Summary – Transcript
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Philip asked, “Did you get a mentor before your first deal?” And I’m gonna say that, if we go way back in time, 31 years ago, my first deal was by mistake. I got really, really lucky. I was a little bit older than Austin but not much older than Austin, and unlike Austin I developed a very, very big ego at that time.
So I thought I knew everything there was to know about real estate, but really the reason I made money was the market happened to take off. I of course, being in my mid-20s, thought, “Oh, I obviously know what I’m doing and I’m crushing it so I’m God’s gift to real estate.” Then I went and did my next deal not really having much of a strategy and managed to lose a lot of my profits that I had made on that first deal. That actually made me very humble, and I’m usually somebody who doesn’t like to ask for help, but it brought me to a position where I either had to make… The next sale had to be a success, or I was not gonna be in real estate investing anymore, ’cause that was the last of my capital. And so I became very humble. I asked somebody who was doing flips in Calgary to team up with me, be my JV partner. I put up most of the money and gave them most of the profit in exchange for mentorship. That’s the one reason why I’m still here today. And so the reason I tell you this is that when you make mistakes in real estate, they can be very, very expensive, and quite often they’re more expensive than the cost of mentorship in the first place. So if there’s one thing I would’ve done differently, I would’ve got a mentor probably before I did that first deal, even though I got lucky and that one actually worked. But I should have definitely got one after that first deal, before doing the second deal, because I didn’t really have a strategy. I mean, I got really, really lucky. It’s kinda like buying the right lottery ticket and winning. Well, that’s great that you won, but once that money runs out, you have no way to duplicate that. So you actually have to have strategies and systems and skillsets. So my advice would be to get a mentor long before you do your first deal, especially if you’re gonna to do things… Wholesaling’s a little bit more forgiving than most strategies. If you’re gonna do a flip, though, or if you’re gonna go wing it and try to do a tax deed, go to a tax deed auction, you don’t know what you’re doing, guaranteed you will lose your shirt probably on the first deal. Even if you hilip asked, “Did you get a mentor before your first deal?” And I’m gonna say that, if we go way back in time, 31 years ago, my first deal was by mistake. I got really, really lucky. I was a little bit older than Austin but not much older than Austin, and unlike Austin I developed a very, very big ego at that time.
Yeah, definitely, and before I got any of my deals, before I even knew about investing, Mike was my very, very first coach ever when it comes to real estate investing. Now I had another coach who was more about communication and mindset. His name is Bryan Casella and he’s a millionaire himself. So he actually referred me to to Mike. I went to his, what was it called? The initial webinar, the three-day webinar, and that’s when the journey began. But before I did any real estate investing, Mike was my very first coach. So the answer is, yes, I had an actual coach before I did any deals.