Possibilities in Real Estate Part 3

Life by Design

Jessilyn and Brian Persson conclude this 3-part series with an overview of real estate investing in this episode, they offer valuable insights for couples looking to build wealth together. They emphasize the importance of aligning your financial goals, understanding your personal comfort levels, and developing the right mindset for success. The discussion covers four key takeaways: creative financing strategies, the power of networking, diversifying income streams, and tracking and celebrating success. Listeners will learn how to leverage home equity, partnerships, and infinite banking for financing, as well as the importance of surrounding themselves with trusted professionals like realtors, mortgage brokers, and contractors.

Beyond financing and networking, Jessilyn and Brian stress the value of multiple income streams, from rental properties to passive investments in private equities. They explain how diversifying income sources not only increases financial security but also opens new opportunities for long-term wealth creation. The episode wraps up with important reminders to track ROI, reinvest wisely, and celebrate milestones. All these practices are essential to staying motivated and continuously refining strategies. Tune in to gain actionable insights and discover how to take your real estate investments to the next level.

Resources discussed in this episode:

• The 3 Mistakes that Keep High Achieving Couples from Building their Wealth, Freedom & Living a Life they Love
• Point form links of any resources discussed
• If no resources discussed, exclude this section

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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: [00:00:27] That's exactly why we created this 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 with us. Let's create the life you deserve together.

Jessilyn Persson: [00:00:50] Today's topic is The Possibilities in Real Estate Part 3. This is three of three. Recap, part one we discussed understanding your goals, what makes you uncomfortable and what are you willing and not willing to do. Part two we discussed different real estate asset classes, understanding market dynamics, and leveraging real estate for lifestyle design.

Brian Persson: [00:01:16] A lot of topics there already.

Jessilyn Persson: [00:01:18] I know, I'm super excited to get into part three but part one and part two were also really good topics. These are like bricks, building the foundation. Start here, move up. Introducing different topics so you're aware of what's all going on when it comes to building your wealth.

Brian Persson: [00:01:40] That's why we wanted to discuss the possibilities of real estate. Because real estate is such a big game with so many aspects to it. Not only technically, but mentally, how it's going to affect your life, your family, your mindset. You have to consider the whole picture. You can't just say, I'm going to invest in real estate and I have some money, let's go. It's like, what else around it? Hence topics like, what makes you comfortable? That is huge, because honestly most people should not be in real estate. There's a certain level of grit that is required to be in real estate, and you need to have that grit if you're going to go off and do your own deals.

Jessilyn Persson: [00:02:18] Even all the topics that we covered in part one and two, and here coming in three, under these topics are subtopics. We don't even cover everything under all those either, there's still so many different options out there. We encourage you to absolutely hear what we have to say, but go out and do some investigating and research yourself to understand what else might be out there.

Brian Persson: [00:02:40] Takes a lot of self exploration to nail down what you should do in real estate.

Jessilyn Persson: [00:02:45] Today we actually have four takeaways. I know we usually have three, but we're going to roll into the first one here which is, creative financing strategies. There are multiple different ways for creative financing, we're not going to touch on them all. Because firstly, we don't do them all. Some of them, we don't have enough knowledge in to speak to but we definitely have done some and still do some ourselves. Some of those could be low or no money down options. I get approached quite often when I'm in real estate rooms asking, how do you do it with other people's money? Or how do you do it if I don't have money? It's like, have you explored how much money you might have? I say that considering using your own home if you have a mortgage, your equity in there, as a tax deductible asset. I know you can speak to this a little more than I can, but you can start there without having to worry about going to other people's money or other strategies.

Brian Persson: [00:03:40] Creative financing, people hear that and they get a little bit wary about it, I think. But the reality is that it's not creative. It's just that you don't know what you don't know. If you don't know that you can change your personal mortgage into a tax deductible asset, just to back up a little bit, your mortgage is a liability. No one's paying for your mortgage except for you, and you're using after tax dollars to pay for your mortgage. That, basically, is the definition of a liability. But if you can change your mortgage to both get a tax deduction and increase your wealth through savings, through investments, then your mortgage, the same thing, same product, becomes an asset. Sometimes it's just a matter of knowing how to operate on whatever financial strategy or real estate strategy you're going to attack.

Jessilyn Persson: [00:04:35] There's also partnerships, we've discussed this multiple times over different episodes. Because we do partnerships and we understand the concept of whether it's other people's money or whether it's our money we're partnering. It all depends, of course. Every situation is unique.

Brian Persson: [00:04:53] The reality is you need partnerships if you really want to grow big. Because you, personally, are only ever going to have so much money. If you stick with your 9 to 5 and you have a really good paying job, you will be able to buy more real estate than the average person. But eventually you're going to cap out, and the money that you're making every year is not going to exponentially buy more properties. Whereas if you...