Gary was born in the UK and started investing in his native country during his time in the Royal Navy, He emigrated to Canada after 11 years of service, which saw him travel all over the world before settling on Vancouver Island. Investing on the island for over ten years now, Gary has won awards from Canadian Real Estate Wealth Magazine and The Real Estate Investment Network for his strategies and success and has been nominated for countless others.
In this podcast, Gary discusses how to look at a property investment from a business perspective, how to think about time as an asset, and how to make sure your portfolio is ready for any unforeseen circumstances. Gary's advice is practical and could be beneficial for anyone interested in building passive wealth through real estate investing.
[00:01 - 06:36] Opening Segment
Get to know Gary Spencer-Smith
His real estate portfolio at $12 Million in properties.
Used to be in the Royal Navy for 11 years until he got injured in service.
Purchasing five acres of lakefront with cabins per restaurant
His active business is renting Muscle Houseboats to clients.
An engineer by trade.
[06:37 – 11:24] Learning the Concept of ROI and JV
Moving south, he sold his house.
Doing the math, Gary realizes he can rent it out and earn $200 more every month.
He promised himself not to commit the same mistake again.
Dealing with his cousin, he starts to rent out his property.
is making a 333% return while still owning half of the property.
Eager to duplicate what they just did, Gary educates himself
Seminars
Building Networks.
Gary realizes that Joint Ventures was a way for them to move forward.
Forming a property Management Company.
[11:25 - 18:05] Being a Property Manager and How it Works
How his business continues while he had a bike accident.
If you manage a house “pay yourself the 10 percent because if something happens to you, you’re going to have to pay somebody 10% anyway” – Gary Spencer-Smith
The importance of setting aside money to reward himself after working hard, and how it can help motivate him to continue working.
Emphasizing the importance of having a long-term perspective and diversifying one's portfolio.
Understand the real risk and rewards of real estate to help you live that life you love.
[18:06 - 25:06] Knowing Your Industry.
Buying a commercial property, there are many complexities involved that require time and effort to learn.
Gary’s main advice is to be patient and to have a realistic estimate of what the property is worth.
When buying a commercial property, it is important to have a good team of professionals;
accountant,
lawyer,
and real estate agent.
Gary currently refinancing their property and is looking for a good return on investment.
[18:06 - 25:06] Closing Segment.
Quick break for our sponsors
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What is the best investment you've ever made other than your education?
His first deal, Introduces him to ROI and JV’s
Dan’s worst investment
His one deal with no contract,
What is the most important lesson that you've learned in business and investing?
“Just take action, absolutely take steps..” – Gary
Connect with Garry Spencer-Smith through LinkedIn Visit his website http://www.revnyou.com/
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