Interview with Trystan King - Burnaby & Tri Cities REALTOR® - Stonehaus Realty

Hey, I'm very excited, very, you know, grateful to have Tristan King here with me. Tristan, how are you today?

I'm doing well, Matt, how are you?

I'm doing well, thank you, thank you. I appreciate you taking the time out of your busy schedule. Tristan is, you know, he's a high producing agent out and they focus in the tri City Coquitlam area out there. And, you know, we're grateful to have him get his insight on sort of what, what's going on in the market. The year's been pretty crazy, so there's a lot we could talk about and I like to just sort of jump in and get a little bit idea of how you got into real estate. Sort of what made you sort of think about it and go from there?

Yeah, no, for sure. It was a combination of a few things. I was always working in the customer service industry all the way through. My parents on my mom's side owned a restaurant and my dad was always into basically renovating properties, selling them. And I've seen him basically increase his wealth through real estate. So I always had an inkling that maybe one day I'd kind of get into it. I went to school for marketing and then one of my dad's good friends actually from high school is a top producing realtor in US and then, so, yeah, it was a seamless transition. Basically joined his team right away.

Yeah, no, I always find it interesting sort of how, you know, sort of people find the industries, right, Especially like mortgages or real estate, because it's, you know, might not be the number one thing that comes to mind early on. And it sounds like you kind of had a similar approach to me where I had, you know, I grew up around a family mortgage company. So it was like, well, this is, you know, I see the benefit of it. I see how we can help people. I see a lot of these different things and, you know, obviously have success doing it. So it seems like, you know, seeing your father, you know, have success just in real estate, right. As an owner of, of properties would be kind of cool to see and get sort of that, that buck going inside of you. So that's. Yeah, that's great. Any idea of, I guess really what sort of do you love about, you know, real estate and what you do on a day to day basis?

Yeah, no, good question. I guess, you know, every day is different. That's, that's truly the biggest thing is that I'm a hard worker. So I do work around the clock and have no problem doing it because Every day when I wake up, every situation is going to be different. You know, everyone's story is different and everyone's, you know, it's almost like you're problem solving for each situation. So, yeah, it just excites me. And you know, sometimes it's a rush, especially in a market like this and it keeps, keeps everything interesting.

So yeah, it's. I know. I mean, if your side of things is a lot like ours this year, it's just there's been a lot of, it's been a difficult time for people to buy a house, especially on the buying side of things. And there's been a lot of opportunity to kind of come in and sort of help, you know, be there and guide them through that process because, you know, it's not always been like this. You know, it's really challenging out there. And so you mentioned your parents, I think had a restaurant, which is kind of cool. If you weren't, if you weren't, you know, in the real estate world, do you see yourself doing anything else? Is there a passion of yours you have?

Yeah, well, definitely wouldn't be in the restaurant business. I definitely learned that right off the top. You know, I had a couple different career paths that I liked. Architecture was one. So that does kind of relate to houses and, you know, design and that kind of thing. And then going through school, public relations kind of caught my eye a little bit. But you know, I mean, that's a good question. I love real estate, so I haven't even really thought about that too much.

Yeah, that's probably the best answer. It means you're doing the right, doing the right thing, right?

Yeah, for sure, for sure.

Any, any. I mean, you know, we've talked about a little bit. 2021. Well, end of 2020. 2021 has been sort of a very, you know, crazy year in Vancouver real estate, which seems like we always kind of say that kind of thing. But greater Vancouver real estate. Any advice on the current market from a seller or buyer's point of view, especially in sort of your target markets that you can give or that you have for them?

Yeah, it can be a real challenge, for sure. I think one thing that comes to mind is that a lot of these first time home buyers that are trying to get into the market may feel like they can, especially when we're in an upward market like we're in right now is they feel like they can save and then maybe buy a little bit better of a property later on. I mean, that could work just depending on what Happens with the market here, moving forward. But sometimes settling on a property that might not be the absolute dream property, kind of getting in and then riding the wave, building equity, and then down the road you kind of make that move up the property ladder. That's one thing that I kind of see on a daily basis.

So, yeah, I like that, like what you said there. It kind of because of the fact that you said, like, get in, build equity. I mean, I, I'm a big fan of just being in the market, like just being in it because then you can grow with it and sort of, you know, see, you know, whatever happens, you're sort of in it. So you, so you're sort of isolated from being on the outside or because you're on the inside of it. So I like that you said that because what we see so often over the years is, is a lot of clients doing that. You know, buy a place, maybe be there three years, four years, equity growth, get to the next place and sort of tear up the property ownership ladder because of the equity growth. And I mean, my wife and I did it, you know, we bought our first place, leverage it, bought another place, kept it as a rental, you know, leverage, and then sold those to get a house like it was. So it's always, it was that similar trajectory that I think has been so successful and probably can continue to be even when, you know, prices are challenging. However, you know, the good news is equity growth can be that much better. So. Yeah, no, I like that you said that. Any, any memorable properties or just sort of transactions or situations that come to mind.

Yeah, this year, early 2021, looking out in Maple Ridge, under a million dollars for detached home with a suite, you could almost see, you know, every week, you know, the homes would sell higher and higher and higher. So after looking with this couple that I was working with for about you know, six to eight months because we were dealing with 20 offers on these homes and eventually getting them a home. That was, you know, that, that phone conversation once you're, you're finally successful in such a challenging market. That was by far. That's no, definitely stands out.

Oh yeah. I mean, because you probably saw it like the, the stress of looking, putting an offer, maybe not getting a place and then doing it again and then, you know, over and over again. It was. Especially with first time homebuyers. It's, you know, what I generally tell them right now, it's like, well, this isn't the normal. This is normally not how it is. I mean, generally speaking, you can Have a lot more subjects or be more patient, there'd be more opportunities because there's more inventory. I don't know how that inventory solution or inventory problem fixes itself over time. I don't know what that looks like. But generally what I hear is just a lack or shortage of homes for sale seems to be sort of the biggest driver of competition. Would you sort of see that happening in your areas?

Yeah, definitely. I mean, sometimes the conversations are difficult because you'll do an evaluation on the property and I can say on paper it's worth X. However, if that property was listed for the exact same as the last one sold and they had 40 showings at that property, I mean, it just comes down to how many offers are going to come through. Right? So it's impossible to say, hey, it's going to sell here. Here. It's kind of at that point where it's, what do you kind of feel comfortable paying for the property? And it's really too bad because as soon as that one sells at X, the next one's going to be the next record breaker. Right? So, yeah, I mean, I think it's important with, you know, the realtor that you're working with to have good conversations, communication with the listing agent, just so you're, you know, you're fully in the.

Loop and do so much more. What we've done is so much more upfront preparation. Like really, like we need to do so much work before we even get to that offer stage where it's, you know, have everything organized, especially from a mortgage point of view. But whether it's documentation, you know, crunching the numbers, like actually internally underwriting that so we know that it will get approved, like all these different things, potentially due diligence on the property itself, maybe pre appraisal, you know, pre inspections, those kinds of things. So I'd imagine that it's just, you know, there's so much more upfront need to be done that, you know, it's. It's do that and then do it again on the next place. It was constantly kind of like doing as best we can. Sort of like prepping for like, like a football game almost. Right. It's like we have all this, you know, game tape, seeing what's going on and we're getting ready and then it's like game day, as I hope for the best. And you just don't know what, what someone's going to be willing to offer for that place, like you said, where you can, you know, numbers say one thing, but then you know, it might be someone that's just. They've just fed up of offering and not getting a place, so they're going to pay more and just having sort of that expectation that, you know, this could happen can, you know, it's just, you know, again, we'll see what happens. Coming into 2022, hopefully it, you know, gets a little bit easier for people and especially for buyers and anything in your area, you know, just off the cuff here, it's about. Because we're seeing a lot recently of potential sellers cautious about selling, primarily because of the fact that they don't know if there's a place that they can buy. Have you seen that at all? And you're in sort of the Tri Cities area.

Yes, for sure. I mean, I have a database of clients right now, you know, a handful of them where it's that exact situation, right. Where they. They tell me, hey, Tristan. You know, especially if they're looking for something very specific where, you know, they're worried about putting up their home for sale and then, you know, even with that longer close kind of finding the property in time, I mean, you know, there's a couple of ways around it. You can buy first, get longer dates and then sell. It totally depends on the situation. Or if you are going to sell first, make sure you have a backup plan. Right. Being able to have a rental and that kind of thing. But yeah, like, you're 100% right. I mean, I think that that does, you know, push or restricts inventory even that much more, and it just kind of adds to the problem and it's a snowball. So.

Yeah, no, I like the. I like the idea of trying to push out a closing. So then it gives you time to sell, which, which, you know, as long as I guess the seller that you're buying the property from is flexible on dates, can work very well. Right. Because then it can turn around and it's almost like the opposite of like, historically it'd be, well, some sell your place, know what it sells for, we know how much cash you're going to get from it. And then let's go start looking at homes or start looking. It's like you kind of might be. Have to do it backwards now where it's maybe, you know, sell first, then buy or buy, then sell. Like, it's like, it's just like whatever fits sort of the. The current situation because it's ever evolving. So thank you for that. I appreciate that. Because I know it's a common question that I hear often of do we do it now? Do we wait? What sequence of events happens? I mean, it's a very tricky problem, especially when you're, when you're dealing with where I live. Right. This is a big decision.

Yeah.

Hi. Yeah. Hey. Oh, sorry I cut you off.

No worries. Yeah, no, I was just gonna say I think it's important to understand the risk of both sides. Right. And then just mitigating that risk is as much as possible. Right. So depending if you're selling, you know, if you're selling a townhouse and you're going up to a house and that townhouse, especially in the markets I'm working within, not a problem that's going to sell 100%, right?

Yeah, yeah, that's good to know. I talk about sort of house rich more about creating like, because being. I do like, I like the Smith maneuver strategy a lot. So creating tax deductibility of a mortgage, so creating equity to then actually, actually turn that equity into some sort of investment vehicle instead of just equity which is just sitting there, not sort of having any benefit. So that's sort of a big, big thing that I talk to clients about is really planning that out and planning how can we create wealth from equity growth in properties, whether it's buying rental properties, whether it's leverage investing, things like that to create that tax efficiency. When I say house rich, any, any thought, what does that mean to you with that term?

I mean, I like it because it's a spin off on house poor. Right. So sometimes you hear some people say that they don't want to be a house poor. But you know, I think like, obviously leveraging to your, where you're comfortable. If you look at, you know, you have $200,000 in a home that's worth $1 million, that home goes up 20%, you're actually up 100% on the money that you have in there. And then like you're saying, right then you can kind of reallocate your funds. So no, I'm a big believer in holding a lot of your wealth in real estate. It's a great investment, especially with what's happening right now with inflation, obviously. Right. So yeah, I like that.

Well, it hasn't let us down. I mean, I've been in the mortgage world for, let's say 15 sort of some odd years. Grew up around it too. But I mean, over that time it's always been prices can't keep going up prices. It's like literally like, you know, it's like, well, I, you know, at that time When I, when I first started, it's like, well, maybe they're right now, it's like, well, I don't know. It's. This is long sample size of, you know, values being strong. I think what it comes back to is, you know, Canada is super desirable. Vancouver, arguably, I would say where we live in the lower mainland, the best place in Canada from my point of view. So it's like, well, you're going to get people that want to be here and it's not just, you know. And then I would say with, you know, immigration picking up and sort of travel restrictions easing, they'll probably get more of that sort of foreign investment potentially again over time, which could potentially stir even more. More people interested in buying a place. So it'll be interesting for the next few years, but no, this was fun. Tristan, thank you for, you know, thank you for your insight. Any what if anyone's looking in, you know, it sounds like particularly Coquitlam, Tri Cities, out that sort of Burnaby way, any sort of. Or Maple Ridge even you mentioned, because I know it's all interconnected now. It's kind of, you know, it's so, so easy accessible between them all. Any where's the best place to find you and contact you?

Yeah, so my website, tristanking Ca my first name is a little bit difficult. It's T R Y S T A N and then again Tristan K. King on Instagram. That's probably where I'm most active. Or you can just look at my name on Google and you'll find me.

So wonderful. We'll put that all in the notes and just sort of all the links to connect with you. So again, Tristan, thank you. Grateful for the opportunity to have you on your insight. Your expertise has been very, very helpful and I'm sure everyone will be very much appreciated and we'll make sure to include the contact information of how to reach you, how to connect with you and thanks again. Appreciate it.

Thanks Matt. Yeah, no, thanks for having me.

Wonder.