Episode Transcript
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Speaker 1 (00:00):
Ultimately, who you
are as a person is actually how
you show up as that leader onthat team.
Speaker 2 (00:11):
Welcome to the 5
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Welcome to the 5 QuestionsPodcast.
I am your host, mario Lamar,our guest on today's show.
He is the CEO of RAINN, theReal Estate Investment Network.
He has over 40 years ofexperience in real estate
investment, education,entrepreneurship, personal and
(01:29):
professional development, and heis an expert speaker and coach.
Welcome, patrick, franci.
Patrick, welcome to the podcast.
Speaker 1 (01:37):
Thanks for having me
on the show.
I look forward to theconversation.
Speaker 2 (01:40):
Patrick, the concept
of our podcast is really simple.
I ask five questions about realestate or business in general
and we get straight to the point.
You ready?
Okay, let's do it.
See a lot of people you knowwanting to start their journey
(02:03):
in real estate investing.
What do you believe is the mostcritical factor for someone
starting their journey in realestate investing?
Speaker 1 (02:13):
in today's market.
I mean, the shortest answerwould be the lack of education.
You know the would be the first, and the shortest answer you
know is really first steps isgetting an understanding, that
part of, at least a sense ofwhat's going on in real estate,
why you want to invest in realestate.
But ultimately, you know,coming and creating a plan is
(02:34):
ultimately where you have tostep back and go.
Okay, what is it that I wantreal estate to do for me?
And then, what is the strategyor tactics I will do to or use
to achieve that goal?
Speaker 2 (02:45):
Right.
So someone doesn't just getstarted in real estate for the
heck of having investments.
There's a purpose behindgetting started into real estate
investing.
Speaker 1 (02:56):
Well, whether you do
it yourself, whether you're
going to be a do-it-yourselfer,where you're going to actually
be the person that's going outfinding deals and doing the math
and doing the diligence andreally grinding it out, which is
what many do Not everybody isbuilt to do that.
Some just want to park capitaland put it into a store of value
.
Real estate is that store ofvalue and, especially given
(03:18):
what's going on in the worldthese days, it's been a very
effective store of value and hasbeen for many years.
And as much as we think aboutthe headlines that are saying
that Canada is going down thetank and we're in a real estate
bubble and all of the storiesand the headlines that go along
with it, real estate will remaina very strong store of value.
The reason I give you thatbackground is because some
(03:40):
people who aren'tdo-it-yourselfers realize that
real estate can, in fact, be agreat place to invest their
capital and get a return on thatinvestment.
But, having said that, a lotjust trust where they're putting
that cash without doing thediligence in behind to say, well
(04:00):
, what is this deal?
What is my exit strategy?
Okay, it's one thing, I'mwriting the check, but how am I
exiting this deal, or what isthe expectation and why of the
expectation of that return onthat investment?
So, whether you do it yourself,or which takes a lot more
education, but having said that,even if you're an investor,
(04:21):
which is a hands-off I want tobe an armchair kind of guy.
I just want to put cash in thegame.
There's still education thatgoes along with it, and what
we're seeing is the results ofpeople who didn't do that
diligence.
We're certainly experiencing itin Vancouver and in the Toronto
slash GTA condo market, forexample.
Speaker 2 (04:39):
Yeah, absolutely.
That brings us to our secondquestion.
You have a philosophy.
You've been very successful inyour endeavors and your
businesses, but there's aphilosophy behind it that
emphasizes of creating a contextfor life with intention and
purpose.
Now can you share with us theapproach, this approach and how
(05:02):
it has influenced your own life,but also your business
decisions?
Speaker 1 (05:06):
this approach and how
it has influenced your own life
, but also your businessdecisions.
I think, ultimately, when welook at, you know what we want
to achieve in life.
You know at some point in ourlife we just want to go out and
make money.
Now, I think that's fine, andyou start to realize at some
point, though, that is makingmoney is an important part of it
, and being profitable inbusiness is all part of it
Having a great income, whetherthat's in entrepreneurship or in
(05:29):
a great career but ultimatelywe want to have enjoy life, we
want to get fulfillment, we wantto make a difference, we need
to be recognized for the workthat we do.
So it's all to say that thedollars and cents of it are one
aspect of it, but are you havingfun?
Are you feeling fulfilled?
Are you making a difference inthe world?
(05:50):
That becomes far moreintentional.
So a little bit more of along-winded answer is that you
know there's lots of memes outthere.
We've all seen and heard thequotes.
You know it's not the goal,it's who you have to become to
achieve the goal.
It's not the goal, it's who youhave to become to achieve the
goal.
It's not the goal, it's thejourney, and that's all true, by
the way.
Having said that, it isintentional.
(06:11):
You know it's being open to andhaving an open mindset as
opposed to a closed mindset.
You know, there are thoseindividuals who literally
believe that they're geneticallypredisposed, predisposed to
being a certain way, acting acertain way.
It's like the common phrase,just the way I am, yeah, and you
(06:31):
know, really that's not thecase.
It's who you're choosing to be,and we do have a choice.
And so when we look at a goal,for example, that we might have
a vision for our life so I'm nota big goal setter, I am a real,
strong proponent of having avision for my life.
So, in other words, what do Iwant my life to look like, what
do I want it to feel like, whodo I want to be in relationship
(06:54):
with?
So when I start to have thatvision, I'm going well, who do I
have to become to achieve thatvision?
And so I don't want to minimizethat phrase.
It's a common phrase, but it isso, so true is that it's not
about the doingness of things asmuch as it is about who do I
have to become to do that, andthat becomes a very conscious
(07:16):
choice, and so when you start tocreate a vision for your life,
for your then translates to yourbusiness.
It's about who you are, who youwant to be, how do you want to
show up, how do you want to beknown, what are the
relationships you want toattract?
And so those are veryintentional thought processes
that it actually takes work todo that.
You have to sit down and gowell, gosh, who am I really?
(07:38):
Who do I want to be?
And so that's the consciouswork that we do in reflection of
I will call it identity.
But who are you in the contextof your life and what changes
are you willing to put in?
And you know, there's a Mary.
The thing about it is thatpeople say they want change, and
(07:58):
that's true, but what's behindthat is the reality about it is
that people say they want change, and that's true, but what's
behind that is the reality isthat very few people want to
change.
So, in other words, they wantthe outcome.
They just don't want to do whatit takes to achieve that.
They don't want to become theperson and I'm part of that.
As you get older, you're inthese relationships.
It's family, friends, peers,and a lot of individuals don't
(08:23):
make changes in their lifebecause the fear of the judgment
of those friends, those peers,that family, and so these are
some of the kind of the pros andcons, the yin, the yang, the.
You know I want to do that, but, oh, but what if they don't
like me if I do that?
So these are kind of thequandary and that's why I spend
a lot of time in my own coachingand the work that I do with
(08:45):
individuals is okay.
Are you willing to bemisunderstood in the context of
your life and are youintentionally creating a context
?
So I don't know if thatanswered the question or not,
but that's kind of the over highlevel view of how I view life
and how I view business.
Speaker 2 (08:59):
Yeah, it absolutely
does answer.
And to further your point,people, you're right, they do
want to change, but do they wantto put the efforts that's going
to take them in that differentoutcome that they, and not a lot
of people are willing to put inthat effort?
Because sometimes you have todo major shifts in your life to
(09:21):
be able to achieve the endresult that you really want.
So I 100% agree with you.
Speaker 1 (09:27):
Well, it's
interesting too, mario, is that?
Just expand on that a littlebit.
So my wife, stephanie, is anOlympic and world-class mental
performance coach.
You know, right as we speak,olympics and she's in Paris and
her team is gold medalists inanother sport.
But long story short, is thatwhat we've come to recognize in.
(09:49):
We've worked with athletes andbusiness owners for many years
in our own programs but peoplesee the outcome, so we'll use
the example of.
We've noticed that people seethe odium, they see the athletes
, or they see those individualsgetting those awards or getting
the medals, whatever that mightbe, and they want that.
Yeah, what they don't see iswhat it took to get there and
(10:14):
who those individuals had tobecome to actually achieve that
outcome and who they had to showup as how they had to build
their teams and behind them,like, there's so much involved
in that journey.
And so you not only see the,you know that outcome is.
You know it's seconds long.
(10:35):
Okay, gold medal, Okay Done.
You wake up the next day andyou go okay, now what?
Okay, well, I spent my wholelife to get that gold medal.
I've got it, and this is someof the things that people don't
really think behind is like Iwant that to your point.
Are you willing to not just dothe work, but it takes a shift
(10:56):
of who you are to actuallyachieve that.
So again, a little bit in depth, but just to give it some extra
context.
Speaker 2 (11:04):
Yeah, absolutely.
That brings us to our thirdquestion.
And you have a profoundcommitment to holistic growth.
Okay, we can.
We can even read that in yourbio.
Now, how do you integratepersonal development with
professional success in yourdifferent coaching and
educational programs?
Speaker 1 (11:25):
You know there's a
lot to that question, so, but
having said all of that, youknow, many years ago I remember
coming off the stage afterspeaking and I'd been sharing
some of my story.
That was part of what I was onstage for as a keynote.
And as I came off the stage, ayoung man approached me as
they're going to break, and hesaid Patrick goes, gosh, how
(11:46):
many hours a week do you work?
And it really threw me off andI went I don't know, I don't
think of it that way.
I don't track hours.
I've been a business owner for40 plus years not at that time,
but I'd been a business owner.
I mean I go.
There's no really distinction.
(12:06):
This is my life, and so whetherI'm working, not working,
whether I'm on stage, off stage,whether I'm in my operations of
my business or on the beach,this is just my life.
I don't calculate hours.
So part of that is because Ilove what I do, and so it
doesn't really feel like work,although it's a lot of
(12:27):
responsibility andaccountability.
That's all part of the gamethat we play called business and
life in general.
So, ultimately, as we evolve aspeople, as I evolve as a man, as
you evolve as a man or women orwhatever the case is.
We evolve as people.
The differentiation of who weare when we're having a
(12:52):
conversation with friends versuswho we are professionally there
isn't that big a difference.
We still have to hang our haton the values that we embrace.
What's important to us, who weare, if you're a business owner,
if you're a manager, if you'rea supervisor, whatever if you're
the pointy end of the spear ofyour team, ultimately who you
(13:13):
are as a person is actually howyou show up as that leader on
that team.
And so if you're not being aneffective leader on your team,
if you go back into your lifeoverall, there's probably lots
of gaps, lots of places whereyou're not being effective there
either.
And so as we evolve and grow aspeople and as we get really
(13:34):
conscious as to how we'reshowing up, maybe we have to
embrace more empathy, morecompassion, better listening
skills.
That's in all aspects of ourlife, not just business.
So when I talk about holistic,you know personal professional
development.
There's the personaldevelopment part of it, which is
who are you?
There's the professionaldevelopment is how does that
(13:55):
translate into being a greatleader?
How does that translate intooperating your business.
How does that translate intocreating the culture and the
environment?
Because that has to be.
If you're a business owner, andwhether that's in real estate
or just business in general,your business needs to be a
reflection of who you are Fullstop.
And that reflection is based onyou defining who you are and
(14:21):
being very clear on that.
That takes reflection, it takesintentionality, it takes
putting systems together, maybebreaking old habits.
I mean, there's lots ofdevelopment in that process.
Speaker 2 (14:32):
And one thing I also
want to add to your point is
sometimes you start your journeyand you start your development
and it's okay to take a stepback and refocus, reassessed,
because you might not get it100% right the first time.
But as yeah, exactly as long asyou, you're okay with that take
(14:54):
a step back and refocus, changea few things and then go
forward again.
Speaker 1 (15:01):
And just to your
point, Mario, is that you have
to always be assessing, becauseyou go through different phases
of your life.
You go through different phasesin your business.
There was a point where in myearly on in one of my businesses
, I was the technician, I was inthe business my one of my
businesses I was the technician,I was in the business.
I exited that business.
(15:21):
I still own it, but I'm nolonger in it.
That was a phase that I wentthrough where I was growing to
be the business owner, not theentrepreneur, not the
solopreneur.
So you know, now I have a teamof people that operate that
business.
I check in with them everycouple of weeks.
You know we share informationand we do all those things.
But that's the shift of me.
(15:41):
As I went through that phase ofmy business and my life, as I
had to mature into that, I hadto grow into it.
Some people do that veryquickly.
You know, I don't think I did.
I think I'm a pretty slow study, but ultimately I know now,
today, at 66 years old, who Iwant to be.
I have a vision for who I am at70.
(16:01):
And I started implementing thata year ago.
I'm going okay, this is how Iwant to be at 70 years old, and
so I'm looking into the visionfor my 70 year old self, the
same as I looked into the visionfor my 50 year old self and my
60 year old self, you follow,what I'm saying here is that we
go through these phases and whatserved me at 50 doesn't work
(16:22):
for me at 66, you know.
So these are things, and thatbecomes a place of
intentionality and I can't.
You know I've said it a fewdifferent ways, but ultimately
we have to be intentional aboutit.
And, to your point, as you stepback and you go yeah, this
doesn't work for me anymore andI have to change.
I have to shift my view of theworld and how I look at the
(16:46):
world that I'm playing in today.
Speaker 2 (16:48):
Brings us to our
fourth question.
You have a podcast of your owncalled the Everyday Millionaires
Podcast, which maybe one dayyou'll invite me on, but we'll
see about that.
So you inspired many, manylisteners that went and listened
.
But I want to hear it from youwhat you believe the most
(17:10):
powerful lesson your audiencecan get from your podcast, like
why should they go and listen tothe Everyday Millionaire
Podcast?
Why should they?
Speaker 1 (17:17):
go and listen to the
Everyday Millionaire podcast.
You know when that show cameout I started producing that
podcast eight years ago and youknow we do about a hundred and
some thousand downloads a monthnow it's become.
It was kind of an interestingtipping point.
Now, having said all of that,you know the premise of the show
was very, very fundamental.
Many want to have that statusof being a millionaire,
(17:41):
literally a true millionaire, inother words, a net worth less
your home, liquidatable assets,a million bucks and it doesn't
sound like a lot of money thesedays, especially when the
government's out there talkingabout billions and trillions and
it seems like what's a millionbucks?
Our house is 1.5 million, so welose a little bit of context
for it, but less than 3% of thepopulation have a net worth of a
(18:04):
million dollars, a true networth of a million bucks, and so
it's still a very great goalfor people to strive for, to
want to achieve.
Now, having said all of that,the podcast was born from the
observation I had of my circleof influence, of how many true
multi-millionaires I knew and Iwas friends with, who were just
(18:27):
quietly doing their thing.
They had no fanfare, nobranding, no big deal.
They had great businesses andthe realization that there was
really nothing special aboutthem.
They were really nice peopleand they were pretty savvy, but
there was nothing special and sothey were just everyday people
who had created this net worth.
(18:49):
So the lesson in all of it andwhere I try and go when I
interview my guests and I've hadsome amazing guests, that it's
the premise is seeminglyordinary individuals who have
achieved extraordinary results,and my message is if they can do
it, you can do it too.
And so when I'm interviewing myguests, I'm really looking
(19:12):
about and having conversations.
It's long format.
It's easily an hour to an hourand a half, sometimes even
longer, depending on the guest.
But ultimately, how did you getthere?
You know what is your story?
You know, is it nature, is itnurture?
Did you come out of the chute?
An entrepreneur, or did you getsupported?
Did you learn?
How did you do that?
And so, ultimately, the storiesand the interviews that I'm
(19:33):
doing are really to send amessage that if they can do it,
you can do it too.
And I know that my guests wouldsay that is that there's
nothing special about me, andsome of them have very, very
jaded past very difficultupbringings.
Others had magical upbringings.
You know parents who were very,very supportive, and so it's
(19:56):
not a case of well, they, youknow they came from the lucky
sperm club, it wasn't.
It isn't about that.
Some of them were just like myparents divorced at six and I
was on my own and I was raisedby a single mom and, like they
all have stories and the pointis is that, regardless of their
story, they went on to do reallygreat things because of the
(20:17):
determination that they had andthe commitment to their life and
to being and being fulfilledand being a contribution.
Speaker 2 (20:28):
You know and I
encourage everybody to go listen
to the Everyday Millionairepodcast, because this is what we
need.
Maybe we can use it as fuel,you know, in our endeavors, in
our personal lives, our businessendeavors.
All we need is a little bit ofself-confidence that we can
(20:48):
achieve something and then weuse those tools, like those
podcast episodes, to fuel ournext steps, to bring us further.
And thank you for putting thatplatform for people to listen to
it, because I think I believeit too, and that's what a little
bit I try to do is influencepeople where maybe they come
(21:10):
from nothing, but they couldstill achieve great things.
Speaker 1 (21:13):
So, yeah, it's very,
very good there's a quote that I
often use which is to yourpoint, mario around confidence
is that I use a quote often thatconfidence is rarely owned,
it's almost always borrowed, andso when you listen to some of
these podcasts, what you'rereally doing is borrowing some
(21:34):
confidence.
Gosh, if they can do it, oh,look at that, they did it, I can
do it too.
You're borrowing confidence andthen you're using that to kind
of build your own foundation tohelp you climb that mountain
whatever that mountain is thatyou climb to take that next step
.
And so you borrow confidenceand you borrow it from others
and, because of how you're builtand how you're wired, you're
(21:56):
actually giving confidence toothers.
That's your intention.
You got this.
You know you got this.
Those are powerful words forpeople.
Speaker 2 (22:04):
Yeah Well, patrick,
it brings us to our fifth
question already, but throughyour programs, through your
educational programs, youimpacted countless lives.
I want to hear from you whatyou consider your greatest
accomplishment in helping othersachieve either their financial
or business goals.
Speaker 1 (22:23):
I don't.
Oh gosh, that's a toughquestion.
I don't know that I can saythat, uh, I have a greatest
accomplishment.
I think for me, my greatestaccomplishment is in my own kind
of realizations, my owndevelopment, and that only came
with a lot of years Like I say,I'm a pretty slow study, I think
(22:44):
but my greatest accomplishmentwas in my own development,
personally and professionally,and the realization that I had
is that start living my values,being true to who I am.
My tagline personally is be yourgreatest self, live your best
life, and so when I'm on theseinterviews, when I'm on my
(23:09):
podcast, when I'm coaching anddoing the programs that
Stephanie and I roll out, that'swhere we're coming from is
supporting people in being theirgreatest selves, living their
best life by design.
So it's all about intentionality.
So if there's an accomplishmentthat I can say is my greatest
accomplishment, it is in my ownrealizations and development of
(23:31):
that.
The other part of that questionis if, in reflection, what
would I encourage others to do?
Number one is be coachable, andnumber two is engage those
who've gone before you, andthose are two lessons that I
(23:54):
learned, and you know that thispoint in my life I really feel
quite clear that wisdom comesfrom just time on this earth.
You know, and some people areborn old souls and they have
some kind of ingrained wisdom.
I don't, maybe I wasn't thatperson, but I now know at this
(24:15):
point in my life, uh, where thatexperience and you know that
can be passed on and that's whatI look forward to doing.
So if I have an accomplishment,it's getting to this point in
my life, having the success inmy business and then being able
to be the contribution that Iwant to be to support others in
their success.
Speaker 2 (24:35):
Patrick, so much
insights, so much valuable
lessons that we got to learnfrom you today.
Thank you for being on the fivequestions podcast and I hope
that we speak again very soon.
Speaker 1 (24:49):
Look forward to it.
Thanks, Mario.
Speaker 2 (24:50):
All right, Bye-bye.
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