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TRANSCRIPTION WITH SPEAKERS
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[00:00] SPEAKER_00: Welcome to Canada's podcast, the number one podcast for entrepreneurs by
[00:06] SPEAKER_00: entrepreneurs. I'm Welcome to Canada's podcast. I'm your host, Celine Williams and
[00:11] SPEAKER_00: today I'm joined by Brady McDonald who is not here with his wife Christy as
[00:16] SPEAKER_00: she has just had a baby. Congratulations very exciting. But Brady and Christy
[00:21] SPEAKER_00: started investing in real estate in 2015 and have since built multiple
[00:25] SPEAKER_00: companies purchased over 120 properties and have helped hundreds of Canadians
[00:30] SPEAKER_00: acquire wealth through their real estate joint ventures and educational programs.
[00:35] SPEAKER_01: Brady, thank you for joining especially with a new baby. Very exciting. Thank you very much for having me and I'm very excited to be here.
[00:43] SPEAKER_00: I'd love to hear a little bit about your journey to becoming an entrepreneur. What got you
[00:49] SPEAKER_00: started, why you decided to do it just how you came to be an entrepreneur and
[00:54] SPEAKER_01: running this business? Sure, yeah. So I think in the honestly like it like I was an
[00:59] SPEAKER_01: obviously I was an employee for years but like the actual entrepreneur spirit I
[01:04] SPEAKER_01: said, I'm sorry when I was a young kid. So I'm like back when I was 11 years old I
[01:09] SPEAKER_01: started Brady's lawn care stone removal and it was purely out of the necessity to
[01:13] SPEAKER_01: actually keep my hockey. So our family didn't have a whole lot of money and it was
[01:17] SPEAKER_01: like a little bit of a diverse scenario where nobody's paying so I just like I
[01:22] SPEAKER_01: just knew that I had solved the problem. So I started Brady's lawn care stone removal and I'd be
[01:25] SPEAKER_01: shoving snow at five o'clock in the morning, three city blocks, you know I'd write
[01:29] SPEAKER_01: little invoices and I remember six dollars of pretty set middle of weight and so I
[01:33] SPEAKER_01: you know it's so I realized like you know if I find the work and put in the
[01:38] SPEAKER_01: effort I can be compensated and I can really get what I want. So you know and
[01:42] SPEAKER_01: obviously that was when I was much younger and then later on I ended up working for
[01:47] SPEAKER_01: Hydro One as a utility harvest and then a utility harvest instructor and once I
[01:51] SPEAKER_01: learned those skills I can't quickly adapt until okay how can I you know do
[01:56] SPEAKER_01: this for myself so I sort of kind of country tree service. You know and
[02:00] SPEAKER_01: utilize you know a lot of the beginner type marketing where we did flyers for
[02:04] SPEAKER_01: certain areas where you know where there's like there's a lot of trees and
[02:08] SPEAKER_01: there's some money and you know and did signs like really low low expense
[02:15] SPEAKER_01: marketing and so I would do that every night after work you know work 10 hours
[02:20] SPEAKER_01: a day and I do that until dark and then every week and you know and that again
[02:24] SPEAKER_01: created the extra income for us to live the lifestyle that we want right and
[02:30] SPEAKER_01: and so we didn't have to always worry about you know money or you know going
[02:34] SPEAKER_01: here doing that or having both. So we I always had that side hustle even when
[02:39] SPEAKER_01: I was making good income and then it got to the point where you know I have my
[02:44] SPEAKER_01: career my was you know with the corporate career right and it got to the point
[02:49] SPEAKER_01: where I was kind of I was starting to feel restricted and slowed down in my
[02:53] SPEAKER_01: progression you know my ideas weren't going like I didn't have the ability to grow
[02:57] SPEAKER_01: that idea right so and we're also pregnant with her first daughter and so my
[03:02] SPEAKER_01: wife and I started thinking what can we do like we start feeling trapped right
[03:07] SPEAKER_01: what can we do to you know to do something more what what we you know so we
[03:11] SPEAKER_01: started looking at all different types of ideas researching on the internet
[03:14] SPEAKER_01: buying franchises buying land and helping storage units etc and and
[03:19] SPEAKER_01: you know in this exploratory process you know my wife ran into a guy who was
[03:25] SPEAKER_01: a full-time real estate master and and you know the guy had about 44 duplexes
[03:30] SPEAKER_01: and it was like mine boy my wife came into me in the car she like and this is
[03:34] SPEAKER_01: kind of when we were looking for that opportunity and it was she's like you
[03:37] SPEAKER_01: wouldn't leave it this guy does this and I'm like I literally wrote down what
[03:42] SPEAKER_01: the opportunity was and I did I did his map on how many you know how much cash
[03:46] SPEAKER_01: from what is paid down in the appreciate your wealth he was creating for those
[03:50] SPEAKER_01: properties and it was like a light call right and what I like you know I think I'm
[03:54] SPEAKER_01: for I'm from labor is like we just don't we don't know what we don't know and
[03:57] SPEAKER_01: like unless you're exposed to a potential opportunity you don't really know
[04:01] SPEAKER_01: that you know that that's a good idea or that's potential goal for that would be a
[04:05] SPEAKER_01: good fit for you right so anyway once I realized that was it it was a game I
[04:09] SPEAKER_01: set a goal right and it's like hey I want to do that right and how do I do that
[04:13] SPEAKER_01: well you know we break that big goal into smaller goals and then into like
[04:19] SPEAKER_01: people I need to talk to and books I need to read and then we literally started
[04:23] SPEAKER_01: checking off those smaller caps to get to be going yeah and that's essentially
[04:27] SPEAKER_01: how you know we started growing the business to what we have today with the job
[04:32] SPEAKER_00: etc so it's I mean it sounds like you have always had kind of an entrepreneurial
[04:37] SPEAKER_00: spirit in you and it sounds like maybe your wife has as well so that the and I
[04:43] SPEAKER_00: might be wrong your wife is obviously not here right now but that coming
[04:47] SPEAKER_00: together I think is a really interesting partnership right because I think it
[04:51] SPEAKER_00: would be very different if you were entrepreneurial and she wasn't or vice
[04:55] SPEAKER_01: versa for something like this yeah absolutely yeah Christy totally has that
[05:00] SPEAKER_01: in her as well she was actually a real state of prazer in Ontario so she had
[05:05] SPEAKER_01: a job working for you know somebody doing commercial praises and and this is
[05:10] SPEAKER_01: again right around the same time that we that we kind of had these ideas that we
[05:14] SPEAKER_01: want to do something more and I think actually just came off not late or she was
[05:19] SPEAKER_01: about to go off back into like into the workforce after madly and it's like
[05:24] SPEAKER_01: hey we're two options you go back and type or you know literally just one
[05:28] SPEAKER_01: arms lost or arm in a voting accident so she could literally do that for eight
[05:31] SPEAKER_01: hours or when we start speaking you know real state praises and so there's two
[05:36] SPEAKER_01: options and they're so it's like they want again who do we need to talk to you
[05:40] SPEAKER_01: these are prazers and how how do we get on these lists and again it was really quickly and
[05:45] SPEAKER_01: as she's she kind of compliment each other's personalities because I'm very idea like
[05:51] SPEAKER_01: as she can put the glue together and pick up pieces behind me right so if I kind of
[05:56] SPEAKER_01: if I had the vision in the back of the plan she's very good at implementing it and getting
[06:00] SPEAKER_01: the little details done and so yeah she took it off on herself and nailed that and so she did
[06:06] SPEAKER_01: that for a couple of years probably three years until again and it was still kind of a job I mean
[06:12] SPEAKER_01: yes she was her a known her operator but nonetheless still like just a solo printer with a couple
[06:18] SPEAKER_01: employees but now it was very she's very tight and then that's where again this other business
[06:23] SPEAKER_01: the real state investing kind of got her out of that and so she could progress me no more on
[06:28] SPEAKER_00: the real state side and growing very cool I love that I love that you both had so two things I
[06:35] SPEAKER_00: love that you've had both very different paths and come together and found this
[06:39] SPEAKER_00: place that you can work create this business together create your life together I'm sure there's
[06:46] SPEAKER_00: unique challenges and in being married to your business partner totally gonna ask you about that
[06:53] SPEAKER_00: but I also think you had on something that's really important and that is that finding a business
[06:58] SPEAKER_00: partner probably also a life partner but someone who if you are going to be growing and scaling
[07:04] SPEAKER_00: your business which you which you have obviously done not in someone that complements your skill set
[07:10] SPEAKER_00: as opposed to duplicates it is really important and it's super challenging for people because we're
[07:16] SPEAKER_00: more immediately it's easier to get along with someone who thinks the same way that we do right
[07:21] SPEAKER_00: it's it's far less friction than if it's someone who's like okay hold on how do we actually
[07:25] SPEAKER_00: implement that idea Brady what are we gonna do about it 100% you know I could agree more um you know
[07:31] SPEAKER_01: when we talk about this like if we're speaking or you know just talking about scaling business in
[07:35] SPEAKER_01: the whole and and in real like because people like say something wants to repair okay what we've done
[07:40] SPEAKER_01: and and having a partner for one is like I don't know how you you could do it without you could
[07:47] SPEAKER_01: so do it but I think it's just it's a lot what that'd be a lot of work but then to your point like
[07:52] SPEAKER_01: I'm not good at the things she does because I don't like it and vice versa and like my personality
[07:58] SPEAKER_01: is here and hers is much more malo and and and actually very so we totally compliment each other and we
[08:05] SPEAKER_01: don't do the same roles in the in the in the in the in the business right because because then
[08:11] SPEAKER_01: you ultimately you have two leaders spreading the entire company it's a lot easier right you can't
[08:15] SPEAKER_01: be perfect with every perfect yeah you can't be good at everything right that's just the fact so
[08:21] SPEAKER_01: you know try to stick to what you're good at generally if you're good at you can enjoy it which makes
[08:25] SPEAKER_01: you know business and like a lot better etc but I mean we we actually just kind of add on to that
[08:33] SPEAKER_01: so where we were about to start another business so when I'm when I'm starting this venture with
[08:38] SPEAKER_01: this particular person and I don't know this person very well I did we did a personality test it
[08:45] SPEAKER_01: was the disc assessment yeah and so he did it I did and I'm like wow this is like 10 out of 10
[08:51] SPEAKER_01: so like so Christy my wife reads this right and she said oh yeah oh no she she said something I
[08:57] SPEAKER_01: asked I said hey what do you think about this person personality compared to mine I'm like it's
[09:02] SPEAKER_01: pretty accurate right and she and it was so so like her comment was so not not trusting her whatever
[09:11] SPEAKER_01: where right and and she was she was like yeah yeah whatever like oh yeah we'll we'll see about
[09:18] SPEAKER_01: that or something like that right and I'm like okay you need because it's not the noise because
[09:22] SPEAKER_01: that's again my personality so I'm like you need to do this assessment you know it's so anyway we
[09:26] SPEAKER_01: both did it is probably something we should have done a long time with all this we're very active
[09:30] SPEAKER_00: yeah well it's interesting when you when you identify what your strengths are and you know what
[09:38] SPEAKER_00: the gaps are as well but when you when you identify with the strength what your strengths are and
[09:42] SPEAKER_00: you can operate from that place confidently it changes everything right so the fact that you
[09:48] SPEAKER_00: are clear on what your strengths are and Christy's clear on what her strengths are lets you build a
[09:53] SPEAKER_00: really strong partnership and create a business that you can scale in yes yeah I would agree
[09:59] SPEAKER_01: to that and and I also think like acknowledging what you're not good at is probably is important
[10:05] SPEAKER_01: especially like you know when you are starting a business there's going to be certain things in
[10:08] SPEAKER_01: the business that we're or in starting growing a business that you're not good at that you don't
[10:13] SPEAKER_01: like so acknowledging that and just knowing that you need to either especially if you're doing
[10:17] SPEAKER_01: this by yourself that you need to put extra effort into to doing those things well or hiring
[10:22] SPEAKER_01: is a support to do those things right because the reality is if you if you don't like it you know
[10:28] SPEAKER_01: you're not good at it or you're not good at it and you still do it you know it's going to affect
[10:32] SPEAKER_01: the business right so you know you can really try to align yourself with the right people to make sure
[10:37] SPEAKER_01: that you have the highest chance to success when you start yeah absolutely um I'm going to ask
[10:44] SPEAKER_00: about some of the challenges of working with your life partner as well as business partner um but I
[10:50] SPEAKER_00: do want to also after that have you explained a little bit about how your business operates today
[10:54] SPEAKER_00: but because we were talking about being married to your business partner what are some of the
[11:00] SPEAKER_00: challenges that come with that because there are definitely we do have listeners that are in
[11:04] SPEAKER_00: family businesses of some sort are interested in doing this so what are the like benefits and
[11:10] SPEAKER_00: challenges that come with it as someone who has done it successfully yeah thanks um the benefits
[11:16] SPEAKER_01: well okay so again I'm different than most people I would say like well my wife probably finds
[11:22] SPEAKER_01: it more difficult than I personally do because I'm just so involved I just I can talk about business
[11:28] SPEAKER_01: all day long because it's what I love it's like you know like a lot of people like to talk about
[11:31] SPEAKER_01: sports I know like I was for it's what I talk about growing business and ideas and stuff right
[11:37] SPEAKER_01: but I mean one of the challenges is for sure you find yourself just talking about it and not
[11:42] SPEAKER_01: not other things you know um you talk about business a lot you talk you take it to take it home you
[11:48] SPEAKER_01: take it on vacation right that is that is probably one of the downsides and then obviously when
[11:54] SPEAKER_01: you have a group of staff and there is some big ring sometimes goes on at least with us I maybe got
[12:00] SPEAKER_01: everybody does that somebody can get a lot perfectly well but anyway that you know that there
[12:05] SPEAKER_01: certainly is complications but you ultimately you do need to compromise it's just like a great
[12:11] SPEAKER_01: but because it could probably get out of hand if you're not careful it can be sensitive and and I
[12:18] SPEAKER_01: guess your problem ultimately depends on each person's personalities but like I'm a very you
[12:24] SPEAKER_01: know like very strong forward person and I'm just ideas and I want these to go fast and
[12:32] SPEAKER_01: look at Christie's not she right and so um anyway it's just really working together not pushing her
[12:38] SPEAKER_01: too much realizing that right because otherwise just gonna stretch out not only the business but the
[12:44] SPEAKER_01: household those are probably the only challenges really she probably have a few more um to add to
[12:51] SPEAKER_01: but I think you know and and I say so I work with Christie but I also with brother's
[12:56] SPEAKER_01: project manager renovation manager um my sister was worked for us we've got a lot to join
[13:00] SPEAKER_01: ventures with family as well you know I think you know the reason it works well is because we treat
[13:06] SPEAKER_01: it like business right this is so if there is you know conversations and agreements done then
[13:12] SPEAKER_01: it is done just like the same way I would like let's say for somebody for example I joined
[13:17] SPEAKER_01: venture with you or join venture with my parents you know everybody does the same thing the process
[13:22] SPEAKER_01: they get them from me to be is exactly the same agreements the same due diligence the same education
[13:27] SPEAKER_01: phase the same communication it's not you know my mom would actually get mad when she did it
[13:33] SPEAKER_01: it deals with us and say like because it's so business she's like I want my son back like no like
[13:39] SPEAKER_01: love you mom exo exo it's just like you guys it's just very business like it's just but it helps
[13:44] SPEAKER_01: to find the boundaries of what you're doing so yeah we've you know we're very we've got family
[13:50] SPEAKER_01: throughout in friends that we've got with and I think just treating it like businesses
[13:55] SPEAKER_01: and it just remind me remember it like you know and and so if it's written down it helps right
[14:02] SPEAKER_01: you can't get rely on somebody's word or remembering something right so I think those are a couple
[14:08] SPEAKER_01: couple things that uh that we help that we do to make sure that we stay within and we don't
[14:15] SPEAKER_00: become you know family conflicted it sounds like you use the word boundaries a few times and it
[14:21] SPEAKER_00: sounds like both for you as partners in life and business but also the joint ventures that you do
[14:27] SPEAKER_00: that boundaries is really important recognizing them setting them respecting them and that helps it
[14:33] SPEAKER_00: stay in the arena where whatever happens a business isn't personal which I think is what the
[14:39] SPEAKER_00: challenge often is when you're whether it's working with your wife or doing business with family
[14:44] SPEAKER_01: or friends is then it becomes personal absolutely yeah it's it's that's exactly it and then also
[14:51] SPEAKER_01: it's really about setting expectation right and then trying to do that well ahead before there's
[14:56] SPEAKER_01: a scenario where somebody's in the you know not really knowing if you if you give clearly
[15:02] SPEAKER_01: set expectations communicated very well and make sure that everybody's educated and in all types
[15:08] SPEAKER_01: of different outcomes then you know when those outcomes happen it's not blindsided and they're not
[15:13] SPEAKER_01: as emotionally you know you're not going to be as emotionally attached to the potentials
[15:19] SPEAKER_00: it's it's really interesting you say that because because the work that I do I talk about expectations
[15:23] SPEAKER_00: a lot and there's a lot of chatter right now around the idea that expectation I'm totally going to
[15:28] SPEAKER_00: kill this but the idea that expectations are toxic and they create you know they they're the
[15:33] SPEAKER_00: things that create the create the issues is having expectations and I always think to me that's
[15:38] SPEAKER_00: insane because we have expectations either we acknowledge them and we set them and we're clear
[15:44] SPEAKER_00: about them or their ghost expectations that drive us in really toxic ways and what you're saying is
[15:49] SPEAKER_00: yeah they're real we set them we're clear about them and that's what makes this successful
[15:54] SPEAKER_00: 100% 100% so I'm going to pivot a little bit I want to know a little bit about your business you
[16:00] SPEAKER_00: mentioned joint ventures and you mentioned you mentioned some of the work so for people who might
[16:05] SPEAKER_00: be interested in real estate investing can you tell us a little bit about how you do it and obviously
[16:13] SPEAKER_00: your many years into the journey of doing it so what it looks like for you now and then how
[16:19] SPEAKER_00: someone could potentially get started if they're like yeah that sounds interesting where might I
[16:23] SPEAKER_00: start even thinking about this as a possibility yeah absolutely this is you know it's exciting
[16:29] SPEAKER_01: because there are going to be some people listening on here that didn't realize that you could be a
[16:33] SPEAKER_01: full-time real estate investor or that you know just like I was with that car that day when I was in
[16:37] SPEAKER_01: the car driving to Christie to you know they're crazy and then I was just like mind blown right so
[16:42] SPEAKER_01: yeah so basically you know so there's many different strategies when you're looking at real estate
[16:46] SPEAKER_01: message you could buy you know a condo that's kind of like a strategy you could flip houses where
[16:51] SPEAKER_01: you buy by property renovate it to increase the value and sell it this quick as you can for profit
[16:57] SPEAKER_01: you know you could invest in mortgages really is real estate investing as well so but our strategy
[17:03] SPEAKER_01: is it's called a burr be our our buy renovate rent and repeat re-fight rent and repeat so you buy
[17:12] SPEAKER_01: the property and then we renovate it so we renovate generally speaking what we do is we always
[17:17] SPEAKER_01: renovate it from a single-family home into a duplex or triplex so and then once it's renovated we
[17:23] SPEAKER_01: go back to the bank say hey bank we've now made this single-family home into a triplex the value
[17:27] SPEAKER_01: has gone from 400,000 up to 700,000 we'd like to get a new mortgage and we'd like to get so a new
[17:33] SPEAKER_01: 80% one-value mortgage so when we do that that mortgage the money that comes back to us from the bank
[17:40] SPEAKER_01: at the refinance process pays for all the renovation money as well as a lot of the down payment okay so
[17:47] SPEAKER_01: you know for example if we bought it for 400 refinances for 700,000 maybe we might only have like
[17:54] SPEAKER_01: 20 or 30,000 dollars left of our own capital in that house in that property and then we rented it
[17:59] SPEAKER_01: so that was the buying renovate re-fight and then we're gonna rent it so then we rent all three
[18:04] SPEAKER_01: proper three units out three apartments out and which that creates cash flow right so if for example
[18:13] SPEAKER_01: if you rent it for $5,000 all of the units are for $5,000 and our expenses are $4,000 then that means
[18:18] SPEAKER_01: that we would get $1,000 a month cash flow and the next thing about real estate investing is that
[18:23] SPEAKER_01: you make money multiple ways so that would be one way this cash flow the other way would be that
[18:27] SPEAKER_01: the tenants are actually paying down the mortgage every time they make a rep payment that that pays
[18:31] SPEAKER_01: portion of the principal down in the mortgage so you're making wealth and money there as well as
[18:37] SPEAKER_01: in appreciation so hopefully the property is going up in value in general as speaking in Ontario it
[18:42] SPEAKER_01: has for a long time and you know there is blurps and hiccups there but you know the goal is to
[18:47] SPEAKER_01: hopefully buy in a market where it is appreciating going up in value so you could also make money
[18:52] SPEAKER_01: in that way so that's our strategy and that's our nutshell so we buy single-field home renovated
[18:58] SPEAKER_01: the tri-plexes we finance and get all of most of our money back and we buy more so and what we do
[19:04] SPEAKER_01: is we do this with utilizing joint ventures so we collaborate with people that have capital have
[19:10] SPEAKER_01: the ability to qualify for mortgages but they don't have the time they don't have the expertise they
[19:15] SPEAKER_01: don't want to deal with toilets they don't want to deal with tenants but they realize that there's
[19:19] SPEAKER_01: value and they realize the benefits of investing in real estate right most billionaires I forget
[19:25] SPEAKER_01: there's a quote something about billionaire so many most of the billionaires and millionaires
[19:29] SPEAKER_01: make wealth in real estate so it's very safe asset to invest in so what we do with joint ventures is
[19:35] SPEAKER_01: we partner with them so that person that has the capital for the purchase has capital for the
[19:41] SPEAKER_01: renovations and also qualifies for the mortgage they're like for lack of better term the money part
[19:46] SPEAKER_01: right and then they join venture with us the experts so we find the find the property
[19:51] SPEAKER_01: we negotiate it and then we and then we will offer it to our investors and when we would
[19:57] SPEAKER_01: join betcha on it so now we're going into this together ours our team BK our BK staff we
[20:02] SPEAKER_01: renovate that property into that triplexac cost right without in-house staff and then once it's
[20:08] SPEAKER_01: refinanced we would once it's done and we refinanced it we would give the investor back all their
[20:12] SPEAKER_01: renovation money back and as much of that capital or purchase money is possible so again that
[20:18] SPEAKER_01: master might only have 20 or 30 grand off the deal and then we rent the property out and we
[20:23] SPEAKER_01: split the cash flow so with their 50-50 trade vets so for their 50% they're putting in their money
[20:30] SPEAKER_01: and being the money partner and for 50% we're doing all the work and then we split the cash flow
[20:34] SPEAKER_01: 50-50 we split the appreciation and the mortgage paid out for 50 and at the end of the day when
[20:40] SPEAKER_01: unless we sell it in five years the investor had any capital left in the deal after we find
[20:46] SPEAKER_01: it so we get all that money back first and then we split 50-50 so it's really collaborating with
[20:51] SPEAKER_01: people making win-win situations and really ultimately trying to achieve each other's goals where
[20:57] SPEAKER_00: we otherwise see that's really interesting that's a really cool strategy i'm going to ask i so
[21:04] SPEAKER_00: if someone is hearing this and going that sounds really cool how much money would i need to get
[21:09] SPEAKER_00: started in a joint venture with you like what does that look like what would that look like
[21:13] SPEAKER_00: i'm asking this because i'm not going to backtrack to someone who doesn't have that kind of money
[21:17] SPEAKER_00: so if someone's like what would that look like a couple hundred thousand dollars like what would
[21:22] SPEAKER_00: i need to approach brady and say that sounds cool how do i get into real estate investing with you
[21:27] SPEAKER_01: yeah yeah yeah so for the properties again it's all really based on so our strategy we do the same
[21:33] SPEAKER_01: thing over and over and over again so that way we remove a lot of the risk and then the numbers are
[21:38] SPEAKER_01: very predictable so generally speaking the purchase is about nine hundred thousand and it renovated
[21:43] SPEAKER_01: say a hundred fifty thousand so round up two hundred fifty thousand dollars and that would that would
[21:48] SPEAKER_01: purchase the property as well as renovate the property about it and yeah so generally and then when
[21:54] SPEAKER_01: we refinance it they'd likely get it all back you know maybe leave 30 grand left in the deal and then
[21:59] SPEAKER_00: we'd rent some yeah perfect so if i'm hearing this and i'm like i want to do this when i have two
[22:13] SPEAKER_00: advice someone if i'm a listener thinking that to start to learn more about the different strategies
[22:19] SPEAKER_00: are real estate investing in general if they're if they're at the point where they could they could
[22:24] SPEAKER_00: work with you great but if they're like way at the beginning and they're just like this sounds so
[22:28] SPEAKER_00: cool i want to do that in three years when i have the money what can they do to get to that point
[22:35] SPEAKER_01: yeah so the first thing that we that we always do so there's a there's how do you get started
[22:41] SPEAKER_01: investing in real estate number one is educating yourself that's the first step and educating yourself
[22:46] SPEAKER_01: is not expensive in real estate investing you know so there's lots of good great Canadian books
[22:51] SPEAKER_01: dawn Campbell has the okay i only read one or two real estate best in books and i then i
[22:57] SPEAKER_01: i knew that i felt like i was enough to get started and one is that real estate best in my dawn
[23:02] SPEAKER_01: Campbell real estate investing in Canada by dawn Campbell so it's a really it's a really good bit
[23:07] SPEAKER_01: buckle talks about the basics you know there's a there's a million there's lots of podcasts
[23:12] SPEAKER_01: that you can also listen to and the note the the most important thing about your education
[23:17] SPEAKER_01: process is making sure that it's Canadian-based because there's big there's different there's lots
[23:22] SPEAKER_01: of American content but what happens in the United States is not what happens here with regards
[23:26] SPEAKER_01: to financing the types of deals and the strategies that work across borders so you know educating is
[23:32] SPEAKER_01: the first thing because you know what we just told you that there's no opportunity okay so there's
[23:36] SPEAKER_01: no opportunity to really create the life that you want for you and your family you don't have to
[23:41] SPEAKER_01: do it with us though you can do it by yourself you know and it doesn't take 120 properties it could
[23:45] SPEAKER_01: take three if that's your goal so educating yourself is is is one of the most important things
[23:50] SPEAKER_01: number two is setting goals like if your goal is to like why would you want to invest in real estate
[23:55] SPEAKER_01: so is it what is that ideal life look like and is it an amount of money is it things you want to do
[24:00] SPEAKER_01: with your family right so if you picture your ideal life like do a vision board honestly i think that's
[24:06] SPEAKER_01: one of the most empowering things that you can do and once you know what your ideal life looks like
[24:09] SPEAKER_01: well then that's through that's the goal so how what can we do today to get closer to that goal
[24:14] SPEAKER_01: so it is three properties and five years of the goal okay perfect so what's the strategy that's
[24:20] SPEAKER_01: the next thing we need to talk about and the so yeah educate yourself you get to pick a strategy
[24:23] SPEAKER_01: relatively soon into this education journey and and also you need to pick an area so because what
[24:30] SPEAKER_01: you're trying to do is you're you want to become an expert in the strategy in the area right
[24:35] SPEAKER_01: while you're educating yourself okay so you know picking a strategy and really you're going to be
[24:40] SPEAKER_01: talking about your you know the you know the things that you're good at and the things that you're not
[24:45] SPEAKER_01: right how much time do you have to devote into this our is renovations going to be your thing or
[24:50] SPEAKER_01: or is it not right so then you're going to just start to determine okay well yeah i want to be the
[24:55] SPEAKER_01: expert because i got all this time in these skills and the care or i don't want to be the expert
[25:00] SPEAKER_01: in a hold on let's you know figure out other more passive ways to invest right so that education
[25:06] SPEAKER_01: journey could take you anywhere right but it's also you're going to do some self-realizations that
[25:11] SPEAKER_01: in the goals and you know realistically looking at i did it from a from a checklist standpoint okay what
[25:17] SPEAKER_01: what what do we do today to get as close to the goal tomorrow well and i think that's a really
[25:23] SPEAKER_00: important piece of it because everyone's different right so this strategy works for you and it
[25:28] SPEAKER_00: might work for a lot of our but there might be people listening who are like i really want to invest
[25:31] SPEAKER_00: in real estate but i don't like that that doesn't sound right to me because it doesn't for whatever
[25:35] SPEAKER_00: reason but if they're not clear on what they ultimately are working towards it they're never
[25:40] SPEAKER_00: going to figure out the right thing you're not you're going to be jumping from thing to thing or
[25:45] SPEAKER_00: uncertain or not committed because you don't know what the ultimate what your vision is what the
[25:50] SPEAKER_00: outcome you're looking for is so i think that's a really important piece that you're suggesting people
[25:54] SPEAKER_01: do in this process yeah for sure because ultimately like your goals are going to drive you know like
[26:01] SPEAKER_01: again there's so many different ways to invest in real estate like if we if we do all single
[26:05] SPEAKER_01: family flips well that's not necessarily going to create generational wealth if that's what is
[26:10] SPEAKER_01: something you want to do for your kids right and if but if you do need cash so today because that
[26:15] SPEAKER_01: is your goal to quit your job well then these are the strategies you probably might you might want to
[26:20] SPEAKER_01: consider flipping but you also you know like want to like invest in like more in cash flow
[26:26] SPEAKER_01: cash flowing assets so yeah goals is probably you know going to be paired right along with education
[26:32] SPEAKER_00: yeah no i love that i think that's really important so i want to ask this question what have been
[26:36] SPEAKER_00: the biggest challenges that you faced you know as an entrepreneur or specifically in the work that
[26:42] SPEAKER_01: you do yeah the the large challenge it's probably getting out of the like to do it all my do it
[26:52] SPEAKER_01: do we need all myself mindset right it was that transition from like doing all the renovations myself
[26:57] SPEAKER_01: and and honestly taking that first step my first employee was my brother that so that was scary
[27:02] SPEAKER_01: in its own but just like anytime you you take a step from you know what you're doing to the next
[27:09] SPEAKER_01: thing it's there's there's a level of risk involved but it's always the scariest part right but
[27:14] SPEAKER_01: the weird thing about you know anything realistic like like you know anytime you're progressing
[27:20] SPEAKER_01: you're moving forward it's always scary the next steps always scary realistically was once you do it
[27:24] SPEAKER_01: you didn't even realize you did it right it's like you it was scary just to think about it not to
[27:29] SPEAKER_01: actually do it so but that was probably the you know those are there's been some certain times in the
[27:33] SPEAKER_01: in the growth of the business where we had to stick our neck back out to get there right and whether
[27:39] SPEAKER_01: it was hiring that first employee the second employee the third employee and honestly but like the
[27:44] SPEAKER_01: like to scale the business or to grow a business and as well as not be tied to the business and not
[27:49] SPEAKER_01: created like yourself made prison it requires people so what we realized in one of one of the things
[27:55] SPEAKER_01: that we've learned right away was that holy if we got if we if we're going to be bringing people
[28:00] SPEAKER_01: out and creating jobs and we also need to systematically do this and and systemize the business
[28:06] SPEAKER_01: though that was probably the scariest thing but one of the biggest lessons that are probably the one of the
[28:13] SPEAKER_01: you know one of the things that I'm very thankful for that we did and that I would highly recommend
[28:17] SPEAKER_01: that most entrepreneurs do or are all entrepreneurs do is is do whatever you do whatever you're doing
[28:23] SPEAKER_01: try to systematically do it try to create a system so it can be repeated because no especially if
[28:28] SPEAKER_01: you want to grow your business if you unless you want to just do it all yourself right and be a solo
[28:33] SPEAKER_01: produr then that's why you can do it all but if you want to grow your business then you know if you're
[28:38] SPEAKER_01: buying property for an example what I would do what I always did is I know I'm a by property but if I
[28:44] SPEAKER_01: if I'm gonna have somebody else go I create a checklist in the spread of sheep where it makes sure
[28:48] SPEAKER_01: it hit these certain the lot sizes the room sizes it identified the furnace age in the windows age
[28:55] SPEAKER_01: so that way we can hire an employee to actually do those tasks do those roles with the you know and
[29:01] SPEAKER_01: with with a certain level of due diligence and confidence right so you know systematically you know
[29:07] SPEAKER_01: a business has systems and and I think a lot of entrepreneurs when they get started they don't think
[29:12] SPEAKER_01: that way so I think that that's like one of my biggest pieces of the advice is to when you're starting
[29:18] SPEAKER_01: out right at the very start systematically do things create forums create documents that could
[29:23] SPEAKER_00: be repeated I think that's really important as so I'm an entrepreneur like as an entrepreneur I'm not
[29:30] SPEAKER_00: it's funny because I think in terms of systems how things are connected to work together
[29:35] SPEAKER_00: but I hate process for myself like I don't I'm a I'm a natural rule breaker and so I'm always like
[29:42] SPEAKER_00: just make that better so I appreciate what you're saying because I think there's a lot of entrepreneurs
[29:47] SPEAKER_00: or people interested in entrepreneurship who that's a challenge it's really challenging to be like
[29:52] SPEAKER_00: this there's actual value in this process spend the time doing it and I think it's a good reminder that
[29:59] SPEAKER_00: it's much you can scale and grow that but it's so much harder if you don't have the processes
[30:04] SPEAKER_01: explicitly laid out at the beginning yeah and I think I'm just thinking that yeah I agree like
[30:10] SPEAKER_01: I was just thinking about like that's interesting that you're like that because I'm like that too
[30:15] SPEAKER_01: but the reason I know I knew that that was right was because again my previous work was hydro one I was
[30:21] SPEAKER_01: you know teaching people how to climb trees and not kill themselves like around hydro lines so
[30:25] SPEAKER_01: it's very step by step by step by step this is like how I create you know work procedures
[30:30] SPEAKER_01: to save work practices and inspections so everything is done in a checklist and step by step
[30:36] SPEAKER_01: right so I just obviously they do that for a reason it's because generally so yeah generally
[30:41] SPEAKER_01: speaking people need it right so we transition that into our business because the reality is that
[30:47] SPEAKER_01: you know our employees and our team are not like us right you know so they a lot of people need that
[30:54] SPEAKER_01: and they like that structured so it doesn't mean that we need to follow it it just means that
[30:58] SPEAKER_01: we need to be able to help you know our team get the results we want and that's one of the ways
[31:04] SPEAKER_01: to remove the risk of it not getting to everyone yeah it's that translation of just because I know
[31:10] SPEAKER_00: it doesn't mean everyone else is in my head so if I create this thing someone else can can do
[31:14] SPEAKER_00: this and to your point you can then step back you can bring people on and have the confidence to
[31:19] SPEAKER_00: not feel like they're not doing it my way or I have to do it on myself anymore
[31:24] SPEAKER_00: I understand I really appreciate this conversation I think it's going to be super interesting for
[31:29] SPEAKER_00: our listeners and I always like to ask is there anything that you would like to sign off with for
[31:35] SPEAKER_00: our listeners or recommend to them or wrap up this conversation with because I think there's
[31:41] SPEAKER_00: so much value inside of it and I don't want to miss you having an opportunity to to say something
[31:48] SPEAKER_01: that you want to make sure you emphasize yeah I wish it like I had some magical inspirational words
[31:54] SPEAKER_01: but I'm not that like I can't wordsmith that so strategic but so for one thing I'm doing right
[31:59] SPEAKER_01: now I'm doing the 75 part I don't know if you know what that is but it's like dude that's that's
[32:04] SPEAKER_01: a whole other conversation we could have yeah so I did 49 into this right you have to work out twice
[32:11] SPEAKER_01: today one has to be outside stick to a meal plan retapages of buck drink yellow water
[32:15] SPEAKER_01: etc it's very hard and I was terrified to do it that's the fact it took me it took me probably
[32:20] SPEAKER_01: four weeks to talk myself and to do it and you know no alcohol no you know etc and because it was
[32:27] SPEAKER_01: such a just my wife's like there's no way you're gonna do it because it was such a challenge I knew
[32:33] SPEAKER_01: it I had to because it was worthwhile because other people wouldn't or couldn't right so I say
[32:38] SPEAKER_01: honestly like I think people need to challenge themselves if you if you're not feeling you
[32:42] SPEAKER_01: if you have a desire to do something and you're feeling scared well that's probably good right
[32:48] SPEAKER_01: challenge yourself and and you know if you have an idea research it write it down write it in
[32:53] SPEAKER_01: goals like honestly like I've got a page of notes every single day and you know I said goals all
[33:00] SPEAKER_01: the time and honestly like goals and doing a vision board is probably the one thing we do often
[33:09] SPEAKER_01: whether they're just for the you know for the week for the for the month or big goals five
[33:13] SPEAKER_01: year goals but like because the reality I think about going on a road trip if you if you if you want to
[33:18] SPEAKER_01: go if you're going to road trip you don't know where you're going how do you know to get there
[33:23] SPEAKER_01: right life is the same way right like so and I always kind of go back to this idea of like life
[33:31] SPEAKER_01: by design if you think about like how we actually like let's say if you want to become a doctor
[33:36] SPEAKER_01: okay like so back in high school if you want to become a doctor you knew that okay first step is
[33:40] SPEAKER_01: that we're gonna finish high school with great grades second step is we gotta go to university and
[33:44] SPEAKER_01: get good grades and we gotta get into med school after that we know we need to do an internship
[33:48] SPEAKER_01: and then above and above we know that step by step by step then you get into life and it's like
[33:53] SPEAKER_01: we just like fly by the seabed pants we're not setting goals we're not purposely purposefully doing
[33:58] SPEAKER_01: anything right we just get caught up in living being as adults but why can't we you know reverse
[34:04] SPEAKER_01: engineer our life to say okay our goal is this well what do I need you do to get there well I
[34:09] SPEAKER_01: need to know I need to do this this this this okay today I need to call this guy because he's smart
[34:14] SPEAKER_01: and he's can help me with this so I think honestly I think that's my that's my my what I'll leave with
[34:20] SPEAKER_00: you I think that's great that's a perfect place to end it thank you so much for joining us today
[34:25] SPEAKER_00: Brady I really appreciate it and I hope that I hope we get to speak again sometime
[34:30] SPEAKER_01: absolutely well thank you so much for having me and I can't wait to come back
