You Are The Average of the Five People You Hang Out With
In the title of my blog post, I paraphrased Motivational speaker Jim Rohn who famously said that we are the average of the five people we spend the most time with.
In June 2018 I was presented with my Ten Year Award as a member of REIN (Real Estate Investment Network)
History of REIN (As Described on the REIN Website)
“With a simple idea and from humble beginnings, The Real Estate Investment Network (REIN) was founded in 1992. Today we are Canada’s most trusted real estate investment education, analysis, research, and strategic leadership resource. To date, by leveraging our economic insights and analysis, and using proven strategies taught by REIN, our Members have transacted more than 37,000 properties, representing more than 4.1 billion dollars of real estate.” http://www.reincanada.com
Our Humble Beginnings in Investment Real Estate
Investment real estate has been a cornerstone of our financial portfolio since 2002; this decision was driven by seeing friends and family buying cottages, vacation properties in the southern parts of the United States or condos in recreational areas of Canada. This influence of friends and family’ purchasing of vacation properties was real and sent us off in a direction we had not even thought.
The difference for us versus our friends and family; we did not want to own a vacation property without the opportunity to have substantial rental income from the property.
At the beginning of our vacation rental income property ownership we used a company that was a one-stop vacation and recreational management shop, this company helped us set up our vacation rental property’s furnishings, household, and incidental items. This company then helped us market and rent our vacation rental home.
Listen to our Vacation Rental Investment Property Journey on the following podcast; Episode 54: Recreational and Vacation Rental Properties with W. Rick Harris
Several years after making our first purchase of investment real estate; I read a book; Real Estate Investing in Canada and this book lead us to buy two residential investment real estate properties. Real Estate Investing in Canada was written by Don R. Campbell who was one of the founding members of REIN.
The book was written as a stand-alone product, and you can find this book at most bookstores in Canada.
Our first two residental investment real estate properties we bought with my son and his wife. Kick-starting my son’s and daughter-in-laws’ investment real estate portfolio was great. They were part of our investment real estate tribe.
We knew we needed to expand our tribe and hang out with other folks who were building their investment real estate portfolio.
I was encouraged by a friend to attend an investment real estate educational weekend event. (REIN; Real Estate Investment Network, ACRE (Authentic Canadian Real Estate) Program.
We found more members in our tribe and even though we were not hanging out with any of these folks on a personal basis we were hanging out with them in the area of investment real estate.
Being The Average of; Won’t Make You Average
From personal experience, whether it is becoming a half-marathon runner or an investment real estate investor; you are the average of these folks you hang out within each area of interest.
Don’t be afraid to have more than one tribe and grow your area of expertise in different facets of your life. You won’t be average.
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