Bernard Immel is a BC Chess Champion, and bought his first duplex at age 20! A TON of knowledge is shared here, so enjoy!

Show notes:

- from 100 Mile House, worked while in high school 2:05

- Rich Dad Poor Dad impact on Bernard 2:45

- parents immigrated from Germany and Philippines 3:37

- worked at Cactus Club learned good customer service skills 4:50

- worked for a drilling company to qualify for his first mortgage at age twenty! 5:15

- Bernard's family, personal tragedy as a tool to push for success 6:10

- Growing up in foster care and the danger of becoming a statistic. You need to "Be The Exception" and "Success is Your Duty"

- How to live for free 9:15

- Low Contingency fund, Problem Tenants 10:00

- The importance of support in real estate investing 12:00

- Sometimes you earn, sometimes you learn 12:12

- Working as a financial advisor and a mortgage broker 13:18

- BC Provincial Chess Campion, being a nerd and a jock at the same time 13:47

- Mortgages changes to lending rules in Canada 16:15

- Affordability remains unchanged over the last decade 17:30

- This most recent change will now affect even people with lots of equity (20% or more), people who don't need a government insured high ratio mortgage (CMHC). It will also affect people who wanted to refinance their house, and will hurt those who want to consolidate high interest credit card debt into their mortgage. Those who want a HELOC will also lose some purchasing power. Get your refinances and HELOCs done BEFORE Jan 1st, 2018!! 20:52

- How many mortgages can one person get? "AS MANY AS YOU WANT"

- TIP: Be careful about setting up a "Collateral Charge." Structure your finances among many banks for one major (and potentially dangerous) reason 24:52

- Rule of thumb for income out of your principal residence: how much more can I borrow if I rent out part of my home? 26:08

- Q: Should I stick to a mortgage broker or should I work with the banks as well? A: It's best to "spread around" your consumption of financial products between many different companies. (Dangers of a collateral charge) 29:46

- Creating systems for your business 32:38

- Ways to build your net worth: "The Four Quadrants" 34:40

- Have a job AND invest. Have a job AND build a business 40:07

- Systems exist for each part of your business, use them! 41:00

- "Your tenant is someone who pays all your bills, does all the upkeep, opens up shop in the morning, closes it up at night, then when you sell the property they leave you with all the profits, they are the best business partner you could ever have." 41:07

RENTS Christmas Party 41:40

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