We’re thrilled to bring you a riveting conversation with Dylan Suitor, a real estate maven with over a decade of experience under his belt with this episode of the “Inspired To Invest” real estate investing podcast
To watch this episode of the real estate investing podcast, click here and to listen, here.
From running a painting business to building an impressive 8-figure equity portfolio, Dylan’s journey is nothing short of inspiring. He unveils his early steps into the world of real estate, influenced by both his mother’s profession and his experience studying entrepreneurship abroad.
Join us as he takes us through his transition from small-scale to larger properties, offering a goldmine of insights for aspiring investors.
Dylan doesn’t shy away from sharing the challenges he faced along his journey. He recounts the adventure of acquiring his first building with his partner and how sourcing the right lender played a colossal role in their success. The launch of his company, Conduit Asset Management, is another exciting chapter in his story – a venture that aims to open the doors into the multifamily housing ecosystem.
Buckle up as Dylan shares the intriguing anecdotes of quirky tenants and untapped potential spaces he encountered along his path.
As we wrap up our chat, Dylan lays out his blueprint for achieving financial freedom through real estate investing. He dives deep into the importance of understanding the cyclical nature of the economy, embracing risks, and the value of continued education.
We also touch base on his other business, Elevation Realty, a testament to the significance of professional advice in real estate investment.
This episode is a must-listen for anyone looking to venture into real estate, so tune into this real estate investing podcast and be ready to be inspired!
To connect with Dylan directly, go to @dylansuitor on Instagram.
Thank you to Conduit Asset Management (one of Dylan’s businesses), Five Oaks Land Development and Stone Hearth Properties for bringing us this month’s episodes of “Inspired To Invest”.
To learn more about them, go to conduitassetmanagement.ca online and for Five Oaks Land Development/Stone Hearth Properties, go to @stoneheartproperties on social or https://fiveoaksld.ca or https://shproperties.ca online.
To connect with our host, Serena Holmes, continue exploring this site.
To buy a copy of The Accidental Entrepreneur, click here.
And, for everything related to real estate and real estate investing, please make sure you’ve subscribed to @serenaholmesrealtor on YouTube & other platforms. We also have a page dedicated to this podcast @inspiredtoinvestpodcast where we preview guests each week, highlight their episodes, top takeaways, tips, quotes and more.
Tune back in on Wed., Oct. 11 for Episode Eighteen for a guest who is a fabulous example of why it’s never too late to start investing in real estate.
Thank you for tuning into this “Inspired To Invest” real estate investing podcast, hosted by Serena Holmes & remember, “when you invest in yourself, the sky’s the limit!”
Real Estate Investing Podcast Transcript
Speaker 1
00:01
Welcome to the Inspired to Invest podcast, where we’re sharing stories from real estate investors and how investing has changed their lives. This episode of “Inspired to Invest” has been brought to you by Conduit Asset Management, Five Oaks Land Development and Stone Hearth Properties. Hey everybody, welcome to the “Inspired to Invest” podcast.
00:23
I have an amazing guest today named Dylan Suitor. I’m going to read a short bio for him and then he can fill us in a little bit more about his background and why he got inspired to start investing. So Dylan is a highly accomplished real estate professional with over a decade of experience. He’s a sought after speaker and trainer known for his expertise in marketing, negotiation and customer service. He’s received many awards in recognition of his commitment and success in real estate, and he puts generational wealth building as one of the goals that he likes to see in his clients. He has a keen eye for properties that will offer the returns needed by his investor clients to maximize their generational wealth. So I think that inspires me, but I guess you can obviously give a little bit more background on yourself and basically why you decided to be on this podcast.
Speaker 2
01:12
Absolutely yeah, so happy to be on and share whatever I can and hopefully all your listeners walk away with a little bit more inspiration or challenging their goals a little bit further and stretch in their thinking, because that’s kind of my mission statement, my why? So back when I got into real estate, I got into real estate for myself as an investor. But even before that I ran University First Class painters across Ontario and I spent three years just hiring and training and coaching and developing entrepreneurs and I really enjoyed it. What was challenging was selling painting is never fun. No one wants to pay for a $10,000 paint job, but everyone’s proud to tell you they bought a million dollar home. And so when I got into real estate, I understood models and systems and what to do with it. I found that there was a niche that everyone kind of found and I found my niche in investing. That was really what I wanted to do myself.
Speaker 1
02:02
Yeah.
Speaker 2
02:02
And I like the drill place. I like to be the first to do something. I just put an offer in 107 units today and it’s a north of $20 million offer and I’m looking forward to kind of locking that one up and my first 100 plus unit building and that gives me the ability now to be confident selling other 100 million or 100 unit plus buildings to clients.
Speaker 1
02:21
I think that’s actually something that, now that I’ve talked to so many investors that they’ve talked about, they just wish they would have gone bigger sooner, because the same process for buying a single family home or six units is the same as 40 units or 60 units, and obviously there’s maybe elements of capital raising and things that you have to do differently, but essentially the process of acquiring and everything else is the same. So that’s really common feedback that I’ve gotten. Now my question so you went from painting into real estate, so what was a catalyst that moved you towards real estate? Is there someone that put that in your head or do you just kind of like look at it like you’re going to these homes like, well, instead of selling a $10,000 job, I could sell a million dollar house. What?
Speaker 2
02:58
was it for you. So I think there’s a couple of things that really moved me. One number one was I went back to school for my final, so I did three years at Laurier and then I left Laurier, took three years off and then back to Brock and it took two and a half years to finish at Brock.
Speaker 4
03:11
Yeah and I was at a course I.
Speaker 2
03:13
Just I don’t like the Ontario education system. I think it is just a way to wash people away as opposed to actually educate them.
03:19
Oh yeah, so it’s like oh, we’re going to compare you to you and that’s what we’re going to judge, as opposed to what can you actually accomplish, and I didn’t like the aspect of it. So I found what I could do as a last semester and I went to Poland and I went to a school called Kaczybinski University, which was top 25 in the world for entrepreneurship, and every course I took was entrepreneurship and I just absolutely knocked it out of the park. I almost lived in Poland. I almost stayed in Poland because I loved it so much and there’s all kinds of infrastructure around entrepreneurs in Poland, which was really exciting and I really enjoyed it.
03:48
But I actually did my real estate course before I left and when I got back from Poland I was sitting there going like do I finish my real estate course, what do I do? And it was actually that same question of what do you enjoy about the job and the role you’re in? And it wasn’t a career for me. Painting was. It was a way to make money.
04:04
I love the negotiations, I love the coaching and training, but I was there was a bit of a ceiling on painting, like if you make a million bucks as a painter at some point in time, you’ve run a really massive painting business doing like skyscrapers downstairs or something down or something right. So that was where I think I went to a point where I was like I want to be in a world where I can create unlimited wealth for myself and live an abundant life. My whole thing was I was like to say yes to everything. Now I’m at a point now where I’m dialing back what I say yes to, but I think that the ability to say yes was a question that I was wanting to hunt down. And then I found an issue real estate investing. And then I found an issue creating teams and creating businesses and and coaching and training and leading and what came first then?
Speaker 1
04:45
so you got your real estate license, so you’re acting as a realtor. Did the investing just go immediately hand in hand with that, or is it something that came along a little bit off to the fact?
Speaker 2
04:54
so I actually bought six properties in my personal name before I really went and became an investor and that was because my mom was a mortgage agent so she had a bunch of properties terrible landlord but I knew that real estate was a great space to make money watch this mom, yeah, and she knows that she’s terrible landlord.
05:08
I tell her all the time I’m like you need to hire property management, own assets or invest in assets or invest in me. She’s the point. Now she’s catching everything out, giving me all of her cash, putting it into private mortgages and just, yeah, me leverage to go do whatever I do, because she’s like I know I’m safe to get eight to 10 with you. I don’t want the upside. You go build your, your your massive world. Give me eight to 10, I’m tired of everything else. Yeah, but she was the one who kind of got me into it and then I started to. I started with a student rental, then I did a couple new build condos and I did a flip, then I did Airbnb, then I did another condo, yeah, duplex conversion, and all that was just kind of fumbling through it, and it was when I finally got my education through rain and so right and flipping formula.
Speaker 1
05:47
Stephan arneo and sorry, just to go back to that. So for anyone that would be brand new to real estate investing, that doesn’t know like what rain is, or these other organizations, can you explain that a little bit more?
Speaker 2
05:57
yeah, so I actually spent $72,000 on a course called the flipping formula when Tony Robbins came downtown Toronto on a half-day Tony thing and a half-day pitch, essentially, and I know what.
06:06
I was going into and so I spent all his money on the flipping formula and my biggest takeaway from that $72,000? Here’s a $72,000 US lesson for everyone. That’s listening, pay attention. Go and find local meetup groups. They’re 25 bucks, 50 bucks, 100 bucks, whatever it may be, but they’re relatively inexpensive. I think rain got to a point where it was like three grand a year or something like that, I don’t even know, but these are local meetup groups that are like-minded individuals that are looking to educate and learn and grow and develop very similar to podcast. And so rain stands for real estate investors network. It was the largest investors network in Canada. Don camp sold it. In my opinion, it kind of changed direction and I didn’t love it as much at that point in time. That’s when I found the Sewrite, which is Southern Ontario real estate investment training, which changed to the Wright Club, which was Canada wide and virtual when COVID happened.
Speaker 1
06:53
Yeah, all of these things are essentially finding my niche, which was in real estate investing yeah, and educating yourself right, like I think that if I’ve learned anything as a business owner and entrepreneur is that you can learn so much from other people to get you where you want to go faster and also help like minimize maybe those costly mistakes that you could make if you didn’t have that education or network right.
Speaker 2
07:14
I’ve actually people always say, like how did you do what you do? Like you must be come up with these new creative ideas. And I’m like, I’m just, I’ll listen to what someone says and as long as there’s conviction behind what they say and I believe in what they say, I’ll just run down that path as fast as I need. To people who are smarter than me, like Dr Tony Robbins or Keith Denning or Gary Keller. They write books, they talk about how to do this. If you just do what they say to do, they’re usually telling you the road that takes less falls or has less pickups and bumps. I mean, keith has a book called the Road Less Stupid. Yeah, like four or five page chapters saying here’s a problem. Now go think about how you can avoid it. Yeah, there’s another problem. Now go think about how you can avoid it. And it’s just, it’s, it’s not hard, it’s, it’s simple, it’s not easy.
Speaker 1
07:59
I think it’s important to to recognize yeah, and I think obviously the mindset is a huge part of it, because anyone can read about it and understand it. But then it’s another thing to have the confidence to be like okay, well, I’m going to go and do this and I’m going to change my life and get out of my comfort zone to take these chances. Now, in terms of your actual portfolio, obviously you’ve done a lot. At this point in time, when you look back, what do you think you’re most proud of or do you think is like your biggest success?
Speaker 2
08:28
My most. The property that I’m most excited about for the future is the 88 unit building I bought in London, and I bought it at just over $100,000 a door. It’s two buildings on one lot and the 53 units on one was actually gutted down to the studs, and then the 35 was brand new, built in 2017. And when they built it, they put a 20 year grant on it. So the city of London gave them just under a $9 million grant to build this building to ensure that they kept affordable housing for 20 years. So I have a 20 year commitment to that building, where I can only rent to 70% of people have to be this age or older and have this maximum income and has to be a certain threshold. 20% more is a little bit higher than 10% is whatever. So what I’m most proud of is understanding that the nuances of that, because when I first bought that, we had to pay pretty much cash for it, and the reason being is that the maximum loan amount that could go into it was $2.7 million and everyone else under the sun was like you can’t get a bigger leverage on it. I’m actually closing on a $7.8 million refinance on that building next month, under two years after I’ve owned it, which is going to be about an 80% equity strip on a property that we bought at about a third of the value that I think it would be worth from a build standpoint.
09:44
I think that the reason I’m so proud about that is that I was able to unlock something that most people weren’t able to do.
09:49
Even big, big lenders and big mortgage agents said it’s impossible. We were able to figure it out and solve it, which I’m really proud of. But then I was also able to buy a $40 million building for $10 million, and so it’s really a waiting game that a lot of these people that get into that type of building is because they have deep buckets and they name their building after their grandchildren because they get to pass on. They don’t ever, ever realize that. So I’m able to realize that equity with my partner, my cousin and myself by the time I’m in my 50s, 60s, which is going to be really exciting, and we’ll actually capitalize on that. But we’ll also be able to go and break. That conversation broke us into other city conversations that actually allow us to help create affordable housing across the country that still makes sense for the investor and still makes profit, which is really what I think Ontario and Canada need really really desperately.
Speaker 1
10:37
Yeah. Now I guess for anyone that’s a new investor, obviously when you hear doing these really massive projects, it’s very significant. It could feel intimidating to someone starting out. So can you bridge the gap? How you went from single family homes, for example, over to these bigger apartment buildings that you’re doing these massive acquisitions and renovations and stuff like that?
Speaker 2
10:57
I think I was fairly gifted.
10:59
I mean, I think that any luck is usually because you put yourself in a position to earn that luck.
11:05
Like it doesn’t just someone doesn’t sit at home in the basement and all of a sudden luck just happens, like if that happens once every I don’t know 1 million or 2 million people on the 649 or something. But I think that luck is when you try and you fail forward over and over again and you only fail when you stop trying right, so you just continue to go and continue to go and then all of a sudden luck shows up. So for both my portfolio of 1 to 4 unit properties, we ended up finding a lender that was doing 100% plus financing for us in a good time where the market was going up and we took the right chances at the right time and created 8 figures in equity. That is something that is because we put ourselves in that position. It was 3 and 1 half years of education. I built that relationship for 3 and 1 half years. That mortgage broker specifically said like I thought you were just this little arrogant kid at one point in time and now I’m realizing you’ve developed into this like strong business entrepreneur.
Speaker 1
11:52
And now you’re their VIP right Exactly.
Speaker 2
11:55
Yeah, exactly. So it’s fun to go through that. And I think the second piece was like my first building acquisition I bought before I had the capital, for I tried every lender that I thought I could talk to and there was a lot more that I could have talked to you and tell you that much. No one ended up giving me funding, and so the luck that I had on that one was that my family member, my cousin, had actually just fallen into some money through his family and he was looking to kind of just post up in Antigua and retire. But he’s like I want to make sure I increase my net worth somehow, because his dad really pushed that, and so we wanted to make sure he did something with it. And so we had a bunch of capital and he actually closed on that building in cash and we didn’t get the deal terms we wanted, like my other partner. There was active partner and I didn’t get the terms we would have ideally wanted.
12:35
But it gave us the opportunity to learn and what we thought was a 12 to 18 month project turned into almost four years. Wow, and the only reason it still is above water and made money was because of the market and because of the improvements we made. But we failed so many times to that project and luckily we had a partner that was going to be very forgiving and very willing to work with us on it, so that I think what I would say, that the the kind of fill the circle and complete the circle. On that conversation we just asked about, like how would, how could it be so daunting is that. I know how daunting it is.
13:03
I’ve been through a lot of those challenges and problems over 40 plus apartment buildings in the last four years and we’ve actually launched a company now called conduit asset management, which is the company that manages all of my assets, and we opened it up to our clients. And so it gives the ability for people that that are that have a couple of duplexes or triplexes that are kind of at the ceiling and they can’t get more financing. They hit a threshold, they want to go to the next level. They don’t know how we’re really that bolt on. That gives them the ability on their first or as long as they want to, um, to be able to break into that, that that ecosystem of multifamily, and do it with what I call an insurance behind it.
Speaker 1
13:37
Yeah, now is this an MFT no.
Speaker 2
13:39
No.
Speaker 1
13:40
Okay, so it’s something a different product.
Speaker 2
13:42
It’s, straight up, a company, a firm that just manages your assets. So we’ll organize the due diligence, we’ll organize your um, we’ll, we’ll deal with your financing, we’ll, we’ll underwrite the the deals to make sure it’s a good acquisition. We’ll basically tee up all the, all the issues, all the problems. Like I have a $2 million loss right now with the contractor that just walked off after taking a million, three delaying my project, costing me more money. All these issues. Yeah, we’ve implemented systems to avoid that never happening to a client, and so we have site managers and project managers that inspect projects on a weekly basis and any contract you work with get paid on a weekly basis as opposed to large lump sums. So we’re spending $20,000 or $50,000 a week on some of these large construction firms because we’re not going to give them a five or $600,000 deposit.
Speaker 1
14:25
Yeah, and it’s not the first time that I’ve heard that. Like in my old business, we worked with a developer that was focused on building like large apartment buildings for students and they ran into very significant issues where, you know, significantly over budget, really delayed, and so I think she was at student housing. It’s not just saying like so your condo is going to be late, like this is students coming in for school from all around the world, right, and they had to put them up in hotels and Airbnb’s and things like that and you know, didn’t get their permits to even open on Labor Day weekend as intended. So I think that’s wise and it’s a good segue into my other question, just regarding lessons. So obviously you’ve had all these successes. I’m sure there’s been lots and lots of lessons. So, for some of those lessons, what’s one that you would want to share and how did you work through that?
Speaker 2
15:06
We could do a longer book on lessons, as opposed to the successes or whatever one sees the lessons or whatever one needs to see.
Speaker 1
15:13
Absolutely.
Speaker 2
15:14
And that’s why this company really launched. But I would say my biggest lesson that I’ve ever learned so many, I think, one that I’ll twist to a bit of a positive is that you want to save dry powder, you want to have some contingencies and capital on the sidelines, but when you find yourself down for the count and you think it’s over, there is a way out, and I think that there’s been a number of times where I felt like we’re an inch from bankruptcy or like we can’t make this. We can’t do this. How do we do this? Or you bounce your first mortgage payment and it’s like the world’s ending. Or you don’t close on your first property and the world’s ending.
15:54
And then, all of a sudden, you realize that for a $5,000 additional deposit, you can get an extra month which gives you the time to line up financing at reasonable terms.
16:01
And all of a sudden, everyone’s OK, the deal closes and everyone’s happy because they closed, and the real pain and worry across the board wasn’t the day of closing, it was the fact that they didn’t think you were going to close, they had to go back to market and all these other question marks that people had.
16:17
And so, I think, becoming comfortable with uncertainty. And being uncomfortable is a really important quote, and so I think that my biggest lesson that I’ve learned is that there’s always a way out, there’s always a solution, there’s always another opportunity, and even when you say, oh, rbc doesn’t do that type of lending, they didn’t do that type of lending three months ago, but now their books opened up and now they’re interested in it or whatever it may be. And so I think that when you’re looking at anything, whether it’s house prices or VTBs or lending capacities the economy is changing, the market’s changing, and there’s a time and a place for everything, and that’s why those different negotiation strategies may have come up at a certain time, and they can come back, just like old paint colors or I don’t know natural and earth-toned floors.
Speaker 1
17:02
They were out, they came back in and everything goes up and down, and obviously it’s kind of like a living breathing thing just how quickly things change, as we know, even just with the interest rates and things like that. Now, in terms of obstacles, is there one that really stands out to you as the biggest obstacle that you’ve ever encountered, and what would that be? Is there anything? Looking back, you even would have done differently to get through it.
Speaker 2
17:25
Refinancing large residential portfolios. That’s twofold. Right now we’re in the process of. My partner and I and he’s got a couple other partners have about 500 single family to four plexus Majority single family probably 80 percent of the single family In the US. That’s a very common thing. Blackrock owns thousands of houses. For instance, in Canada we’re one of two groups that own more than 10 houses 12 houses, whatever it is.
Speaker 1
17:54
Well, because the banks don’t like you to have more than four right.
Speaker 2
17:57
They don’t like you to have more than five and then maybe get to 10 for a couple of banks, or you go to a model line and you can get to 12 or 15. The problem is that they want now they look at commercial underwriting, which means that it’s an income approach as opposed to a direct comparison approach.
Speaker 3
18:10
On this portfolio as if it’s an apartment building.
Speaker 2
18:12
But the problem is that the people involved in banking don’t want to spend the time and energy to underwrite 500 different properties or even 50 different properties. But they can do 150 unit apartment building.
Speaker 1
18:23
Yeah, yeah.
Speaker 2
18:24
So that’s probably the biggest challenge that we’re still faced with, and what I would do to change it or not have to deal with that again would be I would go and talk to family offices, I would go and talk to large insurance companies earlier and I think I would get into multifamily earlier. And what I’m now promoting for some of my clients is what I call real life monopoly, where monopoly lets you buy four houses, not 45,000.
Speaker 1
18:50
Yeah, so you have a property but four houses and they go to apartment building.
Speaker 2
18:53
Yeah, Hotel they call it, but I call it apartment building because I’m an apartment building investor. So play monopoly would be. That’s what I’m doing with all of my clients, like there’s a way to scale through this, and I think that also allows smaller investors to get into the game. It also allows some of these investors that are accumulating a large portfolio that are preventing home ownership. It also allows those to go to bigger, bigger, bigger projects.
Speaker 1
19:14
Yeah, no, that makes sense. So we’re just going to take a really brief pause for a word from our sponsors.
Speaker 4
19:19
Time and time again, we see investors struggling to manage multiple projects effectively. We can help meet. Conduit asset management. We assist real estate investors by bringing their property to highest and best use through consulting on every phase of their project, from initial due diligence review, project scope and management, all the way through to refinance assistance. With extensive knowledge of the steps involved in bringing commercial real estate projects to their highest and best use, conduit can save you valuable time by knowing when and how to start key processes before they’re needed. So I struggle to juggle multiple projects on your own. Let Conduit asset management help you make the most of your investments, maximizing your return on your real estate investment and minimizing your risk. Conduit asset management.
Speaker 1
20:03
Thanks again for following along with this episode of “Inspired to Invest”. In addition to real estate investing and running my own brand experience agency for 18 years, I also published a book called the Accidental Entrepreneur in October of 2021. This is my story and it chronicles how I turned tragedy into triumph to embrace my destiny in entrepreneurship. If you’re interested in picking up a copy, you can find the link at SerenaHomesRealtorcom and you can also find my link tree with all of the retailers in the details below. Thanks again for your support.
Speaker 3
20:38
Stone Hearth properties and Five Oaks land development present the Stone Hearth Mutual Fund Trust. One great fund, two great projects. Our MFT can accept a variety of registered funds and cash to diversify your portfolio. An MFT is one of the most tax efficient ways to invest your capital and is widely used in real estate. Our MFT offers a competitive interest rate, flexible two year term and a dip option. Contact us for more info via email or by visiting shpropertiesca or FiveOaksLDca.
Speaker 1
21:14
Hey everybody, welcome back to the “Inspired to Invest” podcast. We have Dylan Sutter here sharing a wealth of experience based on all of his history as a real estate investor and also as a realtor. So before the break we were talking about lessons and obstacles and I have to ask what would be the craziest thing that’s ever happened to you as a real estate investor? Crazy tenants like crazy projects.
Speaker 2
21:36
Couple I probably don’t want to admit on the call.
21:41
I think there’s been a few stories that may scare some people away from home ownership or from investing, such as luckily well, lucky and unlucky we had a four plaques up in Sudbury that we thought was vacant and then we got a call from a fire department and someone was squatting in it.
22:00
There was a past tenant that was supposed to be out and, luckily for insurance, when it went up in flames she was still there because otherwise we wouldn’t have had an insurance claim covered. But she ended up getting severely burned and went to the hospital and ended up passing away and that was just coming home squatting on a property of ours with a bottle of alcohol and cigarettes, fell and sleep on a couch and that kind of thing. I mean, those are the things that you never want to know about or hear or see. So I would say that’s kind of more of the downer side. I think some of the bigger opportunities are falling into the one property I had had eight foot ceilings above the ceilings, which gave us the ability to do spiral staircases and loft and had 10 more units on the building.
22:46
Wow, so Hidden space Hidden space is huge. It was a warehouse that was now a residential apartment building. We just didn’t know that it was a three story hotel. Wow, yeah, that’s amazing.
Speaker 1
22:58
So obviously you’ve had a lot of education and you’ve worked with a lot of big names like Tony Robbins and stuff like that. What would you say is the best advice that you’ve been given?
Speaker 2
23:09
Read the book the Fourth Turning and understand that the economy is cyclical and we usually go in about 20 year chunks. One of my mentors and late mentors, stefan Arneo, wrote a book very similar to the Fourth Turning where it was hard times create strong men and the concept was hard times create strong people. Strong people create good times. Good times create weak people. Weak people create hard times and that’s the cycles. And so if you look through every like 20 issue or period since 1920 and you look at the wars and you look at what happened after the wars and all that kind of stuff, you can kind of predict the future and history does tell us a lot. It’s very common for you to hear that. I think we have the resource to go and read that book and understand that book. Tony did a 90 minute interview with how the author of that book. You can look that up online. You did it his house a couple of years ago and you can actually hear what what the Fourth Turning is all about and get a summary of it there too.
Speaker 1
24:04
Yeah, that’s so interesting. So I guess, just in terms of your portfolio I think the first time I hear do you speak, you were talking about almost like building a resort or something like that and it just begs the question, like what is your financial freedom number Like? Is it a particular value of your portfolio? Is it a certain amount of cash flow Like? What does that look like for you?
Speaker 2
24:24
$46 million at a 7% return for 27 set, or 2.7 million a year is my financial freedom number and I got that for my sixth or seventh time doing wealth mastery with Tony. He shows a five, a seven and a 9% return and then he shows you five levels of freedom and financial freedom is four. That gives me $500,000 a year for charitable donations, which I’m really passionate about. It gives me one FU trip a year. I’m going to space next year in a big balloon. That’ll be kind of fun. There’s a, there’s a submarine you can now take to actually go down and tour the Titanic. Oh my gosh, I didn’t know that.
25:00
So, yeah, that’s the like. I do anything twice and so it’s. I want to hit those bucket list items, which is kind of like one of the coolest things. So that gives me the ability to do all that stuff, plus live in a nice home and cover all my expenses and and live the way I want At that point in time. Anything above that I’d be reinvesting into other businesses or youth entrepreneurs.
Speaker 1
25:16
Yeah, no, that’s, that makes sense. Now, is there anything that you think it sounds like you were always really entrepreneurial, but is there anything that, knowing what you know now, you’d go back and want to tell your former self when you’re first starting out?
Speaker 2
25:30
I’d probably say take more, take more risk and more often. But realistically I’ve taken every risk in the box. Yeah, it sounds like it.
25:38
I don’t know if I can tell myself that Go bigger faster, understand, educate yourself first, Like if you got 50 grand, 25 grand, 10 grand, put it in education. I spent three and a half years of education and I probably have spent 30 more years. Yeah, I think you can overdo the education side. So definitely invest in yourself and then go and find the right people. Get out of your comfort zone and become comfortable, not being uncomfortable.
Speaker 1
26:02
Yeah, Now I guess, just in terms of opportunities that you have I know you mentioned that you’re creating this other business to help investors and stuff like that Are there any opportunities that you’d specifically want to share that would be valuable to other investors that could be listening?
Speaker 2
26:16
This asset management company is is not a typical asset management company. I’ve actually not found an asset management company that’s even remotely similar. Most asset management companies are like a BlackRock, where they have a general partner where they take a percentage of that the property every year, plus they take a percentage of your growth and the upside in it. You just don’t want to. Grant Cardone talks about 10X. Well, the 10X companies, the asset management companies, the 2X companies, are those that invest into them. Yeah, and I think that the difference with us is that we’ve built a model where you can actually work with us and we can take the properties to highest and best use the way that one of these big asset management firms would, but you can still get the 10X returns and use. Pay us a fee to get there. We’ve done that really for investors, to create an opportunity to fill a niche where we can get people in from duplex, triplex, fourplex into that multi-family space.
Speaker 1
27:03
Yeah, no, that’s awesome. Now, I guess, just in terms of quotes. Obviously, this podcast is called Inspired to Invest and the whole point is really just to show investors that it doesn’t take these extraordinary, extraordinary, like affluent people to be doing these really amazing things To bridge the gap for people, to show them that they can take control of their lives and educate themselves and make these moves. So, when you think about things that inspire you or quotes that inspire you, what is your favorite?
Speaker 2
27:28
I think that you either win or you learn, is one Fail forward, fail often and become comfortable with being uncomfortable. Those are probably my three most common, most preferred. I also think that highest and best use is also a quote that I’m always looking at, but it’s not an inspiring quote.
Speaker 1
27:48
It’s more of like a practical yeah.
Speaker 2
27:50
Anytime I talk to anyone, it’s like what’s the ROI? How high is the best use? What’s the highest and best use?
Speaker 1
27:54
Yeah, yeah, and then your numbers start working Awesome, so I appreciate your time today. How can people get a hold of you and find you online?
Speaker 2
28:02
Absolutely. You can reach out to my Instagram, Dylan Suitor. They can reach out to us through leads at elevationrealtica and that’s probably the best way. Any phone number I give you to go to the office I can’t give out myself one at this point in time, but I was a blind. Well, thanks again for being here.
Speaker 1
28:20
I know that you’ve got a very busy schedule and also a very big trip coming up, so we do appreciate your time, of course, for anyone that is watching today, thanks for following along on the Inspire to Invest podcast. If you like what you’ve seen, make sure that you subscribe, and don’t forget that if you invest in yourself, the sky’s the limit.
Thanks to our sponsors, Conduit Asset Management, Five Oaks Land Development and Stone Hearth Properties, for bringing you this episode of the “Inspired to Invest podcast”.
The views represented on this podcast are for general information only and does not constitute investment or other professional advice or an offering of securities. The hosting guests featured on Inspire to Invest make no representations as to the performance of any particular investment. Should you decide to make an investment, you are responsible for conducting your own review and analysis. It is recommended that you obtain independent legal accounting and tax advice from licensed professionals.