A solid start to learning about real estate investing starts with attending courses and events, reading books and building a network of experienced colleagues who have already succeeded in real estate investing through reputable and trusted organizations.
Although people often confuse the two, financial freedom isn’t the same as being rich. One individual could be completely financially free earning just $20,000 annually, while another could be trapped even with millions of dollars of annual income.
So then, what is financial freedom?
Financial freedom is a state of mind achieved within an individual by no longer needing to worry about money. Money is no longer the dominating force behind the personal or professional decisions within an individuals’ life.
Why is financial freedom more important than wealth?
While many individuals can consume a limited amount of food, once they’ve reached their limits, individuals will discontinue eating and their thoughts will no longer be occupied with eating.
All of our investments go through a vigorous multi-step process including ensuring that our properties meet all of our crtieria, including the following main ones:
- Cashflow positive even after contingencies (vacancy and repair allowance)
- Can deal with mortgage rate fluctuation and a degree of risk
- Attracts and maintains lower risk, lower maintenance tenants
Today I had an interesting call with a colleague of mine, a friend that I hadn’t talked to since college. She called me up because she was flustered, clearly aggravated and there was an easily detectable amount of sarcasm in her voice. The first words that I could understand while trying to read between the lines of her rant-like statement were “Why are you looking for venture partners? If I was going to invest in real estate, I would do it on my own! In fact I’ve been saving and saving and have a wonderful nest egg built up and I’m going to do exactly that when I find the right deal”
Typically I wouldn’t even bother getting immersed into a debate of this type or even take the time to explain myself for that matter. If I spent every day trying to convince people to do business with me; I wouldn’t be an effective leader. I’d spend the majority of my time talking instead of actually creating deals and working towards financial freedom for both my investors and myself. But, she was a friend, so I bit the bullet and decided I’d at least try to extend her the courtesy of explaining myself.
Last night, my business partner Reid and I attended the Ontario Real Estate Investors Organization (OREIO) monthly event at the Travelodge Hotel on Carling in Ottawa. This month I was very excited, because this month the presenter was one of my mentors and educators and the catalyst which brought me out of the phase that many investors get into known as “analysis paralysis”. The presenter was none other than Don Campbell himself!
For those of you who don’t know Don Campbell, he is one of Canada’s most experienced real estate investors. He wasn’t born into riches, didn’t have a silver spoon, he started when he was working at a customer service desk at Sears and worked his way to where he is today, one accomplishment at a time. It wasn’t an easy ride, there’s no such thing as easy money, but he worked through the challenges as he faced them and any real estate investor can save themselves thousands or even millions in mistakes learning from his experience. He is a realist at heart, and isn’t afraid to share both the successes and challenges he’s been through.
Last night, my business partner Reid and I attended the Ontario Real Estate Investors Organization (OREIO) monthly event at the Travelodge Hotel on Carling in Ottawa. While we’ve been to events in the past, we hadn’t been to one recently. This evening’s presentation took on a slightly different format, leveraging a panel of experts in different fields and it made for both a very interesting and informative evening.