Discover the remarkable transformation of a tool & dye shop worker to a real estate maven who is in the process of scaling his real estate property portfolio to more than 80+ doors.
Welcome back to the “Inspired To Invest” real estate podcast. This week Alex Pal from Pal Property Solutions is with us!
Inspired by Robert Kiyosaki’s wealth-building philosophies, at the tender age of just 16, Alex became obsessed with saving his earnings & learning real estate investment strategies that have propelled him to financial independence.
His tale is a testament to the potent combination of education, mindset, and strategic planning in mastering the real estate market.
We venture deeper into the realm of property investment & uncover the intricate dance of managing rentals—from duplexes to sprawling complexes—& the critical role of economies of scale. We scrutinize the fluctuating impact of interest rates & dissect regulatory influences, all while stressing the significance of actionable knowledge gleaned from real estate education programs like Fortune Builders.
Our discussion with Alex unveils the hard truths of the industry & the vital steps in transitioning from education to execution, steering clear of cynicism & maximizing the potential of real estate investing.
In our closing conversation, we celebrate the synergy of leadership, delegation & systemization in scaling real estate endeavors, as highlighted through Alex’s property flipping escapades. Alex also shares a dose of reality with his vivid encounters with societal issues within his properties.
We cap off by envisioning the evolution of homeownership & invite those drawn to the allure of the rental market’s horizon to partake in the conversation & future investment endeavours.
Join us for an episode brimming with inspiration, grounded advice & an honest peek behind the curtain of real estate investment success.
To connect with Alex, go to @palproperty_solutions on social & online.
Thank you to Fluent Capital Lending Inc. for bringing us this month’s episodes of “Inspired To Invest”. To learn more about them, go to @fluentcapital on social & online.
“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more.
Join us again on Feb. 21 to learn not only how to survive, but thrive as a real estate investor working in a down market.
Thank you for tuning in & remember, “when you invest in yourself, the sky’s the limit!”
Connect with our host, Serena Holmes & to buy a copy of her book, 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 on Instagram and Facebook @inspiredtoinvestpodcast where we preview guests each week, highlight their episodes, top takeaways, tips, quotes and more.
Are you a full-time real estate investor with an inspiring story to share? Apply now!
Real Estate 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 the Inspire to Invest podcast has been brought to you by Fluent Capital. Hey everybody, welcome to the Inspire to Invest podcast. I have Alex Pal here with me today, and he fell in love with real estate investing very young, and by age 16, he’d actually read most of Robert Kiyosaki’s books on wealth building.
00:30
For anyone that knows Rich Dad Poor Dad, he went to Mohawk College to study mechanical engineering technology and later on went to Lakehead University with a Bachelor of Engineering, construction and Technology. But out of university, he really focused on saving every penny to buy his first house, which he fixed up and rented out, and then he duplicated the process a number of times and then he eventually got to the point he was able to leave his full-time job and now he just focuses on real estate investing in Canada as well as the United States. So thank you so much for being here today. How are you? Thanks so much for having me. I’m doing fantastic.
Speaker 2
01:04
When are you?
Speaker 1
01:05
Awesome. So obviously we talked a little bit about what you’re doing before real estate, but maybe you can talk a little bit more about how that was always integrated, because you’ve got a unique story in the sense that you discovered the concept of this much earlier than most people. So what was it that really attracted you to that Like? Did someone put the book in your hand? How?
Speaker 3
01:22
did you think at 16?
Speaker 2
01:24
I was working at my uncle’s shop. He was a tool and dye maker and I come from a family of tool makers. My grandfather was one as well, and I was blown away at how much these guys worked. My father, he’s actually an engineer and he was working for hockey games and stuff like that, but I noticed a lot of the guys in the shop were working crazy hours and the quality of life wasn’t the greatest when you’re working like that.
01:47
So at a young age I was like I was 14, 15 years old working in the shop, and this was like weekends and summers, kind of right.
Speaker 1
01:54
But I don’t want to be doing this.
Speaker 2
01:57
Full time. I’m just skipping school. But at a certain point it was like okay, this is kind of how I want my life to live. But like you like do I want a family. Do I want to be around for the hockey games or whatever is going to be?
Speaker 3
02:09
happening.
Speaker 2
02:10
So it really started to change my mind in terms of finding different avenues for generating income. Side hustles somewhere, entrepreneurship, and it’s kind of like the law of attraction when you start to open your mind to these, opportunities flow in. It just so happened that my cousin in law had an auto shop. I used to take my car over there and he used the hoist and I fixed my own car and he’s like it’s like I just bought a triplex in Toronto and I’m fixing it up and he’s like it’s really good. But when that’s where he gave me a verse to add, we’re dead. I read that one and then, like I ate it up in like a week. I was like this is the coolest thing ever. I think I’ve just I’m onto something here and why doesn’t anyone talk about this?
02:58
And then I came back to him, I gave him his book back and he immediately gave me investing in Canadian real estate using the Acre system by Don Cannon, the original founder of RAIN, the real estate investors network in Toronto. So I took that one and the way that the books laid out it’s like a story of a guy named Richard and I researched it correctly and it’s very nicely lays out the thought process of like buying your first property. So I studied that to nausea and then that’s what. Eventually I was like hungry for it all through school.
03:28
I had to finish school and see, get a job to start building some credit and in that but even at young age, you know, I’d have a credit card like taken to the beer store and like immediately paid off and never carried a balance, never carried myself into debt. So then, eventually, even my first property that I bought I was getting by the time I finished the renovations in the basement. I had a bathroom in a bedroom. I was getting paid to live in my own house and you see the fruits of your studies and your labor in the money that you have in your bank account. Like Boy Snow, I have a house. It’s paying itself down, it’s appreciating value and I’m out of pocket no money. In fact, I’m getting $600 plus dollars. So I was like, yeah, I’ve got to keep doing this. So yeah, they spread it on.
Speaker 1
04:17
Yeah, now that makes perfect sense. Now you mentioned, obviously, that you were working for a little while. How long were you working your career before you ended up shifting over into full-time real estate investing?
Speaker 2
04:26
I was working for four years.
Speaker 1
04:28
Okay.
Speaker 3
04:29
So not long.
Speaker 1
04:30
And then, what size was your portfolio at that point, when you left?
Speaker 2
04:34
I had bought two bindholds. So I had two holds and I had bought two flips. Okay, Well, that was like versus second property wasn’t quite enough to carry salary.
Speaker 3
04:44
Yeah.
Speaker 2
04:45
So I actually ended up going and getting my realtor’s license because I felt like I needed some sort of a transition between going from salary pushy I’ve got benefits, job yeah and eventually getting, like you know, free from the golden handcuffs. I guess you could say so. The first flip I did was I called the school flip because I made like $250 at the end of a whole summer slogging on this property, yeah. Second flip, I mean more than a year’s salary and I was barely on the tools.
Speaker 3
05:15
Yeah.
Speaker 2
05:15
It was just a whole mindset shift Okay.
Speaker 1
05:18
Yeah, and how long ago was that?
Speaker 2
05:21
Well, that’s probably like 10 years ago, 10 years ago.
Speaker 1
05:24
Yeah, I just wasn’t exactly sure how long that was. So what is your portfolio look like today then?
Speaker 2
05:29
So we’ve got just over 80 units across. You know the set of Ontario. So we’ve got apartment units eight plexus or a lot of this early. We have a number of duplex, triplexes, four plexus I think. I’ve got like maybe two single families. We have a five plex into Brunswick.
Speaker 3
05:47
Okay.
Speaker 2
05:48
Actually we bought a set and seen. Still haven’t seen it. We want to put up three years. It just keeps doing this thing.
Speaker 3
05:53
Yeah.
Speaker 2
05:54
And then we actually just bought in Seoul to properties in Columbus Ohio just to create a group of concept and help us figure out our networks and yeah.
Speaker 1
06:05
Now, can you talk about how you shifted over into multifamily and just in terms of the process of acquiring these properties? Cause you started obviously just with your house hacking in the beginning, but then how did you shift over into these larger opportunities and like what was your process in terms of engaging investors, assuming that was what you did as well?
Speaker 2
06:21
Yeah, and actually I wish more people kind of asked that kind of thing.
Speaker 1
06:25
Cause you can say what they did, but how did they do it?
Speaker 2
06:27
Hey, you know you get a lot of these like hey, you know you’re doing just duplex in a single family. But there is this like step is mental right you kind of the way I see it is he. He’s like a ceiling of achievement. You’re kind of bouncing off and we need to yeah.
Speaker 4
06:41
You do that.
Speaker 2
06:42
And it’s like okay, it kind of opens up your space a little bit more. So for us it was. We had acquired a lot of these duplexes, triple single families and you know, I, I, you hear from everybody like you know, the effort and the work that goes into managing a duplex or triplex is honestly quite comparable to the effort that it takes to manage like an apartment.
Speaker 3
07:06
Yeah, it’s just, you know, you might have to attack a zero onto your fix yeah.
Speaker 2
07:11
I get that. That is, you know, painful. However, you know, your cash flow, especially in today’s climate with interest rates, is protected a little bit better. Our multiple units are like four figure cash flows, yeah, cash flows on our duplexes, like our kind of like a big buff grade, even right, yeah, so it just goes to show you the economy is a scale you can start to do a little bit more. Yeah, there’s still maintenance and other issues.
07:39
We have a property management company, so we, we take care of these properties for partners and we have a lot of. You know, we have a lot of people that are doing business with us and we have a lot of people that are doing business with us and it’s just, it’s just. It’s just, it’s just the, it’s just the, the initiation, and it was literally just kind of holding your breath Like we had made a lot of Jumping in. Yeah, I can say it a little bit better, but we had done so many of these and so we had made very good money doing yeah, versions right at the peak time and now for a lot of people like I know now, are in hot water because of these, these deals that they bought, thinking that interest rates are going to be staying the same rate.
08:17
They are another, you know, minus a thousand bucks a month or something.
Speaker 1
08:21
Yeah, yeah, and that’s one of the big things that are challenges with Ontario. It’s like I’m sure you can go to some of the smaller towns and stuff where things are obviously much, much lower and that could even create some other challenges when you consider vacancies or what kind of work opportunities there and stuff like that. But that’s ultimately where I think a lot of investors look outside of our backyard here because you can’t necessarily cash flow. You’ve got the LTB. There’s obviously a lot of other things kind of coming along with that. But looking back to where you started, like, did you also join any education organizations or groups? Like, or did you just literally like wing it all on your own?
Speaker 2
08:56
No, at the very beginning I was I was still at ACON, I joined Fortune Builders, so I don’t know if you’ve heard of them. You know Van Merrill and JSA Asian. They used to be on this show called Flip my House, flip Big House, or something like that. Okay, it was really original and these shows, or whatever.
Speaker 1
09:15
One of the OG runout shows? Yeah, exactly.
Speaker 2
09:18
Yeah, there was like a couple of these guys and they were just like three dudes that would go around and like flip houses and they’d throw in some drama and the episode kind of thing.
Speaker 3
09:26
Yeah.
Speaker 2
09:27
Yeah, so they had one of those seminars that came to town so I got you know I was on someone’s mailer and they reached me out. So you go to the seminar and it was like a hundred bucks and you go when you’re at the seminar they pitch you for the the.
09:40
Yeah, I’ve been through that model with another organization and I remember I brought my cousin along with me because I just, you know, wanted someone to come along. He was in the real estate too, and I remember him talking to me in the park and I was like don’t do this, it’s gonna be such a. You know, there’s other ways to go about it. Yeah, okay, so we had to say goodbye. So he left that went and signed up for it.
10:00
And the thought it was 20,000 American. It was literally like everything I had, yeah, but I needed to put that pressure on me. I needed to commit to something, because that wasn’t easy money for me, like I was working a salary job. I think I was working like $70 an hour or something.
10:16
Yeah, when I first started. So it was a lot of money partial credit card, whatever, yeah. But the thought was, if I could do one flip that made 20 grand, then I could get that money back. I mean, this company already bought two properties, so I kind of got the. Just I needed to find a way to accelerate my learning and so it was actually very good. I still I love fortune builders. I’m not so much heavily involved in the community of fortune builders. However, it did do a lot for me.
10:46
Yeah, I find that with a lot of these things like Rich Dad, tour Dad has one, you got Keys, fire you got you know. Well, simple, or I’ll figure it out. There’s another one out there.
Speaker 1
10:57
Is Well Genius and Simple. Insta, yeah, you kind of put them together. Love, I love Genevieve.
Speaker 2
11:02
So you know a lot of these groups have it, and then you get these mixed reports of people like, oh, this is a scam, is like nothing out. There is actually a scam.
Speaker 1
11:11
It’s not a scam and I think the people that say that or the people that sign up and they’re not prepared to take action, oh yeah, it’s going to be a waste If you go drop 20,000 or 30,000 and you do nothing.
Speaker 3
11:22
Yeah.
Speaker 1
11:23
And they say the scam like, no, like. You have to be ready and prepared to actually do something with what you’re about to learn, right?
Speaker 2
11:29
Yeah, and it’s for me. I felt like I could always go back, and even to this. Funny enough, when we went into the US, I reopened up the module and it had, like all the forms. I needed everything and I was like this is a dream, perfect, just when I needed it. She had 10 years ago. Alex, thank you for dropping 20,000.
Speaker 3
11:48
Yeah, yeah, yeah, I know.
Speaker 1
11:51
I think, as long as you’re investing and you’re ready, I think that that’s a wise, wise thing to do. I did the same thing when I joined Keespar, going back five-ish years ago, that I just didn’t know what to do next and their price tag at the time was 35,000. So it wasn’t something I signed on the dotted line. But I went out and tried to find people that were members, not commission sales consultants, and just to validate, like what their experiences were like. And I actually found a woman that’s a mother-in-law of one of my staff at the time and she was, you know, she’s actually their biggest cheerleader, I think at this point in time, the biggest advocate. But she kind of said the same thing If you’re ready to take action, it will be worth it. You’ll make the money back probably in a few months.
12:29
She went from something like nine doors to 54 doors and now she’s doing like land development, big capital raising and stuff like that. So you know, it was enough to me that I was kind of like, okay, went back, did it, went to their investor summit and then I took big action and it did a whole bunch of different things, right? But yeah, yeah, yeah. So I’m a part of their. They’ve got like a big, robust Facebook group. So it’s just there’s a lot of opportunity, connection, even just through the community and stuff like that. So you know, I think going back, they could have maybe structured the membership a little bit differently, which we can talk about offline, but it got me started. So at the end of the day, I think that’s really the most important thing. Now, going back to some of your lessons and learnings what would you say are some of the challenges that you experienced while you were growing your portfolio?
Speaker 2
13:16
I think that one of the biggest ones and I’m still guilty about it and the more I’m kind of learning and getting older and hopefully wiser, and so absolutely who knows. That’s for someone else to judge, but I think that there is this I grew up always thinking that you know, if you want to do it right, you got to do it yourself, and the party still has that kind of internal like oh, like you know, it’s easy to jump in to fix something. However, if you’re looking to scale, you have to rely on other people. Yeah, yeah, our team that you can trust and like, for example. A very clear example is like here in Hamilton. I typically have been very involved in our clubs. I do construction managers yeah, fortunately, it’s because I also do like it. I do love the technology side and finding different ways to make buildings more efficient, whatever.
Speaker 3
14:09
Yeah.
Speaker 2
14:11
And I think that the last two flips in Columbus I don’t have that option. Yeah, jump in my car, drive six and a half hours. So I spent a lot of time betting good people out there and the point where these last two flips, I had never seen the property, never met the contractor, basically yeah, never met my realtor, never met the bullseller, never met the, and we netted between the two about 45K.
Speaker 3
14:35
Yeah.
Speaker 2
14:35
And I think that’s why I’m here for literally like setting up and trusting and empowering people. You know it’s funny. You know I have folks here that have lived or have worked with me for years now and I kind of go job to job together and they’re almost pretty much full time with us and I find sometimes, without knocking their skills, I would keep them. If they’re not good they are very sometimes they go out. What do I do here? And I’m like we’re at it’s like no, no, you tell me what you’re going to do and then I’ll get through it and I’ll look at it works, you know. And so empowering people and being it’s really starting to make me think about leadership in a different capacity and I think that’s a very important thing. But mistakes wise if I quantify the mistakes, it will probably make me throw up in my mouth it is nothing.
Speaker 1
15:28
But it’s all part of business. It’s a cost of doing business. You know, I think I found that challenging as well. I had my own business for 18 years and we really started to grow our team about 10 years in and I had to, like, listen the reins off. I was brought in for management and operations. Well, I had to drive the sales of the business, so I needed people to go out and do the work and it was really hard because it’s still, like you know, our brand reputation on the line, my relationship with clients, and it definitely was hard at times to you know, it got better as time passed.
15:56
But in the beginning I’d be like I’ll just go into their email on a Saturday morning. I’m just going to see what’s happening and do some of their work. I think he like I’m helping them get a leg up on the week, but meanwhile they’re probably like what is she doing?
Speaker 3
16:08
It was just. It was really hard to let go in the beginning and see A spring will take care of that.
Speaker 2
16:12
She’s got it.
Speaker 1
16:13
So it took time to like trust the team, develop the right systems to train, training and onboard them properly and develop playbooks and stuff like that. But it’s all part of like growing like as young entrepreneurs, like no one’s sitting here teaching it to you, Like you’re kind of learning by the seedier pants.
Speaker 2
16:28
So what I find is funny is that there is this, like my wife and I were business partners and we have staff, but there’s this fear of getting too big. Cause big things fall hard, kind of thing. Right, and it’s. You actually have to aim to build big so that you can step back. Yeah, and it doesn’t have to be so crazy or so you know off the cuff. Cause is that that point, though, where you are kind of your chief cooking dishwasher, even though people are bringing bought on board, because you have to develop the system, you have to train and get the world accountable. Yeah, you have to give opportunities so that people feel like they’re growing within you. Yeah, it’s an important thing.
Speaker 3
17:10
So yeah, I think that’s great.
Speaker 1
17:12
So guess now, when you look at your portfolio and the growth that you have experienced, what would you say you’re most proud of?
Speaker 2
17:20
Well, I’m most proud of my family. I will say that that’s probably not the answer you’re looking for, as you’re looking at it from a business standpoint, but I think that that is it’s allowed us to do a lot of things is I’m proud of the fact that, like I, get to be home for dinner every night. I’m proud of the fact that, like you know, I got to take the voice to, so I got four or three and a one year old actually, yeah, today. So so young family, very, you know, energetic boys, all three of them. But it’s at this stage. You know, I can imagine how challenging it was for my grandfather, who worked like 1617 hours a day. Yeah, my grandmother was one of our, like my uncle, who, like he’s putting puts in a lot of time. It’s a very industry and you got to put the hours and but real estate has allowed me flexibility in that sense.
18:11
Yeah, no we make very good income. We have our future that’s being set up. Where we don’t have RSPs, we have properties that we came down. Yeah, the future looks very bright in that capacity, even with interest rates.
Speaker 3
18:26
Yeah.
Speaker 2
18:28
I think that that’s what I’m most proud of, is that making smart decisions earlier on, and that was a byproduct of reading the right things. I see a lot of 20, some odd year olds, you know, that are just kind of sitting idle or they’re, you know, finding themselves taking a while to do that kind of thing. It’s like you have to somehow apply yourself. I’m a firm believer. So any of you young audience, if you’re in your 20s, make as many mistakes as you can, and I’m not saying stupid mistakes like go in your credit cards nauseam and then, you know, suffer in debt for the next 10 years. Yeah, try a different job. Try, you know, work aside, work three side hustles, go evenings, weekends. Find things that you’re passionate about. Work doesn’t have to feel like a slog. Work should excite you because you’re going to have to do this your life.
Speaker 1
19:19
Yeah, and I think that’s the whole purpose of, you know, even having this podcast. It’s not that you know everyone’s dying to necessarily own all these things like. It’s more the freedom that comes along with it and the lifestyle freedom that it gives you in the return on time and stuff like that Right. So it’s just kind of creating that legacy and the total like lifestyle for yourself. But on that point we’re just going to take a really brief word from our sponsors. We’ll be right back. Inspired to invest is proud to support the Beyond Success program. In today’s complex world, it’s absolutely crucial for our youth to learn how to take charge of their financial future. We believe that every young person deserves access to accurate, practical financial information. Designed to bridge the gap, the Beyond Success program leverages a comprehensive educational bootcamp to equip young minds with essential financial literacy skills. At Beyond Success, it’s not just about teaching financial literacy. It’s also about fostering a foundation for a prosperous and empowered future. Join us. Together we can build a brighter financial future for the next generations.
Speaker 4
20:31
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Speaker 1
21:16
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. Hey everybody, welcome back to the Inspired to Invest podcast. I have Alex Kahl here talking to me about how he’s grown his portfolio fairly significantly over the last 10 plus years across Canada and also the United States. So I know we’re talking a little bit about your journey and I guess one big question I have for you is what’s the craziest thing that’s happened to you so far as a real estate investor?
Speaker 2
22:10
Gracious thing I mean there’s In terms of like jobs or like things that we’ve done at properties.
Speaker 1
22:18
Yeah, like anything maybe that you’ve encountered at a property, or their tenant or an employee, like anything that really jumps out. They’re really knocked yourself off.
Speaker 2
22:26
We’ve done some pretty gnarly properties. Even our designer here locally, like you guys, always buy the best properties and he means that in a sense that like they’re not the best, they’re the worst thing.
Speaker 1
22:38
So Turn them into the best these are the most potential.
Speaker 2
22:43
Really really cool foreign actors. They showcase them extra someone on our website. But we we bought fire damage Crack hit, infested, like we bought a. One of our apartment buildings was an old warming house that was completely neglected and the previous owners that bought it off of the previous guy. I had a tight button up, everything as good as a student rental. They bought it and they let in some riffraff that pushed all the students out and they then announced that they were going to try and get some government grants for keeping it as a safe injection site. And this whole argument for safe injection sites is probably the stupidest thing ever. I’m gonna say that to anyone who’s listening. This property had not an ounce of copper left in it. The water was shut off. The hydro was shut off. We walk into this place. There was burn marks everywhere, from cigarettes there’s people passed out all over the place.
23:38
Yeah to care of them, to see, and my heart breaks for these things. Addiction is not something that I, you know, think of lightly. I think, yeah, I don’t. However, it’s. It’s fascinating to me, as a realistic investor, to be exposed to that. Yeah, how frequently it’s. It’s, it’s, it’s great, you know, there’s an idea of just taking this property, cleaning it out, kicking it out, keeping everyone out, that’s it. Yeah there was legitimate tenant. People had just come and gone between us, getting the property under contract and actually closing on it.
Speaker 3
24:12
There’s two overdose deaths in the building.
Speaker 2
24:15
Well, just like you kind of see that if you’re walking through it and you’re just like it’s like you’re walking through like Resident Evil with the movie or something like that and it’s just eerie, it’s sad and it’s like you think that the establishments can do better and they can do better, but also and you know, the guy is that and bought this, started that with good intentions it’s like we’re gonna do something good for the community and Every single neighbor in that place Three or four times would come to visit us to say thank you for doing something about problems. Yeah, businesses would have to close early. Things were getting stolen from their back, most areas and stuff like that.
Speaker 3
24:59
So any it was, it was good on that sense.
Speaker 2
25:01
Yeah, water or power if we’re going to like a shutdown. Yeah, you got water bombs for your whole. As they connected for us, everyone was super helpful, yeah, and and thankful that like somebody’s coming and doing something about it. Yeah you know so to me that still is one of the craziest things, and I can appreciate that. There are sides of this political debate that are like well, look at you, the greedy landlord who’s doing this. But yeah, it’s, that affects everybody. Yeah.
Speaker 1
25:30
Yeah, I know, I mean, I understand that not a small point. I have a friend that her husband’s a paramedic so he had to go to a safe and judgment site and I think he was triaging like three people that were overdosing at the same time. And you know, there’s obviously like a lot of things and it’s just I don’t know at what point, I don’t know, maybe, why the government or an organization needs to like provide Something like this, like I don’t know, like you think, like it’s You’d want to focus me on getting people off of those things, not like just providing them with the space to enable them to do it. And I don’t know me that’s politically incorrect to say that.
Speaker 3
26:05
So I don’t like.
Speaker 1
26:07
I don’t really know, but I mean, at the end of the day, like I can understand what you’re talking about and how one One house, or like one bad egg in a neighborhood, can really affect everybody, right, like I even have a very close to us that the property owner turned it into a rooming house and there’s I Don’t even know, maybe eight or ten people, and we live in a pretty good community. But this one house is like why? I don’t even know if this legal, but you know, it’s really kind of having that impact on everyone.
26:33
So interesting.
Speaker 2
26:34
You look at the Google maps, you know how like street view they have, like the screenshot of the pictures, and you can go back like I don’t know eight or many years and like anytime the Google car comes, they take a big screen shot and you go. You look when it was owned by the Previous previous owner. It was like beautiful, the shrubs were very well kept, the grass is on those through this help here where the property looks great.
Speaker 1
26:59
Yeah well. I mean, I guess it all the depend on who the owner is right and what they want to do and what they want to put into it. So I guess, that being said, in terms of the knowledge that you’ve acquired over the last several years, what would you say is some of the best advice that you’ve ever received?
Speaker 2
27:14
Well, one is just to take action. You have to. You know, if you think that real estate investing is going to be this, you can pay to just play. It doesn’t work like that, unfortunately, and that kind of ties in with the second best piece of advice that I’ve ever learned and internalized is that your best resource is being resourceful, and I think that’s something that’s really resonated with me, because, as a real estate investor, there there’s an entrepreneurial Flair tour where you have to be creative. You have to do things, whether that’s in your financing, in your construction or in the finding deals, where you gonna find properties you’re ready to buy.
27:53
You know I’m a real estate investor. I just read Robert Kiyosaki’s book for the first time. I’m ready to go now what you’re gonna scan online and buy the person you see a knot. Yeah, you have to start to look and feel and make connections and don’t be afraid to make phone calls.
28:08
Yeah especially with the texting world nowadays and messaging people are great to pick up the phone. I don’t understand why it’s very common Call somebody, build a connection, yeah, yeah, yeah, no, that makes perfect sense to me. Now, obviously, you’ve been working on building your portfolio in a couple different places.
Speaker 1
28:26
What would you say is next for you to have a specific number of doors or like value that you’re working towards?
Speaker 2
28:31
Yeah, yeah actually, we are in the process of working towards and we don’t have a deal in place, but we’re setting up all the groundwork for it.
28:40
Yeah we’re going to be looking at like the 50 plus units in the US. So that’s the next big leap, and so I’m very excited for that Because once again, like I was talking about the beginning, there’s that ceiling of achievement and what does that look like? Yeah, we’ll do it. So what is what’s different where they do it all? It is a different thought sequence and a different way to analyze the property, and then you’re raising gap where you’re having different conversations on that. Luckily, we have a lot of experience, you know, using other people’s money and we have a very good reputation in the investment world and they have a lot of joint ventures. You know a lot of money with us. So that part is probably some memories about the money and getting the right deal and how we do that.
Speaker 1
29:25
Yeah, no, that makes perfect sense. Now, in terms of your financial freedom number, just on the personal side, is there anything that you’ve defined as something that you want to see in your own life or your family and for your legacy Like a quantifiable X per month dollar. Yeah, like would it be a cash flow number, would it be a volume of the portfolio, like you know?
Speaker 2
29:43
yeah, I would say it’s definitely more of a cash flow number than a volume number. If I can get the same cash flow with one big a unit deal, yeah, for me it’s like I know that the quantity of units can often seem yeah, people like to say they’ve got like 200 doors or 1000 doors. Yeah exactly, but I could imagine 1000 single family homes. I would write my hair yeah, but it’s. I think that the the thing that I look for and one of my guiding principles is consistency.
Speaker 3
30:18
Yeah.
Speaker 2
30:18
And I think that it’s almost a fallacy in my own life and I acknowledge that is that I like consistency, but I’m always jumping into something new to try something better.
Speaker 1
30:30
However, I think well, you’re consistent with that.
Speaker 2
30:34
Exactly, but I think that that’s the thing that drives me is that every single month, all of our expenses and our lifestyle should cover itself by passing income. Yeah, and then and then the rest there is just great.
Speaker 1
30:50
Yeah, awesome. So, in terms of motivation and inspiration, are there any particular quotes that really resonate with you?
Speaker 2
30:58
Yeah, actually there’s one that I’ve been saying frequently and there’s a warm buffer for that I absolutely love. It’s good, but the stock market is the only store that people run out of when there’s a sale, and it applies to real estate too. So I think that for those folks that are interested in the real estate investing, learn the real estate cycle and find the way you think might be the best time to buy a beast on where we’re at today, I think that a lot of people right now are like interest rates really stink and like I’m just gonna wait. I’m gonna wait till interest rates come down. Yeah, what happens when interest rates come down properly? Guys go up.
31:35
So you know, look for those opportunities, look for where you can. There’s three categories there’s the, there’s the intervener, there’s the person who replicates them with the idiot. That’s another warm buffer quote. I forget what it is, I’m not butchering it, but you don’t want to be the person who’s coming in at the trail end, as you finally have built the bridge and the markets already starting to shift on you.
Speaker 1
32:00
Yeah.
Speaker 2
32:01
Yeah.
Speaker 1
32:01
I mean, it’s like the people that probably bought really high at the beginning of last year and then, if they’re selling shortly after, they’ve really lost their shirts in a lot of ways right Now. Is there anything in particular you’d like to leave with anyone that could be listening or watching right now?
Speaker 2
32:15
No, I think that, for the most part, anybody wants to have a chat or wants to connect based on investing in the US or being a part of a bigger apartment building. We are going to be doing some financing rounds, for sure, so I want to connect with like-minded people or credit investors, of course, and look at future opportunities. I think that there is a lot of growth that’s going to be taking place, especially with the distribution between renters and owners. Right now, there’s a lot of young people who are surrendering to the idea that they might not become homeowners. It breaks my heart and I think that that’s mindset or deal. However, if people just decide to rent and travel more instead of buying a house, what does that do to the supply and demand for rental housing?
Speaker 3
33:07
Yeah.
Speaker 2
33:09
In this industry there’s been the opportunity to grow yeah.
Speaker 1
33:13
Yeah, I know that makes sense and for anyone that is interested in learning more connecting, what’s the easiest way for them to get in touch?
Speaker 2
33:20
I’d say you can follow us on Instagram it’s palpropertysolutions. There’s an underscore between our power, our pick to get which one it is, but also we have a website it’s palpropertysolutionscom. There you can see that we have blogs, we do before and afters, we have some videos too on what things look like and we do invest together. Those are probably the two easiest ways and if you fill out any of those forums, those emails will come to me anyway and we can always book a 15 minute call and see how we can help.
Speaker 1
33:49
Perfect, great. So we’ll include all of that in the show notes below. Thanks for taking time out of your schedule to be with us for today and, of course, if you liked what you’ve just watched or heard, please make sure that you like, comment and subscribe, and we’d appreciate reviews as well. You can follow along at Inspire To Invest podcast on Instagram and, above all else, make sure that you keep in mind when you invest in yourself the sky’s the limit. Thanks again to Fluent Capital for bringing you this episode of Inspire To Invest. 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 host and guest 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.