When we first met Chris Curry, we didn’t know what to make of him. He seemed to have a million years of real estate experience at the age of 25. Over the years, we’ve been blown away at his fearlessness and ability to adapt to any economic situation. He’s started and grown more businesses than we can count and helped buy and sell real estate all over Florida. On this episode of The Your Life! Your Terms! Show, we have a casual chat about life, Florida real estate and living life on your terms. Enjoy the show!!
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Transcript
Hey everyone on this episode of The your life, your term show, we have the amazing and awesome Chris curry on the show and you probably have never heard maybe you’ve never heard of Chris anyway, we’ve known him for 1015 years at this point, awesome guy. He grew up and lives in Florida. He was one of the top real estate guys down in Florida as a realtor for many years, we came across him during a mastermind meeting with Rob Minton in Ohio, a long time ago, became good friends. we’ve crossed paths for many years ever since he’s done a lot of stuff. So he’s in town attending a conference. So we stopped into the office here. And we asked him just to share some Florida knowledge. I mean, Canadians are always asking questions about Florida, where to buy in Florida, how Florida operates what to know about Florida. So this is a local Florida Boy, that we asked to sit down and give us the goods on Florida. So we have a chat just about his history, his journey, some things that went on during 2008 2009 and Florida, how he survived that that time, and just have an overall overall good chat with Chris. I had to end it a little early I had to run it was a little bit of an impromptu podcast. So I think in the time though, we did get a lot of good information jammed in there. So I really hope you enjoy this. I think we’ll have Chris back on the podcast again to talk about other stuff. He has a whole bunch of business insights and knowledge as well, that we can share. And it look if you’re listening to this and you have not come out to our Canadian Real Estate training our introductory training class about real estate investing right here in Ontario. What is wrong with you, you need to come to this, it is held once a month in our office, you can register and grab a seat at Canadian Real Estate training.com that’s www dot Canadian or real estate training.com. We love investing in Ontario as much as we talk about all different places around the world and travel around a little bit and stuff. We believe that right here in our own backyard is the best opportunity for real estate investors over the next 10 years the population growth, the interest rates, we have all the fundamentals in this area. But you do have to know what you’re doing. You can’t just buy willy nilly anything you need to know what you’re doing. We share some of the exact strategies some we share the exact strategies we’re using with real estate investors, Rockstar inner circle members, right here in Toronto and across the GTA at this class, it’s about 90 minute class, you can grab yourself a seat at WWW dot Canadian or real estate training calm. And with that, let’s get on with the show.
Are you ready to live life on your terms? Is it time to take charge? The real estate, business building the economy, health and nutrition and more. It’s the your life your terms show with Tom and Nick.
Are you ready?
Let’s go.
Okay, we are live with Chris curry. Nick, can you hear me? Okay, I want to make sure you can hear it. So Tom starts small and clear. So Chris curry is in the house. Chris, you were speaking to them? Yes, I’m here. Yes. So we have no idea what’s going to happen on this podcast. But Nick was going to ask you some questions about Florida.
Well, Chris has a
responsibility for anything Chris says, Florida. So I’m going to get you to ask Chris the question so that
I got nothing but positive things to say about Florida.
So we met Chris, what, 10 years or 12 years ago. And I
remember when we first met Chris, this guy by the name of Matt walks over and he goes you understand? This is one of the 30 under 30 realtors in the USA. He’s like a baller realtor. You’re going to meet Chris curry and everything. You know, everybody told me that? Yeah, like who is this guy? Chris curry. We’re just driving in in our car. We probably had a Honda Civic. We’re driving into Ohio to some mastermind this like Chris car. He’s going to be there. So yeah, you were you were built up before you even walk in the room when you start selling real estate.
I started 18 and 1998. Really?
Yeah, 20 years ago. So that would have been there when you know you were 25. And then by 25, you’re just you’re killing it. Yes to a tee. It was just you
know, I pivoted so I first started a little town at 18 years old town called Lake City, Florida, and did really well the first I think second third year in the business was just killing it,
who was selling their house with an 18 year old. I just
you know what, I had a really great ability to get old people to trust me,
their legacy. I just had a really great personality. I had a really good way. And
I worked all the time. I mean, there’s you can’t you can’t beat 100 hours a week work and what it what it happened. I think you see this in real estate across the world. This is why I’m actually I flew in and I’m going to a conference here in Toronto. I’m like, Hey, I got to see Tom and Nick is hustle innovation, you know, thinking out of the box. So I was an 18 year old and it was a very stodgy, small little town and I’m like, let’s go sell some real estate and they’re like, oh my god. Here’s someone with some live who’s like thinking and willing to do something different than just like, Oh, you want to sell your house? Yeah, let me put a sign in the yard. Sure. But no, I was like, Yeah, I want to tell you so. So it was it was it was
you you had no competition and you scared everybody
know, I just chased him down and bought or die.
Why don’t you have a show on Sirius XM? Yeah,
yeah, why? Just tell me the car.
Oh, you will absolutely love the car driving. So my dad did want me to have a car but I would get hurt. So the first car I ever got with a red Cadillac. DTS. It was a Ford tore. I mean, you had to be over 70 to drive this car. But this was the car my dad to give. You’re gonna buy a car. You got to drive this. So I drove this old car and the funny story is I once got pulled over in this car. I was 18 I was in a suit. little punk. LN Deke, you know, to top off this offer Caleb off topic here. We talked about hustle. So my dad told me if I got it ticket, I wouldn’t be able to drive for six months. So I’m freaked out. I’m driving to this appointment. I’m so fired up this red Cadillac DTS, but had this big old VHM and I’m late to the appointment. I’m running about 140 miles an hour down the interstate and I get pulled over. And the cop comes up to door sir license and registrations place. I’m like, Oh my god, I won’t be able to sell real estate again. My whole life is ruined. I will be able to pay for the car. I’m just so emotionally to
show your pants right there.
Oh, I was so freaked out. So the cop comes in. And I said, Sir, you cannot give me a ticket. You cannot. Sir, you’re going 140 miles an hour. You are getting miles. Oh, I
was running my one for wasn’t computing. I was thinking,
yeah, you’re probably thinking about 190 200 kilometers. If you carry it over, I was flying. And so and he did not expect to see this, you know, this 70 year old car cruising at this speed. So he heads back to the car and I get out like I am just petrified. I’m like, Oh my god, I’m gonna lose everything. I’m gonna have to go back and I was working in construction before this. And I literally go back to the carny to get back in the car and I get down like, I might not have my hands. That was closed. I’m like, crying like please don’t give me a ticket. Get back in the car. Sure. He comes back up to the door and he goes, young man, I have never seen a kid your age cry.
me a warning. So that was one of my first experiences speeding to sell a house. But then since then, I’ve just it’s been a you were committed. Committed it was it was
it was innovation. It’s kind of like was your face on one of those big billboards? Well, of course you had
to go for it. Yeah. And that billboard was me was me holding a sold sign. Oh, no,
no, Chris curry was here and it was a sold sign and I I did I mean that was where marketing was fact. No, I know. Marketing was we were just talking about it marketing was billboards and marketing has decided to buses now the game has changed marketing’s podcast like we’re doing right now. And marketing is you know, CDs that you mail to someone and it’s it’s a it’s a total different ballgame. In 2010. CDs are antiquated. So many people don’t have CDs. Because we send out CDs some people don’t like guys like, see, this is a CD. You know, we’re working on this right? A lot of cars a CD players don’t come with anymore. It’s like an add on. And
no one’s getting them right. I have
a five year old car, but I’ve never plugged a CD into my whole life.
Yeah, I think in my new cars a year old. I don’t know if I put one in maybe a couple I think I returned my last
car with the one CD I put in there. Someone’s gonna get a marketing see. But
you know on that, on that point, I’m actually sitting here and and Nick gave me something to really think about, I’ve been thinking about the real estate market really hard over the last like six, eight months, like, should I buy I moved to a new state, I moved to Colorado from Florida. And you said something about asset where no matter what happens, even if it drops, let’s say the market drops 5% or 10%? Which I don’t see that happening. You’re still owning an asset that has climbed so much. And you can’t go wrong with owning real estate. I mean, because I keep sitting on I’m running the numbers, does it make more sense to rent? Does it make more sense to own and what if the market drops 5%. But then looking at where you’re talking about the amount of money they’re pumping into the market, I had never connected those dots even though I’ve been in real estate for years.
Yeah, to MIT. to us. It’s just like, short term or long term, you know, and it’s not even real estate, like I don’t care if I can get something else and own something that’s going to hold its value at a later date and have someone else pay for it by the time that like I want to realize that value. So if I can, you know, buy doors or signs or something and I can lease out the signs. Yeah, then those signs are going to hold their like 20 years from now I know that signs going to be valuable. So I could be all broken. Yep. You know, I know they’re just like a piece of land or a home yeah, then yeah, I’m I’m sold on that. So it’s not like just real estate. But it’s to me it’s that that principle that like, if you look back, you know, if you look at like these wealthy families and people that have hold held Westwood wealth over a long period of time, it’s all been in asset accumulation, and not leverage high leveraged asset, you know, 95% loan to value trying to get in, get out, sell it for 10,000 bucks profit or something, it’s been like, owning the damn thing. Like, I own this. And when I die, I’m going to give this to this, my son or daughter, whoever else, and now they’re going to own it.
But you also think about it when you go into any big city, like you go into Denver, and they’re revitalizing downtown Denver right now. I mean, it’s totally transforming. You still think though, that place that that asset that land has value forever? It’s kinda like Will Rogers said there ain’t land? Yeah. And you think about in these first real countries like Canada and the United States, and potentially England and France, whatever you want to call it, first world country, is they have these title policies, these titles systems, where I mean, you even think about going back to America where they did like Texas to a some rich guy to remember who it was like, when you go back into the title, you can see in like, 1830, this guy got like half of Texas given to him because he helped win it in the in the Texan war. But then it gets passed all the way down to quantify down to like a teeny little spot. But that’s still value, like the person in downtown Denver that bought a building 3040 years ago. Oh, yeah, he’s sitting on goldmine.
Well, it’s like some of the parking there’s not many left. And in Toronto, there was like these parking lots of sat there for you know, when do people buy them? 1020 3050 years ago, these parking lots, now is no longer a parking lot. They’re building, you know, 50 story condominium buildings on it. So what’s the value? You know, what happened to the value of that parking lot over time? So really, the
only risk is over leverage. Because I feel like Americans in 2007, we would come down to conferences with you guys. Yeah. And everyone’s like, you can get another mortgage. You’d have to fog this mirror. Yeah. Remember, though, and that’s the one danger. So just if anyone listening to the that’s the day well, that’s
definitely totally killed me. I mean, I had way I was way over leveraged, how
does it work? So you literally just filled with an African not us specifically. But you could fill out an application back then. And just basically say, Well, I make 100 grand a year. And you could be like, that might not tell you any grandiose
story on that. So we had this couple come in, and they’re like, Hey, we want to go look at million dollar house. It’s like sweet man, this is pre approval letter, like, awesome. So we went out, we sold and showed and sold them a $1.6 million house and the
average price in the area was what at the time?
Oh, that was the average price here is probably 250,000. perspective. So it’s like we were really viral. And then we’re like one day away from closing. And the loan officer calls me up, you know, because my little brother had sold the house news on my team. And so long story, but the long short of loan officer called me up, he says, Hey, we’re closing tomorrow. But I need you to sign a piece of paper saying, you know, I don’t remember the woman’s name, let’s call her Patricia like Patricia, Patricia needs you to be her employer. And I’m like, I’m not signing a letter saying Patricia is my employer. And he says, Yeah, that you need to sign this piece of paper. She has to credit score. She stated her income at like 600 grand a year and you sign a piece of paper. She’s like, there’s no way I’m signing this piece of paper that she makes 600 grand a year and she works for me. He goes well, then we’re not closing tomorrow. You’re not making your commission. I don’t give a rip about the commission. But yeah,
sign that piece of paper you would have made you’re coming
I would have made like what $43,000 something like that. And I’m like hell no. And then give or take was like a year and a half later the home got sold on the courthouse steps and it’s sold for like, I think was 600 Grand 700 grand how much
fraud was there going on?
Well, there’s still fraud, like they have premiums to get alone in South Florida. Like they literally have Broward County premiums, and it’s between a half and a 1% additional interest rate if you are buying a house down there because they factor in fraud. They know there is still so much fraud and really hard. Yeah.
I didn’t really I just thought in that area, they increase the interest rate just for the bank’s own protection.
Yeah, because there’s so much fraud in South Florida. I mean,
like what kind of like straight up mortgage fraud where PP
Well, it’s because the culture down in South Florida I’m not
what happens in Florida, man.
This is Broward. This is Broward. This
Miami area the Miami culture is is the Live and let live culture it’s like whoever you consider Scott the Mexican culture and I’m not bashing Mexicans here. There’s no bashing of Mexicans. But it’s very lacks, like if you get pulled over. I think you’re the one he told me or someone told me a buddy of mine. He
just got dragged into this.
Let’s see where this got pulled over in TE in. Tijuana. We’ve never
been never been I think
it might have been Matt tree.
I’ve always wanted that. I’ve always said every time we go to San Diego, I’m like, I need to go to
you guys. I’m like we are not
even more dangerous than I think before. So
they were there in Tijuana. And this is what happens in South Florida. And the guy they were speeding going way fast gets pulled over and the cops like yeah, just give me $100 bill. And that is what happens in South Georgia.
That’s all just parts of the world that still exists. That’s the culture. And
that is why America and Canada and potentially you want to talk about like
a pro in Canada with America. But you know what, we don’t want that anymore.
the long and the short of it, you have the stability. So I have people complain all the time about taxes and and lawyers and they hate this. Why is everybody suing everyone? And I’m like that is what makes a a culture good because your standards, your accountabilities, you know, you can’t like in certain parts of China, if you run someone over you want to bloody kill the person because you just write a check and you’re done. That would never happen here. Like if you killed someone here running them over the car, there’d be massive repercussions. And that makes a economy that makes a culture good.
I never thought about it from that perspective. But yeah, the rules are in place. And so all the litigation exists because the rules are there. You break the rules, we go to court
and it protects your ass. So this Broward County, though, that’s what you were talking about. So that’s why they’re that’s what relax down there don’t have
it is probably 75% and Latin culture. It is very, very lacks. There’s a lot of bribes. And I’m not bashing Broward.
I’m going to Miami on Saturday for our 20th wedding anniversary. I was looking around at properties, no joke, I really was going to show it now you’re making me think Forget it. Who knows? No, no, no. So
free money to bribe you.
Good. You should head up north. So a lot of people in Miami are moving out and they’re moving up into Fort Lauderdale, Jupyter, Stewart, Wellington and west palm is that the West west palm, it’s all that’s kind of like the same area. But they’re moving out of Miami and Coral Gables because you’ve had Venezuela fall basically and all the money that is left Venezuela and all the money that’s left Argentina, and all the money that’s even left from Mexico, and they’ve court, you know, kongregate did in South Florida. And you see it and you see it in their culture? And yeah, I mean, it is. There’s nothing wrong with them. I’m not judging them. It’s just a different way of living. Okay, so you’re saying that’s why the banks have
been having some problems, mortgage problems there. They put a premium on that
they’ve had market problems here for for 30 years.
Just going back to that time frame of 2008 2009. How bad did it get? And were you buying rental properties and stuff like that? You guys everyone I know whether it was Ohio with Rob, you in Florida when you have some guys in LA everybody was just trying to survive? like
well, it absolutely cranked Yeah, like to absolutely just you know, so first it was, if you had a good credit score, you get any type of loan, you want it like literally you could walk in and buy the $1.8 million
income, good credit score, you’re right,
write down whatever you wanted, and they would give you a loan and those loans are coming back as of right now. Like they’re coming back in Florida in America, right? Really? Yeah, there was a wall street journal article yesterday about how they’re bringing back stated income loans like that which which there is a big gap application for those in the self employed market. But what happened in Florida, was and in Vegas, and in Phoenix, and pretty much most of America is they thought real estate would never draw. And so they loaned money to anyone for any reason. And it got so out of control. They were loaning $1.5 million to someone who made $38,000 working at Taco Bell. And you can’t afford a home like that. So those and then and then what happened is they did not have the infrastructure in place to protect their assets. So what I’ve been told about Canada and you can enlighten me is you have way more the mortgages that you sign here in Canada are have a lot more teeth than the old mortgages and you’re not, you know, the mortgage, it’s in United States now have teeth, like they will come after you and we have fun recourse
mortgages, meaning the bank can come after you for any of their loss. All your other assets.
Yeah, right.
So full recourse for any losses and the laws in America.
I think most of the states has non recourse like some of them do,
some of them do. And I never California had non recourse if you had your money in a 401k. They couldn’t take it. But it was also the loans were so written so poorly, that they wouldn’t take anything. So people are just walking away, left and right. And so when there was no teeth, you put nothing. I mean, just Just think about it. Here’s what happened in the housing market.
When it crashes, you just leave forget, when
you put nothing down, you stated your income, you can’t afford it, you’re seeing a drop 20% and
you’re not going to lose anything else.
And all you’re going to get is your credit, think for a couple years, screw up, walk away. And that’s what happened. And then now although hadn’t
happened on mass,
it happened on mass and it created a run in the bank basically. So you had a 41% drop in Florida in values and it is not came back to the prices data not even now I
thought it was about some area. But you can’t say that without like the whole state that you know, like you can’t get some Florida 40. But some areas went down less some more. And then some are probably back and some are.
So it’s gotten back on the guideline. If you look look at real estate historically, it’s appreciate that 3% per year, basically with inflation like over the last hundred years, this is I don’t know Canada. But basically, if you look at the scale in America, you’ve had a 3% appreciation, even with the bumps and the ups and the downs. So we have came back in Florida to that but it’s not like way over it were like in Colorado where I moved. It never dropped it flatlined in Texas, it flatline. And so you’re up 53% from the flat line in Colorado, from when it dropped. So you just have these different equations, but I had someone asked me I was actually in a ski resort in Colorado last weekend, and I’m sitting next to this guy and he owns a bunch of restaurants. He’s like,
I’m going to
Florida to buy a condo. I’m like, dude, that’s awesome. Why are you buying the condo for the condo on the beach? And I said that’s great. But it’s your you’re not buying at the peak. Okay, because I think there’s a lot more opportunity in Florida because of all the tax loss. Yeah, I mean, if you watch any of the others, no state tax, right? Well, what’s happened is that causing all the New Yorkers to move out in New York, it’s causing all these people that to pay. I mean, think about if you’re paying 13 14% tax and you move to Florida, you don’t pay anything. It makes a brilliant move. So the point that I’m saying in Florida is you’ve reached probably the top and now you’re at a steady Eddie appreciation. You had a three to 4% appreciation. You’re not going to get this 10% but
that’s good like that’s how that’s healthy like to me because if you get the steady Eddie you don’t get the crash after either. Yeah, you know what I mean? Like that’s that’s like it the Slow and Steady is like a nice approach. Yeah, you know what, because once things are high flying, you’re like, Oh shit, nothing can go up like that.
But what but what we are seeing right now across the entire state so I mean, you’re an American real estate guy is you’re seeing the fluff go out of the market and I’ll give you an example. So we’re seeing right we’re where I live right now in Colorado. Is homes at appraise for a million dollars hypothetically. We’re seeing they were going on market for 1.2 and last year, they would have gotten an extra you know, 10 15% Premium because it was such a hot market. Well, what’s happening they won’t appraise for 1.2 CFPB cash or some type of extra money down is now they’re dropping their prices back to last year prices. So you’re seeing back to what Nick was saying is the normal market coming into play? You’re not getting the craziness, the fluff as I call it in the marketplace, where it is a good time to buy in Florida but you’re not going to see the crazy appreciation you’re not going to buy in Florida right now or in Colorado anywhere in America right now. And see a 10% appreciation the next 12 to 24 months
so that’s gone. If someone does want to go down to Florida what are the pockets that you like the ones you mentioned that I would Jupyter that whole here’s
how I would buy in Florida by where you want to live
so where would you want to live?
Is it the Tampa side? Know you grew up there I know but
it depends on what you like so if you live on the Atlantic side you get waves and you get more weather so you get I like the you know the Jacksonville the okay Miami, the Fort Lauderdale so you like the Atlantic side more I like that side. But if you’re on the golf side your waves are way more low key and it’s beautiful and it’s prettier beaches hypothetically. So you got Naples which is amazing you got Destin but Destin is so horrible hot in the summer I mean it is so bad it’s like 120 degrees and you literally feel like you’re in a bloody have and it it’s like it’s unlivable in my opinion. Even with air conditioning. Dustin’s horrible in the summer,
and if you live in Tampa area with
Tampa is really great. So what what I’ve told people over and over again is by where you like, I mean, where the where the really great values are, is North Florida like Jacksonville Daytona. I mean, you can get a incredible beachfront home on the beach, 5000 square feet gorgeous home, you can’t spit on your neighbor, like you have to space for like 3 million bucks. I mean, it’s a bloody steal compared to anywhere else in Florida. Like if you get on the beach in Tampa, your six to 7 million bucks you get on the beach in anywhere in South Florida, you’re 10 to $20 million. So you get this huge savings here about 120,000 I was hoping to hear about
like 70 years ago, back when No, I think it was in the 40s and the 50s where they were literally selling
Florida Jacksonville you love Jacksonville.
That was checks for what’s a small little kind of area of Jacksonville the kind of like historic area.
Uh, there’s part of Phaedra there’s Atlantic Beach. I forget what it’s called. Yeah,
it wasn’t that But anyways, yeah, I liked I liked the area. I was I was on the little peninsula that goes out there some some did a little bit of surfing. Not a great surfer. I haven’t tried much but it was it was it was it was a good area. I like for me. I liked it. I don’t know where you were, aren’t you? I used to live in Jackson.
I’ve surfed that little point.
Did you? Yeah, yeah, it’s not bad. I don’t know.
Jacksonville super laid back so Jacksonville’s, what they call it blue collar Florida. It’s kind of like the Midwest of Florida. So your prices are affordable to great area to live. It’s super laid back. It’s super chill. So if you’re looking for kind of the hidden secret of Florida, Jacksonville is an amazing place and Canadians like to be near airports and they can print to get to Jackson, you probably have to land like in Orlando, and then
drive up or something like that
to Jacksonville. Yeah.
I mean, right from Toronto.
probably thought I did it. So St. Augustine, St. Augustine, like an older than
St. Augustine an old area. I live right in between
with a little little strip the little walkways and the old buildings like the heritage. That’s what was so cool about it was like old school America like the white picket fence.
oldest, I think it’s the oldest city in the in the state.
Yeah. And that place was
cool. So you’re thinking more stated incomes coming stuff is coming back into places, but the banks have more recourse than they used to have?
I don’t think I know. I mean.
Like, yeah, I mean, then that’s where I, the whole Broward County thing came up again, because I was pulling up the cost of the loan from the banks that were loaning it out. And they had that one point premiums, they put
it as a separate line and
separate line. I’m like, okay, they’re deep did it again, it just brought it back to my attention again, that there is a premium to borrow money and you know, Broward County,
so if there’s a recession, what do you think happens to prices in Florida this time?
I don’t think because of the tax climate, the prices in Florida are going to drop. What you got to understand is taxes make a huge difference for everybody. And so you have so much money coming from the northeast states, from Connecticut, New Hampshire, Maine, New York, and they’re moving to Florida. And it’s an easy flight. You know, it’s literally like an hour flight hour and a half flight and there is thousands of flights back and forth from from South Florida to the New York. And so what’s happening is you’re getting I think it was don’t quote me on this, but I think it was Connecticut. Granted yet Greenwich, Connecticut, they saw 2.3 billion dollar dropping their tax revenue, their top line tax revenue, because like 10 of the hedge funds moved out in the last year or so. Yeah, holy shit, because they’re because they’re hammering them with so much taxes. So the long the short of it is Florida has no taxes. It has a very conservative government. And it’s a great place to live. And it’s a great place to retire. So going back to your point is, even if it does drop or flatline, it doesn’t matter if you enjoy living there and you have a great house. It’s awesome.
Feel like the state is so messed up right now. Your taxes your your pa your politics, like just watching from the outside man. seems crazy, but I No, No, it didn’t. Peter Schiff moved his whole operation out of Connecticut to Puerto Rico, Puerto Rico, I
think they have like he went to Puerto Rico. I mean, I couldn’t live full time now. But it was six months in one day in Puerto Rico.
I’ve never been to Puerto Rico. No, no.
But what happens over the next few years as they just pile on more debt tax revenues across the states go down for different reasons. Like I mean, it just seems crazy.
I think you can’t keep human been down. And I’ve really struggled with this because I’m sitting on money. And I’m like, do I put it back into real estate? What do I do? And I think human beings are resilient. And I don’t I mean, shoot, we saw the greatest recession since the Great Depression. And we still all survived. I mean, we didn’t have mass Carnage in the streets and people burning the whole cities down and chaos isn’t orderly, you know? Yeah. So people lost a lot of money. I lost a lot of money. But I survived. I mean, my kids didn’t starve. I didn’t not be able to feed them. It was nothing like we used to see 100 years ago was a 500 years ago. But as the history books, say, you know, or the French Revolution, where they’re cutting people’s heads off and baloney.
We know the bottom. Go ahead, no rental prices when prop. When we were talking to Robin, Ohio, property prices went down 65% rents remained stable, because he said people were still needed a place to live on some of the starter homes stuff. So I’m not talking the high stuff. Do you know in Florida, what happened to rents during that time is probably not
and not not vacation? rentals? Yes. Florida, right. Yeah,
yeah. And that’s why Florida is a weird market. So you have anything in the beach that is vacation rental and the Airbnb market has totally transformed it. Yeah.
Even here in play in smaller all over here that you wouldn’t think that Airbnb is. Everywhere. I’m
staying in downtown tonight to have a seminar, I’m going to conference I’m going to tomorrow. And it was almost cheaper to stay in an Airbnb, even the hotel and there were tons of them. The only reason I didn’t do it is like all the conferences at the
hotel, it’s, it’s nice to be in the same spot.
But going back to your point on rent.
That is to the weird factor. Because whenever rents are less than what it costs to own it, it throws it off. And right now in certain parts of the country, it only costs way more. Like even where I’m looking to buy. It’s $2,000 a month, cheaper to rent vinted is down 2000 $2,000 a month cheaper. So I’m running the numbers and saying, Okay, if I buy a home, and it’s flat, because I think we’re hit, you know, we’re not going to have this, you know, we were getting in Colorado is 60% are you looking
at
it like an $800,000? home? So it’s not that much money? I mean, it’s a decent amount 20 years ago? 800,000?
Yeah, you’re right. It’s a
different time over the first so my soul was 33,000. And
what are the interest rates right now in mortgages,
uh, they’re, like, 3.754%. So, but if I go out and buy this home, it’s renting for way cheaper Bennett because and here’s and here’s the kicker, you’re talking about asset, it’s because people want to own real estate. And so what’s happening is they’re willing, and because they bought it 45678 years ago, their cost own is so much less than it is right now. So it’s those factors coming into play, you’ve had a lot of appreciation, but it’s like, it’s like they say in the stock market, there’s never a perfect time to get into the stock market.
The challenge with that is like, you know, you want to put your money someplace and have it own something. And I know, you know, everyone’s trying to time everything. And you’re right, you can’t time these things, right. So but then if you don’t, and if there’s another flood of money coming, which to devalue the dollar further than you’re sitting on your money, and then it just loses, you fall further and further behind, because it loses more and more of its value.
Well, and the beauty of real estate and this is where the whole big circle that I’ve because I sold a company, I was been chilling, kind of retired and like going back to work and like thinking about the beauty of real estate versus the stock market is you you own something like you have something there’s like 34 $35 trillion of money wrapped up in the stock market. But overnight, if you see a 10 15% crash, all sudden, it’s just gone, it didn’t disappear. But if you own a house, and the market drops, 10%, you still have a 12 month lease, okay? Maybe the rents drop 10% here from 22 hundred to 2000 and ain’t gonna kill you. It’s what does that 20 $400 in a year, and you have a house, you have a door, you have an asset, you have something that historically for how many 600 years has been a good stable investment.
It’s crazy that with everything you’ve been through in real estate that you’re not totally scared of it or scarred for life by it really is a lot like I remember stories of people going into foreclosure in the US deciding that the bank couldn’t deal with all the foreclosures, so they just lived in them. I think they were calling them strategic defaults. Yeah. Where they would just live in it not pay the bank, knowing that the bank would take like a year and a half or two years, they will they waited longer. Yeah, even longer. Okay. So you just basically didn’t pay for a couple years. Yeah. And then eventually, if you did get evicted out of the place, you haven’t made any payments on two years. Yeah. And you kind of got got yourself ahead. So in the middle of these disasters, Americans were finding a ways to kind of like work the system to their advantage, kind of like your point of not holding people down. Yeah, they were figuring out ways to kind of system and the banks, I don’t think, to your point also earlier, they didn’t have the throughput to process
or have the loans done, right. They were doing funny money mortgages, like you didn’t even know who owned the mortgage, it was some funky trust that had bought a funky trust and bought a funky trust, and they didn’t even know where the money was going. So all of that has been cleansed out of the market. And now the loans that have been given over the last what it’s almost nine years have been like super good loan, like perfect example, if you’re 65, and you want to buy a home in America, and you want to do a 30 year mortgage, I assume it’s the same here, they will loan you the money on a 30 year mortgage, you’re 65, you can’t pay it off at 30 years. I don’t want a 95 year old paying off a whole actually don’t know that
here, but it’s probably
don’t even look.
Well, they they made that a law where you cannot like if you do not have the long term ability to pay. They won’t loan you the money.
I don’t think that’s the same here. I think you probably could look into it. I’m curious now.
Yeah. Yeah, just dealing with somebody here. Who is that age? So yeah, we need to know anyway, what’s a 30 year mortgage? They won’t give that to you when we do a lot of 25. They’re still 30 here for sure. But yeah, we do the insured one to 25. Our interest rates, by the way are pointing a quarter listeners were like 2.740, my
God, but how long is your term on that three point, if you like, what if three point it’d be like 4%, for 30 years? for 30 years? We’re two point we have to renew every five years of your five year,
five year five year adjustable.
Yeah, we can get 10 year terms. Hardly anybody does. Yeah.
So they only do that on commercial loans.
So in 30 years, the guarantee or that interest rate never changed. That’s insane.
But it’s all government. It’s all Fannie and Freddie.
What if rates go down? Can you like renegotiate somehow? Like, can you break it and for penalty and you just refinance, go to the bank and get a new? And what’s the penalty to break the break the loan that must be already high? Zero? No, it
must be pretty obvious, they’re gonna be making less than
No, it’s very, very common. So it’s called very, very rarely do they have what’s called a prepayment penalty. So if I have a mortgage, let’s say for 500 grand with a 30 year fixed, okay, and then let’s go I’m at 5%. And then interest rates dropped to 4% I just go into the bank, get a new loan for 500 grand, it cost me between 30 550 $500 no penalty
to get rid of there’s no penalty, I sent 500 grand off to the first mortgage and I’m rocking
fees, but there’s fees for the mortgage
3500 5500 so we don’t pay those fees. But then we have the prepayment fees which can if the breach go down, its interest rate differential can be kind of nasty,
but that’s but that’s I mean, it’s gotta it really doesn’t matter the long and the short of it. There’s different guidelines for different countries. The thing that’s hit me really hard over the last year because I like you talked about I was scared I was worth millions and millions and millions of dollars. I had hundreds and hundreds and hundreds of
given us some money, man,
I lost it all because I should have given to us free life.
We would all invested Yeah, we got you some nice Golden Horseshoe real estate. I should have
done that. I should have sold everything.
That tired. When we came down. We came down and saw but you guys right when the market was collapsing. Remember that mastermind meeting we can we were in Florida when we were in Florida and the look on all your faces was like a meteor was about to hit Earth. Like the world was coming to an end. And we hadn’t heard about this yet. But I think it was right at the beginning of the credit being seized up. I remember
everyone came down that Yang and they’re like, Hey, did you see what you saw?
Yeah, we’re like, What’s going on here? What is happening? Yeah, when Goldman Sachs fell and all that all that yeah, it was I think it was Lehman. Yeah,
Lehman, whatever. Yeah. Not Goldman. Sorry, it was Lehman Brothers. Goldman was to go Goldman connected. They’re not going anywhere. They have too much money in third world countries were there but the long and short of it.
I missed what he said, there’s too much money in third world countries. If someone’s going to come and track you down there be someone falling around outside while saying, Hey, is that the guy that said that? Goldman? Don’t mess around with gold? I know. That’s why he’s everywhere. There’s probably someone in our office here. That’s what I’m saying that if you look at like, what was it there was there was that article It was about all the different central bankers in the world, like, you know, around between, like, in Canada and the US. They all have like somebody link back like those guys just run the monetary policy of
the globe. Sometimes they take little YouTube videos criticizing the Bank of Canada and the back of my mind, I’m like, Oh, my gosh, am I on some central bank? hitless?
Is he talking about the Federal Reserve? Or maybe maybe
Trump will send someone after you because he’s best at their fed? No, no,
because he’s been our Prime Minister. And they’re best buddies, man. Oh, shoot, they don’t even shake each other.
But listen, I’m in Florida on foreclosures, if there’s a million dollar property, and only is the bank is only owed $100,000, on that, can they sell it for whatever price they want? See here, if there is a foreclosure, it’s called power of sale. And if it’s a million dollar property, but the bank is only owed $100,000, on that property, they can’t list it for sale for like 200,000 and get their money back and be done with it. They have to list it at fair market value
and give the money back to the homeowner.
Yeah, actually, I think yeah, that is it.
Yeah, after a bunch of them negotiate much more. You can your because you can make an offer 700 grand, the bank might take a
long the short, it simply enters in. In Florida. I don’t know if it’s all states because every state in America has their own, where it’s like in California, they’ll never take your house, you can live forever and not pay your mortgage basically. But and it’s non recourse. So that’s why they charge more in those areas. But in Florida, if there’s a foreclosure, it’s a million dollar home and $100,000 debt. If the bank buys it back at the steps for 100 grand they can make $900,000 in profit Canada. Yeah,
all day long.
But what would happen is, again, ingenuity human behavior. sure someone will following that house tracking it down? Yeah. And says there’s only 100 grand Oh, and I mean,
I bought a lot of that data in Canada, our privacy laws are different. Oh,
yeah, you can get that all day long. Because it’s a it’s a it’s a recorded mortgage used to amortize it out depending on how long they own it. And then also in, you know, in Florida, if you’re looking to buy a foreclosure, they advertise it all here is what the banks owed here. fees. And so it’s $100,000 mortgage websites, it’s those you pay to so super rich, what
do you mean, in California? Why is it super risky,
it’s super risky, because they don’t guarantee the title. So there could be a second mortgage, a third mortgage or could be an HOA lien or county homered Association lien there could be taxes, it could be all this crud. I mean, I’ve bought bad properties and screwed up and cost me a lot of money. So but the bottom line is, the reason it’s risky is you have to do a title search before it. And you got to make sure it’s the right property. Like there’s an article just the other day in Tampa, some guy thought he was getting this house and he’s getting this million dollar home in the water. And it’s such a beautiful view. And he’s so excited. He bought it for $16,000. And then he realized it was the mailbox. And somehow the mailbox had this like 10 by 20 strip. And somebody got on. It was the government had 16 grand in taxes owed on it. And so he bought this bloody mailbox, not the house. That’s awesome, Matt. So the point is you got to do your due diligence, you should not go down to Florida and buying foreclosure auctions without
a message sounds so good to people that don’t know those little the intricacies the message of doing it’s like oh my God, this amazing. We shouldn’t do that.
I mean, I’ve bought probably 100 250 properties on the courthouse steps in Florida. And I’ve screwed up on someone we had one that cost us several, six figures, you know, because we didn’t buy it right. And we didn’t realize we were buying the third instead of the first.
What did you mean about California that you can’t get kicked out of your house.
So in California, they have non recourse laws. So the mortgages are very, very set up for the consumer, not for the bank. So bottom lines for
you if you’re not paying your mortgage
after about a year or two, so it’s a longer process.
Got it.
So no different like then Detroit, I don’t know if they change their laws. But in Detroit, I remember you had a six month right of redemption, where if they foreclosed on you, then you could bring the money and make it whole, you get the property so like investors would buy properties and have to keep them up for six months. But not remodel Oh,
just in case hoping someone came back.
So if you would go in again, knowing knowing how to buy real estate, it’s a super complicated deal. So if you go into Detroit, like I’m buying foreclosures This is so awesome. You go buy a foreclosure rehab it so you buy a foreclosure for 100 Grand 30 grand into it fixing it up and then someone comes in says, Oh, thank you, gives you the hundred grand plus your fee. That’s happened happens all the time. I don’t think it happens. I know it happened. I know that sounds cocky. But we we flew into Detroit and hung out with this guy that was buying to
give a self confidence issue.
But yes, that and and and, and, and he would the guys, I mean, again, perfect example. Someone who got over leveraged the guy’s name was Ralph Roberts. And he was buying tons and tons of real estate. I think he had an $80 million line of credit with Chase. And he got over leveraged. And last year it all but he was he said that happened a lot in Detroit.
What is it? Why? Why Why do like some people go down that path is sometimes I guess it’s just mistakes. Is it green like this will always need more to you’re like, well, I got these 20 properties. Nobody knows. People
anticipate the home is set up properly?
I don’t think they I mean, I know I did. I didn’t think the market would crash the way did I didn’t? I didn’t think we’d have a so you just wanted more and more and more. That’s greedy. Yeah. I mean, come on, isn’t that did it and everyone
around you is doing it. And everybody’s pulling out equity and buying the fear of missing out and but did this didn’t just go on for one year it went on for a year. So then even if you’re kind of negative about it for a couple years after the third or fourth year, you’re kind of like okay, well, everybody’s doing I guess this is gonna
party’s over. So really what’s happened what you guys have always had, I remember telling you 10 years ago, watch out, you’re gonna crash. But you
can add heroes pretty good, good,
which is good. And we’re grateful for because we were very aware of that. And well, thank you, you know, no, but you know, we are grateful we we we we kind of learned a lot of lessons from watch what you guys went through. And it was helpful to us just trying to understand and make different decisions we made as well. So So really,
what caused the market to crash was it was alone for too easy. There was no I mean, it’s it’s a human behavior. We’ve talked about human behavior several times in this podcast, when you don’t have accountability, people make stupid decisions. And there was no accountability for four or five years leading up to the crash in the United States. Now there’s massive accountability, they will not give you a mortgage, if you can’t pay for it.
I thought you just said that some of those loans are coming back.
They are but it’s a very small part of the market. I think it’s a trillion dollar mortgage market in America right now. And it’s $45 billion. Okay. And it’s mainly for self and there’s recourse
like it says, there’s just me, you
have to be legit. You have to put I think it’s 20%. Down, you have to have so it isn’t like they were doing these crazy loans
have to put 20% down because before it was it was stated income zero percent? I
know. Yeah. So it’s just it’s just it was a free house. It was a free for all,
it was a new sign the piece of paper. Yeah, because if you can make an egg, how many money we have these random
checks to buy homes, like we literally I would go to closings, and they would get checks for five grand for buying the home because there was cash back on the
cash back and
the seller would pay the owner finance and this and that and they would get a check for five grand and they just bought a home.
Just go around buying home. You know, just leave
it we weren’t down there. I think we would have just went crazy on the way
home. Y’all would have been more concerned now.
Yeah, well, just our family. I don’t know if you know, our families here. But our family almost lost everything in 1990 here during a big real estate crash. And that’s always been in the back of our minds and why we’ve been so careful with investors here and always kind of being a little bit kind of timid on some. I don’t
I don’t think it’s timid. I think it’s smart. I think as as I’m going back into the real estate play, and we were just talking about this guy out there right now, but just like all over the inner webs in the industry, Graham talking about give me money, I’m going to make you rich, and we were just talking about it before the podcast. We’ve been through like, we’re veterans like we’ve been through the damn war. And we wouldn’t go do the stupid stuff again. And I think it’s very, very smart to invest conservatively. I do think buying real estate’s an amazing investment, especially as they’re going to continue to flood the market with cheap interest rate. But put money down. Don’t get over your CDs.
Yeah, would not. That’s the key message that many people miss. Yeah, totally.
I think you guys would sell. I mean, I’m in the real estate business. For those that don’t know, I’ve been in the real estate business 20 years, and I’ve sold thousands and thousands of homes. And the thing that really changes the game is that I was even here like, Man, you guys could go harder, but they’re like, we want to make sure the people that you help sell homes can afford it. Like they’re not going to get upside down and the rentals, we figure out how to make them cash flow. We We are the conservative. In fact, Nick was telling me I thought that was so interesting. He’s like, we could sell more houses. If we got more aggressive, like he said, How many people have you talked out of not buying? No, I told you stupid
if you’re all about the money, but it’s super smart. If you’re about the customer.
Yeah, I told him I’m like, You have no idea how many people we’ve told not to buy homes, because there’s like, well, I just want this one, right? No, no, no, you don’t want this one? You got it. I mean, you told him you’re gonna put them in,
you know why? Cuz we are never going to leave their side. And we feel like we’re gonna have to deal with them through thick and thin. So So part of it is selfish that we’re like, Hey, man, don’t buy this. Because with this go sideways, we’re going to dealing with you. And it’s going to be nasty. So just listen to us.
And that’s so unlike the average real estate agent, the average real estate agent, in fact, I was
to be fair, they might not have the context, the average real estate agent, we happen to have a lot of experience at this point in a lot of context. You know, fair?
Well, a lot of people are so desperate for money that they’ll
make
the right decision that’s in every industry. So we don’t want to bash real estate just but you’re right real estate agents and every other industry. So many people are just in it for the next
in the software industry for nine years. It was the same thing. Yeah,
shove, sell this show the project. Here’s my throat for sure.
But I I do think the real estate industry and real estate agents in general, I have because I sold real estate for a long time and then coached and trained thousands of agents is it’s a lottery winner mentality commissions are huge. The numbers are huge. And so many of them think short term. And they think if I can get that $8,000, check that $5,000 check. Who cares, I’m never going to see him again. And I thought that was very commendable of what Nick had said is like, we won’t sell you the property. Like if you’re desperate to buy that property. And it’s something we tell you not to we don’t want to be involved. Like, go get it with somebody else.
So now you’re out of real estate as a realtor. Correct?
I’m still working real estate, hypothetically. So the simple answer is, I’ll never get out of real estate.
Yeah, I don’t think you’ll ever get out of real estate either. That after that first car story, 18 years old tried a lot. I saw you at 18 driving that red, you said red cap as
a red Cadillac and assume that the world is changed. I know enough in mature. I don’t think I’ve even wore a suit in like years on.
I’ll give you all the credit in the world for doing that at 18. You know, because at 18 I wasn’t thinking about that. And
you know, something that we’ve learned from you is just your mindset like nothing, something I know you’ve been through ups and downs, definitely during that crash with the real estate, you know, you keep going you just keep going man, and it is a very, I think it’s an African American quality or Chris curry quality, No, for real. You just keep plowing through on to the next on to the next. And so many people we meet do not have that quality at all, they get one objection, they get one failure. And that’s it, they hide like a turtle and go away. Whereas you just keep plowing through everything. So I just want to commend you for that. Thank you. And no, really, it’s inspiring for us to see as well, right? You’re always up to something we got to keep trying we can even get you started more businesses in the last 10 years and sold more stuff and decided that’s not the direction you want to go and close them down to start another one. Then we care to even admit that we know about you. So like,
I was wondering, Nick, he’s like, I don’t know what the hell Chris is going to talk about.
I think Nicholas Nicholas asked me like, do you know what Chris what business Chris is in right now? Like, no, I actually, it could be whatever he says wouldn’t. So every time we’ve seen you, cuz we’ve seen you multiple times over the years, it’s always something different. So I’m like, I don’t know. This is definitely a small business either. He starts a new business. grows it quite big. Yeah. You guys are too. But anyway, listen, I know you’re Nick, I’m going to start to Yeah, I know you have another business you’re about to launch here. So we need to have you back. When you launch this?
Well. It’s basically a marketing business where if you’re running webinars to bring in business for your customers, so if you have a service industry or something along that line, or you’re doing a marketing, my passion is marketing. So real estate is my what I sell, hypothetically, but marketing to my passion. So it’s how to build webinars how to leverage the webinar moves meant to sell your product, do
you have a website setup where people can reach you?
We’re setting it up right now. It’s called webinar frameworks. com so it’s how to use webinars to sell your your expertise, like if you’re a doctor or you’re a lawyer or anything along that line,
it makes a ton of sense. I mean, it’s such a great platform to do that kind of stuff. And if anyone knows the ins and outs I don’t know even know how many webinars that you’ve put on over your life taught sales talks and webinars I was in Yeah.
So what was the URL? We’ll put it in the
webinar frameworks calm or they can just go I’m rebuilding my personal website Chris curry calm.
I was gonna make a joke about your personal lives.
I bought it
I actually you’re talking about a marketing thing. I bought someone else’s named Chris curry.
Well, he was and he was like a soft porn star for you. No, no. Yes. No. so bad. You talk about a team selling
Google Chris curry.
Bad and they would and they pull up Chris curry calm and the guy somewhat looked like me wasn’t me. And it was like the most it wasn’t horrible. But it was it was was soft porn. Like oh my god, I saw your website. I’m like, that’s not my web. And so literally last year
that’s what I got so much business. Well, you know, younger, but
last year I got it for I was ready to spend like six figure not six figures, five figures on the on the domain name like a lot of money. And I’m all geared up and I’m getting on the auction and ready to buy and I’m off. I’m just kidding you. Have you ever bought anything online your
button like refresh, refresh, hit the button refresh.
And I got it for $500. I’m like, Oh my God, that’s
great.
It’s almost free. So I do own Chris curry calm but it is parked right now I got it.
We have more domains. And I even want to admit we’ve gotten rid of some of them now for a while and we did a house clean. We did a bit of I went on a crazy. This is the virtual real estate. Let’s buy these things. Some of them are pretty good. There’s one more I’m after that I don’t want to say on this one. But anyway, Chris, thank you for this Always a pleasure. We’re gonna have to have you back. I know we’re gonna get lots of feedback about your chat that you just saw everyone’s back.
Hey, thank you enjoy, enjoyed hanging out with you. Awesome. And
everyone’s hopefully enjoyed that chat with Chris curry. As you can tell, he’s a pretty animated guy. He’s got a lot to say. And we didn’t even scratch the surface with what he has been through in real estate and in business and marketing in the whole bit. So I really do think we’ll bring him back on the show. If you have any feedback for us about the podcast always send it in. Thank you for everyone giving us reviews on iTunes. Those really mean a lot to us and the feedback that we’re getting. So if you haven’t yet and you think we’ve earned it, please go over and give us a review on the iTunes Store for this podcast give us a rating we’re thank you for that. I mean, if you think we’ve earned it, please do it. We use that as fuel to keep doing this your life your term show in this podcast. And if you are listening to this and you want to check us out and learn more about how we are working with investors in this area, go to Canadian Real Estate training.com grab yourself a seat for our next session in the Oakville offices here. Both Nick and I are there we stick around after to answer all your questions. That’s it for now. Until next your life, your terms.