This is the Better Life podcast with Cam Cathcard and Brandon Turner. Cam, what's up, man? What's up? Dude, I'm pumped about this. It's you, me, and 25 of our favorite people in the entire world. Yeah. Yes, it is. It's good time. It's a good call. So for those who don't know, we are recording this live. I guess not live when you're listening to it, but we're recording this on Thursday. What's the date today? I don't even know. December 18th. 18th with the Better Life Tribe weekly call. Every single week we do a call called the bottleneck breakthrough call or Cam and I jump on here. I always help people solve issues, whatever's slowing you down, whatever you want to get through in your career in real

estate investing. We're going to be able to talk through that stuff every week. And so this week, we thought, why don't we just record it and put it out as a podcast? So I want to actually open the floor. We're going to jump right into this thing with some Q&A from the people here. And I know there's always weird. Nobody wants to go first. So if you have a question, comment, thought, something you want to talk to Cam and I about, about your business, about your real estate, could be something

specific or general. Why don't you just do the little raise hand button thing here in Zoom, and we'll let you unmute and we'll just talk to you for a while. Does that sound good? Anything you want to add to that, Cam? No, not at all. It's going to be really awkward if nobody raises their hand whatsoever. So I'm gonna then

start calling on people. Someone, someone gross to softball for the first question. All right, go. This is it. Now we're waiting. Who's got something? Oh, Megan. Megan, what's up, Megan? I'll go first. I'll kick it off to everyone. All right, we want to do, we want to move into room rentals, co-living strategy.

I don't want to utilize Pad Split.

I want to do it myself.

What my... one. All right, we want to do, we want to move into room rentals, co-living strategy. I don't want to utilize pad split. I want to do it myself. What market dynamics should I be looking to evaluate to, for my first property? Ooh, I love that. So obviously I'm not the world expert of this. I only have a few of these. Yeah, that's okay. Yeah, but I've looked into a lot as well. And I think this is a valuable question for everybody because it is one of the most powerful strategies out there if you choose the right market, right? So as I've done research and I've looked at it and I interviewed the pad split CEO, Atticus on the show, then I bought a couple of my own. A couple things that know is one. If the city, this is a lesson I'm learning right now, if the city absolutely opposed to you having a pad split. And it's a

hard one because you don't want to just go ask for them because they're all going to say, oh, zoning laws say you can't have this many unrelated people in the house. So it's more like I want to know where other people are doing pad splits because then I know that there's probably a way to get through it. There's probably a way to legally get through it. So number one, I want to know the city is not going to be super anti-rent

by the room co-living. But then also,

I want to look for an area where it makes sense. So example of that, what I mean financially, is if you're trying to do a rent-by-the-room or co-living model, really the same thing, If you're trying to do one and you can rent a studio apartment for 500 bucks a month,

why would anybody want to live in your house bedroom? thing. If you're trying to do one and you can rent a studio apartment for 500 bucks a month,

why would anybody want to live in your house bedroom for $7,000, $8,000, right? They probably

wouldn't. So one of the most important things is you want to go in an area where rents are high.

And by high, I typically look for a studio apartment is $900, $1,000 or more. So I want an area where

they're just more expensive. If you can find that, great. The third thing I'm looking for is

parking. I really want to make sure there's enough parking. If you're going to have eight people

in a house, parking. What was that? Okay. Parking, got it. Yeah. Yeah. So parking is super

important to me that I've noticed because again, especially if you're trying to, I don't want to say skirt the law because legally you can do it if you set it up the right way. So I'm not saying skirt the law. But if you don't want to have to fight the city and pay lawyers thousands of dollars to fight them to prove your point, you don't want the neighbors complaining. And the biggest thing is going to make neighbors complain is when you've got the cars for the property just lined up in front of their house. People get really ticked off when you park in front of their house, right? Even though it seems like it's public, yeah, they still have a, they still have a problem with that. So anyway, I look for that. Obviously, the thing is like job growth. You don't want a declining city necessarily and all that. But you know all that stuff. It's still got to be, it's got to work. But yeah, that's what I look for. And if you can find it, you could also test. Would you start, I mean, it's a bit cheeky, but would you start by looking to where pads splits operating? Because they've already evaluated the market dynamics. Yeah, probably. go into those markets. I mean, we do rent by the room in Canada. We have 20 years,

but it wasn't this big branding strategy. It was just because to the market dynamics. Yeah, probably. And then go into those markets. I mean, we do rent by the room in Canada.

We have for 20 years, but it wasn't this big branding strategy. It was just because real estate was crazy expensive in Whistler, and that's the only place you can do. That's the only thing you can do. Okay, any other macroeconomic factors is apart from job growth and things like that. just basically anything. Studio apartment 900 and over is a good market. Look for parking,

look for areas that aren't totally opposed to them. like that. Just basically anything. Studio apartment, 900 and over is a good market. Look for parking,

look for areas that aren't totally opposed to them. Yeah. The supply and demand of affordable

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