How Collaborative Learning Lays the Foundation for Success

Life by Design

Jessilyn and Brian Persson discuss the benefits of getting educated alongside your partner for real estate investing success. Collaborative learning provides the foundation upon which an investing portfolio is built. There is a lot to consider, from how each partner views money and the mindset they grew up with, to what type of real estate investing each partner is prepared for and can support with initial capital. Jessilyn and Brian dive into the details of what to learn before making the leap.

Their advice on collaborative learning falls into three key takeaways from the episode:

1. Define your objectives for investing in real estate.
2. Understand the ways to make money in real estate.
3. Decide which investment strategy will work for you and your partner.

They ask the hard questions about how each partner views money and wealth, how far into the future the wealth is expected to manifest, how hands-on each partner wants to be, and which investing options a relationship can withstand in terms of work and initial capital output. Jessilyn and Brian talk about the many ways a couple can learn together, some without even setting foot outside the house, and why they’re important. They guide listeners to consider various real estate strategies such as fix and flip, hold and rent, renovate and refinance, turnkey, wholesaling, Airbnb, and more. Jessilyn and Brian share their lived experience and knowledge to help you and your partner lay the foundation for real estate investing success.

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Transcript

Jessilyn Persson: [00:00:09] Welcome to the Life by Design podcast with your hosts Jessilyn and Brian Persson. We support couples in achieving their wealth goals by sharing our journey of overcoming barriers to build our financial empire.

Brian Persson: [00:00:20] With our extensive personal experience and increasing demand from couples seeking alignment to invest confidently in real estate, we created the Riches, Relationships, and Real Estate program to help you achieve your goals.

Jessilyn Persson: [00:00:33] Today's topic is about collaborative learning and how it lays the foundation for success. So we're going to delve into getting educated in real estate together, which will help align your objectives and strategies. We all grew up with some form of understanding in the finance or lack thereof, and what that means. And when you get together with your partner, you may have come from very different backgrounds and have very different understandings. But when you're going to choose to build your wealth and your portfolio together, you want to make sure you have the same understanding, strategies, objectives. I mean, if you look at our history, I grew up on a farm, I know we speak of this before, and it was kind of simple. You buy a house, you have your mortgage and you pay it off, and then you work hard to pay your bills and then you just kind of live. And that's how I grew up.

Brian Persson: [00:01:25] Yeah. And farmers as, most people know, aren't exactly the most money savvy of people. I have farmers in my family too. And listening to their financial conversations about how to keep the farm afloat is something. Yeah, but I grew up with an accountant for a father and a banker for a mum. So you would think that I was financially educated, but I don't recall learning anything about financial education other than exactly what you learned. And that is buy a house, pay it off, which I think is what 99% of people out there hear. And that's how they grew up.

Jessilyn Persson: [00:02:03] Yeah, I think it's kind of the societal norm. So it doesn't matter if you come from money or not, education or not, we all grow up thinking, okay, we got to buy a house, a car, you pay it off, and you just work hard to live. And there's really not much past that. Not in the education systems, not from generation to generation.

Brian Persson: [00:02:20] But how do you, how does your house really, like, build you wealth? Because at the end of it, if you don't have any savings, if you don't have anything paying you back, which your house does not pay you back, it just takes money from you for your whole life effectively, how do you live past having retirement and no job? And where does your income come from? Right? You need something.

Jessilyn Persson: [00:02:42] You do. And we chose to go into the real estate world just based on the things we learn as we get a little older and our teenage years, 20s, 30s. But to delve into our first takeaway, define your objectives for investing in real estate. And there are many different reasons and objectives for investing in real estate. I know when we first hopped on that bus, ours was long-term wealth. We were looking to just build some wealth for long-term. We weren't thinking currently with what we had. We were young, we had good careers, we made money, we knew we were going to build our career. So we were just like, hey, let's get some real estate and have it for, you know, later in life.

Brian Persson: [00:03:22] Yeah, well, I think we're a little bit more of the jump out of the plane and build the parachute on the way down, kind of people.

Jessilyn Persson: [00:03:30] Yes.

Brian Persson: [00:03:30] And part of that is I don't even recall us thinking about long-term wealth. It was just real estate was a shiny object that we knew was a good investment. And we just jumped on to it. The, at the time, we were buying small condos so the impact to our, you know, our financials wasn't that bad. It wasn't like we were buying a house and losing our shorts on it. And so we just kind of jumped. But over time we figured out all the different strategies and objectives for investing in real estate. And we flip-flopped around a whole bunch of strategies in the early years, trying to sort out what exactly real estate meant to us. And it took a while to really define how we wanted to invest in real estate.

Jessilyn Persson: [00:04:16] Yeah, I know we definitely really thought long and hard about the property flipping, right? Because there was several times we were going to buy property just to flip it. And that's your quick profits, which makes sense. It's quick. You're in, you're out, you're done. You got your money. But like, there are risks associated with that. There are time commitments associated with that. And after we really analyzed it, we were just like, no, that's just not for us. We both had full-time careers, like that can be a full-time job renovating a home, especially if you want to be able to turn it around in a short time frame because that's how you're making your money. So I think that's when we hopped more on the passive income side. So buy it, hold, rent kind of a concept.

Brian Persson: [00:04:58] Current and future passive income. So growing pass...