Create Your Ideal Lifestyle with Joint Ventures featuring Corey and Tiffany Young

well hey there everyone this is Dave
Dubeau with another episode of the Property Profits Real Estate Podcast and
sorry that I’m squinting at you is kind of a different backdrop but we’re here
in beautiful Lac Cruz to want to Cali Mexico where I’m spending a few weeks
I’m going to be filming a few episodes so if you see a different background
that’s what’s going on my special guests for today our fellow Canucks and the a
rock and roll real estate power couple Corey and Tiffany Young calling in from all
the way from beautiful Edmonton Alberta hey you guys how you doing today you got you got the fireplace in the
background I’m cooking here in the foreground it’s all good we’re all
staying warm that’s for sure so you guys for folks that haven’t had the pleasure
of meeting you or being part of your amazing Facebook group or see all the
cool stuff you’re doing online and the training and the coaching and whatnot
that you do around getting JV partners can you tell us just a little bit about
your backstory when it comes to real estate investing and what you guys focus
on sure you bet so I guess the Coles Notes
version of our story we we started about 15 years ago learning about real estate
investing we started investing ourselves but we had really no money we had
ok credit and and really no contacts at that point and but we knew that we
wanted to get into real estate knew we wanted to invest knew we wanted to buy
property and we ended up over a three-year period buying missed over a
hundred properties in the Edmonton area for investment purposes and we did that
all virtually all there was one or two properties we bought with our own money
but all the other ones were with other people’s money
so that’s how I remain a 3 year period yes yeah that is fantastic so what kind
of properties did you guys focus on is that still your your primary portfolio
have you gone in different directions because that you’ve been doing this for
14 years you did that in 3 year period so have you been kind of coasting for 10
years or what’s going on we we had to go back and fix a lot of mistakes that we
made in a portal so it actually took us a few years to really you know get
ourselves to where we should have started so that that took a little bit
of times we’ve called called the herd where you know we’re down to 20 to 25
properties at any given time for the most part they’re all buying holds you
know we buy a couple of year of thing but yeah you know we really did find
that we didn’t need nor should we have bought so many properties we didn’t need
to we just should have bought smarter and so we kind of went hey well you know
live and learn and you guys took massive action that is impressive so what kind
of what kind of buying hold long term buy an old what kind of properties you
guys focus on single-family homes small multi is multi families what is it
single family holds vast majority single-family homes which you know we
would include like your townhouse is that sort of thing a lot of town some
with Suites that’s kind of where we stopped that was our niche you know we
looked at other options we looked at the versifying into multifamily and doing
that sort of stuff but we’ve just found we’ll
stick to what we know works what we’ve learned works and and yeah we’ve just
stuck with there weren’t so whole lot of options for Maltese just because the way
city planners developed our city you know it was a sprawl city not a not a
variety so there were a whole lot of options either you know what and that’s
that’s actually a very very smart thing so many of us get that shiny object
syndrome right you start start one thing you do pretty well at that but then you
you get distracted because you hear oh this might be better or this might be
better you try a few different things versus just dialing it in on one
particular strategy and becoming freaking awesome at it which it sounds
like you guys have done so you know hats off to you that’s that’s what more of us
should do instead of getting distracted so interesting stuff so let me let’s
talk about our shared common interest which is finding joint venture partners
raising capital using other people’s money to grow our portfolios so you guys
said you got started right from the get-go basically using joint venture
partners for your deals how did you get how did you kind of stumble into that we
had to you know it was really the only way and situations and we now say it was
a benefit to us the fact that we had no money and it was a benefit to us that we
had to use joint venture partners because it pushed us into that realm
which at very and a lot of points was uncomfortable it’s you know it can be
uncomfortable having those conversations it can be uncomfortable putting yourself
out there for rejection it can be uncomfortable for all of those sorts of
things but we had to we couldn’t buy real estate on our own so so yeah we
started we started just kind of marketing ourselves and what we had to
offer what we bring to the table the market that we were in and starting
those conversations with people and and that’s where our partners came from so
at the end of the day what really like kind of lit that fire for us though was
the Rich Dad Poor Dad book it was that my dad had bought me when I was 17
years old and he 21 ridiculous book here whatever and so I understood the
concepts of using other people’s money and then we found ourselves in a tough
situation where a family member was sick and they needed some extra money to hit
some stuff that health care doesn’t paid for we didn’t have it and it was at that
point where it was like okay well we need to never be in this position again
of being stuck not being able to help and so we have to do something and this
is our only option at this point so nice so you got yeah major spark a major a
big why presented itself and that’s amazing how much action we take when
when something like that hits us in the face that’s for sure
very very cool plus I know you guys were are consummate learners and I I know you
were big as part of the rain group all that kind of good stuff so you gotta get
a lot of good training right from the grit right from the get-go that’s
fantastic so fast-forward to today I know you guys are are coaching and
training people about real estate investing and about working with JV
partners and raising capital what are some of the biggest mistakes you see
newbies making when it comes to you know moving into that realm of trying to use
other people’s money a big one that we see is that is we call
it fire hosing people so Universal we learn and we know and we know the
strength it has to change lives that would be just like verbal diarrhea all
over people when we want to talk to them about it is a gorilla and we don’t we
don’t give them anything so so we always tell people you have to plant these
seeds but if you then take a fire hose and wash those seeds away what good was
it so you got a sprinkle you gotta gently allow people to immerse into the
real-estate world and their mindset into it and and and and yeah just don’t fire
hose that’s that’s one biggest a crazy people do it all the time you know what
that is that’s a great great way of putting it
I see that all the time as well what I what I’ve noticed is and let me know if
you guys agree with this like their potential joint venture partners are not
real estate weirdos like us right these are these are normal human beings
they’re civilians they their only experience they might have with real
estate is either buying their own home or renting their own home or whatever
that is I saw a stat a while ago that 95% of Canadians have never purchased a
revenue property your own house doesn’t count
95% of Canadians have never purchased a revenue property so that’s the vast
majority of the people that we’re going to be approaching about investing with
us so let you guys save EFI Rossum you’re gonna freak him out if they were
really into real estate investing they’d be going to rain they’d be taking
training they’d be going to seminars they’d be reading the books already what
I find is they want to know that we know what the heck we’re talking about so
they feel comfortable about investing with us would you agree with that very
much so they want to feel that you know what you’re talking about you know what
you’re doing you have a plan or a system in place and it’s what they want to know
they don’t want to know every single detail behind the scenes most money
partners just want to know how well their money could do you know what the
benefits of it are and like to have said a lot of times we get into too many
details and and that causes a problem oh yeah you
know I’ve seen this I’ve made this mistake in the past this when you see
the eyes rolling back and the other person’s head and they’re just kind of
you know it’s too much information right they zone out so you guys I want to get
off on a little bit of a tangent here because you too have been investing in
real estate for a long time 1314 years now and you’ve been doing it together as
a couple and not not that I know you guys personally but I’ve seen you around
I’ve seen how you interact not only do you seem like you’re a loving couple but
she actually seemed to like each other too which is a huge bonus Corey we’re
all we’re guys we’re always gonna screw up eventually right that’s the given so
I just want to ask you guys because I I remember when I split up from my ex-wife
this is six seven years ago now I was kind of looking at all the couples that
I knew and trying to figure out what went wrong and what are other people
doing that that works better for them do you guys have any secrets to your
longevity as a not just as a couple but as a real estate investing couple that
basically I believe you’re doing this full-time together
how does it how does that work for you or how do you make that work well you
know what first of all it’s not like we haven’t had our challenges so there
there are challenges you know working together living together we’ve had to
make a separation between work and and regular life and but you know what I I
think the one thing that I would touch on for that is that we we’ve always had
our own departments and and what I mean by that is you know for real estate
investing for example it was my job to find the properties analyze the
properties you know sell the properties take care of the transactions you know
doing all of that kind of stuff Tiffany did the property management side
of things then so we didn’t one thing that helped us
I think and you can you tell me if you agree yes is that we we kept home
departments and we didn’t I didn’t tell her how to manage properties she didn’t
tell me you know how I should analyze them and so it was right he kept them
separate and and I think that’s really helped we weren’t stepping on each
other’s toes all the time so you figured out early on who’s whose strengths are
with what and then he kind of had a division of Labor’s there sorry go ahead
tell you had something you wanted out there I was just gonna say that you know
we it’s not like we started that way we were both trying to do all of it and
help each other and whatever and we just it was we ended up fighting about stuff
and having to yeah totally so it was like listen that’s yours this is mine
I’m not gonna tell you what to do in that you don’t tell me what to do in
this but I might want to bounce ideas and I’m gonna bounce ideas but I may not
listen to you don’t get in a snit quarry but that happens that’s what you’re
that’s what you say it right pick up from there okay perfect yeah so it’s
having that division and Labor’s bouncing ideas off of each other not
getting your nose out of joint if the other person doesn’t run with your
brilliant idea about what they should do but having that communication good any
any other well let me let me give you a little point of reference so when I went
through that divorce I ended up interviewing for something different two
different power couples two days in a row and each I asked each couple hey you
guys what’s your what’s your key to your success in your in your relationship and
miraculously both of them had the same three things and that was commitment to
each other and towards a common goal so they’re both going towards the same
thing they had that the same big picture target that they were shooting for so
they’re both working towards that the other thing was communication right so
the whole try not to go to bed ticked off at each other you know try to you
know easier said than done try to make sure you try to do the whole Stephen
Covey thing seek first to understand then be understood that so that
communication piece was really important and then the third one and he gave both
couples had the same tree was compromised it
sounds a little bit like you guys are talking about which is sometimes you
know neither one is gonna be able to get their way and you can’t just steamroll
over the other person all the time sometimes you have to come up with a
solution that neither one of you particularly likes but you can both live
with so that’s kind of the the compromise thing a thing would would you
guys agree that that might consciously or subconsciously be part of what’s
helped you guys along as well 100% you know those are all important
factors um you know to me the one that stands out is especially is the
communication and you know and where we’re at times know but times not the
best community learn how to communicate with each other on certain topics so for
example you know when it comes down to work if it wants me to complete a
certain task or something needs to be done I need her to send me an email on
it you know if you can’t just tell me it over or over dinner oh this needs to be
done and I’m supposed to remember that and and you know combine that with work
so so what she needs to do is now send me an email to remind me of that that
goes on my list of to do’s and bang it’ll get done so we’ve had to learn to
how to communicate certain things and and again that work-life balance right
not not working 24 hours a day you know you can’t say it over dinner so we
actually put a rule in place where like all of those things are part of probably
what we have to do but it was much less intentional we we didn’t plan it or
think it just had to figure it out and so you know one thing was you know
simple that we put into place was a rule no talking about business yeah that was
our family time together and so you know I had to keep a sticky note with a
patent beside me because I would think it’s stuff and be like oh so that we
could just keep that away and have like a family dinner sort of thing so so yeah
just simple rules that you know we put into place that helped us and again you
know I I quit on him before in one of her previous businesses walked out the
door and he was like that’s okay I don’t need you in three days and he had to
phone me you know and be like not call me but you know be like okay you know
you’re great I did you know we think we we had to figure it all yeah but it is a
matter of comfort but you know what one sense one thing that we found in just to
tie this all all together is the more we are together the
we actually get along and so the fact that we work together regularly is
actually a good thing it’s it’s when Tiff’s you know away or I’m away and
we’re not together is when we start to have you know we start to not
communicate as well and so being together actually is a big plus for us
working together is a big plus – oh that’s wonderful actually you guys well
thank you very much for sharing some insider tips on – on how to make the
working relationship work even better I know that wasn’t the original intent of
the questions that I had but I appreciate you going along that tangent
with me so if people want to find out more about Cory and and Tiffany young
and what you guys are up to and how you helped real estate entrepreneurs find
joint venture partners and raise money for your deals what should people do how
can they find out more about you so best places to join our Facebook group so
we’re the fearless investors by investor of life so if you just type in fearless
investors on Facebook you’ll find our group join our group you have to answer
the questions that way we make sure that you are not spamming and coming into
something that you know what are our people
exactly I’m part of a group fantastic group you guys do a phenomenal job with
your group so yep okay so that’s one and is there a website or anything that you
like to send people do as well you know what everything honestly if you actually
want to have interaction with us we do a Tuesday training every single week in
that fearless Facebook group and so that’s where you know it’s a live
training and you can type any questions and that’s really it best place to touch
base with us from there lots of avenues but that’s the best excellent very good
now just as we’re wrapping up do you have any tips for people you know we
talked about not giving the fire hose of information too quickly any other tips
for people who kind of want to dip their toe into the whole finding JV partners
realm hmm you know what at the end of the day for us the way that we found our
partners and missed is what we talk about all the time the way that we found
our partners was doing networking you know meeting other people starting
conversations and so so you know so it’s yeah yeah and it comes down to sometimes
just throwing those hooks out there and sometimes just actually having having
knowing what it is that you do and what you can bring to the table but the
number one thing actually I’m gonna backpedal there a little bit the number
one thing is education if somebody wants to learn if somebody wants to do this
you can save yourself thousands and thousands of dollars of mistakes by
learning from somebody that has done and by by educating yourself and so so you
know if they just learn learn learn learn there’s so many resources out
there they’re free that people can learn from and that will save thousands of
dollars of mistakes down the road accident exactly you guys provide some
of that amazing education on your Facebook group so keep up the good work
and thank you very much for your time and and your insight today I really
appreciate it it’s been a lot of fun all right you guys that’s it for this week
stay tuned for our next episode take care of god bless see you later
well thanks very much for checking out the property profits podcast and you’re
like what we’re doing here please head on over to iTunes subscribe rate us and
leave us the review be very very much appreciated and if you’re looking to
create a rigor flow of inbound investor inquiries about your real estate deals
then I invite you to attend one of my upcoming live online demonstrations and
you can check that out at investor Take care

2 thoughts on “Create Your Ideal Lifestyle with Joint Ventures featuring Corey and Tiffany Young

Leave a Reply

Your email address will not be published. Required fields are marked *