There’s no doubt about it: the Canadian Real Estate market correction has begun. For the last two years, we’ve struggled to find profitable properties in the most intense seller’s market in recent history. Now, as the cycle inverts itself, buyers shall be king for a time. But the challenges are likely to be different. To close deals in the upcoming season, investors will face difficulties accessing capital (for down-payments) and financing (as banks raise interest rates and lending becomes tighter).
When such setbacks occur, how can we contin...
There’s no doubt about it: the Canadian Real Estate market correction has begun. For the last two years, we’ve struggled to find profitable properties in the most intense seller’s market in recent history. Now, as the cycle inverts itself, buyers shall be king for a time. But the challenges are likely to be different. To close deals in the upcoming season, investors will face difficulties accessing capital (for down-payments) and financing (as banks raise interest rates and lending becomes tighter).
When such setbacks occur, how can we continue to do business?
In this episode, Derek Dombeck, founder of Best REI Funding LLC and co-founder REI Circle Of Trust Mastermind, talks to us about how he weathered the 2008 crisis in the United States, growing his portfolio even in a downturn.
For Derek, access to capital and mental planning are key. Find out how he emerged from a downturn in a better position than he started!
Enjoy listening!
What we learned from Derek Dombeck in this episode:
- Financial crisis of 2007–2008: Is it a blessing or a disaster? (... a look at how Derek turned the crisis as an opportunity.)
- The RIGHT mindset you should have as a real estate investor.
- How to cope with adversity as a real estate investor.
- People business — why a real estate investor should focus on talking with people.
- The power of networking. (... and why it’s a must in the real estate investing industry.)
Success Quotes:
"I think almost everybody's biggest mistake is, we all want to go out and do deals, we all want to make big money but most of us don't take the time to learn how to talk to people.”
“We are real estate problem solvers. If we solve enough of people's real estate problems, we'll make a nice profit and we'll be able to support our families.”
Timestamp:
00:00 - Intro
01:35 - Derek shares his life story, which includes how he started investing in real estate.
12:14 - What actually occurred within the US real estate industry during the 2007-2008 market crash?
16:36 - Derek describes how he made the 2007-2008 market crash into an opportunity.
18:53 - Derek provides some good advice on how to maintain a positive mindset when facing challenges as a real estate investor.
21:29 - Derek talks about the importance of networking, his real estate mastermind groups, and the two books he is currently writing.
28:27 - Derek’s advice to all real estate investors.
31:39 - Terrie talks about current real estate trends in Canada.
33:42 - Ways to connect with Derek Dombeck.
Connect with Derek Dombeck here:
Website: https://gowvoyage.com/
LinkedIn: https://www.linkedin.com/in/derek-dombeck-0246b323/
Email: derek@bestreifunding.com
Connect with Us:
Facebook Page: https://www.facebook.com/restateinvestorsclub/
Email: reic@clubimmobilier.ca
Axel Monsaingeon’s LinkedIn: https://www.linkedin.com/in/axel-monsaingeon-42577b28/
Axel Monsaingeon’s Instagram: https://www.instagram.com/monsaxel/
Terrie Schauer’s LinkedIn: https://www.linkedin.com/in/terrieschauer/
Terrie Schauer’s Instagram: https://www.instagram.com/terrieschauer/
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Terrie Schauer’s book, Mindful Landlord: How to Run Rental Property for Profit and Peace of Mind, is out!
You can grab your copy using this link: https://www.amazon.com/gp/product/B09R2FQ4WY/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0
