August 13, 2025 • 18 mins
Patricia Wilson shares her journey from marketing professional to successful student housing investor, revealing how relationship-building and treating tenants like clients drives her $1000+ monthly cash flow from each property.
• Relationships and energy are critical to success in both marketing and real estate
• Student housing properties evolved into a co-living model with young professionals making up two-thirds of tenants
• Patricia's marketing background gives her an edge in property promotion and tenant acquisition
• Modern, contemporary styling with good lighting attracts quality tenants
• Joint venture partnerships require clarity, documented expectations, and mutual respect
• Education is the foundation of real estate success—invest in yourself first
Invest in yourself through education and experience. The money you pay to learn from people who have done it before will come back to you, and if finances are tight, dedicate time to free resources that will help you determine which real estate strategy fits you best.
https://pwilsonmarketing.ca/
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And it cash flows over $1,000 a month.
Speaker 2 (00:05):
Welcome to the 5 Questions Podcast, where we
unlock real estate and businessinsights one question at a time.
Welcome to the 5 QuestionsPodcast.
I am your host, mario Lamar.
Our guest on today's show is aseasoned marketing and
(00:28):
communication producer with over30 years of experience and a
passionate real estate investorfocused on student housing, she
leads creative teams to manage athriving rental portfolio and
she brings a unique blend ofstrategy and heart to everything
(00:48):
she does.
Welcome, patricia Wilson.
Welcome to the show, patricia.
Patricia, the concept of thepodcast is very simple Five
questions about real estate orbusiness and we get straight to
the point.
You ready, okay let's do it.
Okay, so, as mentioned, you haveover 30-year career leading
(01:11):
marketing and creative teams.
What key lessons from thatworld have most influenced your
approach as a real estateinvestor today?
Speaker 1 (01:23):
Oh, what a great question investor today.
Oh, what a great questionPeople relationships.
It comes down to relationshipsbuilding the team in either
industry, really trusting them,knowing their strengths, knowing
your strengths and yourweaknesses, so that you have
(01:43):
that covered in the scenario.
Yeah, it would be relationshipsand trust.
Trust that you're doing thebest you can in whatever team
environment you are, and bringyour best.
Speaker 2 (01:59):
And when you say relationship, can we talk a
little bit more on this?
Because I think this is a veryimportant point that people
should know?
Real estate is all aboutrelationships.
Some people think it's you know.
Oh, if you know how tocalculate your numbers, then
you're good, but you need peoplearound you.
(02:19):
So when you talk aboutrelationships, what do you focus
more?
When you're trying to learnabout someone, for example?
Speaker 1 (02:29):
Generally all my teammates in either industry
have been through referral,through another relationship.
So, honestly, I go with energy.
Yeah, Um, it's I.
Honestly, I go with energy.
Speaker 2 (02:45):
Yeah.
Speaker 1 (02:45):
I, I, I go with um the sense if I can communicate,
um they're open, um they don'tcare that I drop F-bombs a lot.
I know that's rude, but there'sa certain certain people out
there that do not like swearingand you can't work with them.
Speaker 2 (03:07):
Yeah Well, I think the point that you're saying
here is the energy between thetwo people has to flow.
Speaker 1 (03:18):
If you're going to be partners?
Yes, if you're going to be yeah, go ahead you have to give each
other, especially in themarketing and production side,
because it's the creative energyof brainstorming and coming up
with the solutions to meettimelines, to meet the budget.
It has to be a lot of back andforth and you have to trust each
(03:39):
other.
You have to like each other.
I work with people I like andthey like me.
Speaker 2 (03:44):
Yeah.
Speaker 1 (03:45):
That it.
That's key, and you know I haveworked with people I don't um
like yeah.
And it just makes it a lotharder for yourself.
Speaker 2 (03:55):
It doesn't flow well.
Speaker 1 (03:56):
It doesn't flow.
Every little mistake that canhappen happens, and it's not
because anybody's trying to makemistakes, it's just there's.
I like I can't tell you.
I've had about a dozen projectsin 30 years that from day one,
no matter what we did, the teamas a whole, it just went
sideways.
(04:17):
Yeah, and I can't pin it onanyone or pin it on anything,
it's just the energy wasn'tthere.
Speaker 2 (04:26):
Well, let's continue with our second question,
because we talked about youspecializing in student housing.
Speaker 1 (04:34):
Yes.
Speaker 2 (04:35):
So what inspired that focus and what makes student
rentals a smart investment intoday's market?
Speaker 1 (04:44):
What inspired it was the cash flow.
One day in 2011, early 2011 orlate 2010,.
I can't remember, but I waspart of a real estate group
called Real Estate Action Grouphere in Vancouver and it was led
by Ozzy Jurok and, anyways, bybeing a member of that group we
(05:07):
had access to deals, listings.
Anybody could put their deal up, whatever you know, it was a
portal.
So one evening I'm logging inand a member had posted my first
house, the 650 Lambert Avenue,and I'm looking at the numbers
and I instantly bring up myspreadsheet that I was blessed
(05:27):
to get from Kyle Green back inthe day and I put it in and I'm
like and I do it again, becauseI'm like there's no way it can
cash flow that much.
And I put it again and I'm likeand I do it again, cause I'm
like there's no way it can flashflow that much.
And I put it again and I waslike, okay, so I show the
numbers to my husband.
And he's like, okay, go checkit out.
So I went, I looked at it.
(05:49):
It's on the Island and I livein Squamish, it's in the NIMO
and I went in there and it wasnot even eight years old yet.
So everything was very new andit was full, full leased up and,
um, I just enjoyed the vibe,the energy.
(06:09):
The first year I'm not going tolie was brutal because I was
still under the misconception ofreal estate investing being
passive or cash flow beingpassive, so I wasn't proactive
about the leases.
I didn't know that the leaseswere going to expire soon or
whatever.
I didn't really pay attentionto that side of the property
management of the vacancy.
Over the years I have learnedtons and what I really enjoy
(06:35):
about it is actually meeting thestudents actually having
tenants.
The student housing model isthe term I use, but it's
actually becoming more of aco-living model with young
professionals that can't affordtheir own place yet after they
graduate first couple of years.
So over the last six years mytenancy is two-thirds young
(07:01):
professionals and one-thirdstudents.
And what I like about it is theturnover.
I know a lot of people don'twant turnover, but I get these
students staying between 12 to18, 24 months.
With the co-living scenario, Iget them staying 24 to 36 months
.
So the turnover is not like itused to be, where it used to be
(07:23):
by term right.
Speaker 2 (07:25):
Yeah.
Speaker 1 (07:27):
So that helps the cashflow, obviously, with your
vacancy rate being smaller.
But it gives you an opportunityto raise rents if you can,
which I have over the years, andit also you're never empty
because each room is anindividual lease.
At least that's how I operate Alot of.
I have a very differenthandling of my student housing.
(07:48):
I know a lot of people.
I've met a lot of investorsthat do student housing and
they're much more hands-off um.
So I enjoy doing the propertymanagement.
I enjoy putting the tenants inum and making sure the dynamics
fit in.
This everybody gets along andstuff like that.
But what got me into it was themoney cash flow, pure cash flow
(08:11):
nobody's gonna argue with youon that.
Speaker 2 (08:14):
if the cash flow is good, no and it's still cash
flow.
Speaker 1 (08:17):
This the Nanaimo house or duplex.
I own both sides now.
I bought one side in 2011, thesecond side in 2014, and there's
six rooms per side and it cashflows over $1,000 a month.
Speaker 2 (08:31):
That's good, very good.
Speaker 1 (08:33):
Yeah.
Speaker 2 (08:34):
Brings us to our third question, and I wanted to
ask you how has your creativebackground helped you find,
renovate, market your propertiesdifferently than maybe the
average investor?
Speaker 1 (08:46):
Yeah, Well, the average investor, depending on
their training right or theireducation, don't use all the
don't really aren't aware of themarketing tools that I am Like.
I already own domains acrossthe Canada for student housing.
I have a template for mywebsites and I've utilized SEO.
(09:08):
I got my Google profiles foreach house.
I've utilized SEO.
I got my Google profiles foreach house.
All the tools that I use for myclients to succeed in their
business.
I treat it like a business.
Maybe that's the differencebetween your average real estate
investor or your new realestate investor.
I don't know, maybe it's a sidehustle or whatever, but I treat
(09:31):
it as a business.
The minute I'm looking at aproperty, I'm looking at how I'm
going to market it.
Who's around there?
Obviously, the market is hugelyimportant and the community.
For student housing.
You have to be within 20minutes of walking to the school
.
Ideally, 10 minutes is theperfect scenario, plus having
(09:52):
amenities and the bus routethere too for going out.
But my marketing has brought in.
I'm not afraid to try differentmessaging and communications
through Facebook, places forstudents, kijiji.
You know all rentals like andexperimenting with different
(10:16):
copy and stuff and see what'sattracting.
I can see what's giving me thebest return of the marketing
kind of thing.
So and I treated like I think,because marketing to me is my
business, that has translatednicely into treating the student
housing as a business versusjust income, extra income and my
(10:37):
retirement fund kind of thing.
Speaker 2 (10:40):
And there was one word in the question was
renovate, and I'm curious toknow what you're going to say
about that.
But your creativity is theresomething that you do in each of
your houses that is specificbecause it's student housing?
Is there something that you putin like a type of amenity or
(11:01):
something that comes out?
Speaker 1 (11:03):
I try to make them very modern, contemporary, funky
, especially the Edmonton one.
I went in with a healthy budgetand I just changed the lighting
.
I just added really greatfurniture and added furniture
pieces, because the cool thingis, all the places I've bought
(11:24):
have come with some sort ofamount of furniture so I added
to it and made it morecontemporary, more modern.
The two duplexes I have, orthree, all have light, lots of
light.
You need brightness, you needit to be welcoming and you need
space.
With six people living in twofloors so you need living space
(11:51):
that works well for differentpersonalities and cooking styles
.
So you try to make it aswelcoming as possible.
I've never done a reno per se.
I'm not a fixer, flipper orwhatever that.
Edmonton, all I bought iscosmetics.
Everything is more cosmetics toattract the clientele I want,
(12:13):
which is young professionals,master students, even first-year
students, because the parentsat this point are looking at the
places.
So making it look new and fresh.
Speaker 2 (12:23):
Yeah, that's good, Very good.
Question number four and thiswe touched a little bit on it,
but I want to go deeper with you.
And this we touched a littlebit on it, but I want to go
deeper with you as a deal,finder and joint venture partner
what do you look for in asuccessful real estate
collaboration and what shouldpeople know before they partner
(12:47):
up with someone?
Speaker 1 (12:48):
Again back to the original question about teams
and liking who.
You have to like the personyou're joint venture.
You don't have to be bestfriends, you don't have to be.
You don't even have to befriends to be honest, your
business acquaintance, withrespect and trust.
You each know your strengthsand weaknesses.
Again, back to strengths andweaknesses and respect each
(13:11):
other's role.
Back to strengths andweaknesses and respect each
other's role.
So I'm the working partner inmy JV and the money partner is
very passive and that's how Iapproach it.
I make it very black and whitein the beginning of the initial
interest.
Speaker 2 (13:28):
Agreement.
Speaker 1 (13:29):
Agreement.
Or you know, even whenchit-chatting with that, you
know at a party and people askyou what you do, kind of thing.
Um, I just really focus onexpectations.
What do each side of the theagreement want?
Like you know, I want this,what do you want?
And having it documented sothat there's no surprises, no
(13:53):
question marks.
The joint venture agreement ispretty clear Clarity.
Speaker 2 (14:01):
Yeah, clarity, that's what I was going to say.
There's one word that comes outof it, it's clarity.
You don't want surprises.
Speaker 1 (14:10):
No, because owning a home is enough of a surprise.
You don't want surprises.
No, because owning a home isenough of a surprise.
No-transcript relationship thatstarted the whole joint venture
has to be solid and very clear.
Speaker 2 (14:26):
Yeah, well, it brings us to our last and final
question for today.
Speaker 1 (14:31):
Yay, that was apt.
Speaker 2 (14:34):
You're clearly passionate about helping others
grow, whether it's in yourbusiness or real estate.
What's one piece of adviceyou'd give someone who is
starting their journey either inbusiness or real estate?
What's one piece of adviceyou'd give someone who is
starting their journey either inbusiness or real estate?
Speaker 1 (14:49):
Education, education.
Let's focus on real estate.
Um, you really should educateyourself the fundamentals of
real estate and you know thepillars that make a market good,
why you'll make cash flow andyour personality.
You might not be a propertymanager Like my students are my
(15:11):
clients in my business, so Itreat them as clients.
I've seen a lot of propertymanagers and real estate
investors treat their tenantslike they're not worthy of their
attention.
Speaker 2 (15:27):
Okay.
Speaker 1 (15:28):
And it's a partnership.
So to learn all that, to feelit out, but make sure you know
what you want if you're going toget into real estate, your why
and we all talk about our whyand I found when I started real
estate investing I didn't have awhy, I just wanted, I just
liked it.
I just really enjoyed the vibeof real estate investing, the
(15:50):
knowledge, the people.
Eventually I got my why, otherthan I want more money, yeah,
but education is what myportfolio grew once.
I decided to invest in myself,to learn more, pass the
fundamentals like joint ventures.
(16:11):
I highly recommend MichaelPonte's classes.
They're phenomenal.
Like surround yourself withlike-minded people or people
that know more than you.
Pick their brains, go tonetworking, ask questions.
Don't be afraid to say I don'tknow this, you know.
(16:34):
And with money or without,whatever is part of the equation
you want to do, you shouldalways do your own alone.
I think everybody who's a realestate investor should have
something in their portfoliothat they've done themselves,
because they've learned how toget there, and then they can
really understand what thatmeans to have that in their
(16:57):
portfolio, either as a jointventure or whatever you know.
But it comes down to educationand experience getting that.
Speaker 2 (17:03):
I like the fact that you put the importance on
education because it costs money.
Right, when kids go to school,you buy supplies, you pay for
the school taxes and all this.
But as adults, a lot of peoplethink, oh well, I'll just learn
it on my own.
Well, invest in yourself.
(17:23):
Invest in yourself.
The money that you pay to learnfrom people that have done it
before and better than you isgoing to come back to you yeah,
yeah, and that you know.
Speaker 1 (17:34):
invest in yourself and if it's, if it's financially
difficult, then put in the time, because there is, there are a
lot of resources out there.
You just have to put in thetime and then, once you put in
the time, you'll know what youwant to do in real estate,
because there's so manystrategies out there that it is
very overwhelming.
Speaker 2 (17:56):
Well, Patricia, thank you so much for giving us your
insight today.
Thank you for having me.
I hope that all of ourlisteners will take a piece of
your wisdom on their journey andI'm looking forward to see you
soon.
See you again very soon.
Speaker 1 (18:13):
Thank you for having me, mario, take care.
Speaker 2 (18:15):
Bye-bye.
Thanks for tuning in to the 5Questions Podcast.
If you enjoyed today's episode,don't forget to subscribe, like
and hit the notification bellon our YouTube channel so you
never miss an episode.
Stay tuned for more insightsand tips to transform your real
estate and business game.
See you next time.
And it cash flows over $1,000 a month.
Speaker 2 (00:05):
Welcome to the 5 Questions Podcast, where we
unlock real estate and businessinsights one question at a time.
Welcome to the 5 QuestionsPodcast.
I am your host, mario Lamar.
Our guest on today's show is aseasoned marketing and
(00:28):
communication producer with over30 years of experience and a
passionate real estate investorfocused on student housing, she
leads creative teams to manage athriving rental portfolio and
she brings a unique blend ofstrategy and heart to everything
(00:48):
she does.
Welcome, patricia Wilson.
Welcome to the show, patricia.
Patricia, the concept of thepodcast is very simple Five
questions about real estate orbusiness and we get straight to
the point.
You ready, okay let's do it.
Okay, so, as mentioned, you haveover 30-year career leading
(01:11):
marketing and creative teams.
What key lessons from thatworld have most influenced your
approach as a real estateinvestor today?
Speaker 1 (01:23):
Oh, what a great question investor today.
Oh, what a great questionPeople relationships.
It comes down to relationshipsbuilding the team in either
industry, really trusting them,knowing their strengths, knowing
your strengths and yourweaknesses, so that you have
(01:43):
that covered in the scenario.
Yeah, it would be relationshipsand trust.
Trust that you're doing thebest you can in whatever team
environment you are, and bringyour best.
Speaker 2 (01:59):
And when you say relationship, can we talk a
little bit more on this?
Because I think this is a veryimportant point that people
should know?
Real estate is all aboutrelationships.
Some people think it's you know.
Oh, if you know how tocalculate your numbers, then
you're good, but you need peoplearound you.
(02:19):
So when you talk aboutrelationships, what do you focus
more?
When you're trying to learnabout someone, for example?
Speaker 1 (02:29):
Generally all my teammates in either industry
have been through referral,through another relationship.
So, honestly, I go with energy.
Yeah, Um, it's I.
Honestly, I go with energy.
Speaker 2 (02:45):
Yeah.
Speaker 1 (02:45):
I, I, I go with um the sense if I can communicate,
um they're open, um they don'tcare that I drop F-bombs a lot.
I know that's rude, but there'sa certain certain people out
there that do not like swearingand you can't work with them.
Speaker 2 (03:07):
Yeah Well, I think the point that you're saying
here is the energy between thetwo people has to flow.
Speaker 1 (03:18):
If you're going to be partners?
Yes, if you're going to be yeah, go ahead you have to give each
other, especially in themarketing and production side,
because it's the creative energyof brainstorming and coming up
with the solutions to meettimelines, to meet the budget.
It has to be a lot of back andforth and you have to trust each
(03:39):
other.
You have to like each other.
I work with people I like andthey like me.
Speaker 2 (03:44):
Yeah.
Speaker 1 (03:45):
That it.
That's key, and you know I haveworked with people I don't um
like yeah.
And it just makes it a lotharder for yourself.
Speaker 2 (03:55):
It doesn't flow well.
Speaker 1 (03:56):
It doesn't flow.
Every little mistake that canhappen happens, and it's not
because anybody's trying to makemistakes, it's just there's.
I like I can't tell you.
I've had about a dozen projectsin 30 years that from day one,
no matter what we did, the teamas a whole, it just went
sideways.
(04:17):
Yeah, and I can't pin it onanyone or pin it on anything,
it's just the energy wasn'tthere.
Speaker 2 (04:26):
Well, let's continue with our second question,
because we talked about youspecializing in student housing.
Speaker 1 (04:34):
Yes.
Speaker 2 (04:35):
So what inspired that focus and what makes student
rentals a smart investment intoday's market?
Speaker 1 (04:44):
What inspired it was the cash flow.
One day in 2011, early 2011 orlate 2010,.
I can't remember, but I waspart of a real estate group
called Real Estate Action Grouphere in Vancouver and it was led
by Ozzy Jurok and, anyways, bybeing a member of that group we
(05:07):
had access to deals, listings.
Anybody could put their deal up, whatever you know, it was a
portal.
So one evening I'm logging inand a member had posted my first
house, the 650 Lambert Avenue,and I'm looking at the numbers
and I instantly bring up myspreadsheet that I was blessed
(05:27):
to get from Kyle Green back inthe day and I put it in and I'm
like and I do it again, becauseI'm like there's no way it can
cash flow that much.
And I put it again and I'm likeand I do it again, cause I'm
like there's no way it can flashflow that much.
And I put it again and I waslike, okay, so I show the
numbers to my husband.
And he's like, okay, go checkit out.
So I went, I looked at it.
(05:49):
It's on the Island and I livein Squamish, it's in the NIMO
and I went in there and it wasnot even eight years old yet.
So everything was very new andit was full, full leased up and,
um, I just enjoyed the vibe,the energy.
(06:09):
The first year I'm not going tolie was brutal because I was
still under the misconception ofreal estate investing being
passive or cash flow beingpassive, so I wasn't proactive
about the leases.
I didn't know that the leaseswere going to expire soon or
whatever.
I didn't really pay attentionto that side of the property
management of the vacancy.
Over the years I have learnedtons and what I really enjoy
(06:35):
about it is actually meeting thestudents actually having
tenants.
The student housing model isthe term I use, but it's
actually becoming more of aco-living model with young
professionals that can't affordtheir own place yet after they
graduate first couple of years.
So over the last six years mytenancy is two-thirds young
(07:01):
professionals and one-thirdstudents.
And what I like about it is theturnover.
I know a lot of people don'twant turnover, but I get these
students staying between 12 to18, 24 months.
With the co-living scenario, Iget them staying 24 to 36 months
.
So the turnover is not like itused to be, where it used to be
(07:23):
by term right.
Speaker 2 (07:25):
Yeah.
Speaker 1 (07:27):
So that helps the cashflow, obviously, with your
vacancy rate being smaller.
But it gives you an opportunityto raise rents if you can,
which I have over the years, andit also you're never empty
because each room is anindividual lease.
At least that's how I operate Alot of.
I have a very differenthandling of my student housing.
(07:48):
I know a lot of people.
I've met a lot of investorsthat do student housing and
they're much more hands-off um.
So I enjoy doing the propertymanagement.
I enjoy putting the tenants inum and making sure the dynamics
fit in.
This everybody gets along andstuff like that.
But what got me into it was themoney cash flow, pure cash flow
(08:11):
nobody's gonna argue with youon that.
Speaker 2 (08:14):
if the cash flow is good, no and it's still cash
flow.
Speaker 1 (08:17):
This the Nanaimo house or duplex.
I own both sides now.
I bought one side in 2011, thesecond side in 2014, and there's
six rooms per side and it cashflows over $1,000 a month.
Speaker 2 (08:31):
That's good, very good.
Speaker 1 (08:33):
Yeah.
Speaker 2 (08:34):
Brings us to our third question, and I wanted to
ask you how has your creativebackground helped you find,
renovate, market your propertiesdifferently than maybe the
average investor?
Speaker 1 (08:46):
Yeah, Well, the average investor, depending on
their training right or theireducation, don't use all the
don't really aren't aware of themarketing tools that I am Like.
I already own domains acrossthe Canada for student housing.
I have a template for mywebsites and I've utilized SEO.
(09:08):
I got my Google profiles foreach house.
I've utilized SEO.
I got my Google profiles foreach house.
All the tools that I use for myclients to succeed in their
business.
I treat it like a business.
Maybe that's the differencebetween your average real estate
investor or your new realestate investor.
I don't know, maybe it's a sidehustle or whatever, but I treat
(09:31):
it as a business.
The minute I'm looking at aproperty, I'm looking at how I'm
going to market it.
Who's around there?
Obviously, the market is hugelyimportant and the community.
For student housing.
You have to be within 20minutes of walking to the school
.
Ideally, 10 minutes is theperfect scenario, plus having
(09:52):
amenities and the bus routethere too for going out.
But my marketing has brought in.
I'm not afraid to try differentmessaging and communications
through Facebook, places forstudents, kijiji.
You know all rentals like andexperimenting with different
(10:16):
copy and stuff and see what'sattracting.
I can see what's giving me thebest return of the marketing
kind of thing.
So and I treated like I think,because marketing to me is my
business, that has translatednicely into treating the student
housing as a business versusjust income, extra income and my
(10:37):
retirement fund kind of thing.
Speaker 2 (10:40):
And there was one word in the question was
renovate, and I'm curious toknow what you're going to say
about that.
But your creativity is theresomething that you do in each of
your houses that is specificbecause it's student housing?
Is there something that you putin like a type of amenity or
(11:01):
something that comes out?
Speaker 1 (11:03):
I try to make them very modern, contemporary, funky
, especially the Edmonton one.
I went in with a healthy budgetand I just changed the lighting
.
I just added really greatfurniture and added furniture
pieces, because the cool thingis, all the places I've bought
(11:24):
have come with some sort ofamount of furniture so I added
to it and made it morecontemporary, more modern.
The two duplexes I have, orthree, all have light, lots of
light.
You need brightness, you needit to be welcoming and you need
space.
With six people living in twofloors so you need living space
(11:51):
that works well for differentpersonalities and cooking styles
.
So you try to make it aswelcoming as possible.
I've never done a reno per se.
I'm not a fixer, flipper orwhatever that.
Edmonton, all I bought iscosmetics.
Everything is more cosmetics toattract the clientele I want,
(12:13):
which is young professionals,master students, even first-year
students, because the parentsat this point are looking at the
places.
So making it look new and fresh.
Speaker 2 (12:23):
Yeah, that's good, Very good.
Question number four and thiswe touched a little bit on it,
but I want to go deeper with you.
And this we touched a littlebit on it, but I want to go
deeper with you as a deal,finder and joint venture partner
what do you look for in asuccessful real estate
collaboration and what shouldpeople know before they partner
(12:47):
up with someone?
Speaker 1 (12:48):
Again back to the original question about teams
and liking who.
You have to like the personyou're joint venture.
You don't have to be bestfriends, you don't have to be.
You don't even have to befriends to be honest, your
business acquaintance, withrespect and trust.
You each know your strengthsand weaknesses.
Again, back to strengths andweaknesses and respect each
(13:11):
other's role.
Back to strengths andweaknesses and respect each
other's role.
So I'm the working partner inmy JV and the money partner is
very passive and that's how Iapproach it.
I make it very black and whitein the beginning of the initial
interest.
Speaker 2 (13:28):
Agreement.
Speaker 1 (13:29):
Agreement.
Or you know, even whenchit-chatting with that, you
know at a party and people askyou what you do, kind of thing.
Um, I just really focus onexpectations.
What do each side of the theagreement want?
Like you know, I want this,what do you want?
And having it documented sothat there's no surprises, no
(13:53):
question marks.
The joint venture agreement ispretty clear Clarity.
Speaker 2 (14:01):
Yeah, clarity, that's what I was going to say.
There's one word that comes outof it, it's clarity.
You don't want surprises.
Speaker 1 (14:10):
No, because owning a home is enough of a surprise.
You don't want surprises.
No, because owning a home isenough of a surprise.
No-transcript relationship thatstarted the whole joint venture
has to be solid and very clear.
Speaker 2 (14:26):
Yeah, well, it brings us to our last and final
question for today.
Speaker 1 (14:31):
Yay, that was apt.
Speaker 2 (14:34):
You're clearly passionate about helping others
grow, whether it's in yourbusiness or real estate.
What's one piece of adviceyou'd give someone who is
starting their journey either inbusiness or real estate?
What's one piece of adviceyou'd give someone who is
starting their journey either inbusiness or real estate?
Speaker 1 (14:49):
Education, education.
Let's focus on real estate.
Um, you really should educateyourself the fundamentals of
real estate and you know thepillars that make a market good,
why you'll make cash flow andyour personality.
You might not be a propertymanager Like my students are my
(15:11):
clients in my business, so Itreat them as clients.
I've seen a lot of propertymanagers and real estate
investors treat their tenantslike they're not worthy of their
attention.
Speaker 2 (15:27):
Okay.
Speaker 1 (15:28):
And it's a partnership.
So to learn all that, to feelit out, but make sure you know
what you want if you're going toget into real estate, your why
and we all talk about our whyand I found when I started real
estate investing I didn't have awhy, I just wanted, I just
liked it.
I just really enjoyed the vibeof real estate investing, the
(15:50):
knowledge, the people.
Eventually I got my why, otherthan I want more money, yeah,
but education is what myportfolio grew once.
I decided to invest in myself,to learn more, pass the
fundamentals like joint ventures.
(16:11):
I highly recommend MichaelPonte's classes.
They're phenomenal.
Like surround yourself withlike-minded people or people
that know more than you.
Pick their brains, go tonetworking, ask questions.
Don't be afraid to say I don'tknow this, you know.
(16:34):
And with money or without,whatever is part of the equation
you want to do, you shouldalways do your own alone.
I think everybody who's a realestate investor should have
something in their portfoliothat they've done themselves,
because they've learned how toget there, and then they can
really understand what thatmeans to have that in their
(16:57):
portfolio, either as a jointventure or whatever you know.
But it comes down to educationand experience getting that.
Speaker 2 (17:03):
I like the fact that you put the importance on
education because it costs money.
Right, when kids go to school,you buy supplies, you pay for
the school taxes and all this.
But as adults, a lot of peoplethink, oh well, I'll just learn
it on my own.
Well, invest in yourself.
(17:23):
Invest in yourself.
The money that you pay to learnfrom people that have done it
before and better than you isgoing to come back to you yeah,
yeah, and that you know.
Speaker 1 (17:34):
invest in yourself and if it's, if it's financially
difficult, then put in the time, because there is, there are a
lot of resources out there.
You just have to put in thetime and then, once you put in
the time, you'll know what youwant to do in real estate,
because there's so manystrategies out there that it is
very overwhelming.
Speaker 2 (17:56):
Well, Patricia, thank you so much for giving us your
insight today.
Thank you for having me.
I hope that all of ourlisteners will take a piece of
your wisdom on their journey andI'm looking forward to see you
soon.
See you again very soon.
Speaker 1 (18:13):
Thank you for having me, mario, take care.
Speaker 2 (18:15):
Bye-bye.
Thanks for tuning in to the 5Questions Podcast.
If you enjoyed today's episode,don't forget to subscribe, like
and hit the notification bellon our YouTube channel so you
never miss an episode.
Stay tuned for more insightsand tips to transform your real
estate and business game.
See you next time.
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