Finally convinced my wife to come out of her comfort zone!

[Cody Adams]

a little bit about myself, My we are currently in our early 30's with 2 children both under the age of 3. We've been extremely fortunate in having had the help and ability to pay off our home here in Edmonton. I work a full time, semi flexible job that requires heavy involvement during the spring, summer and fall months but it quite a bit more relaxed during the winter. My wife is currently on maternity leave and will be for the next 10 months, but she will likely be returning to her job as well which is full time. After years of talking about getting into real estate investing ( BRRR Strategy ) my wife has finally accepted my outlook and is open to the idea of it. I've done some research into investing and found a lot of tips and tricks along the way but now that the gates of opportunity have opened up for me I'm looking for the best information related to starting out. We are located in Edmonton Alberta and ideally we would like to make investments nearby so that I can manage them efficiently. I've signed up for a few REI meetups here locally and am looking to network with some people who are in the industry. although I can not offer any benefit to the real estate side of things, I do have a decent level of personal credit experience because I was once a Finance manager for an RV sales company. my job was to read credit applications and submit credit applications to banks to try and get people approved for RV loans so I would say I am versed in this type of knowledge and can assist on recommendations for credit repair and how to acquire more credit. In addition to this I am also a certified Red and Blue Seal Heavy duty mechanic I can most definitely help with automotive questions relating to anything with an engine and associated electronics. My last skill is Sales. Previous to working in the Finance department at the RV store I was a salesperson for 4 years working under a person whom i would consider to be one of the best sales managers/ mentors that I've ever come across, my issue with working in sales was that i had no belief in the product I was selling, not based on the fact that the product was poor, but simply that I thought that purchasing a new RV was a terrible investment. I'm not judging either way but my conviction and belief was not 100% there. regardless I still managed to Win a trip to San Diego, California for placing 2nd amongst all the finance managers in the group for grossing the most on each sale ( large group which involved approximately 50 dealerships including cars ) I am a great salesperson but just did not have a great outlook on the product i was selling.

That is a little bit about me, my goal is to have 10 units multifamily or single family homes which collectively cashflow me $10,000 monthly. This is a floating goal but it is a place to start.  My proposed pathway forward is this: #1 I will be attending NAIT for the year 2024 seeking to acquire my home inspections license. This education I assume will give me the information I need to know when I inevitably make the purchases which will lead me to my goal. #2 start a home inspections buisness. namely for the hands on experience which will benefit me when it comes time for me to make my first purchase, but additionally the personal tax strategy of having a company . Also this will be, in my mind a great way to network and get to meet some of the people in this industry so that I can make contacts and have a skill or service to offer. This way I can meet agents and hopefully contractors that can be reliable when the time comes that I need to use their services. #3 around the middle of 2025 I will be seeking to buy our first property.  This may be a round about way to get into investing but I really don't have much groundwork to start on.  My in-laws have one rental property which they view as more of a burden than anything, and my brother has one rental property that he and his wife also do not look favorably upon.  This has been one of the concrete factors in my wife's hesitation to get into the industry. all the negative things she hears about investing has put a bad taste in her mouth but recently she's met a couple through her moms group that is running a successful real-estate investment buisness and her mind has been changed THANK GOD!

anyhow sorry for the long post but I'm looking for your thoughts on this plan and I would like to know any recommendations you may have! With all that being said I would just like to introduce myself and pre-emptively thank all who respond to this post!

Cheers!

Cody

[Stevo Sun]

Quote from @Cody Adams:

a little bit about myself, My we are currently in our early 30's with 2 children both under the age of 3. We've been extremely fortunate in having had the help and ability to pay off our home here in Edmonton. I work a full time, semi flexible job that requires heavy involvement during the spring, summer and fall months but it quite a bit more relaxed during the winter. My wife is currently on maternity leave and will be for the next 10 months, but she will likely be returning to her job as well which is full time. After years of talking about getting into real estate investing ( BRRR Strategy ) my wife has finally accepted my outlook and is open to the idea of it. I've done some research into investing and found a lot of tips and tricks along the way but now that the gates of opportunity have opened up for me I'm looking for the best information related to starting out. We are located in Edmonton Alberta and ideally we would like to make investments nearby so that I can manage them efficiently. I've signed up for a few REI meetups here locally and am looking to network with some people who are in the industry. although I can not offer any benefit to the real estate side of things, I do have a decent level of personal credit experience because I was once a Finance manager for an RV sales company. my job was to read credit applications and submit credit applications to banks to try and get people approved for RV loans so I would say I am versed in this type of knowledge and can assist on recommendations for credit repair and how to acquire more credit. In addition to this I am also a certified Red and Blue Seal Heavy duty mechanic I can most definitely help with automotive questions relating to anything with an engine and associated electronics. My last skill is Sales. Previous to working in the Finance department at the RV store I was a salesperson for 4 years working under a person whom i would consider to be one of the best sales managers/ mentors that I've ever come across, my issue with working in sales was that i had no belief in the product I was selling, not based on the fact that the product was poor, but simply that I thought that purchasing a new RV was a terrible investment. I'm not judging either way but my conviction and belief was not 100% there. regardless I still managed to Win a trip to San Diego, California for placing 2nd amongst all the finance managers in the group for grossing the most on each sale ( large group which involved approximately 50 dealerships including cars ) I am a great salesperson but just did not have a great outlook on the product i was selling.

That is a little bit about me, my goal is to have 10 units multifamily or single family homes which collectively cashflow me $10,000 monthly. This is a floating goal but it is a place to start.  My proposed pathway forward is this: #1 I will be attending NAIT for the year 2024 seeking to acquire my home inspections license. This education I assume will give me the information I need to know when I inevitably make the purchases which will lead me to my goal. #2 start a home inspections buisness. namely for the hands on experience which will benefit me when it comes time for me to make my first purchase, but additionally the personal tax strategy of having a company . Also this will be, in my mind a great way to network and get to meet some of the people in this industry so that I can make contacts and have a skill or service to offer. This way I can meet agents and hopefully contractors that can be reliable when the time comes that I need to use their services. #3 around the middle of 2025 I will be seeking to buy our first property.  This may be a round about way to get into investing but I really don't have much groundwork to start on.  My in-laws have one rental property which they view as more of a burden than anything, and my brother has one rental property that he and his wife also do not look favorably upon.  This has been one of the concrete factors in my wife's hesitation to get into the industry. all the negative things she hears about investing has put a bad taste in her mouth but recently she's met a couple through her moms group that is running a successful real-estate investment buisness and her mind has been changed THANK GOD!

anyhow sorry for the long post but I'm looking for your thoughts on this plan and I would like to know any recommendations you may have! With all that being said I would just like to introduce myself and pre-emptively thank all who respond to this post!

Cheers!

Cody

 Good luck Cody!  My wife more or less just let's me do real estate and she kind of just look the other way. Over the years,  specially with recent inflation, she has started to be more bought in on real estate as a defensive play. 

I'm in Calgary, but would be happy to touch base. BRRR strategy is getting harder these days due to the higher interest rate. As well housing in Canada is typically more expensive than the US which also makes it harder to cash flow. Hitting 10k of cashflow on 10 doors is challenging unless you have high amounts of equity in the deal (which is the opposite of BRRR).