In this engaging episode, Len Lane welcomes back Cheryl Wilkes, an award-winning mortgage broker and real estate expert. Cheryl shares her extensive experience managing rental properties, including the challenges and rewards of being a landlord. From dealing with problematic tenants to navigating property management companies, Cheryl offers invaluable insights for both new and seasoned investors.

The conversation also delves into the often confusing topic of Holdcos (holding companies). Cheryl explains the pros and cons of setting up a Holdco for your rental portfolio, including tax implications and lender options. She emphasizes the importance of consulting with an accountant and setting realistic expectations for potential investors. 

About Cheryl Wilkes

Cheryl Wilkes is a distinguished mortgage broker with over a decade of experience in the industry. As one of the founding members of Brokers for Life, Cheryl has earned accolades for her exceptional performance, including recognition as Broker of the Year multiple times. With a background in sales and a passion for client advocacy, Cheryl brings a unique blend of expertise and enthusiasm to her role. Her commitment to excellence and dedication to client success have solidified her reputation as a trusted leader in the mortgage community.

Resources discussed in this episode:

• Rich Dad Poor Dad: www.richdad.com
• REIN: reincanada.com
• Scott Mcgillivray: scottmcgillivray.com

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

Contact Cheryl Wilkes: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life

 In this episode, Len Lane chats with Reaza Ali, a mortgage expert, about private lending and Mortgage Investment Corporations (MICs). They explain how private lending and MICs work differently from traditional banks, providing options for people who may not qualify for bank loans. 

Reaza clarifies the risks involved and emphasizes the importance of choosing reputable lenders. They also discuss changes in mortgage qualifications, especially for self-employed individuals, and how different provinces in Canada are affected by market shifts. Len and Reaza highlight the need for careful research to ensure clients find the best mortgage solutions for their financial goals.

About Reaza Ali

Reaza Ali brings over 26 years of experience in the mortgage industry, with a rich background encompassing roles in business development and broker relations. Currently serving as the National Broker Relations Manager for Fisgard Asset Management, Reaza leverages his expertise to navigate the dynamic landscape of private lending and MICs, empowering clients and industry professionals with strategic financial solutions.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

Contact Reaza Ali: 

• Website: www.fisgard.com/our-team/
• Linkedin: Reaza Ali
  
  

 In this episode, Len Lane, founder and president of Brokers for Life Inc., sits down with Cheryl Wilkes, a seasoned mortgage broker and one of the founding members of Brokers for Life. Cheryl shares her journey from working part-time to embracing full-time commitment in the mortgage industry. The conversation delves into Cheryl's transition, highlighting pivotal moments, challenges faced, and the role of self-belief in making the leap. 

Cheryl reflects on her corporate background, initially juggling mortgage brokering with a demanding role at PepsiCo Canada. She discusses the internal barriers she faced, including financial concerns and the fear of leaving a stable job for the unknown. Through personal insights, Cheryl reveals how she overcame these obstacles, leveraging her strengths in sales and client relations to thrive in the mortgage industry. The episode underscores the significance of strategic partnerships, emphasizing the value of collaboration within real estate offices and fostering meaningful connections with realtors.

About Cheryl Wilkes

Cheryl Wilkes is a distinguished mortgage broker with over a decade of experience in the industry. As one of the founding members of Brokers for Life, Cheryl has earned accolades for her exceptional performance, including recognition as Broker of the Year multiple times. With a background in sales and a passion for client advocacy, Cheryl brings a unique blend of expertise and enthusiasm to her role. Her commitment to excellence and dedication to client success have solidified her reputation as a trusted leader in the mortgage community.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

Contact Cheryl Wilkes: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

 In this episode of Real Life Mortgage Solutions, Len Lane discusses his process for obtaining mortgages for self-employed Canadians. Len provides invaluable insights into recent shifts in tax regulations impacting self-employed mortgage applicants, emphasizing the importance of strategic tax planning. He discusses the challenges self-employed individuals face in qualifying for mortgages due to tightened regulations by CMHC and OSFI, highlighting alternative lending options and specialized programs tailored for entrepreneurs. 

Len outlines the documentation requirements for self-employed mortgage applicants, emphasizing the Rule of Two and the significance of financial statements, business licenses, and articles of incorporation. Through comprehensive advice and real-world examples, Len navigates the complex landscape of self-employed mortgages, offering actionable strategies for securing financing tailored to individual needs.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

 In this episode of Real Life Mortgage Solutions, Len interviews Ray Meredith, a seasoned mortgage broker with a rich background in the banking and real estate industries. Ray shares valuable insights into the key differences between the banking and mortgage brokerage sectors, highlighting the advantages of being an independent contractor and the array of product options available to mortgage brokers. 

The conversation delves into the importance of building strong relationships with lenders, the significance of comprehensive insurance coverage, and the necessity of continual professional development within the mortgage brokerage industry. Throughout the episode, Len and Ray underscore the commitment of Brokers for Life to provide real-life mortgage solutions tailored to client's needs, backed by a team of dedicated professionals with diverse expertise and a shared passion for excellence in service delivery.

About Ray Meredith

Ray Meredith is a respected figure in the Alberta mortgage industry, bringing with him a wealth of experience gained from various roles in banking, real estate, and mortgage brokerage. With a background that includes sales management, realty licensure, and leadership within industry associations, Ray offers a unique perspective on the evolving landscape of mortgage financing. As a full-time mortgage broker with Brokers for Life, Ray continues to demonstrate his commitment to client satisfaction and industry advancement through his expertise and dedication to excellence.

Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life

Contact Ray Meredith: 

• Website: brokersforlife.ca/ray-meredith
• Linkedin: Ray Meredith
• Email: [email protected]

In this episode of the Real Life Mortgage Solutions podcast, Len Lane delves into the critical yet often overlooked process of mortgage renewals. With a staggering statistic that 85% of Canadians auto-renew their mortgages without exploring better options, Len breaks down the implications of this decision and why it's crucial for individuals to reassess their mortgage terms. He highlights the significant impact of recent economic shifts, such as the Bank of Canada rate increases, on mortgage rates and renewals. Len explains the differences between variable-rate and adjustable-rate mortgages and how each type may affect renewal options and payments. 

Furthermore, he discusses the recent regulatory changes affecting insured and uninsured mortgages and offers insights into predicting future mortgage rates. Finally, Len provides actionable steps for preparing for mortgage renewals, emphasizing the importance of staying informed and proactive in securing the best mortgage terms.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

 In this episode, Len Lane, founder and president of Brokers for Life Inc., sits down with Amy Wilson, a founding team member of the organization, to delve into her journey into the world of mortgage brokerage. From her background in finance to the pivotal decision to transition into mortgage brokering, Amy shares her insights, experiences, and the transformative moments that shaped her career path. 

Discover the importance of work-life balance, the evolution of the mortgage industry, and the keys to surviving and thriving amidst constant change. Whether you're considering a career in mortgage brokerage or seeking valuable advice on navigating the industry, this episode offers a wealth of knowledge and inspiration.

About Amy Wilson

Amy Wilson brings over 14 years of expertise in mortgage brokerage, fueled by her passion for finance and dedication to client satisfaction. As a founding team member of Brokers for Life Inc., Amy has played a pivotal role in shaping the organization's success, embodying professionalism, integrity, and a commitment to excellence. With a background in finance and a relentless pursuit of knowledge, Amy continues to elevate the standards of mortgage brokerage, empowering clients to achieve their homeownership dreams.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life
  
  

Contact Amy Wilson: 

• Website: amywilson.ca
• Facebook: Amy Wilson
• Linkedin: Amy Wilson
• Email: [email protected]

Mortgage Solutions for the every day Canadian mortgage consumer. Are you thinking about becoming a mortgage broker learn first hand what you should look for in a brokerage and what you need to be successful.

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Contact Len Lane | Brokers for Life: 

• BrokersForLife.ca
• Linkedin: Len Lane
• LinkedIn: Brokers for Life
• Facebook: Brokers for Life
• X: @Brokers4Life