The RECC Podcast

ocean of free and great resources out there: books, podcast, lots of thought leaders make knowledge available for free
limiting beliefs: think big, delegate, partner up instead of thinking small, proverb: alone we go faster, together we go further
lack of knowledge is a big hurdle but with democratization of knowledge it is becoming easier
discipline of saving for a downpayment (Wealthy Barber: pay yourself first), nice to own your own real estate
financing: be creative with financing, do a few deals on your own and then talk about it with others who are interested in real estate to grow together
house hacking, house flipping, BRRR strategy
Find someone who is 1 year ahead of you and ask them for advice

be diligent, download an exhaustive DD checklist online and read all you need to read on the matter, CRE can be demanding with lease agreements but be thorough and look at the small print | 
 | what to look for = rent bumps, who pays for what, when is it renewing which will determine financing
 | get quotes from reputable contractors on the structural elements of the buildings + inspection, phase 1, bills, for a roof the inspector needs to walk it, not enough to use a drone
longer DD time to assess demand for the asset and test drive a property, be creative: local FB groups... | 

Respond versus reacting - wait before answering, moved to email system that allows schedule send
Be a serving leader
Never blame, refrain from using pronoun "you", ever
Opposite of negative thought is complete ownership

Real estate developer, author and mentor, Darcy Marler tells us about the next big thing in Canada: land development.

Second mortgage, recommendation to not approach with this right away you would lose credibility otherwise, I wouldn't look down on people who get second mortgages, better to invest some money
Becomes easier the more you do it and invest either in a specific area or gain experience investing in an asset class
"Creative financing", where numbers meet imagination
important to show you know what you are doing, helps to have a plan, a vision

moving forward with the end in mind: proper set up by consulting with lawyer and accountant
what will my legacy be, how do I want to be remembered
a newspaper article talking about me in the third person as an exercise to start with the end in mind

entrepreneurs tend to have lots of ideas and can be scattered
a good entrepreneur is not someone who has a great idea but someone who executes well or surrounds him or herself with a team to execute well
tools to stay focused:
Focusmate
Daily accountability coach
Accountability partners for different projects: sponsor / MHP development / business growth / improve by being a mentor myself and helping someone else

$10k
invest in your education/training, take a course or hire a mentor, somebody who has walked the walk or is still walking it and sharpen your skills, network and find partners. 
More creative and more self-reliant: live off the $10k and work full time on your skills: look at deals in the morning, listen to podcast in the afternoon, read books at night. Pick a niche and become an expert, go to all networking events
$50k
buy your first property and do some BRRRs on single family housings, turn it into a business, grow your capital base /or/ invest as an LP in someone else's deal, someone with experience to learn and watch your capital grow
$100k
Educate yourself, network, get a mentor, join a mastermind on real estate and do a BRRR in an asset class (buy a problem, multifamily is the most common one) and an area you have researched, scale in that area
$1M
Spend some money on legal and accounting to set up the proper structure, invest with someone else as an LP then invest in your own deals once you feel more confident and keep growing, leverage, create your own portfolio of properties: some value-add opportunities and hold for the long term for next generations if this is your goal

2 scenarios 
1. enough for a downpayment  
- research a market where the numbers make sense with job and population growth
 - BRRR strategy: purchase a problem/value-add, refi and repeat to slowly grow a portfolio
 2. not enough for a downpayment 
- sharpen your skills: listen to podcasts, look at deals daily, make connections with real estate agents so they include you on their mailing list, network
- find a partner: you bring the deal, sweat equity and partner on a deal: JV or other structure, get started and do a few deals that way, this will allow you to grow a capital base
 - better to have a small piece of something than nothing