:46 – HQ it’ll be me behind all of those
63:49 – channels because we’re super small you
63:51 – message in I don’t have any Bots I don’t
63:53 – have any external EA or personal
63:56 – assistant it’s me we you you’ll get to
63:58 – me I will be the customer service and
64:01 – then what what is the vision
64:02 – technologically like are you expanding
64:04 – are just going oh yeah you mentioned
64:06 – that you just want to perfect things in
64:07 – Ontario and then
64:09 – expand do you to go Province by province
64:11 – or ke do this nationalwide at the same
64:13 – time we are nationalwide but we focus in
64:17 – Ontario when we go to each province we
64:19 – absolutely have to look at every
64:20 – jurisdiction and make sure that our
64:22 – legal team knows what we’re doing and um
64:25 – vet through what we what we’re going
64:27 – through in terms of the process from a
64:29 – technological perspective the vision
64:31 – behind it is that we build software like
64:34 – our fundamentals our background is in
64:35 – building software but where is it that
64:38 – we can actually solve a real problem
64:40 – we’re not here just to build features
64:42 – and like shove it down people’s throats
64:44 – no we look at it as will that offer True
64:47 – True Value to the rental ecosystem and
64:50 – if it does you bet we’re going to make
64:52 – it 100 times better so you’re getting
64:55 – Court
64:56 – can you tell us other than Ontario who
64:57 – who’s next who gets the most orders uh
65:00 – the next one would be Alberta right now
65:02 – yeah Saskatchewan has quite a bit uh as
65:05 – well uh but uh I would say yeah BC they
65:08 – head of
65:09 – BC look I just look at population you
65:12 – would think BC would be clearing away
65:14 – set number two BC has a little bit of a
65:16 – a challenge here because BC some uh
65:20 – landlords or some of the uh like
65:22 – decisions you’ll see uh they redact the
65:25 – names and they’ll anonymize it like they
65:28 – they’ll take it out of the official
65:30 – orders so many people in BC think that
65:32 – they’re not allowed to upload or share
65:35 – this right but how we see it and where
65:38 – we’ve spoken to many of our uh legal
65:40 – advisers is that there are opportunities
65:42 – for people to upload because if it gets
65:44 – to an order there’s a writ there is that
65:47 – an official decision afterwards where
65:49 – it’s not just you know the the uh the
65:51 – beginning decision like there’s an
65:53 – opportunity to upload so I think that
65:54 – from our side we need to to do more
65:56 – education out there uh to make sure that
65:58 – people feel more comfortable doing it is
66:00 – just as a mini mini small startup how we
66:03 – see it is that we have to focus right we
66:06 – can’t be um throwing our hands and our
66:09 – hat in all these other provinces at full
66:12 – immense depth like the way that we’ve
66:13 – done for Ontario but when we’re ready
66:16 – for that at full deep length we will go
66:19 – hard on those I mean so we still get um
66:23 – uh landlords or tenants who contribute
66:26 – from other provinces but it’s not at the
66:28 – same volume as Ontario no Ontario we we
66:32 – like we get thousands every month like
66:34 – you mentioned like the average rental re
66:36 – in Ontario is like 16,000 what do you
66:38 – know what it might be for province by
66:40 – province territory no I don’t have the
66:42 – numbers right now for province by
66:43 – province because we haven’t fully
66:45 – analyzed each province but next time I
66:46 – come on your uh podcast I’ll be sure to
66:49 – provide you with those stats if you’re
66:50 – to guess do you think anyone would be
66:52 – worse in Ontario for average rental aers
66:54 – I don’t think so not in Canada yeah yeah
66:58 – yeah because other provinces might have
66:59 – say um in BC there is the I think it’s
67:03 – called the 10day auto eviction or at
67:06 – least you don’t need to go fully into
67:07 – courts like you could file uh to their
67:10 – uh rent residential tencies board and
67:13 – get an order without going fully right
67:15 – so they have laws like that that that
67:17 – Pro you don’t need to go fully and wait
67:20 – for that amount of
67:22 – time there’s a tough one what would your
67:25 – advice be to someone who is in the
67:27 – dispute right
67:28 – now depends on what kind of dispute so
67:32 – it could be say for example two ways if
67:34 – you have not discussed cash for keys yet
67:37 – and you want as a housing provider you
67:40 – want this tenant out could potentially
67:44 – be a path for discussion not saying that
67:47 – I condone it but it could be because
67:50 – earlier you were mentioning that someone
67:52 – did it for 30,000 even though it’s the
67:54 – the long uh highest amount but they
67:57 – didn’t have to go through the mental and
68:00 – uh legal distress that some of us went
68:02 – through right so potentially could be
68:04 – and there are mediators out there so we
68:06 – work with legal Representatives or
68:09 – mediators that can negotiate on my
68:12 – behalf kind of or deal the other side is
68:15 – if you’re like really really deep into
68:18 – it know that there are support groups
68:20 – like solo where they have a hotline you
68:23 – can call in and get some emotional
68:25 – support or landlord selfhelp you know
68:27 – what I know I know you’re you’re
68:28 – laughing but that was actually what
68:30 – saved my sanity back in the day cuz I
68:32 – knew that I would Prevail I knew that
68:36 – eventually I will win this case and get
68:38 – to eviction I just have to wait but that
68:42 – sucks the waiting part sucks um that
68:45 – would be what what I would say cuz I
68:48 – don’t really condone the unethical rotes
68:53 – if you know what I mean but we have
68:55 – heard of some wild stories it’s better
68:59 – better off just to pay but again like
69:00 – this is just a
69:02 – yeah landlord self landlord selfhelp we
69:05 – haven’t talked about them for ages oh
69:08 – are you do do you have much much dealing
69:09 – with landlord self-help center no not
69:11 – from open room but uh har at Ren Panda
69:15 – sits on the board of landlord selfhelp
69:17 – and they sit on their board too oh okay
69:19 – great long ago I mean they are doing
69:22 – good work in terms of content right and
69:24 – getting um industry professionals go out
69:27 – there like the rheu I heard was one of
69:30 – their uh speakers so rental housing
69:33 – enforcement unit uh folks went out there
69:35 – so they have connections to government
69:37 – agencies that go out and educate so I
69:40 – feel like they good give good content
69:42 – educational content amazing now now uh
69:46 – how can anyone else help you oh you can
69:49 – help open room by like what Irwin did
69:52 – which is invite us on a podcast I’d love
69:54 – to chat with more people and share with
69:56 – your community number two is share open
69:58 – room with others if you know people who
70:01 – have been in a situation where they have
70:03 – a court order please share it with us or
70:05 – tell them to share it with us we take
70:07 – their data very seriously uh and we look
70:09 – at all of the legal implications and
70:11 – then third way is if they have rental
70:13 – debt try out what open room has on the
70:16 – rental debt Ledger and let us or trust
70:18 – us to help you report it to Equifax so
70:21 – that is that is some of the ways that I
70:23 – would say to help us but help yourself
70:26 – by learning you don’t have to learn with
70:28 – open room but learn somewhere like take
70:30 – a course on how to run a rental business
70:33 – stay educated and protect yourself yeah
70:36 – prevention what is the term U announce
70:38 – of preventions worth the pound of the
70:39 – Cure yeah don’t be so reactive like me I
70:43 – mean my reactivity uh turned me into be
70:46 – being going on this Mission but you
70:48 – don’t need to be like me right you you
70:50 – you learn in advance be proactive about
70:52 – it because listening to this podcast is
70:55 – another form of already learning right
70:57 – so take your past tant for example did
70:59 – you post the their rental readers on
71:02 – their put it on their Equifax yes yes
71:05 – and then have you have they done
71:06 – anything with it uh you know what irn
71:09 – good question mine is going in on
71:10 – November 15th now that you ask so yes
71:13 – because I was um I reported it through
71:16 – another means and uh what Equifax had
71:19 – announced or shared with us is that if
71:21 – if they’ve already been reported in
71:23 – another means you have to take them off
71:25 – of the other one before you can pursue
71:27 – on another side so what I’ll be doing
71:29 – what I’ve done is remove the other one
71:32 – report my through open room now yeah but
71:35 – I am actually the guinea pig of a lot of
71:37 – what we do yes right so is is the
71:40 – challenge safe if you report on front
71:42 – lobby you can’t be you can’t also report
71:43 – on open room ideally you would not
71:46 – because that would be technically unfair
71:48 – for the tenant correct yes technically
71:51 – yes well it’s wrong it’s wrong yeah yeah
71:53 – yeah yeah it’s depends on whether it was
71:56 – reported correctly or not so sometimes
71:59 – uh it doesn’t hit correctly so then you
72:01 – could try another software or another
72:03 – company to report it got it Sor right I
72:06 – didn’t mean to mention your competitor
72:08 – no no I no no no how I how I see it is
72:10 – that there’s a world where we can all
72:11 – work uh very nicely together right and
72:13 – there are services that front lobby
72:15 – doesn’t uh that they do that we don’t do
72:19 – such as we only look at it from a court
72:21 – order perspective but they can go before
72:23 – the court order so that’s a advantage
72:25 – that they’ve got on their side they’ve
72:27 – got a bigger team and they’ve got it all
72:28 – sorted out from that perspective whereas
72:30 – we we don’t look at it prior to the
72:32 – court order so from that perspective I
72:34 – think that it’s actually very
72:35 – appropriate to talk about front lobby
72:37 – and how great that they are doing on
72:38 – that
72:39 – front yeah because they their their
72:41 – origin story similar to yours tenants
72:43 – owed them a bunch of money and that’s
72:45 – that was the that’s how front lobby kind
72:47 – of that’s how Zach then found used front
72:50 – lobby met the met the owner found her
72:52 – bought it from him took it to the next
72:54 – level oh it’s great it’s great yeah I
72:57 – I’m just not as a big as uh a housing
73:00 – provider as
73:01 – Zach yeah Zach is a big portfolio I just
73:05 – have one single one uh that had the very
73:08 – bad tency situation you know did they
73:11 – leave it in good shape you know what I
73:13 – was very lucky on that when the sheriff
73:15 – uh yeah when the sheriff came in said
73:18 – weing you are so lucky because this
73:20 – looks pretty pristine and I was like
73:24 – heck yeah
73:26 – saved me some damage cost I mean at the
73:27 – end of the day I still had to pay for a
73:29 – lot of the cleanup the junk removal the
73:32 – painting repainting of the house
73:35 – but from what I see in the community
73:38 – today of some of the open room
73:40 – supporters oh man I got very very lucky
73:44 – yes lucky I’ll count I’ll count my lucky
73:47 – stars there yeah because usually things
73:48 – don’t go well yeah yeah yeah I mean I
73:52 – was also left with a water bill
73:56 – you know you know how water bill in
73:57 – Ontario or many many municipalities yeah
74:00 – many municipalities yeah exactly where
74:03 – the water bill ends up being on your
74:04 – property tax yep I got landed with a
74:07 – good $700 Bill there could worse yeah
74:11 – and those are some of the costs that
74:12 – aren’t included in the 35,000 uh when we
74:14 – look at it because at that time I was so
74:16 – mentally exhausted that I was like if I
74:20 – could even just get $1 back which to
74:23 – this date I have not yet
74:25 – okay
74:26 – so there will be a day potentially that
74:29 – I could but it’s not today do you think
74:32 – you go to
74:33 – collections collections I think for me
74:35 – will be one of the uh things that I’ll
74:38 – look at but not today not yet because I
74:40 – still have a couple other things I want
74:42 – to try as my as my own I’m My Own guinea
74:44 – pig I have a couple other things to try
74:46 – I know but someone might be listening
74:47 – want to volunteer to be your collection
74:49 – agency it’s true it’s true please
74:51 – contact me uh if that is the case and we
74:53 – can discuss right um but how I see it is
74:56 – that if I can make my own situation work
74:59 – then other people will trust what I’m
75:02 – doing I know but some might have there
75:05 – want to be want might want to prove
75:06 – themselves to you and you can be the
75:08 – gting pck for their collection Services
75:10 – love it love it give me a call please we
75:12 – only have 17 listeners though so that
75:15 – may not like unlikely to happen you you
75:17 – say that but you’re one of the top
75:18 – podcasts I don’t know who lied to you
75:21 – about that it’s in your email signature
75:24 – oh no no that’s a Google Document that’s
75:27 – private it doesn’t go public all right
75:31 – fine we’re at a time waiting any final
75:34 – words You’ like to share with with the
75:36 – audience I just i’ like to say a huge
75:40 – thank you to anybody who is listening to
75:42 – this episode because open room started
75:44 – as super Grassroots and we are still
75:47 – very Grassroots our community of
75:50 – supporters and listeners to podcasts our
75:52 – community members like these are the
75:54 – people that make open room work so
75:56 – really just from the bottom of my heart
75:57 – thank you for inviting me onto this
75:59 – podcast and thank you for everybody
76:00 – who’s who who cares enough to want to
76:03 – listen to this episode thank you all
76:06 – right friends that wraps up another
76:07 – episode of the truth about real estate
76:09 – investing show for Canadians hope you
76:11 – got as much out of this one as I did
76:13 – remember that whether you’re just
76:15 – starting out or a seasoned investor
76:16 – there’s always something new to learn
76:18 – and it’s always about building that
76:19 – practical knowledge base that gets you
76:21 – closer to Financial Freedom if you found
76:23 – value today please do us a favor and
76:24 – leave us a review or a rating share this
76:26 – episode with a friend or better yet join
76:28 – our community of Real Estate Investors
76:29 – who are taking action and making moves
76:32 – and hey if there’s a topic you want us
76:33 – to cover or have uh there’s a certain
76:35 – guest you’d like us to have on the show
76:36 – drop me a line my DMs are open on social
76:39 – media reply to this email let this have
76:41 – arrived on I’m not hard to find uh you
76:44 – know we’re all about getting you the
76:45 – unfiltered truth to help you on your
76:48 – journey thanks again for tuning in and
76:50 – we’ll see you in the next episode until
76:52 – then stay Smart Stay curious and keep
76:54 – building that future fut catch you later

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