Episode 102: Dr. Jen on Real Estate Reserve Podcast:10 Years to Freedom
Summary
Today's Episode I am a guest on the Real Estate Reserve Podcast!
Happy Listening!
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This Week’s Blog Post:
How the Vision Began
Ten years ago, my husband and I sat down and created a vision for our future. It wasn’t just about financial freedom; it was about what truly brought us joy. We knew we wanted to be living in Desolation Sound, on our boat, drinking coffee and looking at our favorite tree. We took that dream and started building it out, step by step, on a magic whiteboard. It wasn’t just about having a boat; it was about the experience and lifestyle we wanted to create. Our vision board detailed everything from the layout of the boat to the kinds of experiences we wanted to enjoy. Today, as I sit here in Desolation Sound, I can’t help but feel proud of how closely our reality matches the dream we put on paper.
The Power of a Vision Board
What we’ve learned through this journey is how powerful a vision board can be. It’s not just about making a wish list. We put our dreams on that board in a way that made them feel real. Instead of saying “I want this,” we said, “It feels so good to sit here, drinking coffee on our boat in Desolation Sound.” We made the vision emotional and real. Every day, we looked at that board, adjusted it, and added new goals. Over time, the little steps started to align with the big vision. It’s not magic, but it’s powerful when you can see your goals every day and align your actions to them.
Real Estate is Not Passive
Many people think real estate is a passive investment, but I can tell you that it’s anything but passive. I don’t use a property manager, so I’m very hands-on, even from the boat. Whether it’s dealing with maintenance issues in Canada or coordinating lending in the States, my team and I are always engaged. Real estate requires constant attention. You have to be proactive, and it’s definitely a full-contact sport. From ensuring the perfect tenant finds your property to managing ongoing maintenance, there’s always something to do. That’s the reality of real estate, and it’s important to be prepared for the work involved.
Managing Rentals Across Borders
Operating in two countries—Canada and the U.S.—presents its own set of challenges. For instance, we’re self-managing our properties in both countries, which means I have to stay involved in everything. While I’m on the boat, we’re communicating via Starlink, handling maintenance requests, and making critical decisions on the fly. The challenge isn’t just the logistics of managing properties in different countries; it’s also understanding the different tenancy laws and systems in place. For example, in British Columbia, if you’re dealing with non-payment, the process can take months. But in Hawaii, the process is a bit more straightforward. Understanding these laws is crucial to being an effective landlord.
The Future: Creating Communities
Looking forward, my husband and I are excited about expanding our real estate projects. We recently purchased land in British Columbia where we’re building a 48-lot RV park with tiny home communities. This vision aligns with our desire to create not just properties but communities where people can live and thrive. We’re also working on a similar project in Hawaii, although it’s more complicated due to state and county regulations. As we continue to grow, I’m also shifting my focus to becoming a professional speaker, sharing my experiences with other real estate investors on managing cash flow and building sustainable businesses.