Episode 117: Dr. Jen and The Deal That Changed Her Life - Real Estate Reserve Podcast
Summary
I really enjoy when people ask me questions that I'm not expecting. Comfort is an illusion, one that people rely on. But when I'm unexpectedly knocked to the uncomfortable realm, that intrigues me. Ian Horowitz and the Real Estate Reserve Podcast asked me a simple question that I answer in today's show: what was the deal that changed my life? Find the answer on the show that aired November 4, 2024.
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This Week’s Blog Post:
Reintroducing Dr. Jen
Welcome back to "My Life as a Landlord." I'm your host, Dr. Jennifer Salisbury. Today, I'm thrilled to share a story very close to my heart—the deal that fundamentally shifted my perspective and set my husband and I on a path to success in real estate. As dual citizens of the US and Canada, we navigate the complexities of managing rental properties across borders, from British Columbia to Hawaii, all from our boat in Desolation Sound.
The Beginning of Our Journey
The deal that changed my life wasn't just a business transaction; it was marrying Michael Salisbury, my partner in both life and business. Michael's entrepreneurial spirit and expertise in building homes from scratch have been instrumental in our ventures. However, the real game-changer came when we faced an immigration nightmare that prevented Michael from returning to the US after we got married. This challenge forced us to innovate and adapt quickly.
The First Deal on Canadian Soil
With Michael stuck in Canada and unable to work in the US, he leveraged his skills and relationships to purchase a lot in Canada on hard money. He built a house up to lock-up stage, extending terms with suppliers to buy us 90 days before securing a mortgage. This move not only kept us financially afloat during the 2008 recession but also taught us the power of resilience and strategic financing.
Scaling Up—The Second House
The pivotal moment came with our second project, where we replicated our initial success. Securing a second mortgage confirmed that financial institutions believed in us enough to support another venture. This validation was crucial, giving us the confidence to continue expanding our real estate endeavors. We started to see a pattern that could be replicated—build, move in, sell or rent the previous property, and repeat.
Finding Our Niche
As we refined our strategy, we identified a niche market—professionals with pets. This demographic was underserved in our local area, and by catering to their needs, we quickly filled our rentals. This approach not only solidified our presence in the rental market but also diversified our income streams, proving that understanding and serving a specific target audience could significantly impact business growth.
Reflections and Future Directions
That second mortgage was more than just another loan; it was a symbol of progress, a sign that we were building something lasting despite the obstacles. It underscored the importance of perseverance, innovative thinking, and the willingness to take calculated risks. Looking ahead, we aim to continue growing, learning, and sharing our journey, possibly through mentoring or mastermind groups to help others achieve their real estate goals.
This journey has taught us that with the right partner, a clear vision, and relentless determination, any challenge can be transformed into an opportunity. Whether you're a seasoned investor or just starting, remember that the right deal at the right time can indeed change your life. Thank you for joining me today, and I look forward to bringing more stories and insights that help pave the way for your success in real estate.