Incorporation 101: When & How to Incorporate

 

Alfonso Salemi: Welcome back, REITE Club community to another episode of the REITE Club podcast. I'm Alfonso Salemi, and I am here with my amazing co-host Laurel Simmons. How's it going, Laurel?

Laurel Simmons: It's going great, and boy, we've got a really interesting podcast today don't we?

Alfonso Salemi: Absolutely. Today we are talking with Ryan Carson. He is the legal partner of the REITE Club, a REITE partner of ours. Really from early days when we first first started the club and he's helped so many of the community members set up their businesses, their corporations.
Definitely close on deals. I know I'm at his office a few times a month, dropping off checks and things like that. But definitely we get really into it about setting up your business, setting up the right structure, who to work with and how to work with and interact to make sure that you are set up in the right way and getting along that path. Awesome intro or conversation with Ryan today and yeah, I had a great chat.

Laurel Simmons: Let's just go right to it cuz you know there's a lot of really good information. I would grab a pen and a piece of paper if people still do that. I don't know, or tap it on your phone, I don't know. And go listen. Let's get to it. Welcome Ryan to the REITE Club podcast. It's great to see you again.

Ryan Carson: Likewise. Thanks for having me guys.

Laurel Simmons: Alfonso and I are gonna be asking you some really, we think some questions that we've been pondering. And we know that our REITE Club community has also been doing that. So let's get right to it. So from a lawyer's perspective. If you have a client who wants to scale up in real estate investing, and I'm, I know you have a lot of real estate investing clients what do they have to think about? What are some of the things that they really have to think about as they are scaling up?

Ryan Carson: I think the main one, and this is a common thread that so many of the presenters probably talk about, at the REITE club as well as people on the podcast, you really have to make sure you have a really strong power So that's typically your accountant, your lawyer your people are gonna help you with your financing, your mortgage, broker insurance.

Because you want to make sure that not only do you have a team that helps you with the single family, but if you're scaling up into multi and commercial and larger residential complexes with 10 plus units or whatever the case is even though for the investor, it might not seem a lot different. It is a very different beast, right? Ensuring that's gonna be a lot different than a single family property. Your considerations for tax are probably gonna be different. Structure will be different or potentially different. Writing the mortgage application and the financing is going to be different.

Then of course, like if you're using a real estate agent to find the deals it's a commercial deal, so it's gonna be different. The agreement naturally is different from commercial to residential. So the power team I think is important to always start with. It's always a good idea to build up with a good foundation, right?

Making sure you've got the power team in place with the expertise and the knowledge and the experience to help you in multi residential commercial when you're trying to scale and get bigger. But at the same time, also make sure you've got a good, a really great coach who's already done this. That's gonna be important as well, I think. So that's where I would start for sure.

Alfonso Salemi: Absolutely great advice and I think for most of our listeners that are, listening to this podcast, it's, we're real estate investing for freedom, right? That's the ultimate goal, right? Is to dictate, yeah, we'll work, 80 hours a week, on our own projects versus 40 hours for somebody else's, for the most part, right?

For a lot of us, and we have different reasons why. And Laurel talks a big part about why we're investing in doing all this. When we say scaling up, it can mean many different things, right? Maybe from zero to one or I don't know, from a hundred to 500, right? Or like you said, going through, right?

There's different, at different levels. And there was an old saying, what you kill, don't kill a mosquito with a sledgehammer. And, maybe you don't need the sledgehammer right out the gate, right out the start, but how do you evolve and build up to that and when there's certain levels of protection that there must be or you know what, get some experience under your belt. And then let's start figuring out the big matrix of how the businesses interact. So what can you shed light on for that, Ryan?

Ryan Carson: Again, I always encourage real estate investors to have a strong starting relationship, even if it's your first property with your accountant. Really make sure the accountants have a great understanding of where you are presently, like property number one and where you wanna move in the next, 6 months, 12 months, 36 months, 60 months. Like, where are you headed? What are you looking to accomplish and at what pace? Because even though to your analogy of mosquito and the sledgehammer, I agree 100%.

You don't want to come with too much stuff right away, that now you're potentially cost heavy or cost overload with, certain steps and so forth. The purpose of obviously doing a lot of this real estate investment in part is to create some financial independence, some financial freedom, a primary or a secondary source of income.

To live off or subsidize your lifestyle. And so one of the best ways to maximize that is to be tax efficient. And so I think, the whole idea of making sure that you've got your tax advice correct from the very get-go can really save you, for the simple example I see with a lot of real estate investors is they get excited, they do some deal.

Nine times out of10, they're all in their personal capacities. Alfonso, you know where I'm going with this. And Laurel all of a sudden they do the planning with the accountant. And the problem is those couple properties that they started with get stuck on a little island by themselves.
They don't really fall into the new go forward plan because to move them into a corporate structure, which is inevitably where any scaling realtor or real estate investor goes, is gonna cost them probably more in taxes to move it. Because you got potential capital gains, you've got land transfer tax, you've got both.

To move those beginning projects and those beginning investments and properties over to the scaled up version of what is now your new platform going forward is just, it's not worth it. So I'd always say starting with the really good tax plan and tax advice. This is where I am right now, but I know I want to very quickly get to this point and I know I'm going to, so if you know that even though it's only one or two properties at the very beginning, if you know you're gonna get to 10 by the end of 12 months or a very good chance, you will then you should probably quite a bit of the bullet off.

Get that corporate structure set up so that from day one you've got all the properties in your scaled model basically. I think that being an accountant and having that great accounting advice at the very beginning is crucial. And then from that accounting advice and that tax advice will normally dictate and provide additional requirements for the lawyer, incorporation for example, are we creating some sort of corporate structure?

I know lots of people always talk about the three tier structure, a holding company, property ownership company, property management company. That's obviously the model of some other real estate investor groups over the years. I think with tax changes, a lot of tax accountants will tell you it's maybe not the best approach. Now they're not saying it's not a good approach, but it's not the slam dunk approach anymore. There might be some different models. A lot of accountants I know are working with family trusts.

Now they're encouraging a lot of people to take on a family trust, maybe in lieu of a corporation or in combination thereof. So certainly one way to scale your real estate investing over the years or the lifetime of your investment cycle would be through corporate structure.
In corporations corporate organizations Family trusts. Those are definitely hot items for scaling up when people want to get bigger because they're just gonna dovetail in with the tax planning that a lot of real estate investors are gonna be doing as they scale.

Laurel Simmons: I think that one of the things that I hear a lot, and probably off the phone, so you do too is that especially when you're starting out and like you said, Ryan with maybe one or two properties, you're just thinking one or two properties and somebody mentions corporate or corporation to you.Incorporation 101: When & How to Incorporate

Like you can just see like the fear, right? It's oh my God, I don't wanna do that. That's too scary because it's a real reaction. It's like there's this to do and that to do, and there's visions of, I don't know what, there's visions of maybe , tie suits and ties and going into the office or something, I don't know.

Having staff, but to me it's having a corporate structure is pretty basic. So can you talk to people or talk to us just a little bit about what is a basic corporate structure? Just so that people get familiar with that, because not everyone knows, like when I say I wanna set up a company, a corporation, what does that mean?

Ryan Carson: Setting up a corporation there's three ways of doing business in. And you have to be careful. If you've been listening to a lot of US Commentary, they have some different structures available to them, but the most common three ways for Canadians to set up a business is a sole proprietorship, which would mean it's just you taking on and doing the work.

It'd be like Alfonso's, real estate investing. And so it's just Alfonso going out and acquiring properties and owning them. And that would be a sole proprietorship equated to Alfonso's real estate investing. Then you could do and Alfonso and Laurel partnership.

Similarly to the sole proprietorship, it's still you guys, like individuals that are going to be Personally on the hook through the partnership business. But it's now more than one. It's Laurel and Alfonso in this case. I You get up a partnership of 20 people really, but it has to be two or more.

Then the third way is through incorporation. And an incorporation is a legal entity recognized by that law all by itself. And so it's what most people think of when they think of a company. Use a process and paperwork and documentation with the government and you register a corporation.
The corporation's owned by shareholders, and the shareholders give direction to a board of directors, which then oversee the management of the day-to-day operations by the officers, which is like a president, secretary, vice president, treasurer, and So that's the levels that you have inside a corporation.

When somebody thinks, hey I think, we've been told it's time to go from owning these properties just personally and owning them in corporate, like a corporate structure. That's what you're talking about. You're talking about setting up a corporation, right? And that setting up a corporation doesn't need to be a very scary task.

It's actually something that lawyers and accountants can do really quickly and make it very simple and straightforward. We have a very straightforward and simple intake sheet. We just talk to the clients, talk to their accountants, gather all the information that is needed, and we take care of the rest.

They don't have to do anything. It's all online. It's all registered, can be done and in a matter of just a couple days and then you're set you'll get a certificate. That certificate allows you then to go to the bank and open your bank accounts and everything, and then off, off to the race as you go. Now you, instead of doing business as Alfonso Real Estate, business, now you're doing it as real estate investing. Incorporat. and he has a separate corporate bank account and all his properties would be owned by and so forth.

Laurel Simmons: I think that's one thing that some people don't realize is that a corporation is truly a separate entity. It is separate from the person who creates it. If I go out and create a corporation and I've got a number that doesn't matter a number of them are separate and they will continue to exist long after I've left this earth, if I've set things up properly.

It's like they really are a separate entity. And they are taxed separately and yeah, if I wanna draw money out of that corporation, sure I can. And then I talk to my accountant and all the rest of how I get the money out and like whatever we all pay in the end, we all pay taxes. And, that's inevitable. However, with the corporate structure, there are ways that corporations do get tax at a lower rate than individuals. That's no surprise.

There's ways to pull money out and do it, legally, and you still pay tax on it. Or you can just have that money sit there and buy more assets, whatever you wanna do. But it is a separate entity and I think a lot of people don't understand that, but it really is separate. Let's just, you're just setting up something else that it's like a holder for your business activities.

Alfonso Salemi: I just want to emphasize on that point, and we say that in a lot of our events, our online events, we've said that right from the beginning in our in-person we treat this like a business. And when people think that maybe you hear it, treat it like a business. Yeah, of course I have to make more than I spend and be profitable. Okay. That's one aspect of it, but it's setting it up in this structure. Think about if you were a great athlete. I know Ryan was a great hockey player. Okay. And, probably still is a great hockey player and a good athlete overall.

He can get a drive out a couple hundred yards, four or five out there as well too. But if you go put Ryan on, let's just say I don't know, and I'm just gonna assume I have asked Ryan this, but on a cricket court, he might get lucky and connect with a ball or run to the right spot once or twice or get it over, but consistently over time he's gonna fail because he doesn't know the rules until he starts talking to teammates, learning about the game, figuring it all out, cause that's the league.

The sport that he's in. So whatever sport, and when we say I like the gamification or the sport of business and investing and if rent to own was hockey and BRRRRs were football and and all these different things, we all have these different ways to approach it and set up these organizations that it doesn't just happen.

Ryan touched upon the shareholders, the board of directors. Management, you can be on those as well. You could be a few of those different things. But it, like Laurel said, it's completely separate in the way that it interacts with taxes and amongst us. So I'm gonna jump off my soapbox for a second.

Ryan I don't know if you wanted to add anything there quickly. But anyway, the question that I wanted to ask you, so when you set all this up, these are these shareholders, boards of directors, and maybe sometimes you watch Shark Tank and you know the Dragons are dead and you sell 30% of your company for, $1 million, all that.

How do you get out like proper people that you want to work with? You mentioned the power team right off the beginning, right? With those people that were helping with financing and services, but are there ways to have other people as part of directors, boards of directors, and advisement? You mentioned coaching. As well as that can help grow that business mentality.

Ryan Carson: Yes, you can have anybody sitting on your board of directors and in your, and the board of directors is more , people that aren't necessarily gonna be day-to-day operations of the business, they're gonna be more, I guess you, you could think of them more as general counsel and advisors of the business.

Maybe one of them would be your real estate coach, right? It just, it really just depends on the situation. Like honestly, most real estate investors you're probably, this is gonna be like a family run business for the most part. Or you in conjunction with another business colleague.
It's probably gonna be literally you guys being everything. You'll be the officers, you'll probably be the directors and you'll be the shareholders. And that's it, right? Like you're everything. But, could you have other advisors and colleagues and people on your business team sitting in different positions within the corporation?

Sure you could. But I think people will be hesitant to do that in some respects, because as a director and an officer you can have liability, right? If you make mistakes that are to a high enough level of, you've made a professional error or you've been negligent. Then now they can personally be accountable, not just it's not just the corporation that is accountable for whatever the debt or the issue is.

It's the person themselves as well, because they unfortunately maybe acted negligently or just didn't do something to the standard that they needed to as a director or officer. Most people will probably not want to engage in that role. They won't want to officially engage in that role as an officer and director unless they're actually gonna be, owners probably in, in the privately held company.
To your point, having the coach or the teammates all involved, the advisors all like at the ready, all, on retainers or just a phone call or an email away. I think that's your key thing, right? It's all back to that power team, just having everybody ready to help you and give you the advice that you need.

Will allow you to make sure you've got it set up properly. Decisions you're making are calculated. You've tried to minimize as much risk in the decisions you make as you can. At the end of the day, real estate is an investment like any other. There's always gonna be a risk. You've gotta calculate the risk versus the reward.

Hopefully you get the biggest return on your investment for at the lowest risk, right? So there's always risk and reward with it. It is an investment after all. But I think that team, as you put it, and having that group of advisors altogether will be your best bet at properly scaling up for sure a 100%.

Laurel Simmons: Can you talk a little bit more about family trust? Because I'm starting to hear a little bit about this, but I think it's still fairly new in the landscape. First of all, when you talk about a trust, the family trust that you would put real estate in, what exactly is that? How easy is it to set up and why would I choose that versus a corporation?

Ryan Carson: A family trust, again, like a corporation it's a separate legal entity, right? It can exist, but on its own it and it's taxed on its own too, right? It receives different tax treatment than an individual and in a corporation, right? In Ontario, a trust can't own a title. Like you can't have a registered deed owned by. You could indirectly trust the owner of a corporation, and thus, the beneficial ownership is a trust. But the registered title can't be owned by a trust. The director of titles won't allow in Ontario, trusts to be an owner on title, on registered D.

Beneficially Meaning the person who is the actual true owner of the property, not just who's on title, but the true owner of the property can be a trust. And a lot of accountants are, like I said earlier. Looking to use a combination of a corporate structure with a family trust to maximize people's benefits for tax planning, long-term planning, estate planning all these various different reasons to again, help probably minimize your year over year costs of paying tax to the government, but set you up in such a way to provide other future benefits of just business planning.

Like one example with a family trust is you could have your kid, if you have yourself, your spouse, and your kids all as beneficiaries to the trust, there's different ways of the money coming out of the trust to pay for the kids' education that is now much more tax favorable than if you just, took it out and paid for the kids education.

RESPAs, you can only really put so much money into an RESPA for it to be worthwhile from a tax point of view, like getting the different tax benefits of it, as well as like the government contributions that they offer in Ontario. So people will use trusts as an example to have money go in and flow out for things like kids' education.

There's lots of different ways, but trust is used very similarly to corporations. It's there for a reduction in tax and creating options and opportunities for the beneficiaries of the trust or the corporation to. Just excel their planning, right? If you do this, if you literally didn't do any corporate planning, you didn't have a trust, you didn't do any tax planning, you did nothing, you just did Alfonso individual person versus Alfonso planner and tax extraordinaire.

The latter being the planner and the person who did corporate structure and trust planning and Probably nine times outta 10 is gonna be way ahead of Alfonso the individual. Alfonso the individual, let's say he has an, he's taking out, he's got a million bucks of value every year.
He makes a million bucks. Maybe that's a downgrade for you. Alfonso, I don't know. But let's say Alfonso had a million bucks come to him every single year. Right off the hop, he's in the highest tax, right? So personally, he's losing 55% of that million bucks. It's gone. If Alfonso, corporate planner and extraordinaire has a million bucks flowing through various corporations and trusts, while he's not paying 55%, if he keeps a bunch of that money all in the corporate level and the trust levels he's paying only at those rates. He's only gonna pay the higher personal tax rates at whatever he pulls out into his personal hands. So the ladder's always gonna come out ahead.

Laurel Simmons: If my understanding is correct, then, because I really need to get this there for myself. I set up a corporation, I have my corporation has title to whatever properties there are then I set up a trust. And one way, whether I set them up together or one before the other, I'm not quite sure. But the trust then owns the corporation, is that correct?

Ryan Carson: Yes, you can have the trust as the shareholder in the corporation.

Laurel Simmons: Okay. And then whatever, profits or because they own it. The revenue, whatever revenue that comes outta the corporation can go to the trust.

Ryan Carson: Yeah. You can have stuff flow between corporation if you had multiple corporations, all like similarly owned, you can do like intercompany, inter corporation dividends or transfers, whichever the accountant wants to call it, but they can move the money be between those companies, those corporations, because they're Similarly owned or identically owned, and then the family trust is no different.
You could move money from a corporation up to the different family trusts, same thing. They have preferential tax treatment, the way they move the money around. So basically it's not getting taxed, it's moving around to the various different corps and family trusts. Until it lands in a spot that's the most beneficial, as deemed by the accountant. Then hopefully the plan, if it's properly laid out with the accountant and the lawyer will be, you're paying as little as possible year over year with some sort of maximization at the end with an estate plan.

Laurel Simmons: If you have a trust, then and again, to me it sounds like trusts are really good for multi-generational situations or you have maybe parents or grandparents and parents and children, whatever. So the money keeps flowing into the trust and then it can be distributed to whoever the trustees decide. And then that's at a different tax rate, correct?

Ryan Carson: There's various different types of trust that exist and there's also, like anything else, there's very specific trust laws. So one general principle about trusts is they have to vest every 21 years in a day. So it's not like an indefinite creature, like a corporation. So there are some different rules that you have to follow and abide by and take into consideration when we're setting up trusts. I like what you guys pointed out at the beginning, which is that if you want to be a successful real estate investor, you need to treat it as a business, not as a hobby.

You can treat it as a hobby and that there's nothing wrong with that, but you want to treat it like a business. The first thing a really well structured, oiled business does is they have a plan and you need to have the right advisors to help you make the plan. And the key thing, I think to it all it's looking at like what are your life cycles gonna be of this business now, so you got your beginning, right?

Whatever they call that. That's your early adoption phase, right? Then you got your growth phase, then you got your like plateau phase, and then you got your hopefully your transition, your selling phase, right? So you really gotta, it's a lot for people to think about all in the very beginning, but the truth is once you get going in this business, you're not gonna have any time to stop and think about it.

I'm gonna be honest with you. Like it. The busier, the more successful you are as a real estate investor, you'll almost have less time. You'll actually almost probably start having less time because you're just gonna chew up more and more deals all the time. It'll be like you'll just be a magnet to deals all of a sudden. Cause everybody will know.

Alfonso was the guy to deal with. Or laurel's the lady to deal with. So I think at the beginning is the time to do it because that's when you're most focused about the plan and you gotta map it out. And you might only do A, B, and C in lifecycle, part A, which is growth or, like early adoption, right? And then like in your growth phase, you might do d, e and D, E and F part, right? And then in your plateau, in your transition, you might do the rest of your phases, right? But there's so much to like, to think about and plan for. That it's hard to do it once. Once the hose is on it's hard to turn it off.

Alfonso Salemi: There was just so much good info and this little exchange right there and those little tidbits. And really what I was thinking was when you start realizing when listeners when you start realizing that you can, you have control of this with freedom comes control.
I know there are two completely opposite things, but you have to be able to have these controls in place to create that freedom. And when I learned about this and went through this, as many people do, it's going from playing checkers to chess, right? And checkers, you could just hop your way along the board and Okay.

Onto the next one in game one. But, if you don't know what you're doing with the chess pieces, you're gonna wipe out really quick and keep going from there. And having those right people in the right times at certain spots throughout the business. And when Ryan talks about this just so elegantly with the accountants and talks to your team, their power team, it's because they work with them every single day.

Lawyers and the accountants with the mortgage brokers, with realtors, with all the insurance, everything that goes on in the business. That's what they're doing nine to five. We're going out finding deals, finding, creating the business. They're the operators that are having those right partners, literally the right partners.

Hashtag don't forget that the right partners that you want to have on your side that have gone through it before. And when you're on the proverbial battlefield, Ryan would rather have a guy that's played cricket a million times beside him when it's his first time on that field, right?
If he needs to show somebody how to put it, top cheese over the glove hand. He's gonna show somebody cause he's done it a whole bunch of times. So that's what's so important. And I love that. I just, that was some, a great exchange. And yeah. Laurel, I don't know, I think we're about ready for our lightning round, so what do you think?

Laurel Simmons: I think so. So are you ready, Ryan?

Ryan Carson: Sure.

Laurel Simmons: Okay.

Ryan Carson: Ready as I'll ever be.

Laurel Simmons: Alright. I will ask the first question. So what's the best advice you've ever received from another investor or at a networking event?

Ryan Carson: It sounded like a broken record, but get the power team, definitely get the right power team in place, get the advisors. But I think specifically, and this goes to Alfonso's point about the sports analogies, maybe not even just the advisors, but the key thing I would say, make sure you team up with a really great coach.

Somebody who has already done or is doing what you want to do, learn from their mistakes, learn from their experience. If you don't want to make the same mistakes, right? So team up with the right coach would be my best advice, on top of that power team of advisors. But teaming up with a great coach. Experienced in what you want to do and where you want to go would be crucial.

Alfonso Salemi: Nice. Absolutely. The path is already laid out. You don't need to create a new one. Don't create the wheel, recreate the wheel. Anyhow, so number two, in the lightning round, what is your favorite resource for real estate investing? And that could be anything. A book, a training, something that you go to, that you use as a resource.

Ryan Carson: That is a good one. You know what I'm gonna say, maybe like Facebook, to be honest with you because there's so many amazing Facebook groups that have just come up at a note like. Some of them have been around for a while, but there's so many amazing Facebook groups out there, and there's so many, there's so much chatter about real estate investing, right? Just anything you have to do your own vetting of do I really actually agree with or believe that? Which is true of any book or anything, any movie or presentation.

Facebook, there's hundreds of real estate investor groups and we're in several of them as advisors or as investors ourselves. And I just think because there's, because the spread of Facebook is huge. So huge. You're hearing from so many different people. There's so many different points of view and insights and avenues. I really think it's like anything, you gotta do your own vetting, but I think there's so much information right at your fingertips so fast. So I think it's great.

Laurel Simmons: I agree with you and I also agree with you that you gotta be careful. Like you can't just cause somebody says it doesn't mean it's so.

Ryan Carson: A hundred percent. I could have probably said the REITE club, which is true too. It's a great resource. If you're thinking of joining the REITE club and this is your first experience and your first podcast and you haven't checked them out and you haven't become a member, what you guys are doing is fantastic.

It is truly a fantastic group that you've got going. It's interesting how Covid I think actually probably helped you because now your costs are probably down. You don't have to worry about the holiday anymore. You're just online and you're everywhere, right?
Like you guys could be, I know you're all across Canada, but you could go global and it wouldn't be that big of a deal to do that. And so it's really I think it's really cool what you guys are doing and you do have a lot of great guests and a lot of great topics and a lot of great key speakers. So it's a fantastic group to be a partner with, but also to just be a member of.

Laurel Simmons: Thank you. So number three, and this we're gonna make you think about. So what specific attribute has made you successful?

Ryan Carson: I'm gonna go with my ability to pivot in the last 12 months with Covid as a business owner of a couple different businesses. That's the biggest thing I've had to realize and learn about myself. If you want to just keep your feet stuck in the same spot, you probably won't, you probably wouldn't be here anymore. Just the ability to change, be flexible, pivot with what is happening in society. The one thing that is the only constant I think in life, in society is change.

Every single day. Life is changing every single time. That's the only consistency that I can see that exists in life. And it's true in business. You have to be able to adapt and take on the unexpected. As a business owner, you could not be expecting a really great opportunity.

Here it is, you, it falls in your lap. You got lucky. or you're humming along and everything's perfect and then all of a sudden a key staff person quits you know that can happen all the time. And so I think you have to be able to pivot. You have to be adaptable, you have to be able to change. And I've learned that about myself this year. And so far I think I've done okay. I don't know. Time will tell. Time is only gonna tell.

Alfonso Salemi: Absolutely. You're a stud. And that's what, that's definitely one thing is like expecting the unexpected. It is gonna have it. There's a guy on our team, he says, expect problems and eat 'em for breakfast, and then carry on with the rest of your day. That's for Jeremy if you're listening to this. Alright. Last question on the lightning round and maybe this answer a few years back would've been on a fresh pad of ice and skating around. What is a typical Sunday morning look like for you?

Ryan Carson: Typical Sunday morning would be me trying to sleep in, which would be like eight o'clock. For me that's a sleep in. And try to just get up. Just enjoy a little bit of quiet time before the kids and the wife get up and out of bed.
Then we typically try to do something like a nice Sunday brunch. We try to, whether it's eggs and pancakes and bacon, we try to do all that on the barbecue. And so that's what dad gets to do and I like that. And I enjoy that. And that's what we try to do on a Sunday and typically probably have some activities going on.

It's either baseball or hockey with my son coaching 'em. And then my daughter has her competitive dance, so that's the afternoon typically. But the morning would be try to go at a slower pace as I possibly can and just enjoy a little bit of family time with my wife and kids and have a nice brunch and then we go off and take on the world.

Laurel Simmons: Well, enjoying life. That's what it's all about, right? If you're not enjoying life, then why are we doing any of this stuff? That's really the bottom line. Ryan. How can people reach you?

Ryan Carson: Best way to reach me is just my email Ryan@Carsonlaw.ca. Or you can get all my contact information off my website, which is triple www.Carsonlaw.ca.

Alfonso Salemi: Amazing. Ryan, thank you. Thank you so much for always being so generous with your time, your information. Lots and lots of knowledge. Guys, go back, listen to this, get in touch with Ryan, figure out what your plan is. Set up the plan, set up the business, get the team ready. Any last words of advice that you wanna share with the REITE Club community?

Ryan Carson: I would just say don't be afraid. Get your partners, get your team in place. They're gonna help insulate your risk. And then just go get it.

Alfonso Salemi: Love it. Thanks Ryan.

Ryan Carson: You guys got it. Thanks a lot. It's amazing how fast that always goes. felt like 5, 10 minutes. Time flies when you're having a good time. Thanks guys. Have a great night. Take care.

Laurel Simmons: Alfonso, we've heard Ryan's words of wisdom and there were quite a few words of wisdom in there, weren't there? I learned some stuff, some really interesting stuff, especially about trust, cause I really hadn't thought about it a lot. But what kind of takeaway do you get for that?

Alfonso Salemi: Absolutely. I've heard the name, Family Trust, been thrown around. A bunch of people have mentioned it. We got into a couple different specifics, that versus the corporation. And there's several trusts as well too. But my biggest takeaway for sure and I got into it a little bit on the podcast was, going from playing checkers, To going up to plain chess right.

Figuring it out and getting that strategy and really having your arms around the whole business and not just all from one property to the next. The monkeys on the trees, banana to banana, but really setting it up and saying, okay, where are we gonna, what's the long-term goals here?
What are some things that are gonna look like in year three or five, or even beyond that, right? And setting that up. That was definitely. Some great wisdom that Ryan shared and something really for all of you listeners to take, think back, think about, and how you can apply it into your own businesses and lives.

Laurel Simmons: Exactly. And I think for me it was really what I thought was the most important was to just do it at the beginning. Just do it at the beginning because once you bought your first property or your second, or your fifth, or whatever it is in your own name, it's too late. It's too late. And now you're scrambling to keep up with that and you gotta set up a corporation and for all the money that it costs.
It really, I don't even think of it. It costs, I think of it as an investment because it's gonna save me so much down the road. And I think any real, any serious real estate investor, and by serious I mean somebody who wants more than zero properties.

Alfonso Salemi: That's right. From day one. That's right.

Laurel Simmons: Just do it because it, I believe that's the way to go. I think what it does is it gives you a lot of, it gives you a lot more options than if you just did it in your own name, because now when you're in either a corporation or a corporation may be a trust too. There's many options that you have in terms of revenue sharing and all the rest of it. You don't have. That's right when you do it in your own name. So that's the bottom line.

Alfonso Salemi: You got it. And thank you to the entire REITE Club community. We appreciate you listening in and we'll definitely see you on thereiteclub.com get on the community, share your thoughts, ideas, maybe your feedback from this podcast, other questions that maybe it sparked from you. And we have the events, calendar, the forums, all that stuff for you guys to enjoy. And please, if you did like this podcast rate, review it, share it with a friend, it definitely helps us get out there to even more people that we can help. Until next time, Laurel, what do we say?

Laurel Simmons: Come grow with us.