Date: 31/1/2016 4:39 PM PST
As full-time real estate investors, Alisa and I always take every opportunity we can to network. On January 30, 2016, we attended Scott McGillivray’s free event in Saskatoon discussing Keyspire, his real estate education company.
There were a lot of great points made that relate to investing in real estate and life in general. These are some of the takeaways that really resonated with me while listening to Scott McGillivray's presentation.
Why are successful people successful?
1. Goal Setting (Set SMART goals)
2. Continuous Improvement
• Small incremental improvements add up over time
Get out of your comfort zone.
Have flexibility and push your limits.
3. Use Optimism and Practice Positivity
“The more you believe in your own ability to succeed, the more likely it is that you will.”
-Shawn Achor, The Happiness Advantage
“If you think you can do it, or you think you can’t do it, you are right.”
Investing in Real Estate
• The time is immediately. The absolute best time was yesterday or anytime in the past but the next best time is now.
• The sooner you get into real estate the better because it gives you more time to create wealth.
• Real estate is the best vehicle to create long term wealth.
• The sooner you make a change, the sooner you can change your trajectory.
• Pay attention to compound interest when investing.
• Positive monthly cash flow is only one key indicator of a good investment opportunity.
Rental Property Investments
4 Measurement Factors
1. Positive Cash Flow
2. Principle Recapture (Equity)
3. Active Appreciation
4. Passive Appreciation
• If the market is soft don’t sell properties, hold them as rental properties.
• When the market goes down that is the perfect time to purchase more properties -- add to your portfolio.
• Real estate strategies change depending on the market.
• Buy and hold strategy = get rich slowly. It's a great strategy to build long term wealth.
• Three rental properties is a realistic number for people to acquire and manage while still living their lives and working their jobs.
• Be frugal with your spending; be generous with your investing.
• Don’t let starting be the thing that stops you!
• Give your future self a reason to thank your current self.
• When people look back at their lives, most will regret the things they didn’t do, not the things they did do.
• People predetermine their outcome based on what they think is going to happen.
Although most of this was not new to me, I really appreciated Scott McGillivray's delivery of the information. Education is always important. Learning this knowledge in the past is the reason that I chose to become a real estate investor. By making more people aware of this material, I’m hoping that it will spur more individuals into action, or at the very least get people thinking.