Possibilities in Real Estate Part 1

Life by Design

In this part 1 of 3 episode series, Jessilyn and Brian Persson dive into the essentials of real estate investing, starting with understanding your financial goals and comfort levels. They discuss the importance of defining your "why" behind investing and clarifying short-term versus long-term objectives. They highlight the importance of recognizing your risk tolerance and addressing the discomforts that come with real estate ventures. From multi-family and suited properties to time commitments and skill development, both Jessilyn and Brian provide actionable insights to help listeners focus on the right asset classes and strategies for achieving goals, whether that be time freedom or financial success.

Jessilyn and Brian also share personal anecdotes and lessons learned about avoiding “shiny object syndrome” and staying grounded in your investment goals. They emphasize the need for honesty about your willingness to commit time, learn new skills, and choose between active or passive management. Whether you're just starting out or looking to refine your real estate approach, this episode offers practical advice to help you build a sustainable wealth strategy.

Resources discussed in this episode:

• The 3 Mistakes that Keep High Achieving Couples from Building their Wealth, Freedom & Living a Life they Love

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Contact Jessilyn and Brian Persson | Discover Life By Design:

• Website: DiscoverLifeByDesign.ca
• Instagram: DiscoverLifeByDesign
• Facebook: Discover Life By Design
• Linkedin: Discover Life By Design

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Transcript:
Jessilyn Persson: [00:00:09] Welcome to the Life by Design podcast. We are your hosts, Jessilyn and Brian Persson. Are you and your partner looking to align your financial goals and build wealth together? Have you ever wondered what might be stopping you from confidently investing in real estate, or growing your wealth as a couple? Or why it feels so hard to get on the same page financially?

Brian Persson: [00:00:29] That's exactly why we created the podcast and the 'Riches, Relationships, and Real Estate' program to help couples like you invest confidently and achieve both your financial and relationship goals. If you're curious to learn more, visit discoverlifebydesign.ca to book your discovery call and build your customized wealth strategy. Let's create the life you deserve together.

Jessilyn Persson: [00:00:54] All right, today's topic is the possibilities of real estate. This is going to be part one of three series. Throughout this three series podcast piece that we're doing here, we're going to talk about everything from understanding your goals, what makes you uncomfortable, what are you willing to do, right into the different asset classes. Leveraging real estate, market dynamics, creative financing, multiple income streams, and how to measure that for success.

Brian Persson: [00:01:27] The reason that we picked this is because it's a huge topic. We started writing it out and we realized this is too much for one episode. The reality is that you don't know what you don't know, and we haven't talked a lot about true real estate investing, the nitty gritty of it. We also hope these episodes help you as a guide to avoid shiny object syndrome, which we had early on in our real estate career. Where we were hopping from asset class to asset class and chasing down all these different strategies that really didn't fit our particular family, our mold, what we were aiming for in life. So we hope these episodes guide you into a quicker and faster way of investing in the right asset class for you.

Jessilyn Persson: [00:02:13] To do that, it starts with understanding your goals. When you're looking at your goals for building your wealth and your real estate portfolio, you want to define your 'why'. Why are you interested in real estate, if that's the avenue you're going down to build your wealth, why do you want to be wealthy? I know we talked about that on an episode before, and really dig into that. Whether it's financial freedom, passive income, wealth building, legacy planning. Whatever that is for you, work with your partner and go internal to yourself and define your 'why' for your goals.

Brian Persson: [00:02:50] A lot of these things that we're talking about, like legacy planning, you might not even be considering right now. You might just need to come have a call with us. Feel free to book a discovery call and we'll help you find out exactly what your 'why' is.

Jessilyn Persson: [00:03:06] While you're still working on your goals, you want to define short term versus your long term goals. Are you looking for quick flips or sustainable long term investments? Is your short term to learn real estate and understand it, to build your knowledge, build some passive income? Maybe long term it is to fully finance your life and your lifestyle, and maybe you want to step away from your 9 to 5.

Brian Persson: [00:03:33] Understanding your goals is really important because a lot of people aim for a goal that is often not the goal. We go to different real estate rooms and we go to different conferences, and there's a general sort of under-knowledge, that if you pulled a room and you said, everybody who wants to invest in real estate raise your hands. Most of the room would raise their hands. But the fact is that, the old 80 over 20 rule, only about 20% of those people really have what it takes to invest in real estate. When you are looking into your goals, you really got to be honest with yourself about how you want to invest in real estate. Everyone should invest in real estate, but it's the entry point of how you're going to invest in real estate that is very important to understanding your goals.

Jessilyn Persson: [00:04:25] Make sure you really dig into the clarity of your goals. I say that because, I know when we originally got into real estate, I got into it because I thought it was a great idea. I can't say I had a really big goal behind why, it was just, I thought it was a good idea. Then when we landed our first property, closed our first property, I was super excited. I'm like, every two years we're buying a new property. I never really tied it to anything. But one thing I did have as a goal throughout many years was, we needed to have millions of dollars. I would bring it to you, and I could never quantify it. You'd be like, how much? I'm like, millions. You're like, but how much? I'm like, it doesn't matter, it's just millions. Finally one day, I'm saying one day and we're talking years later you're like, Jess, why do you need these millions? I'm like, so I can live the lifestyle I want to live. He's like, what does that look like? I laid it out to you, and after I laid it out, you took it away for, I think it was, a day or two. You analyzed it, you came back and you're like, here's the actual numbers we need to live the lifestyle you want. I was like, really that's it? You want to define why. In the end, now that I'm older and wiser, it's like, I actually wanted time freedom. But I didn't articulate it like that. I didn't understand my motivation behind why I wanted to have real estate, why I wanted to build my wealth and have millions.

Brian Persson: [00:05:53] It's fun and it's attractive to have millions, but if you really get down to what your true goals are, most people are looking for time freedom. They're not looking for just a ...