In this podcast episode, real estate investors and authors, Stacey and Jen Conkey, share their journey into real estate investing, focusing on multifamily properties. They discuss the time commitment required for new investors, the importance of continuous learning, and strategies to mitigate risks. They share their experiences with variable rates in the Canadian market, the impact of interest rates on investments, and the current state of the real estate market. They also provide advice on starting as a passive investor, the concept of monthly distributions, and the potential for growth in multifamily properties.

Stacey and Jen Conkey have 20+ years as entrepreneurs and real estate investors. Featured in WSJ, The New York Times, Financial Times, Reuters, and CNN. Through their diverse real estate experiences, Jen and Stacy know what it takes to identify deals and make offers on properties that will build a long-lasting wealth portfolio. They are passionate about sharing actionable strategies that make cash flow real estate fun and easy.

What We Discuss:

(00:02:28) Jen and Stacey share their individual stories of how they got started in real estate investing and their motivations for pursuing this path. They discuss their early experiences with flipping properties and their transition to a buy-and-hold strategy for cash flow.

(00:10:09) Jen and Stacey share their experiences of starting a business independently and the challenges they faced.

(00:14:07) The difference between active and passive real estate investing and the steps involved in each approach.

(00:18:54) The impact of rising interest rates on smaller multifamily properties and the shift towards looking for seller finance deals.

(00:19:52) The benefits of seller financing, including lower interest rates, and how it allows for deals to work when bank financing becomes challenging.

(00:25:21) The shortage of single-family homes, the affordability issue, and the opportunities in the rental market, including build-to-rent projects, RV parks, and mobile home parks. Also, the discussion of the foreclosure wave and the potential for acquiring distressed properties.

(00:29:04) The challenges of variable rates in the Canadian real estate market and the potential negative impact on property owners.

(00:33:24) Advice on starting with smaller properties and gradually scaling up to larger ones to gain experience and mitigate risks.

(00:35:37) Tips on conducting thorough due diligence when investing passively, including assessing the operator's track record, market conditions, and contingency plans for unforeseen circumstances.

(00:39:39) The advantages of working with a real estate investor compared to investing on their own from a risk standpoint.

(00:42:25) The four stages of mastering real estate investing, from unconscious incompetence to unconscious competence, and the time it takes to reach that level.

(00:57:21) Exploring opportunities to increase property value through rent charges and premium services like fiber optics installation.

(00:58:43) The impact of rising land values on property values and the potential for tearing down properties to build high-rises.

(01:02:01) Reflecting on the difficulties of entrepreneurship, the importance of mindset, and celebrating wins along the way.

(01:09:00) The tendency of real estate investors to constantly strive for more without recognizing their accomplishments. They emphasize the need to celebrate and acknowledge progress. They also discuss the importance of embracing failure as a learning opportunity and not being afraid to take chances.

Episode Resources:

RMFI Academy | Website