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I’ve worked for renovation companies. I have friends who are contractors. The construction industry is a dinosaur and educating yourself will help move it forward. Whether you’re planning a renovation in the future, thinking about entering the business, or just want to get educated on construction, Manny from Hardcore Renos is as real as it gets. Renovation TV shows aren’t real. We ask how much contractors make, about paying for jobs in cash, and if buying a home is still a good idea. We want to know the best ways to work with a contractor to not waste your money, your time, or lose your mind. Follow Manny on instagram @hardcorerenos, on his Youtube channel, and listen to his podcast, “the construction life.” you’ll love the stuff he posts. 

Today, I’m joined by Ratehub’s VP of marketing Luke Sheehan and content strategist, Hyder Owainati. 

Real Money Talk is brought to you by EQ bank and the EQ Bank Savings Plus account

Season 2 we look at everyday life, work, through the lens of money. 

[0:00 - 1:41] intro

[1:42 - 3:08] Renovation TV isn’t real. Follow Manny on social media, youtube, and his website, Hardcore Renos. 

[3:09 - 6:55] Money mistakes - hotel deal discounts, construction mistakes, gift cards for dining out, buying your own materials for a renovation

[6:56 - 8:40] Should a homeowner buy their own materials for a renovation? 

[8:41 - 9:22] Luke has no skills

[9:23 - 13:00] What’s the hardcore renos story? Film to renovation, social media, networking, growth, being vocal. 

[13:01 - 14:21] You’re trying to change the industry. Give clarity to renovations. Everyone wants to make a lot of money for a little bit of work. Walk, don’t run. 

[14:22 - 16:47] What insights do you have that other contractors don’t want you to know

[16:48 - 21:24] Do you think contractors are paid appropriately? How much do contractors make? Canada needs trades people - what do we do?

[21:25 - 23:20] What tips do you have for consumers in doing a renovation? This Old House is not a fabrication. It’s quality. Research and watch TV but know it’s not for real. 

[23:21 - 25:42] How should you pay a contractor? Project management fees? Percentages? Should you pay a contractor in cash? Woodbridge visa. 

[25:43 - 28:23] Is there a cash price in renovation? 

[28:24 - 30:05] Is buying a house still a good investment? Passive income in rental properties? Flip a house? 

[30:06 - 31:24] Invest money in your house to sell it. Is it true? Where you should spend money on a house  - Kitchen, Bath and…?

[31:25 - The value of in floor hydronic heating vs. forced air furnace. Updating your old radiators. Forced air and other people's breath. 

[33:05 - 33:27] Funny story about conversation overheard by mom through ducting

[33:28 - 35:44] What are some renovation tips to get the most bang for your buck? 

[35:45 - 37:16] On heated toilet seats and bidets. 

[37:18 - 38:07] On storage and planning out your reno based on the dynamic of the family

[38:08 - 39:49] What are the worst ideas people have for a renovation? Any case where you want to say no to what the client wants?

[39:50 - 45:59] Rapid fire questions - what’s in your wallet? What’s the most useful tool every contractor should have? Holmes on Homes yes or no? Jiffy app/Homestars yay or nay? Quote on a billboard? What’s the biggest mistake a client will make? How should the younger generation of contractors get ahead in the industry?

[46:00 - 47:54] Decimal financial tip of the week - Keep your savings goals lean

[47:55 - 49:10] Outro