The 5 Essentials You Need To Invest In Real Estate

[00:00:00] Welcome to The Canadian Real Estate Investor, where hosts Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio.

[00:00:12] I want you to imagine this. You're standing on the edge of a new venture, one fueled by visions of financial freedom, promises of generational wealth, living that life that you and your family deserve to live,

[00:00:28] whether it's full of world traveling or a simple carefree life with time spent at home with loved ones.

[00:00:35] You know this is possible. You've played it out in your head a thousand times.

[00:00:40] And you also know how you're going to do it through real estate investing, the most tried and true way to create the life that you want.

[00:00:48] Countless people have done it before you, so why can't you?

[00:00:52] Well, you can, but just like those people before you, you're going to need to do a few things first to make that happen and to achieve your dreams through real estate investing.

[00:01:04] What are the pillars supporting your journey? And do you even know why you are doing this?

[00:01:11] Do you have a clear investment thesis that will be your roadmap and help you navigate this new world you plan on entering?

[00:01:18] Are you aware of your innate strengths and how they can be harnessed to add unparalleled value to that investment thesis?

[00:01:28] What about the other people, resources and capital you will need?

[00:01:32] Today on the Canadian Real Estate Investor Podcast, we are uncovering the five essential preparations you must make before diving into the real estate market.

[00:01:41] Yes. Welcome back. My name is Nick Hill. I am a mortgage broker and a real estate investor.

[00:01:47] And I am Daniel Foch, a real estate broker and investor. And together, Nick and I have helped hundreds of first time and experienced investors across the country buy and sell real estate investments.

[00:02:00] So stay with us as we navigate this crucial checklist, ensuring that you're not just dreaming of real estate success, but you're actually building a solid foundation for it.

[00:02:10] So let's start at the very beginning.

[00:02:14] Now, this may seem a bit basic, but just with all things in life, if we don't have the basics down, how can we build that strong foundation on top of it?

[00:02:24] So, Dan, this whole process starts with one thing, your why.

[00:02:29] This is where you have to sit back and ask yourselves things like, what are your goals?

[00:02:36] What does your best life look like? And how do you want to spend your time?

[00:02:41] Your why is so important because you will need to remember your why, because you are going to have to remember why you are doing this when the times get hard.

[00:02:50] And I can guarantee you there will be hard times and those hard times will come in different forms, such as difficult tenants, unexpected repairs at the worst possible times, deals falling apart, time and energy feels like it's being wasted, betrayals by business partners or contractors, financial hardships and so many more.

[00:03:14] German philosopher, Friedrich Nietzsche once said, he who has a why can endure anyhow.

[00:03:22] Knowing your why is an important first step in figuring out how to achieve the goals that excite you and create a life you enjoy living versus merely surviving.

[00:03:33] Indeed, when you only when you know your why will you find the courage to take risks needed to get ahead, stay motivated when the chips are down and move your life onto an entirely new, more challenging and more rewarding trajectory.

[00:03:46] Yeah, I mean, I think most people, you know, I don't know if anyone agrees with all of Nietzsche's ideas.

[00:03:50] He had some strange one, but this is not one of them.

[00:03:53] He was totally right on this. You need your why so that you can endure that.

[00:03:57] How? I love that.

[00:03:59] We see the one who was really into drugs or is that that? There's another guy that was like super.

[00:04:03] Was that Marx, wasn't it? I think a bunch of them.

[00:04:05] No, I don't know. There was a philosopher who just used to gift people drugs all the time.

[00:04:08] Yeah, he was like gifting like family members cocaine for Christmas.

[00:04:11] Yeah. Was that Nietzsche? No, I think it was a different philosophy.

[00:04:14] Anyways, you know, don't get that specific thing for Christmas. Okay, it's not a good idea.

[00:04:20] But back to your why, right? I mean, that line right there, you need the why so that you can endure the how, right?

[00:04:28] How do we get through all those tough times? We would do that by remembering that why.

[00:04:32] But again, Dan, that begs the question. How do we find out our why, right?

[00:04:36] If it's not obvious to us or maybe it is, but maybe it's a bit murky.

[00:04:40] So here are a few tips. What we're going to do is we'll ask a quick question, give you an application and an example.

[00:04:46] So it is crystal clear. Okay.

[00:04:48] Okay. So the first thing is what ignites your passion?

[00:04:53] Now, an application for that would be focusing on a type of real estate investment that aligns with your passion.

[00:04:59] So let's say you're passionate about revitalizing communities, consider investing in properties that will allow you to refurbish and enhance neighborhoods.

[00:05:08] So an example would be, you know, if you're interested in sustainable living or, you know, missing middle type of product, new and emerging housing types.

[00:05:18] Maybe you invest in properties where you can implement eco-friendly upgrades, transforming them into greener rentals that would attract, you know, more environmentally conscious tenants.

[00:05:28] Let's say, and Dan, we've covered this a lot on the podcast.

[00:05:31] There's a ton of green rebates out there and a ton of new green technology.

[00:05:34] So again, first one is ask yourself what ignites your passion?

[00:05:38] Yeah. I think that that's a good one because Naval Ravikant talks about that a lot in the Almanac, which is just a summary of a bunch of his tweets.

[00:05:44] But like you're far more likely to be good at something and to keep doing it if you enjoy it.

[00:05:50] On top of that, what are you good at? What are your natural talents?

[00:05:54] You know, the ability to leverage your natural skills in your real estate endeavors is important.

[00:06:00] If you're a great negotiator, use this to secure the best deals or favorable terms for your investment.

[00:06:04] Maybe you have a knack for seeing potential underappreciated properties, as an example, or you're really creative as a contractor.

[00:06:14] Using your keen eye for detail and creative problem-solving skills to rehab fixer-uppers and significantly increase their market value could be a potential opportunity for you here.

[00:06:24] Yeah, I love that.

[00:06:25] Then the next thing is, you know, after you figure out what you're good at, maybe what can you contribute to most, right?

[00:06:33] Like what's that skill that you're going to bring to the table that you aren't going to be looking for someone on your eventual power team to replace?

[00:06:40] So identifying that niche within real estate where you can make the most significant impact.

[00:06:46] And that can be focusing on areas where your skills, skill-solving pressing issues like improving housing accessibility or, again, optimizing certain rental operations, right?

[00:06:58] Maybe you're really great at operations.

[00:07:00] And an example that could be maybe you've got a strong finance background or you excel at structuring deals for multifamily properties that provide, you know, affordable and attainable housing that can address both the needs of a community,

[00:07:15] but also address your ability to make money off of this for you and your potential partners, right?

[00:07:21] So again, figure out what you can contribute most to something that you like doing that you're not actively looking to replace.

[00:07:29] Dan, hit me with the last reason here, the last way to find out what your why might be.

[00:07:35] Yeah, I think a big one is what do you define success as?

[00:07:39] How do you define it?

[00:07:41] One of the things that we often reference is SMART goals.

[00:07:44] So like goals that are SMART is an acronym for specific, measurable, achievable, relevant and time bound.

[00:07:51] But you got to set clear criteria for what you even see being successful as, right?

[00:07:58] Are you just doing this because you want to be able to tell people you own a bunch of property or tell people that you built a bunch of doors or put in your Instagram bio or whatever?

[00:08:07] Or, and like, if that's your definition of success, I would say...

[00:08:11] Hey, who are we to put...

[00:08:12] Yeah, 100%.

[00:08:14] But determine what financial independence or work-life balance or your ego fulfillment means to you and pursue investments that support those goals.

[00:08:25] If you value time with family and flexibility, maybe your definition of success includes building a real estate portfolio that provides steady cash flow.

[00:08:35] Or maybe you want to, you know, have a portfolio of Airbnbs that are scattered around that you can, you know, get a little bit of a lifestyle return when you go and manage them and check up on them.

[00:08:46] And they kind of give you that lifestyle benefit as well.

[00:08:50] Or they allow you to spend more time at home and less time working, right?

[00:08:54] Yeah, I love that.

[00:08:55] And that Airbnb example you just gave, Dan, is a great segue to this next piece.

[00:09:00] Okay, so now that you are getting clear on your why, now we have to get even more clear on the next piece.

[00:09:07] This is absolutely crucial.

[00:09:09] This is your investment thesis.

[00:09:12] Okay, so many times, most conversations I have with people who want to invest in real estate or early on invest in real estate,

[00:09:21] maybe they've got a couple scattered doors that they've randomly acquired.

[00:09:26] You know, they'll tell me they've been thinking of doing it for a while.

[00:09:28] They've looked at multifamily properties, maybe in a few different locations, provinces or cities.

[00:09:33] But they also like those cottage ideas, right?

[00:09:36] Like, I'd like, I'd love to have a couple of different cottages or some properties all over the place.

[00:09:40] Maybe some downtown condos for short-term rentals.

[00:09:42] But it would also be cool to have something in Florida or Mexico to go to that I could, you know, go to in the winter.

[00:09:48] Or maybe it's a better idea to build a laneway suite or, you know, renovate a basement.

[00:09:53] All great ideas.

[00:09:54] Unfortunately, what happens is when you have 35 different ideas on how to make money and achieve financial freedom in real estate,

[00:10:03] you actually end up not doing any of them, to be honest.

[00:10:06] Yeah, exactly, right?

[00:10:08] You've got all these different ideas and you haven't picked one.

[00:10:12] And then, Dan, we brought this up in a prior episode about how to overcome analysis paralysis, which I absolutely love that episode.

[00:10:18] I recommend anyone going to listen to that.

[00:10:22] But I'm going to read this small excerpt from it because I found this study really fascinating.

[00:10:27] I think it lends itself to what we're talking about here when coming up with an investment thesis.

[00:10:31] So back in the year 2000, psychologists Sheena Iyinger and Mark Lepper published a study about consumer decision making.

[00:10:41] Now, on two separate days, they offered a display table of different jams that a consumer could buy.

[00:10:49] One day with a variety of 24 different jams.

[00:10:53] And on the other day with a variety of only six different types of jams.

[00:10:59] So the first day, 24.

[00:11:00] The second day, six.

[00:11:02] Now, Iyinger and Lepper, the two psychologists, discovered that consumers were approximately 10 times more likely to purchase from a table with only six options in comparison to the table with 24 options.

[00:11:11] They theorized that making a decision, even a small one, something so menial as purchasing a jar of jam requires mental energy.

[00:11:21] Humans make up to 35,000 decisions a day.

[00:11:24] And the more we have to analyze and compare, the more mental energy it takes.

[00:11:29] And the easiest solution in this situation for most people would be to purchase nothing at all.

[00:11:37] Yeah, I love that.

[00:11:38] It really just shows your investment thesis should actually be almost like more of a disqualification process than a qualification process.

[00:11:48] Work through each one of those ideas that you had at the start to see which one actually fits your why, but which one is also going to go and help you achieve your ultimate goals faster.

[00:11:59] But also within the scope of, you know, accomplishability, right?

[00:12:04] Like what's the most accessible one for you to actually start with?

[00:12:08] Yeah, exactly, Dan.

[00:12:09] So how does one go about doing that?

[00:12:11] Yeah.

[00:12:12] So we're, I guess maybe the easiest place to start here would be just to share some of the work that we've done on our worksheets from the realist course and community, which helps people determine their thesis.

[00:12:23] It starts with your tenant profile.

[00:12:26] So, you know, one of the things that we encourage people to consider is factors such as age, lifestyle, occupation, and interests when identifying potential renters.

[00:12:36] So as an example, you know, do you prefer to maybe rent to seniors?

[00:12:40] Do you prefer to rent to families?

[00:12:41] Do you want to rent to students for certain reasons?

[00:12:45] Do you want to rent to people on a short-term rental like hospitality basis, et cetera?

[00:12:51] It's totally fine to be completely agnostic and just like not care which one, but then at least you know.

[00:12:57] And if you haven't thought about these things, like some people actually do think, oh, I don't want to rent to students.

[00:13:02] Okay, cool.

[00:13:02] Well, we know we're not buying a student rental property then.

[00:13:04] Or, oh, I don't want to deal with hospitality and constant turnovers of guests.

[00:13:09] Okay, cool.

[00:13:10] Well, we know we're not buying an Airbnb.

[00:13:11] Or you just say, I don't care.

[00:13:13] Okay, now we've broadened our market and we're going to have to find a niche in some other category, right?

[00:13:17] But by carefully selecting a tenant group that aligns with your goals as a landlord, should you want to kind of narrow down on this niche component, you can ensure a better relationship with your tenant or tenants.

[00:13:30] Yeah, I love that, Dan.

[00:13:31] And we've said this time and time again, and I will say it again on the podcast, tenants are the real asset.

[00:13:37] Tenants are our clients as landlords and property owners and investors, right?

[00:13:42] I will, like, I'll just, I'll add to that a little bit more because we had that conversation with Chip Wilson and he talked about how, you know, this is like the original subscription model business, right?

[00:13:53] Everybody wants MRR, monthly recurring revenue.

[00:13:56] It's like, okay, well, you're, even if you're renting to a business, the business still has principles and somebody that you have to engage with in regards to managing that lease.

[00:14:10] And so at the end of the day, we have this customer service role, basically, where we have to provide somebody.

[00:14:17] And so think about who your customer is in any business.

[00:14:20] You're the, one of the first things that you want to do is identify the customer that you're serving.

[00:14:25] This is no different, honestly, really not different.

[00:14:28] So a hundred percent.

[00:14:29] And look, this is again, something that we talk a lot about on the podcast, teaching the core, something that you and I implement in our own strategies, which is reverse engineering, right?

[00:14:37] A lot of great investors I know, they have that tenant profile picked out first and then they go and either buy or build or renovate in order to attract that specific tenant.

[00:14:49] Now, moving on to the next piece here, geography, right?

[00:14:53] Essentially location, location, location to a certain extent.

[00:14:56] You know, some questions to ask yourself here are what type of amenities do you want or need your future rental property to be near, right?

[00:15:06] Think about things like school, school districts, public transit, types of healthcare, old age homes, highways, and, you know, again, major ulterior roads.

[00:15:19] Consider the current market and the affordability in that specific region.

[00:15:24] And, you know, there could be different affordabilities within different cities.

[00:15:28] There could be different affordability within different provinces.

[00:15:30] So this is where you got to get really, really specific.

[00:15:34] And, you know, also if you've got current resources there to help you fulfill your duties as a landlord.

[00:15:41] So first one, tenant profile.

[00:15:44] Second one to consider is geography.

[00:15:46] Dan, what is the third consideration when trying to come up with your first investment thesis?

[00:15:53] Yeah, the next piece I would look at is the asset class you want to invest in.

[00:15:56] Are you looking for a single family home, a duplex, a triplex, multifamily?

[00:16:01] Are you looking for something commercial, land, industrial?

[00:16:04] Are you looking for long-term or short-term rental?

[00:16:06] Are you looking for a long-term or short-term hold for your asset?

[00:16:09] You got to think about these things in your acquisition criteria.

[00:16:14] 100%.

[00:16:14] And we're not done with assets just yet because outside of asset class,

[00:16:19] we also need to think about asset quality.

[00:16:22] Now, within every single one of those asset classes that Dan just mentioned,

[00:16:25] there are different categories of quality within those.

[00:16:29] Are we looking for something turnkey, right?

[00:16:31] That literally, you essentially turn the key, you open it up, and you are good to go.

[00:16:36] Or are we looking for something that provides a little bit more work,

[00:16:41] something that you can add value to?

[00:16:43] And then you got to ask yourself the question,

[00:16:45] how much work am I willing to put into the property?

[00:16:48] What is my plan for value out of this property?

[00:16:50] How much more capital do I need if I'm going that add value strategy?

[00:16:55] And what kind of strategies kind of implement to make that happen?

[00:16:59] Yeah, absolutely.

[00:17:00] And I think I would add to that to kind of segue to what I'm going to mention next is,

[00:17:05] are you expecting to pay a premium if it's going to be a premium product?

[00:17:10] Or are you expecting a discount?

[00:17:11] Like, where are you shopping?

[00:17:12] Because a lot of people want the best price,

[00:17:14] but then they also want the best asset at the same time.

[00:17:16] So is it realistic?

[00:17:18] Yeah.

[00:17:18] Is it realistic?

[00:17:20] And kind of segueing from that to what is your expected return, right?

[00:17:24] What are you expecting to get out of this financially?

[00:17:26] How do you quantify your expectation?

[00:17:28] This is like the biggest thing that I think had people actually done this math

[00:17:34] and set their expectation.

[00:17:36] Like you hear a lot about like in the guru space or like,

[00:17:39] you know, whatever, yoga, meditation, et cetera.

[00:17:42] And I'm like, I'm into that stuff.

[00:17:44] So I'm not like, I'm not saying this facetiously,

[00:17:46] but you hear a lot about the word intention, right?

[00:17:49] Set your intention for the day.

[00:17:52] Like, did you guys set an intention for your investment

[00:17:55] when you were going levered long on a HELOC

[00:17:58] into pre-construction condos?

[00:18:00] Because if you did,

[00:18:03] you might not have ended up in that bad position.

[00:18:05] And if you did,

[00:18:06] maybe you're one of the few people who got out unscathed.

[00:18:08] And so this is like where people need to think about

[00:18:11] and run the spreadsheet, do the math,

[00:18:14] like just do the math.

[00:18:16] What kind of return are you hoping for?

[00:18:18] Is it actually achievable?

[00:18:19] Is it a high return, you know,

[00:18:21] like BRRRR strategy as an example,

[00:18:23] which is very tough and done at the margins?

[00:18:25] Are you just trying to do it, you know,

[00:18:27] a reasonable ad value

[00:18:29] and you just want to get that asset as soon as you can

[00:18:32] because you want to capitalize on the amortization schedule

[00:18:35] and get that mortgage paid down

[00:18:38] and each time that mortgage term renews,

[00:18:40] the mortgage pays itself down faster?

[00:18:42] You know, are you looking to have more of a job,

[00:18:45] let's call it, right?

[00:18:46] A lucrative job with an Airbnb.

[00:18:48] You want to be more involved,

[00:18:48] but you're getting that higher return expectation

[00:18:51] so you can do the hospitality element.

[00:18:53] You know, that could require a bit more work,

[00:18:55] just like a BRRRR or an ad value.

[00:18:57] Then you could maybe do a trade-off

[00:18:58] where you're looking for a lower return category,

[00:19:01] like, you know,

[00:19:01] maybe a core rental in the city of Toronto

[00:19:04] or even a luxury rental,

[00:19:06] or, you know,

[00:19:07] you could try and be a slumlord

[00:19:09] or a terrible landlord,

[00:19:10] not financial advice,

[00:19:11] but a lot of people approach it that way,

[00:19:13] which also requires very low work, right?

[00:19:15] So how do you think about the return expectation

[00:19:18] and similarly,

[00:19:20] not just return on your capital,

[00:19:22] but return on the work

[00:19:23] and the energy and time

[00:19:25] and focus that you're going to put into the asset?

[00:19:27] Yeah, couldn't agree more.

[00:19:28] And the next piece here,

[00:19:31] this is kind of where you got to ask yourself

[00:19:32] some tough questions

[00:19:33] and be really brutally honest with yourself as well,

[00:19:37] is what is your risk profile?

[00:19:39] The same way that, you know,

[00:19:40] you'd fill out whatever,

[00:19:42] if, you know,

[00:19:43] if you're on Wealthsimple

[00:19:44] or whatever kind of stock investing you might do.

[00:19:47] And there's always that question,

[00:19:48] what's your risk profile, right?

[00:19:49] Do you want to take a chance

[00:19:51] and ride the market,

[00:19:52] ride the waves of the market

[00:19:54] and potentially risk losing a ton of money

[00:19:56] or potentially have a ton of money to play with?

[00:20:02] You know, this is going to depend on certain things.

[00:20:04] Like what's your age?

[00:20:06] How soon do you want to achieve your goals, right?

[00:20:10] Like we, you know,

[00:20:11] we look at younger people

[00:20:13] and older people look at younger people

[00:20:14] and they're thinking, okay,

[00:20:15] well, this person has a lot of time

[00:20:17] to make up for those potential mistakes, right?

[00:20:22] If you go and screw your first investment up

[00:20:24] and you're in your earlier mid twenties,

[00:20:27] that's probably a little bit more achievable

[00:20:30] to come back from

[00:20:30] than if you are in your mid to late sixties,

[00:20:33] you need to be a little bit more careful, right?

[00:20:35] Then you just do the Tiger King thing

[00:20:36] where you say you're never going to

[00:20:38] financially recover from this.

[00:20:39] Yeah.

[00:20:41] So then you're going to really figure out,

[00:20:43] you know,

[00:20:44] how soon you want to achieve those goals, right?

[00:20:46] And that all comes down to

[00:20:47] the business plan that you're doing,

[00:20:49] what kind of return expectations,

[00:20:51] the stuff that you were just talking about, Dan, right?

[00:20:53] And then again, kind of liquidity,

[00:20:55] what type of liquidity preferences do you have?

[00:20:58] When do you want to have that potential big money moment

[00:21:01] that you can pull out from?

[00:21:02] So let's just do a quick summary of this again for you guys.

[00:21:08] So again, tenant profile, age, income, interests.

[00:21:12] Then we have geography, population age

[00:21:15] and population growth rate, house prices,

[00:21:17] affordable versus expensive, density, amenities,

[00:21:20] what's the ideal municipality,

[00:21:22] what's the ideal province, et cetera.

[00:21:24] Asset class and asset quality,

[00:21:26] single family, duplex, triplex,

[00:21:28] commercial, industrial, retail.

[00:21:30] Is it turnkey?

[00:21:31] Is it a fixer upper?

[00:21:33] Is it add some value?

[00:21:34] Is it totally gut and renovate?

[00:21:37] And what type of investor do you want to be?

[00:21:39] Do you want to be passive?

[00:21:40] Do you want to be capital only?

[00:21:42] Do you want to, you know,

[00:21:42] capital only would be REIT,

[00:21:44] private lending, limited partner,

[00:21:46] semi-passive like an income property

[00:21:47] or more active BRRRR, flip, Airbnb, et cetera.

[00:21:50] And then finally asking yourself those tough questions,

[00:21:53] what is your risk profile?

[00:21:55] Are you low risk?

[00:21:56] Because that is going to pigeonhole you

[00:21:57] into certain strategies.

[00:21:58] Are you medium risk,

[00:21:59] which kind of allows you to play

[00:22:02] in a much larger sandbox?

[00:22:03] Or are you high risk

[00:22:05] and just going full send into real estate investing?

[00:22:08] These are questions

[00:22:09] that you are going to have to ask yourself.

[00:22:13] And when you go through this exercise,

[00:22:15] get into as much detail as possible

[00:22:17] so that when you actually get to the acquisition phase,

[00:22:21] a lot of the due diligence or prediligence

[00:22:23] that you have to do is already done.

[00:22:25] And all you're really doing is saying,

[00:22:28] does this deal fit into the parameters

[00:22:31] that I've already set out?

[00:22:33] And if you look at the best funds,

[00:22:35] they all have acquisition parameters,

[00:22:38] you know, even like the biggest groups,

[00:22:39] Blackstone and all,

[00:22:40] you know, like they'll have different fund parameters,

[00:22:43] different funds that they've raised for.

[00:22:45] And they've said,

[00:22:45] hey, investors,

[00:22:46] we're going to take your capital

[00:22:47] and this is the box

[00:22:49] that we're going to put it in.

[00:22:50] We will only put your capital in that box.

[00:22:53] And so investors know,

[00:22:54] okay, if I believe in that,

[00:22:56] the idea behind that box,

[00:22:58] then I am comfortable

[00:22:59] putting my money in this fund.

[00:23:00] You need to treat your own capital the same way.

[00:23:03] If you want to be the best

[00:23:04] in the world at this,

[00:23:05] which you should, honestly,

[00:23:06] like I don't know,

[00:23:06] there's like you,

[00:23:07] what is it?

[00:23:08] YOLO?

[00:23:09] Is that what they say?

[00:23:09] YOLO.

[00:23:09] You only live once.

[00:23:11] You might as well do a good job at it.

[00:23:13] Honestly, that's my perspective, right?

[00:23:14] So be thorough and exhaustive

[00:23:16] and like take care in doing that.

[00:23:20] I'm quoting Drake so much here.

[00:23:21] YOLO, take care.

[00:23:24] But I love it.

[00:23:25] Is it by any chance

[00:23:26] because one of Drake's good friends

[00:23:28] just followed you on Instagram?

[00:23:30] Maybe.

[00:23:30] Yeah.

[00:23:31] I don't know.

[00:23:31] Dan and I are both

[00:23:32] who are resting on our lows.

[00:23:34] Justin Bieber's mom

[00:23:35] just recently followed us.

[00:23:36] Drake's buddies

[00:23:37] are following us now.

[00:23:38] It's kind of cool.

[00:23:39] Yeah.

[00:23:40] Anyways,

[00:23:40] I guess.

[00:23:41] You're quoting Drake to Patreon too.

[00:23:42] I don't even know, man.

[00:23:43] Because who knows if all that beef.

[00:23:48] I thought Kendrick Lamar

[00:23:48] was going to crash the Canadian real estate market with that.

[00:23:51] So, but no, Dan, I mean, to get back on track, you're totally right.

[00:23:56] Like why, why don't we look at what the biggest and best funds in the world are doing

[00:24:02] and take those same practices, right?

[00:24:04] And, you know, on that note, it might take you a few weeks or hell, even months of working

[00:24:10] on what you think your investment thesis is or what you maybe want it to be only to

[00:24:17] discover that that actually won't work for you to won't serve you or help you achieve your

[00:24:22] goals.

[00:24:22] But look, that is okay.

[00:24:24] You go back to the drawing board.

[00:24:26] And when you're going back to that proverbial drawing board, you're going back with a clear

[00:24:31] head, more information, more data than you had before.

[00:24:35] Hence the next round, you'll be able to make better decisions.

[00:24:39] Yeah, it is interesting because you'll often see people where they get, they have a good

[00:24:45] thesis and it's like, we've come to an agreement that this is going to really

[00:24:47] help them get to their, their, or achieve their goals.

[00:24:51] And then they can't find a deal that fits it.

[00:24:53] And what the mistake I see a lot of people making is they try and change the thesis to

[00:24:57] fit the deal.

[00:24:58] They don't try and change the thesis.

[00:25:01] Good goal.

[00:25:02] Yeah.

[00:25:02] So you'll see a lot of people where it's like, Hey, I only was going to buy it a six

[00:25:06] and a half cap, but this deal is like a, you know, it's a 6.1 or whatever.

[00:25:11] I'm going to make an exception here.

[00:25:13] Cause I think I can stabilize it a little higher.

[00:25:15] It's like, well, no, your rules are your rules.

[00:25:18] You're only as good as your ability to honor them.

[00:25:21] Drop the price offer low, right?

[00:25:24] Or get, get it vacant so you can stabilize immediately with the rents or whatever.

[00:25:29] Don't make exceptions.

[00:25:30] Like the point of doing all of this is so that you don't have to make exceptions.

[00:25:33] Cause you've said, okay, this is my model.

[00:25:35] If long as I follow these rules, I will, I will achieve my goals.

[00:25:40] Then 10 years from now, when you see the compounding of the, of the, of following your own rules,

[00:25:46] you'll be grateful.

[00:25:48] Similarly, if you 10 years from now is when you'll actually feel the compounding of not

[00:25:53] following your rules.

[00:25:54] Cause that slight difference in your yield compounded out over 10 years is massive, massive difference.

[00:26:02] And like, I think that when you hear personal finance gurus talk about it, it almost seems

[00:26:06] like a little bit wild when they're like, oh, if you didn't save, you know, your savings

[00:26:10] rate went from like 11% to 10 and a half percent.

[00:26:14] It's like, well stretch that out over 20 years, which is the lifetime of the asset class that

[00:26:18] we're investing in.

[00:26:19] And it makes a big, big difference.

[00:26:21] So anyway, 100%.

[00:26:22] Well, to be honest, exactly what you just said, Dan, that goes back to that first principle

[00:26:27] of why your why is so important, right?

[00:26:31] Like you cannot deviate from the rules that you set for yourself.

[00:26:34] And yeah, like it's trust me, Hey, you and I've been there.

[00:26:37] We've worked on stuff for like one of the first deals we ever worked on.

[00:26:40] We worked on for like a year and a half and it went absolutely nowhere.

[00:26:42] We made no money off of it.

[00:26:44] We spent a ton of time on it, but we didn't deviate from what we knew was the right thing

[00:26:50] to do with that deal.

[00:26:51] We knew why we were doing it and we could have maybe deviated and tried to get it done.

[00:26:56] And, you know, and, but we would have been, you know, we would have screwed ourselves and

[00:26:59] our client at the end of the day.

[00:27:01] So when you align those principles for yourself, you desperately need to stick to them.

[00:27:08] Otherwise, you know, it's the slippery slope.

[00:27:11] So again, going back to that why and, and being able to push through those hard times,

[00:27:16] crucial.

[00:27:16] Yeah.

[00:27:17] I think, um, I think you, it also gives you the ability to be outcome independent.

[00:27:22] Um, like if you say, I'm only going to buy this deal at a 6.25 cap and you enter your

[00:27:29] six and a half caps or I'll use the original example and you go into the seller and say

[00:27:36] that like, look, that's all I'm willing to pay for your property.

[00:27:38] And then like the, you know, a lot of people will always, it will say to you, um, the most

[00:27:43] powerful thing that you can do in negotiation is to walk away.

[00:27:46] Right.

[00:27:47] And to, or to be willing to walk away.

[00:27:48] And so as long as you, like at that point you, you can do that.

[00:27:51] And then that gives you a lot of like that outcome independence is what gives you the ability

[00:27:57] to be the stronger negotiator in a lot of cases.

[00:27:59] So anyway, now that you've put in that work and you're clear on your why and you're clear

[00:28:06] on your thesis, you have to start like any business, like what we just gave you was the

[00:28:10] foundation of a business.

[00:28:11] And what the next phase of, of building a successful business is human capital.

[00:28:16] You got to start building a team.

[00:28:18] Yeah.

[00:28:18] I love that.

[00:28:19] And this is where we start to really adopt a new principle, which is who, not how you've

[00:28:24] must.

[00:28:25] If you listen to the show, you have heard us talk about this before.

[00:28:28] I'm going to say that when you're big, big, who, not how guy.

[00:28:30] I do, man.

[00:28:31] Because listen, without, without other people, I wouldn't be here.

[00:28:34] Would you?

[00:28:34] I mean, like literally like this is like, we are only here because of the great people

[00:28:38] that we've surrounded ourself with either in our immediate circles or even our extended

[00:28:41] circles.

[00:28:42] Right.

[00:28:43] Yeah.

[00:28:43] As much as I want to be like the Snoop Dogg thing where he's like, thank you, goes up

[00:28:47] and thanks himself.

[00:28:49] I'm not.

[00:28:50] Wasn't that good?

[00:28:51] I would never even claim to be something.

[00:28:52] I don't know.

[00:28:53] Probably.

[00:28:53] But I would never even claim to be self-made.

[00:28:55] Right.

[00:28:55] Like.

[00:28:56] I want to take this opportunity to think.

[00:28:57] Absolutely.

[00:28:58] Nobody.

[00:28:59] Yeah.

[00:29:00] Yeah.

[00:29:00] I think Snoop did that first.

[00:29:01] So yeah.

[00:29:02] Okay.

[00:29:02] Nice.

[00:29:03] Well, Snoop and Connor, shout out to you guys.

[00:29:05] Dan and I are not Snoop Dogg and Connor McGregor, unfortunately, even though we often get confused

[00:29:10] for those two lessons.

[00:29:12] Yeah.

[00:29:12] You know, the who, not how principles to really succeed and to reach that higher level of

[00:29:18] performance.

[00:29:18] You have to shift from the how mentality to that who mentality.

[00:29:23] By focusing on who you can work with rather than trying to do everything yourself, you'll

[00:29:28] find levels of achievement that will help you rise at the same time.

[00:29:32] You'll get dramatically more freedom.

[00:29:34] You know, I'm going to hit you with another thing that will probably annoy you.

[00:29:37] Dan, you want to become the least valuable person in your business and you can only do

[00:29:41] that by bringing in more people.

[00:29:44] And Dan, you've seen me struggle with, you know, our businesses or businesses that I've

[00:29:48] had on my own where I've tried to go and do things like accounting.

[00:29:53] And I'm like, why the hell am I doing this?

[00:29:56] I suck at it.

[00:29:56] I mean, I think like we're really trying to get to that point in our business where it's

[00:30:00] like, I don't want anybody doing something that they're not the best person to be doing.

[00:30:04] 100%.

[00:30:06] 100%.

[00:30:07] Yeah.

[00:30:08] Dan Martel's book, I actually really enjoyed on this, Buy Back Your Time, right?

[00:30:12] On like the idea of delegation.

[00:30:15] He had offered like a really, really bright perspective towards it that I haven't really

[00:30:19] seen yet.

[00:30:20] But it's just very simple, very easy to digest, quick read.

[00:30:24] I highly recommend people picking up that book actually.

[00:30:27] I think we should try to get him on the podcast.

[00:30:29] Yeah, we should talk.

[00:30:30] Yeah.

[00:30:30] Yeah.

[00:30:30] If you know Dan Martel, if you're in his coaching program, give him a shout.

[00:30:33] Tell him to come on the show.

[00:30:34] He's Canadian, so he should be down.

[00:30:36] He's probably mountain biking or whatever.

[00:30:42] Anyway, who are they?

[00:30:43] Who are these people, Nick?

[00:30:44] Yeah, well, it usually starts with a series of agents, Dan.

[00:30:48] You've got a guy like me, a mortgage agent, a guy like you, a real estate agent, an insurance

[00:30:52] agent, possibly even a 007 secret agent.

[00:30:55] A secret agent.

[00:30:58] They, that's, I mean, that's obviously a pretty qualified place to start.

[00:31:04] I think you need to add some other professionals.

[00:31:06] I think, you know, it's interesting, like a lot of these folks only get paid, like they're

[00:31:10] variable costs almost, right?

[00:31:12] So like they only get paid if you, so it's not like a salary that you have to pay.

[00:31:16] This is an important piece that I would note.

[00:31:19] Like mortgage agent typically has paid a success fee when they place the debt.

[00:31:23] Real estate agent gets paid a success fee when they place the debt.

[00:31:25] Now you kind of get into the people that you actually have to like pay for like an hour

[00:31:28] of their service, but it's associated with an actual task, right?

[00:31:31] So like a paralegal, you would pay them to like negotiate with tenants in dispute situations,

[00:31:36] et cetera.

[00:31:37] Lawyers pay them to close a transaction account and you pay them to file your taxes on an annual

[00:31:42] basis.

[00:31:42] These are all things that you like legally have to do to run a successful business, but

[00:31:47] they're, they're very specific tasks that you can, it's almost like piecework, I guess

[00:31:50] would be the easiest way to think about it.

[00:31:51] Right?

[00:31:51] Yeah.

[00:31:52] Yeah, exactly.

[00:31:52] And then, and to go on there with two other people, you need to kind of fall into that same

[00:31:56] category, right?

[00:31:57] An appraiser that you need to go and appraise that property as well as a home inspector, where

[00:32:04] again, that is a one-time fee.

[00:32:05] This is not a salaried person for most people, but an appraiser, an inspector would be two other

[00:32:10] people you need on your team.

[00:32:13] Contractors, handymans as well as, as just contractors.

[00:32:17] Like I think you have contractors for kind of like the big jobs and then that handyman, that's

[00:32:20] just like the random stuff that your contractor probably doesn't want to take on, to be honest

[00:32:23] with you.

[00:32:24] They'll thank you for having to, they're not going to be jealous that you have another

[00:32:27] service.

[00:32:27] Yeah, that's for sure.

[00:32:28] Individual trades as well.

[00:32:30] If you kind of are the kind of person who wants to project manage their own thing.

[00:32:34] Yeah.

[00:32:34] Or even for smaller stuff, right?

[00:32:35] I mean, for me, like, first of all, it's hard to find a good handyman, handy person,

[00:32:41] whatever, right?

[00:32:41] I mean, individual trades, like when you've built up a portfolio of properties in a specific

[00:32:48] geographic location, for instance, Dan, our portfolio in Cornwall, right?

[00:32:53] Like I've got three plumbers at least in my phone that, and I know what type of jobs

[00:32:58] are going for, right?

[00:32:59] If I've got, you know, a leaky faucet and I can't get a handyman there, I know that these

[00:33:03] guys, but if I've got, hey, there's like a, there's water running down the wall in the

[00:33:07] basement from upstairs somewhere.

[00:33:09] I know, I know which company to call as well.

[00:33:11] And that goes the same for electrical or HVAC or any of the bigger ones as well.

[00:33:15] You know, then you want to move to property management, which, you know, is an eventuality

[00:33:20] for some people.

[00:33:21] You know, it depends on what kind of investing you're doing, if it's long distance or what

[00:33:26] type of asset class or what type of asset quality.

[00:33:29] So, so property management, or, or maybe even just to start, right?

[00:33:32] Maybe even just like lawn maintenance and snow removal.

[00:33:35] Yeah.

[00:33:35] And I think the next piece would also be like mentors or other investors in the real estate

[00:33:39] space.

[00:33:40] So you ideally want all your power team members to be investors themselves, or at least investor

[00:33:46] focused.

[00:33:47] Keep in mind, your power team will grow and change.

[00:33:49] And you may eventually have multiple realtors in different locations, maybe one lawyer, or

[00:33:54] maybe one mortgage team looking at your deals.

[00:33:56] Or you may have a traditional mortgage agent until you need to start exploring private lending

[00:34:01] or different, you know, creative financial structures.

[00:34:03] You may need a contractor for certain projects, but several handymans at different properties

[00:34:07] who can be there more quickly.

[00:34:09] You may have an inspector that is great for small multis, but, or like duplexes and triplexes,

[00:34:14] but you need a larger inspector for like a more formal building condition report that a commercial

[00:34:18] lender will be okay with.

[00:34:21] Yeah, exactly.

[00:34:22] And honestly, with all that being said, probably the most important person and the most important

[00:34:29] people in general on your ever evolving power team are other investors.

[00:34:35] As you scale, your team will scale and your mentors will have to as well.

[00:34:41] The same mentor that helped you buy that first duplex might not be fit to help you buy that

[00:34:45] 10th duplex or to help you build your first 10 unit building or to help buy your first 40

[00:34:49] unit building or to help start your mortgage investment corporation, whatever strategy and

[00:34:54] wherever your thesis leads you.

[00:34:56] So, you know, where do you find these people?

[00:35:00] I guess, Dan, is the next question.

[00:35:03] Yeah.

[00:35:03] I mean, I guess this would be a easy place for us to shout out our meetups.

[00:35:08] Like, you know, you hear like coaches in the realtor space, like Brian Buffini and like,

[00:35:15] I can't remember the other ones, Tom Ferry, guys like that talk about like, you need to

[00:35:19] talk to X number of people per week about real estate to, you know, based on the conversion

[00:35:24] ratios, like in order to hit, to get this many leads in order to get, you know, this many

[00:35:30] deals in order to make whatever a quarter million dollars or whatever your goal is.

[00:35:34] Real estate investing is no different than that, right?

[00:35:36] Like in any sales industry, we'll tell you the same thing.

[00:35:40] Go out to events, you know, go to a little local dog park if you want for networking,

[00:35:45] but, you know.

[00:35:45] Go stand beside the guy at the urinal and say, are you looking to buy or sell real estate?

[00:35:48] Yeah.

[00:35:49] Yeah.

[00:35:49] I mean, like, you know, be intentional about it.

[00:35:52] Go to events.

[00:35:52] There are events.

[00:35:53] We have events, right?

[00:35:54] The meetups, the links in the show notes.

[00:35:56] We're going to have it on the Realist website at some point as well, like hosted on the Realist

[00:36:00] website properly.

[00:36:01] So it'll be like one central place for everybody to do all of it.

[00:36:04] Online.

[00:36:04] There's tons of online communities for real estate investors that started during COVID

[00:36:07] when we couldn't go do those in-persons, but in-person is great.

[00:36:10] Belly to belly really gives you the idea of whether or not you're going to be good

[00:36:13] with people.

[00:36:14] Do direct outreach to people like realtors and, you know, whatever.

[00:36:17] Call them, send them a message.

[00:36:20] Social media is another good one.

[00:36:22] Put yourself out there.

[00:36:23] Present your personal brand as actually congruent with what you want to do.

[00:36:28] Networking, I think, is a big one.

[00:36:29] Get out of your comfort zone and start to reach out and actually like be intentional and

[00:36:34] circle back to that one about building your network.

[00:36:36] Yeah.

[00:36:37] I love that.

[00:36:37] And for those of you that are maybe tuning into the show for the first time, I know

[00:36:41] we've had a couple of really big weeks here, Dan.

[00:36:43] And the show is growing like crazy right now.

[00:36:45] So I want to just take a second and thank all of our, of course, all of our legacy listeners

[00:36:49] for maintaining your dedication to us over the years.

[00:36:54] And I want to give a big shout out to all the new listeners and to say that if you are

[00:36:58] a newer listener, go back and check some of the episodes out because we've done full

[00:37:02] episodes on how to network with intention, how to properly go and abide by certain almost

[00:37:08] rules and regulations to get the most out of networking events.

[00:37:11] So couldn't agree more, Dan.

[00:37:13] Tons of ways to put yourself out there.

[00:37:15] You know, all part of that investment thesis as well and building your power team.

[00:37:18] So moving on, there is one final thing that you need to do to prepare yourself before

[00:37:26] you enter the world of real estate investing.

[00:37:28] The final thing you need to do to prepare is to have a strategy around capital.

[00:37:33] Yes, we're talking about money, the moolah, the cash.

[00:37:38] Okay.

[00:37:39] Now, this depends totally on the strategy.

[00:37:42] If you don't have much money, but want to get involved in real estate investing or some

[00:37:46] exposure to it, maybe start with a REIT or an ETF or a crowdfunding platform.

[00:37:53] Yeah.

[00:37:53] Or maybe that little bit of capital that you have is best invested in education at this

[00:38:02] point.

[00:38:02] So do you become a valuable asset or a valuable partner to someone that does potentially have

[00:38:08] more capital than you, but maybe less time or less knowledge?

[00:38:14] It's always very important to remember that real estate is a long-term game.

[00:38:17] So if you need money fast to invest, you're likely better off focusing on your current job

[00:38:22] or career and trying to maximize your money from that, honestly.

[00:38:27] Yeah.

[00:38:28] I mean, Dan, let's pause there and unpack that a bit because we talk about that so much.

[00:38:31] There's so many times where the two things I think stops everybody from real estate investing

[00:38:37] is one analysis paralysis, and that's just a lack of focus on your why and a lack of focus

[00:38:41] on your investment thesis.

[00:38:43] The next thing that plagues people and stops them from getting started or growing is not

[00:38:50] understanding your capital or not having enough money.

[00:38:54] Now, where are most people best suited to make more money?

[00:38:57] Probably in the job that you're already doing, probably where you spend that 30 to 40 to 50

[00:39:02] hours a week in some cases, right?

[00:39:05] Can you get promoted there?

[00:39:06] Can you take on other tasks?

[00:39:08] If you can't do that there, then what is the next best way where you can go and figure out

[00:39:12] how to make a bit more money a bit faster?

[00:39:15] Because that is not going to happen in real estate.

[00:39:18] Now, we have done full episodes on fast ways to make money in real estate versus slower ways

[00:39:23] to make money in real estate.

[00:39:24] So go check that out for more of a deeper understanding on that subject matter.

[00:39:29] But the next piece here, if you don't have that capital or if you do have that capital,

[00:39:34] you don't know how to best deploy it.

[00:39:36] That is when you go and engage with your power team members, right?

[00:39:39] Talk to your mortgage broker.

[00:39:41] If you don't have a mortgage broker, talk to your bank or your lender or your financial

[00:39:45] planner, someone in your life that can help you build out a strategy in accordance with

[00:39:51] your investment thesis.

[00:39:53] Yeah.

[00:39:54] And then I think start understanding new financing strategies like VTBs would be a good example

[00:40:04] that we've done webinars on recently.

[00:40:05] And if you ever want to go back and watch our free webinar for VTBs, it's available on the

[00:40:10] free community, the free course community at realist.ca.

[00:40:14] Just join.

[00:40:14] You'll see it in the webinars in the school group.

[00:40:18] There's private lending, which again, like higher risk strategy.

[00:40:22] A lot of people think, oh, like other people's money or bring out an equity partner or private

[00:40:27] money or whatever.

[00:40:28] And they think that that's the way they're going to solve the fact that they don't have

[00:40:32] money.

[00:40:32] Usually like this is, I'm just going to put it very bluntly here.

[00:40:36] Usually like a sign that somebody is good at making money is that they have money.

[00:40:40] And so people want to invest with people who have already succeeded.

[00:40:45] And so the idea that people have that you're just going to find LPs or private lenders lining

[00:40:52] up to do that for you when you're a beginner investor is just, it's one of the unfortunate

[00:40:58] realities that sort of come out of our industry.

[00:41:00] I think that a lot of people think that that's possible.

[00:41:04] And I think it might've been possible for a while there, Dan, when money was cheap and

[00:41:11] everyone was just making money hand over fist in real estate.

[00:41:14] But I think those days are gone, right?

[00:41:15] I think it's kind of going to be the age of the operator, the age of sophisticated real

[00:41:20] estate investor.

[00:41:20] You're kind of back to the fundamentals and the basics now.

[00:41:23] And, you know, with that being said, I completely agree that, you know, I think those days are

[00:41:28] behind us.

[00:41:30] Yeah, for sure.

[00:41:31] For sure.

[00:41:32] So how would you recommend using this network that you've built and the skills that I've acquired?

[00:41:36] Yeah.

[00:41:36] Use that network that you've built, right?

[00:41:39] You've called those contractors.

[00:41:41] You've reached out to your power team members.

[00:41:43] You've let people know that you are becoming an investor, that you're dedicating your time to

[00:41:49] this, use the skills that you've acquired to maybe attract certain money partners.

[00:41:54] Now, money partners and, you know, less active partners in the GPLP structure, of course they

[00:42:00] exist.

[00:42:00] Now, what we usually like to see is that both parties have exposure to it.

[00:42:06] So very, very infrequently these days, do we see someone with absolutely no money in a deal

[00:42:12] that has gone out and found someone unless that person, unless that person with no money has

[00:42:17] been able to find the deal, package the whole thing up, you know, come up with an exit strategy,

[00:42:22] has that power team and they've gone and found maybe, you know, a doctor or a lawyer or maybe

[00:42:29] even an older family member or something like that with a different risk profile or less time

[00:42:35] or less knowledge.

[00:42:36] And they've been able to bring that together in a harmonious relationship that is mutually

[00:42:42] beneficial.

[00:42:43] For sure.

[00:42:43] Then understand your investment thesis and the highest and best use of the capital that

[00:42:47] you have in hand in order to get the best returns for yourself and your partner.

[00:42:50] So here at the kind of wrapping up here, now we've uncovered the foundational pillars necessary

[00:42:56] to embark on your real estate journey.

[00:42:58] We're just going to do a quick recap because we covered a lot of ground here today, Dan.

[00:43:02] Remember why knowing your why is so vital.

[00:43:06] It ignites your passion and fuels your commitment through those inevitable tough times.

[00:43:11] From there, consider that the top of the steps of the stairs.

[00:43:15] You got to find the first step and doing that is, you know, get a flashlight, shine it on

[00:43:21] the staircase ahead of you.

[00:43:23] Create a clear investment thesis and a look at what that trajectory looks like.

[00:43:28] Ensuring that you're not just dreaming, but you're strategically planning and making something,

[00:43:32] making a set of parameters that are necessary for you to meet to become successful.

[00:43:37] Yeah.

[00:43:37] Yeah.

[00:43:38] I love that.

[00:43:38] I'm going to quote the office here.

[00:43:39] You want to be thinking like a carpenter that builds stairs, always thinking one step ahead.

[00:43:44] The next piece here is, and again, these are all absolutely crucial.

[00:43:48] Like you will not succeed.

[00:43:49] I can almost guarantee it unless you have each one of these figured out.

[00:43:52] And then the next piece is building that power team, right?

[00:43:55] That power team is going to shift your focus from how to who surrounding yourself with those

[00:44:01] people to have an expertise in things that you don't, the things that you're not good at,

[00:44:06] that it's going to help you elevate your success.

[00:44:09] And of course, lastly, we just touched on this, a well thought out capital strategy that

[00:44:15] aligns with your financial resources and with your long-term investment goals.

[00:44:20] And if you want to do that, one of the easy places to get started on it is joining us in

[00:44:26] Realist, our national community.

[00:44:27] If you want to dive deeper into just creating an action plan and accountability system,

[00:44:32] the community's buzzing.

[00:44:33] Like people are chatting in there.

[00:44:36] They're getting deals done.

[00:44:38] Yeah.

[00:44:38] Getting deals done, getting referrals.

[00:44:40] So yeah, if you want to kind of like take that next step, which is honestly crucial for

[00:44:44] a lot of people go to in the show notes, realist.ca hop in, join us.

[00:44:49] We'd be happy to have you.

[00:44:50] And we have free webinars on a regular basis monthly.

[00:44:54] Some big ones coming up and you can go and look at all the past free webinars.

[00:44:59] You can chat with other investors, you can chat with us.

[00:45:01] So we'd love to see you on there.

[00:45:03] I think that's a good jumping off point for a lot of people.

[00:45:06] Awesome.

[00:45:07] I think that's it.

[00:45:07] So yeah, keep dreaming big and keep planning smart, which is much more important than just

[00:45:13] dreaming.

[00:45:14] And your path to success, whether in real estate or business begins with every step that

[00:45:20] you take today.

[00:45:21] So take a step in the right direction, which you already are because you're listening to

[00:45:25] Dan and I talk about real estate.

[00:45:27] Go check out all the other episodes.

[00:45:29] Thank you so much to all of our legacy listeners.

[00:45:32] And thank you to all the people that have just started listening to the show.

[00:45:35] We love and appreciate each and every one of you.

[00:45:37] Hope you got a ton of value out of today's episode and we'll see you soon.

[00:45:40] The Canadian real estate investor podcast is for entertainment purposes only, and it is

[00:45:45] not financial advice.

[00:45:47] Nick Hill is a mortgage agent with Premier Mortgage Center and a partner in the G&H Mortgage

[00:45:54] Group.

[00:45:54] License number 10317.

[00:45:57] Agent license M21004037.

[00:46:02] Daniel Foch is a real estate broker licensed with Rare Real Estate, a member of the Canadian

[00:46:09] Real Estate Association, the Toronto Real Estate Board, and the Ontario Real Estate Association.

[00:46:14] Thank you.