Episode 47: Stop Saying You’re Not Ready Yet
In this episode of the Canadian Wealth Secrets Podcast, we’ll delve into the transformative journey of taking that crucial first step towards your financial and time freedom goals.
Join us as we discuss why you’re never “not ready” to get started on your investment journey, the significance of mentorship and coaching, and how to break through limiting mindsets that may be holding you back.
Discover the importance of acknowledging that investing in any asset class is indeed a form of work, and learn actionable strategies to tackle your real barriers to that first investment move.
Whether you’re a seasoned investor or just dipping your toes in the waters of financial growth, this episode provides valuable insights and motivation to help you embrace your journey with confidence and purpose.
What you’ll learn:
- Why you are never “not ready” to get started on your journey be it investment or otherwise;
- Why meeting with a coach, mentor, or industry specialist is important early in your journey to act as your experienced accountability partner;
- Why acknowledging investing in any asset class is work and starting that work now is crucial to ensure you make real progress towards your financial and time freedom goals;
- How to overcome your limiting mindset that is telling you that you aren’t ready to take the first step;
- How to determine what your real barriers are to taking the first step into investing;
- Dig into our Ultimate Investment Book List
- Book a Discovery Call with us so we can help you overcome your current struggle and take the next step in your financial journey
- The Real Group Windsor Real Estate Team
- Canadian Wealth Secrets Ontario Mortgages
- Canadian Wealth Secrets Wealth Planning
- Download our Wealth Building Blueprint
Opportunities, Services, and Consulting:
For those interested in being considered for potential Joint Venture (JV) opportunities, reach out to us here.
Contact Matt if you’re Buying or Selling Real Estate in Windsor or Essex County!
Get in touch with Kyle to begin your journey through his Canadian Wealth Planning System.
Check out the work Jon and Kyle do assisting mathematics educators and district leaders.
00:00:00:05 – 00:00:18:20
That’s what real estate investors do. We have to be ready for that. So when you start to internalize the identity of who you now want to become, then all of those things that are coming at you seem so normal. Hey, that’s what we do. That’s what real estate investors do. Let me go find another real estate investor. Let me confirm.
00:00:18:20 – 00:00:56:00
Is that what we do? We’re real estate investors. So I think trying to say you’re not ready yet, but the way to say you’re ready, the way to step down that pathway is first to identify of who you really want to be identified, that personality, that persona, and accept that. And when you start to identify that you’re that group of people, it’s way easier for you to accept all those things you thought were barriers.
00:00:56:02 – 00:01:02:07
Welcome to the Investing Teacher podcast with Kyle Pearce, Matt Biggley and Jon Orr.
00:01:02:07 – 00:01:10:23
Get ready to be taught as we share successes and failures encountered during our real life lessons. Learning how to build generational wealth from the ground up.
00:01:11:00 – 00:01:15:03
Welcome investment students to another episode of the Canadian Wealth Secrets podcast.
00:01:15:09 – 00:01:51:22
Well, my invested student friends, we are excited to be back here with another episode. As you know, we’re here every single Wednesday morning. We’re dropping a new episode. Today we are dealing with episode 47. We’ve done this fall seven weeks in a row and we don’t plan on stopping any time soon. If you haven’t yet hit the follow button and do us a huge solid A rating and review go so far to try to help grow this community of amazing, eager, entrepreneurial, spirited investors just like you.
00:01:52:02 – 00:02:19:09
And today, fellas, we’re going to be talking about getting those wheels turning. We’ve got lots of people who reach out to us and what hurts my heart is when I hear people saying things like, We’re just not ready yet or we’re not there yet, or we need to do blank before we can do something meaningful. And I just think that’s actually incredibly wrong mindset.
00:02:19:11 – 00:02:21:24
What do you guys think when you hear people saying that?
00:02:22:05 – 00:02:50:16
Are you saying like when we talk with potential investors on a regular basis, people reach out to us through our booking link to kind of get advice next steps. Hey, how are you doing this? How are you doing that? Some people are asking to potentially partner with us for our joint venture opportunities. So are you saying when these kind of calls come in, we’re hearing people say, I want to invest or I want to get into real estate investing, or maybe I just want to change my career, or maybe I want to start this new project, but I can’t do it yet.
00:02:50:17 – 00:03:11:02
It’s down the road. I want to be that person or I want to be in that thing. But I’m not prepared yet. And it’s like, Well, am I not prepared? Financial yet? I’ve got to get my ducks in a row and maybe I’m just not there mindset wise yet. I’ve got to get this thing off my plate to kind of free my mind up so I can work on that.
00:03:11:04 – 00:03:30:10
I think a lot of people are asking about that and I think in this episode we want to talk about what is the mindset we really need, Because I think thinking about what’s coming up, if I’m not there yet, what’s really holding us back? Where’s the real barrier there? Because we’re going to argue that it’s not the thing you think it is.
00:03:30:12 – 00:03:51:05
Absolutely. And I think too, there’s this aspect of almost like a worry, like you don’t want to waste someone’s time. Right. And I think a lot of people have that there. But I think, again, that’s the thing that you’re setting your reasoning on. But in reality, it’s like you’re hanging your hat on the wrong thing. And I have an example of a listener and maybe might be listening right now.
00:03:51:05 – 00:04:16:14
Reached out on LinkedIn. We’ve connected. It’s been a number of weeks and we just kind of back and forth. This is an entrepreneur and he is eager to get into some investing and is really excited about it, has commented on some of our social posts and so forth. And I’ve been kind of nudging this individual to get on to a column like, Let’s chat, let’s see where you’re at and let’s get you to a next step, because ultimately that’s our goal.
00:04:16:14 – 00:04:34:05
With every podcast episode, we hope that people walk away with at least one big thing that they can take and they can apply and help them in a positive fashion to get them to the next step in the journey. And who knows, maybe at some point we might be able to help them or assist them further and maybe in some cases we’ll never hear from them again.
00:04:34:05 – 00:04:55:23
And that’s okay, right? We like to give that value. We like to help people along in their journey with this particular individual. This person says they have a goal of owning a multifamily investment property. So it sounds like a single vision, right? They didn’t specify how many units yet, but I mean, that’s a great first goal, right? You want to get there.
00:04:56:02 – 00:05:15:24
And I’ve been encouraging, hey, let’s hop on a call. Let’s see where you’re at. Let’s understand your situation and go from there. And it’s been weeks of kind of just back and forth here and there. We’ve been chatting back and forth and this person recently said, I’m just not ready yet to have that conversation. And I couldn’t understand why.
00:05:15:24 – 00:05:40:01
And then it finally came out that they didn’t have any sort of funds available currently in order to take that step. So in their mind they’re thinking, I’m not there, I need to do that first. And in reality, I believe it’s actually when you have nothing started, that’s when you need that support the most right to get that first step rolling.
00:05:40:03 – 00:06:05:23
And we don’t just see it here in investment. We also see it in other aspects of our life. And I can’t help but think of some of the stories that Matt, you’ve shared in the real estate world. You’re working with buyers and sellers, mostly sellers, but often buyers have these sort of excuses that hold them back from taking a step in the right direction towards what they’re telling us or what they’re saying.
00:06:06:00 – 00:06:09:11
Their actual plan or their goal is.
00:06:09:13 – 00:06:29:10
Yeah, a lot of times in real estate almost become go back to my guidance counselor days because I’m trying to help people kind of flush out what their excuses or their fears or their reasons really, really mean. And I think so much in my job as a realtor. And I think for our investors out there accountable, it really works with people.
00:06:29:10 – 00:06:56:20
And this is for all of our goals, right? And this is big in education as well, trying to hold our students accountable. So step number one is oftentimes like just really understanding deeply someone’s reason, someone’s why, and surfacing all of those fears, all of those worries that they have, all of those maybe real or potentially imagined fears and what that might look like, and then trying to help them navigate through that and holding them accountable to the things that they’ve said they want.
00:06:56:22 – 00:07:25:08
I think that’s such a big part of investing. This is almost like an episode of Fear Factor investor style, because we’re really trying to make people confront their fears because it is probably the most common theme amongst want to be investors is that they want to do it and they don’t end up doing that. And so I think what we’ve realized in our work and something I stress to my investor clients is like, you have to first of all acknowledge investing is work.
00:07:25:09 – 00:07:47:23
We talk about passive income a lot and that’s probably a misnomer. Investing is going to be work. Kyle and I, we started what, seven or eight years ago and it is still work. We are managing our property management company on a daily basis and it is still work as we solve these problems. The other thing we have to acknowledge, and I think once you do acknowledge that’s going to be maybe one of your fears confronted, is that problems are going to happen, things are going to get messed up.
00:07:47:23 – 00:08:06:06
We had this really weird plumbing issue at one of our properties recently that was just where the hell did that come from? You know, what is that next? How is this even happening right beyond any of our control? So problems are going to happen. And I think early on the problems all felt like humongous and we didn’t know how to solve them.
00:08:06:11 – 00:08:24:24
And now when the problems happen, it’s just like, okay, what’s the solution? I think that acknowledging that it’s work and acknowledging that problems are going to happen, and that’s just part and parcel of it. I say that about homeownership for anyone, investor, non investor stuff is going to go wrong with your house and it just happens. That’s part of the responsibility of being a homeowner.
00:08:24:24 – 00:08:38:12
So I think surfacing these fears and then having a partner, especially an experienced one that can help you with that kind of moving you forward is ultimately what I think helps a lot of want to be investors have that breakthrough.
00:08:38:14 – 00:08:55:09
Yeah and I think you being right there beside those real estate investors that you’re working with is a great asset for them. And they might not see that. They might not know that in knowing that you’re there coaching them along the way. So they’re saying they’re not ready yet, get into this property or they’re not ready yet to buy or they’re not ready yet to sell.
00:08:55:11 – 00:09:12:21
I know you’re right. They’re kind of providing them that guidance, that those questions to kind of keep them thinking about what they really need. Where’s those barriers? And I think that will eventually bring them around that mindset. And that’s really where my mind goes when someone says, I’m not ready yet because I think I said that for a long time.
00:09:12:22 – 00:09:45:13
It really hits home as saying like, Well, Kyle used to bring up real estate investing. And I’m like, I don’t think that’s for me. I don’t think I’m ready for that. I have so many other things I have to do on a daily basis when I think back to my old self, really what I was saying was like I had a different identity and I think that’s what helped me kind of go, Hey, actually, if you think about who you are, who you want to be, if you’re writing a goal down to own, say, a multifamily property, and I did this, so I wrote that down somewhere just like this individual did that Kyle’s referencing.
00:09:45:15 – 00:10:14:04
I wrote that down, said, by the end of this year, I’m going to own a multifamily property. And it’s almost like soon as you write that down, you’re identifying yourself as, say, a real estate investor. You’re saying, I am a real estate investor and you have to actually internalized that. That’s who you are now. And when you say that I’m a real estate investor out loud and you’ve written a goal down, now all of those things that come around, Matt, you were like saying like, it’s work.
00:10:14:06 – 00:10:34:07
This is what real estate investors do. We work, we deal with the hiccups that come our way. We’re ready for that because that’s what real estate investors do. We have to be ready for that. So when you start to internalize the identity of who you now want to become, then all of those things that are coming at you seems so normal.
00:10:34:08 – 00:10:56:01
Hey, that’s what we do. That’s what real estate investors do. Let me go find another real estate investor. Let me confirm. Is that what we do? We’re real estate investors. So I think trying to say you’re not ready yet, but the way to say you’re ready, the way to step down that pathway is first to identify of who you really want to be, identify that personality, that persona, and accept that.
00:10:56:01 – 00:11:04:12
And when you start to identify that you’re that group of people, it’s way easier for you to accept all those things you thought were barriers.
00:11:04:16 – 00:11:23:01
I love that. I love that. So ultimately, what it really sounds like to me, this kind of goes back to what Matt said, being a former guidance counselor, you’re trying to get to the root of the problem. What is really holding you back? What is your real concern? Because saying you’re not ready yet, I mean, that might be true.
00:11:23:01 – 00:11:44:12
You aren’t ready yet. There’s something in the way that is making you not ready to take the first step. And really what we need to do is we need to identify what is holding you back. So for this particular individual, we’ll talk a few scenarios here and maybe you see yourself in some of these scenarios and maybe you can take a next step based on what we share here.
00:11:44:12 – 00:12:06:22
So for this particular individual I was chatting with on LinkedIn, we finally got down this path to understanding that, oh, his concern is that he doesn’t have any seed money available. Okay, so that is a concern, but that is sort of the result of the issue, right? The result is he doesn’t have seed money. So the question becomes is what does he do to get seed money?
00:12:06:24 – 00:12:27:07
Because you’ve got this goal. He wants multifamily, right? You want multifamily, you want to find that property. There’s all kinds of other issues that are going to arise. Finding it. Is it a good prize? Is it cash? Like all those things are to come later, way later. Right now he’s going, I don’t have the money. So the real question then becomes is how are you going to get the money right?
00:12:27:09 – 00:12:57:03
Do you have the money? Is this something that you own? Maybe a primary residence and maybe you have a low mortgage balance on it? Do you have a home equity line available to you? If you have no seed money and you have no place to sort of like access this capital? The real problem for that person and I don’t know this yet because this person isn’t ready to hop on a call and discuss it, But if we hop on a call, we can figure out, okay, if you don’t have enough equity in your home, so that’s not an option for you.
00:12:57:05 – 00:13:12:21
You don’t have any seed money sitting there. Hey, welcome to the club. Most people don’t have just a boatload of money sitting there, right? So what are we going to do about it now? We got a back up and we got to go. Whoa, wait a second. It sounds like our budget is out of whack. You’ve got this goal.
00:13:12:21 – 00:13:33:01
We’ve talked about it on previous episodes. Your goal is to get this, but you have this current barrier. So unless you just suddenly work really hard and this person’s an entrepreneur, so that is possible. Like that could be the goal is like, I’m just going to grind, I’m just going to head down and grind. But I would argue that while you want to do that as well, try to supplement your income.
00:13:33:06 – 00:13:54:24
You probably also want to start looking back to your budget. You want to look at what am I spending money on? What right now is more important to me in my life then that particular goal of owning a multifamily property, right? Because, John, you’ve said it on the podcast a number of times before, if it is a priority, then you will commit to doing it right.
00:13:55:01 – 00:14:21:07
So one thing that I really try to make sure we’re clear on in this podcast is it’s okay if something isn’t your priority, but don’t tell yourself it is because that’s really confusing to your brain, right? Your brain just following instructions from you and you want to be clear on what it is that truly makes you happy. So if that’s going to make you happy by investing and reaching that goal, there’s going to be some pain along the way.
00:14:21:07 – 00:14:42:03
And I would encourage restructuring that budget somehow so that we can start generating some money. Now, we talked a little bit about it on the last episode, and that was this idea that many of us don’t have even an emergency fund. So really right off the top, that should be sort of what you’re designing or creating right now is this emergency fund.
00:14:42:05 – 00:15:04:06
And as that emergency fund is growing, you’re then getting closer to creating this seed fund money, right? So it can seem like a huge, lofty goal if you’re going, wow, I need a down payment of, say, 20%. If you’re buying it personally, if you’re buying it in a corporation, you’re looking at 30% down. That’s a lot of money.
00:15:04:08 – 00:15:24:09
So getting strategic and working with someone who can help you, someone experienced, who can coach you or mentor you. I’m not saying it has to be a paid coach or a mentor. We do this work completely for free, right? When Matt hops on a call to talk to someone, it’s a potential client, but he doesn’t bill for that call.
00:15:24:09 – 00:15:47:08
If they turn into a client, great, there may be a commission down the road, but ultimately what it’s all about is helping people to take that next step. And I would say if you’re having trouble finding that seed money, you need to talk to someone who can help you with that. So is it a financial planner? Is it someone like one of us from the team to help you sort of go through your budget and ask the right questions?
00:15:47:10 – 00:16:12:14
And then what do I do with that money? Once that money starts getting redirected where I don’t want to just leave it in my checking account, otherwise it’ll be free for spending. We want to make sure that we’re doing this in a way that’s going to be simple and easy. And for some of our clients I’ve worked with some recently, what we’ve done is we’ve actually crafted sort of a seed fund and we’ve actually done it with whole life insurance.
00:16:12:15 – 00:16:33:15
We talked about it on the podcast before. One of the benefits and one of the quick wins that you get is you’re going to get a death benefit right out the gate and you have access to be able to leverage those funds. When you do get yourself in a position where that cash value has grown to a point where you’re ready to make your first move.
00:16:33:15 – 00:16:55:01
While that’s growing, we can start thinking about the things like where, what neighborhood and my interested in what properties, what are the price points that are going on. So we can start this fund. We can feel good about that money actually compounding and starting that compounding machine. And then we can borrow against it when we’re ready to take that next step.
00:16:55:07 – 00:17:04:21
Now, that’s just one of the possible hurdles that you might be having. Guys, what are some other hurdles that people might be experiencing when they’re going, you know what, I’m just not ready yet.
00:17:04:23 – 00:17:09:20
I think a lot of people are genuinely scared of tenants. This is our episode of Fear Factor.
00:17:09:21 – 00:17:18:06
It’s got to be what the number one? Probably the number one. If I’ve already matched my money, I’ve already done what Kyle said. The next thing is like, Oh my God, I have to manage people.
00:17:18:10 – 00:17:45:16
I’m scared of actual people. I mean, it is listed as educators. We know how much work goes into managing a classroom. I still say to this day, if you just took some guy off the street and brought them into a classroom today of 30 kids and they had to teach a lesson, their mind would be blown. The mental exhaustion at the end of a school day is totally unique to education, and so managing tenants can be kind of much like this and much like education.
00:17:45:18 – 00:18:05:05
The great news is there’s so much learning you can do about how to avoid bad tenants and should you get a bad tenant, how to deal with them in. Kyle In our 78 years of investing, I think we’ve really only had one truly awful, awful tenant that we had to go to the point of actually going through the eviction process.
00:18:05:05 – 00:18:25:15
So we’ve had a pretty good track record and there’s a few things that you can do to help alleviate your fear. This hurdle around being scared of bad tenants. I mean, you know, you’ve listened to your family at those holiday dinners too much about talking about scary experiences they’ve heard about or read about in the news. You’ve seen the headlines about the landlord tenant board and people not paying rent.
00:18:25:15 – 00:18:45:15
And those things are true in many cases. Landlord tenant board has really tilted things towards the tenants and I heard this recently that landlords should probably be called housing providers as opposed to landlords because for many people they have this image in their head of landlords. It’s Halloween today. What we’re recording is that we’re like these big, scary monsters who are out to screw people over and it’s like, we.
00:18:45:15 – 00:18:46:20
Never give you candy.
00:18:46:20 – 00:18:48:21
Fences I like exactly.
00:18:48:21 – 00:18:49:17
00:18:49:19 – 00:19:20:06
I love this idea that we should be called housing providers instead of landlords, because it just it really changes the perception of that. But the point I want to leave the listeners with here is you can learn through podcasts. There’s so many great podcasts. Like when we first started investing, I listened to every episode of several podcasts and I would still go back and refer to specific episodes, for example, episodes with professional property managers, because there’s so many tips and tricks on how to First of all, the first step is how to screen for bad tenants.
00:19:20:08 – 00:19:46:17
And then the second step is should you find yourself with a bad tenant, How to overcome that? So the learning is huge, and if you don’t want to do the learning, you can use a professional property manager. Kyle and I just recently met with one who has over 1300 properties under management. You’re telling me that they don’t know a few tips and tricks on how to deal with the bad ones, So that hurdle, that fear can easily be alleviated if you’re willing to put some work into either one.
00:19:46:23 – 00:20:09:09
Learning about how to manage tenants or to just simply hiring a seasoned, experienced pro to be able to help you deal with those tenants. And so that should become a non factor in our experience. The number one way to avoid tenants is screen, screen, screen upfront, even if it means taking a little bit less rent to find that perfect tenant.
00:20:09:09 – 00:20:32:02
That is the number one rule in finding quality tenants. And Kyle, I think we will say we noticed a difference in tenants when we were doing our own screening, when we were doing our own leasing early on too, when we moved over to a property management company. So we’ve had to coach our management company on how to even become better at screening for the types of tenants we’re looking for.
00:20:32:04 – 00:20:55:10
And as an aside, the properties we tend to buy are perfect properties like a two bedroom, one bathroom unit, so we don’t get enormous groups of people in homes. Listen, I love my family, but man, my kids can really run roughshod over my own house. So that’s our sweet spot. Two bedrooms, three bedrooms at the most, but we don’t tend to buy four or five bedroom homes or units.
00:20:55:14 – 00:21:06:09
We know what our kind of perfect tenant is, and that’s going to be someone. Our tenant Avatar is generally older. Single is wonderful if you use them and have pets as possible. If you miss.
00:21:06:11 – 00:21:09:07
Traveling for months at a time, that’s.
00:21:09:09 – 00:21:21:01
Out of those. We have one of those and it’s really just all about understanding that type of tenant avatar that you’re looking for. So we tend to look for properties that fit those.
00:21:21:03 – 00:21:42:09
Yeah, I think you’ve provided some good next steps here to think about overcoming that barrier and how to think about positioning yourself to have the resources so that if that becomes the barrier, if that is the barrier for you to step down that pathway, you know, there are resources for you to use so you don’t have to deal with that yourself or hey, if you want to do with that yourself, you’ve got some resources available.
00:21:42:09 – 00:22:05:19
So that is definitely a barrier. The other barrier that I think people need to wrap their heads around is and we’ve talked about this, we’ve got a whole two episode series on how to analyze deals, thinking about getting into real estate. So we’ve already addressed the money thing, whereas I’m not ready to invest because of my money situation and we’ve thought about how to utilize that and make that barrier go away.
00:22:05:19 – 00:22:22:20
But in the tenant barriers, let’s say address. So it’s like, I’m not so scared about that, but it’s like, okay, well what’s the right property? Right? I don’t want to get into the wrong property. Interest rates are high. What about that? Are they going to go down? Should I do it now? Should I do it later? When’s the right time?
00:22:22:20 – 00:22:39:06
How do I look at the property? Like I said, we have a got a couple of episodes about how we look at properties. We have some live episodes in the past where we analyze a property live on air where we’ve never really looked at it before and talk about how we analyze the property from a technical perspective and then also like a fundamentals.
00:22:39:06 – 00:23:03:03
What does the actual property look like? And I think that’s what we do to help kind of alleviate whether this is the right decision. We take all the emotion out of it and we kind of think about it that way. What do you think, Kyle? What about when someone’s map has probably has a really good perspective on this being a real estate investor and has to talk to his potential investor clients about the right time to buy a property versus the right time to sell, say, a real estate property.
00:23:03:06 – 00:23:20:14
Hey, if I’m going to buy one, when do I see sell it? Do I sell it and buy ten years? When should I think about that? Those are things that prevent people from going down. The pathway to is I’m ready, but I’m not ready yet because I just don’t know. I don’t have the confidence to pick one that’s going to be the right fit.
00:23:20:14 – 00:23:41:24
What I know, Joe, literally, you know, I want to hear how Matt has handled this to date as well, because the one thought that does cross my mind is and I’m going to guess that that’s going to likely be using those mentoring. On coaching skills that he’s learned along the way through his role as a guidance educator for many years.
00:23:41:24 – 00:24:05:13
Because at the end of the day, there is no right or wrong answer to it. There’s just a right or wrong answer for you. And when Matt’s working with a client, getting to again, we talk all the time about this idea of like, what is the goal? If the goal is to make quick money, then the strategy has to be a lot of things matter a lot more.
00:24:05:13 – 00:24:29:16
Right? And you’ve heard Matt say it before about primary residences and how he says like primary residence isn’t actually an investment. It really isn’t. There’s actually many investors out there, people in the finance world, who actually are against buying a primary residence simply because you’re not making any money on it. So it’s not an actual investment, but it is a good inflation hedge, it is a great asset.
00:24:29:22 – 00:24:50:06
It’s not necessarily going to depreciate, of course, but they’re expenses associated with it. So when someone’s coming in and saying like, is now the right time to buy an investment or an investment property, really the question comes down to what is your goal? If your goal is to flip a property, then you have to really understand the market.
00:24:50:06 – 00:25:16:02
You really have to understand the macroeconomic picture in the short term, right? Which is harder because macro is like a longer term sort of thing, but those little changes really matter. Whereas if we’re talking about someone who wants to do a buy and hold and nothing cash flows, then I mean there’s really no wrong time. There is a best time and none of us know when that is right.
00:25:16:02 – 00:25:40:17
And that’s a real challenge for people because if you’re constantly looking for the best entry, then you’re probably going to be waiting a really long time. So you have to really understand clearly what it is you’re doing it for and that allows you to sort of maybe let go of this whole idea of timing. And sometimes people get lucky and they time and things just happen perfectly.
00:25:40:17 – 00:26:01:00
But ultimately, at the end of the day, if the goal is for instant appreciation, then you’re probably looking at door knocking, right? Like you can always find good deals. And we just found two great deals that we’re working on right now that are going to be closing in a few weeks time where we’re able to find a seller who wants to get out.
00:26:01:00 – 00:26:27:08
Their goal is different than our goal. Their goal is I want to get out as quickly as possible without doing any work here, without paying a realtor, without dealing with the situation. And our goal is very different. We’re like, We’re okay to take on a really dingy, ugly Brad property for a really good price. And over time, because our goal is much more longer term, we’ll work to make it better.
00:26:27:08 – 00:26:48:02
And we know that the market is going to help along the way. So our goals are very different, which makes it a win win for both of us. So Matt, do you have a go tos when you’re working with an investor to help them sort of, I guess, confront what it is that they’re actually looking for? And I don’t think it’s really limited just to investing, right?
00:26:48:03 – 00:27:09:19
People are looking for their own homes, oftentimes aren’t really sure what it is they’re looking for. Right. They’re just very general, very good price, nice home, but they don’t even qualify. What is a good price and what is a nice home for them. How do you get them to understand themselves what they truly want when oftentimes they’re not even clear on what that looks like?
00:27:09:24 – 00:27:30:10
Great question, Kyle. And I think for me as a realtor, so much of it is about getting to understand the people that I’m working with and just digging, understanding, asking questions, getting to know them. Because ultimately when someone said to me last weekend, I’m going to wait till spring to sell my house, I had to help them by asking questions to unearth what exactly to spring me.
00:27:30:11 – 00:27:50:19
What’s going to be different in the spring than is currently the case? Is it about do you think prices are going to go up or down in the spring? And if that’s the case, I would say to them in this case, these people were looking at downsizing. So if prices were going to go up on their sale of their home, I met them at an open house.
00:27:50:21 – 00:28:12:19
Doesn’t that mean they’re also going to go up on the buying end as well? And once we surface, that logic is that still makes sense to them or not? Or are they waiting for interest rates to go down? So if investors are out there waiting for interest rates to go down, well, doesn’t that mean when interest rates go down, more buyers are going to flood the market and therefore prices are going to go up?
00:28:12:21 – 00:28:31:01
And so if that was the truth, you were telling yourself or that was the excuse you were telling yourself, is that actually still true? Or right now the common kind of myth is that it’s a bad time to buy. Well, we’ve just come out of the historic bull market of all time in terms of housing values going up and up and up and up.
00:28:31:03 – 00:28:54:01
And if you didn’t buy during that massive bull run, what makes you think that you’re going to want to buy in the bear market? What actually we would say is just said we’ve just picked up three doors, two properties in what people are calling a bear market. There’s blood in the water. There is so much opportunity out there right now for people, but they’re saying interest rates are too high or I’m going to wait.
00:28:54:01 – 00:29:15:06
But I think, you know, the thing that keeps coming up over and over and over again is just getting really honest and really specific about what are you waiting for? We know it’s impossible to time the market. So if people are saying, I’m going to wait for the bottom or conversely, I’m going to wait for the top, that doesn’t make any sense because we never know that it’s the bottom until it’s already turned and started coming back up.
00:29:15:11 – 00:29:36:20
We can look for indicators, the Bank of Canada. So we’re in October 2023, right, of the Bank of Canada just held rates for a second month. There’s some headlines from TIFF Macklin from the Bank of Canada suggesting interest rates might come down mid 2024. So once they start to see those headlines come out and we start to see maybe a shift in sentiment, that suggests to me that in 2024 we’re going to see prices go up.
00:29:36:23 – 00:29:57:11
Now, am I right? I have no idea, because during the past three years, all of the experts have proven themselves to be wrong, even the Bank of Canada themselves. So it’s not about waiting for that bottom of the market. We’re seeing some landlords that are just tired of being landlords, maybe landlords who got in during this bull run who are like, Whoa, whoa, whoa, this is work.
00:29:57:15 – 00:30:14:03
Yes, it is work. Whoa, whoa, whoa. It’s actually we have to actually manage tenants, manage people. I don’t want to do this anymore. And so we’re finding people are coming to us. And this is part of being active in investing. People have sought us out to say, Hey, I’ve got this property or I’ve got this opportunity. Are you guys interested?
00:30:14:05 – 00:30:37:01
And if you’re telling yourself that now’s a bad time, you might have said, No, no, no. And we’re people are bringing opportunities to us now because they know we’re investors. Even though I’m a realtor, we have found these two opportunities off market, right from networking and from people coming to us knowing we’re in this space and we are bringing solutions to fix their perceived problems.
00:30:37:03 – 00:30:55:18
Right? Yeah. But it reminds me when you saying when is the right time? And people who are shying away from looking for purchases right now, it reminds me of that Warren Buffett phrase that he’s thinking about stock market. But it’s any market, right? It’s buying when people are fearful and selling when people are greedy, thinking about everyone’s afraid right now to get in the market.
00:30:55:18 – 00:31:19:11
But it’s like this is the prime time to get in because like you said, there are great deals out there to be had. And it’s just thinking about when is the right time for you? And I think we’ve given a lot of great suggestions today in this episode about stop saying that it’s not the right time. If you’re making that goal, then it is the right time and you just got to identify that you’re going to do it and you identify that that’s the thing you want.
00:31:19:13 – 00:31:34:23
So as we wrap here, guys, you know, my big takeaway is to think about that identity and think about what is it that you really want and take that step and go, Hey, this is where I’m going to go, because by the end of the year you’re going to make it in a year. I want to be on this multi family property.
00:31:34:23 – 00:31:50:13
Then when the year comes, when that year is up, are you going to be there or are you going to be like, Oh crap, I didn’t do it yet again. And that’s my big takeaway is you have to just go, you have to just do it and then accept that it’s going to be work and be like, I’m ready for it because that’s what we do, that’s what I do.
00:31:50:13 – 00:31:52:06
And so that’s my big takeaway. Guys, what about you?
00:31:52:11 – 00:32:12:18
Honestly, my big takeaway, kind of piggybacking on what you’re saying, is getting started is the most important step. And then also the actual journey might still be really long before you can take the quote unquote final action. So I’m going back to my example I used at the beginning from this particular person who wants to invest in multifamily.
00:32:12:20 – 00:32:42:15
It might still be years away from that goal happening, but the longer he waits to start, the longer it’s going to be. If maybe ever, that he’ll get closer to that goal. So figure out who is it that will help you take the first step. So for that particular individual, I’d say it’s pretty easy. I’ve offered support. Hop on a 30 minute call and have a conversation, learn something, and then go act on it.
00:32:42:15 – 00:32:59:16
Right. If you’re sitting there and you’re going, Well, I’m at the blank stage, I need to learn more about picking tenants. Well, who are you going to reach out to? Who is that person? If you know you have equity in your home and you’re trying to figure out how do I get a home equity line of credit, I don’t have one started yet.
00:32:59:22 – 00:33:43:08
Start the conversation. Talk to your mortgage broker, Talk to your big bank. It doesn’t matter who you do it with. Talk to them. People are willing to help. That’s ultimately what they’re there to do. So take that help and take that first step so that you know what you need to do next. Because if you just say, I’m not ready yet, I bet a year from now, five years from now, maybe ten years from now, you might still be saying the same thing and God help us if you’re in the exact same spot because you haven’t taken to help or support of someone who is a specialist in the particular industry where you are in
00:33:43:08 – 00:33:54:24
the journey. So make sure you take that advice and hop on a call. You will learn something and they will not be upset with you for quote unquote wasting their time because you’re not ready to act yet.
00:33:55:01 – 00:34:22:00
Great advice, guys. Good advice. I think for me, my big takeaways for, you know, for people to commit to getting specific and honest with themselves, understand what your hurdles are. Be upfront about those. The beautiful thing about this real estate investing space is there’s so much shared experience out there and so much shared expertise. Trust me, whatever your hurdle is, other people have had it before and you need to embrace being coached or having someone hold you to account.
00:34:22:04 – 00:34:27:07
Listen, if the pros need coaches, then we could certainly use them as well.
00:34:27:09 – 00:34:55:07
Hey, guys, I want to thank both of you for hanging out with me today and talking about all of this on the podcast. And we want to thank you. You know who you are. You’re listening right now. We want to thank you for listening to us here on our podcast. Like what Kyle said at the top of the episode, we’re meeting every single week talking about real estate investing, talking about finance so that you’re better prepared that you can make that decision or get help online along the way on those decisions that you’re making for your future.
00:34:55:07 – 00:35:13:21
So we want to thank you. And if you have not yet already, please leave us a rating and review on your podcast platform. Also share the podcast with your friends and family. We’re trying to make a difference in personal finance and also wealth. Well, building wealth. So Please share that away as much as possible and we’ll do that together.
00:35:13:23 – 00:35:35:21
Who are you going to reach out for? A little bit of assistance on that next step? Maybe it’s someone you know, maybe it’s someone you’ve worked with before, or hey, maybe you want to hop on with us and have a quick chat. We’re here to encourage you. We’re here to support you in taking the next step. I’ve met with three different invested students over the last couple of days and we talked about very different things.
00:35:35:21 – 00:35:56:22
We talked about one who’s interested in a joint venture opportunity, another one who’s sort of stuck trying to get that seed money going. And we were chatting about some strategies that might make sense there. And another one was looking at how do they set up or should they set up a corporate structure given the real estate deals that they currently have.
00:35:56:22 – 00:36:18:00
They own properties personally and the question is, do I start a corporation? When do I start it? And with all three scenarios, they all walked away with something new that they’ve learned and we’ve encouraged them to keep following up with us, let us know how they’re doing. And along the way we might be able to support them with some of the offerings that we have as well.
00:36:18:00 – 00:36:34:09
So head on over the Canadian Wealth Secrets dot com forward slash discovery and book a short discovery call. Again, just to get you a next step over at Canadian Wealth Secrets dot com forward slash discovery and we look forward to chat with you real soon.
00:36:34:11 – 00:36:47:02
Oh links resources and transcripts from this episode can be found over the website that’s Canadian Wealth Secrets dot com forward slash episode 47. Again that is in teacher dot com forward slash episode 47.
00:36:47:03 – 00:37:18:22
All right here we go investors students class dismissed just as a reminder of the content you heard here today is for informational purposes only, you should not construe any such information or other material as legal tax, investment, financial or other advice. And just as a reminder, Matt is a licensed realtor in the province of Ontario with their book Realty.
00:37:18:22 – 00:37:32:00
John is a mortgage agent with Brick’s mortgage brokerage license number m23006803. And Kyle is a licensed life and accident and sickness insurance agent with the corporate advisors and the PAN financial team.
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