The executive Real estate investing Show
Overcoming Limiting Beliefs to Get Started in Real Estate Investing with Trevor McGregor
Have you been trying to scale in real estate all in vain? This episode is for you. Today’s guest, Trevor McGregor, has nuggets of wisdom to share to help you scale in real estate. He will talk about 5 reasons why people fail to scale in real estate and touch on the different levels of a ladder in his ladder analogy.
For the past 25 years, Trevor has been helping individuals to grow both personally and professionally. As a high-performance coach and business strategist, he empowers individuals, entrepreneurs, business owners, and real estate investors worldwide to achieve their outcomes and live a life of passion and fulfillment.
Listen now to hear how Trevor will tell us how one can go from an interested real estate investor to a committed investor.
You Need To Focus To Get Wealthy. You Need To Diversify To Stay Wealthy
Most successful people make their money specializing in something. Some become the very best salesperson, or they become an amazing plumber. They become a specialist in a specific field, and they really focus on that one thing. They strive to be the expert and start to accumulate their wealth. As soon as you have achieved wealth and you are looking grow your money, that’s when you need to immediately start looking to diversify. Focus to get wealthy and diversify to stay wealthy.
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The Executive Real Estate Investing Show Podcast
EP 22: Overcoming Limiting Beliefs to Get Started in Real Estate Investing with Trevor McGregor
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Note: Audio transcription has been automatically transcribed
Welcome to The Executive Real Estate Investing Show. This podcast is for you, the busy business owner or executive looking to create generational wealth. Here, we’re going to show you how to do that through real estate investing from multifamily to industrial and everything in between. You will become a real estate investing expert. And now, here’s your host, Michael Holman.
Michael Holman: Hey everyone. And welcome to another episode of The Executive Real Estate Investing Show. I am your host Michael Holman. Thank you for joining us today. If you have not visited our website, I’m telling you right now, press pause. Whether you’re on your phone or computer, go type in www.ExecutiveREIShow.com.
Lots of great resources. Also, if you’re listening to the show, whether your first time or whether you’re been listening for a while now, going to ask, please, please, please go leave us a rating and review on whatever platform you’re listening to. Apple podcast, Spotify, Stitcher we’re on all of them. Go ahead and leave us a rating or review.
We want to hear your feedback. We hope to like it, but we’ll take, we’ll take any feedback. The better, the more feedback we get, the better we can make this show for you, for our listeners and make it so that you guys are getting the most, you possibly can from each and every one of these episodes, that being said, today’s executive tip.
We’re going to start off, is going to be the philosophy that I just actually recently came across. And it’s a sentence that I heard that I thought was fantastic. And what it said was you need to focus to get wealthy and you need to diversify to stay wealthy. And when I read that, it hit me like a ton of bricks.
I had to completely agree. And I that has to be the executive for one of these weeks. And so we’re using it when you think about it. A lot of the people that we know and that I know that I deal with that. Hundreds of very successful people all the time. We’re always investing in real estate with me.
And one of the things that I’ve noticed they had made their money specializing in something, they were, they became the very best salesperson. They became an amazing plumber. They became an amazing. XYZ, whatever you want to put there, they really focusing and they got amazing at something and that’s how they, that’s how they accumulated their wealth initially. And then inevitably it transitions, right? As soon as you’ve made a lot of money and you’re looking to keep and grow your money, that is when you have to diversify you don’t, you can’t spread yourself out too thin. When you’re trying to go from say $0 to a million dollars in net worth, you got to get hyper-focused through that phase.
As soon as you start hitting. That you know, million dollar threshold or whatever the threshold needs to be for you and your specific situation. That’s when you need to immediately start looking to diversify. So remember focus to get wealthy, diversify, to stay wealthy as always. I’m your host, Michael Holman.
And today we have a very exciting guest, Trevor McGregor. He is a high performance coach is going to be really good, whether you’re focusing primarily on business, whether you’re focusing primarily on real estate investing Trevor is going to have a wealth of knowledge and really. Really lucky and excited to have him on the show and be able to pick his brain.
So if you’re just listening, I highly recommend you stay tuned to this one, Trevor welcome to the show.
Trevor McGregor: Well, thank you, Michael, for having me on and great to be here with you.
Michael Holman: Appreciate it. So Trevor, tell, tell us about yourself. Your, I know you’re a high performance master coach. You have a rich background, but, but tell, tell everyone about you who you are.
Trevor McGregor: Well, thank you. And yeah, I’ll give you the short version. I am a high performance master platinum coach. I am also a, you know, a real estate investor and it’s really my two passions. I love coaching people. I love real estate and I’ve been blessed and grateful enough to be able to sandwich the two together and go out there and, you know, do everything from single family to multifamily, to some self storage and, you know, agricultural farms all the way to international investors.
But my other passion is helping other people really navigate this landscape because, you know, I believe it takes a little bit of mindset, you know, tweaking and it takes a little bit of strategic tweaking, you know, for people to go out there and be able to do what they want to do in this space. So I, I absolutely love it. And it’s something I’ve really dedicated.
Michael Holman: That’s fantastic. And I, so I have to ask, right? Cause when you hear the word coach, it’s like, there’s, there’s so many possibilities of what that means, right? There’s not necessarily like a standardized version of this person is actually a coach. So so tell me, you know, from your perspective and, and your experience, why, you know, talk about being a high-performance master coach, what do you feel gives you like the qualifications, the credentials to a.
Trevor McGregor: Well, that’s a great question. And I think when you think about a coach, a coach is somebody that. You know, they’re not to do the work for you, but to help you. Co-create what it is you’re trying to achieve. So whether that’s, you know, a coach in sports, that’s trying to help his team win a world championship, or it’s a coach in real estate, that’s helping somebody buy their, you know, their first property or help them buy their first multi-family property or their first self storage property.
You know, I’m the guy that comes in and helps them, you know, clear out any cobwebs in their mind about, oh, it’s going to be hard. It’s going to take too long. I might lose money. What if I choose the wrong partners? So I literally work on that side of their psychology to help them get rid of anything that could hold them back.
And then it’s really about strategic planning, you know, what do we want to buy? Where do we want to buy it? You know, what, what type of market, what type of asset class what’s the price per door? Are you going to do it alone? Are you going to have partners? So at the end of the day, a coach is somebody that really, you know, is there to support anything going on up here in the brain and then literally support what has to happen with the hands and the head to go out there and make something around.
Michael Holman: That’s fantastic. And one of the things to, to, to kind of point out right. Is, as we’ve been talking you, you definitely have some even past experience coaching, right? I mean, you’re doing it on your own right now, but correct me if I’m wrong, but you were a Tony Robbins master coach, correct?
Trevor McGregor: I am a Tony Robbins trained master platinum coach. So again, you know, one of the other things about becoming a coach is you don’t just call yourself a coach. You know, I went out there and I got certified, you know did all my coach training in Orlando, Florida with a wonderful company called coach for life, which is part of the international coaching Federation. And then as I finished that up, I got an opportunity to go and work with. And for the man, the myth, the legend, yes. Tony Robbins himself. And I’m telling you that was a dream come true because Tony is one of those guys that most people think he’s a motivator or he’s a life coach.
And he’s a lot more than that. He’s a business strategist, right? And most people today, especially in today’s world, you know, have a hard time, you know, going from a, to B to C, to D to eat up to G because you know, the world’s a tough place. There’s pandemics, there’s, you know, government changes, there’s interest rates, there’s cap rates, there’s partners, there’s all of this, you know, stuff that goes along with.
And ultimately Tony’s got a ton of tools, strategies, and methodologies in business that also apply to real estate where we’re able to take those and help people move forward. So, absolutely Mike, it was one of the greatest times of my life. I spent half a decade working with Tony. And since that time I went out and I created my own brand, Trevor McGregor international, and I’ve done, you know, well over 25.
Thousand coaching sessions at the stage of my career. And that’s an actual statistic that’s not me making it up. That’s how many people I’ve helped and not just in America or Canada where I’m from, but I’ve got clients in the UK, in Italy, in Hong Kong, Singapore, New Zealand, even as far away as Australia, because really there’s nothing really new in real estate.
You’ve got to really get an idea of what is. Why do you want it? What’s holding you back from getting it. And once we unleash that the world’s your oyster. Wow.
Michael Holman: There is so much there that I just want to dive into and dissect. Right. And so, especially, you know, our audience, a lot of them are our business owners, business executives, or aspiring business owners.
Executives who also have an interest in real estate. And I’d love to kind of pick your brain if you know, you deal. I think with a lot of these kinds of people who want to invest both actively and passively in real estate, what are some of the main roadblocks that you see? You know, these businesses executives, these business owners deal with as they’re trying to jump into real estate and.
Trevor McGregor: Well, I love the question. And again because I’ve been doing this so long as an investor, as a coach, Mike I’d have to be an idiot at this stage, not to be able to identify what holds most people back and what allows most people to be successful. And that is something I boiled down to what I call the five reasons why people fail to scale in real estate. So if you want, we can go through all five things independently.
Michael Holman: Would you like to do that now? Let’s I think, I think our listeners would love that.
Trevor McGregor: Yeah. And I would write these down if I were listening to this, because it’s going to give you an opportunity to check in with, you know, maybe there’s one of these five things, two of these five, maybe three, four, or all five of them that are holding people back.
And before I get into it, I want to preface that, you know, it doesn’t matter if you’re new to real estate. It doesn’t matter if you’re an intermediate and real estate, doesn’t matter if you’re an expert, right? There’s always another level. And identifying what these five things are going on in your life can really give you some insight as to how to really do something that I call turning decades into days.
That is, if you want to scale, I don’t want it to take 10 years for you to figure it out. I want you to be able to do it in the next year or two or three or five. And so we kick it off with the number one. And I mean, this is universal. Doesn’t matter if you’re a man or a woman, if you’re in Australia or America, the number one thing that does hold people back is limiting beliefs, right?
It’s this three pound mass between your ears called your brain. It’s really there to keep you safe. And a lot of people don’t want to make a mistake. They don’t want to lose money and they sure the heck don’t want to lose other people’s money. And for a lot of people that want to get into this game, The fear, the doubt, the worry, the anxiety of it all prevents them from even, you know, dipping their toes into the pool. So does that make sense to you?
Michael Holman: Absolutely. And the funny thing is, is I look at it A lot of the people that end up investing even like with us, right? I mean, we’re, we’re doing all these development deals. We have hundreds of investors, even the people who end up investing with us, a lot of them have already bridged that gap oftentimes through another means, right?
Those limiting beliefs have disappeared because they went and they started a painting business or they, you know, they became a top salesman and they were able to eliminate those beliefs in that realm early on. Now some people. Still have a difficulty making that jump. You know, I’m a really good salesman how that doesn’t necessarily mean I’m a really good real estate investor, but a lot of the people have already made that transition somewhere in their life.
And so when they get into real estate investing, it’s familiar territory, right. They’ve already torn down some of those.
Trevor McGregor: Yeah, you’re spot on. And I love how you said that. And then ultimately once they tear down those beliefs and they tear down those walls and they move forward, they hit another roadblock.
They hit an obstacle, right? A lender says, yes. And at the last minute the lender goes, hold on, we didn’t see this. Or maybe you’re out there raising capital. You’ve got all these soft commitments, you know, it’s getting to the 11th hour and then somebody who’s a big check writer pulls out, right. That’s real life stuff in real estate.
And again, it’s not what happens to us, Mike. It’s how we deal with what happens to us. So number one is, you know, helping work through any limiting beliefs or doubts, fears, worries, or anxieties, and finding a way to keep on.
Michael Holman: That is, that is great advice. And like, like Trevor said, if you’re listening right now, I mean, we could almost, we can almost just stop the podcast right now and say everybody go home and figure that one out.
Right. I mean, if you do nothing else, but just figure that one out. But that being said, I know I’m interested in hearing the last four. I know everybody else is interested in hearing the last four. So what’s number two, Trevor.
Trevor McGregor: Yeah. My number two is what I call a lack of a strategic. Lack of a strategic plan.
Here’s the truth. Most people spend more time planning their holiday once a year than they do their business, the real estate of their life. And that’s not what I like. I like to start with the end in mind. Right. And that is what do you want to buy? What asset class, what markets are you thinking of going into?
And again, it doesn’t matter if you’re active or passive, right? What’s the price per door. Are you going to go out alone? Are you going to have a partner? You’re going to JV. You know, because there’s all of these things that need to be figured out along the way, but you got to start with what you want and why you want it.
And then, and only then can we reverse engineer the steps that you need to take to get there. Now what’s really cool about this and the way that I do it with my clients all over the planet is we get absolute look at what you want to create. And then we bring it all the way back and define it in what we call three different, no modalities, the first modality.
Or your short-term goals. That is what do you want to do over the course of the next three, six months? All the way up to one year from there, we take a look at okay. If we, and as we achieve that, what happens in that second segment? That’s really what I call long-term goals. And this might surprise you, but a long-term goal to me in today’s world is one to five years.
Right? Then when we go to the third part, anything after five years is what I call your. For your business and your life. So by starting with the end in mind, looking at short-term goals, long-term goals and your vision for your business, your real estate and your life. We’ve got a bigger and better landscape in which to embark on this journey.
And again, then it’s all about making, you know, slow and steady progress as you move forward. Does that resonate?
Michael Holman: It’s interesting that you’re saying this because there’s so many things that you can kind of connect off of this, right? I mean, I’m reading, I’m reading multiple books. I do this weird thing where.
A book twice in a row. Right. I read it once through and then I come back once I finished and I read it again and I, you know, I’ve done that with, you know, the seven habits of highly effective people. I’ve done it with the one thing, you know, and that’s the one thing is actually one of the things that I, that I had just started my second time on.
And it’s very interesting how, when you take what you’re mentioning, right. Ha. End in mind, it’s very possible to come back and start working in chipping away at that, like you said, and the more you focus on those things that are going to be the most valuable, the quicker you can chip away at what that vision, what those long-term goals are.
Trevor McGregor: That’s exactly right. And I love that you’re rereading books because, you know, repetition is the mother of skill. Right? My Bible, you know, in addition to some of Tony Robbins books, like personal power, you know, awaken the giant within our books, like, you know, rich dad, poor dad, or my favorite book of all time think and grow rich.
I’ll be honest. I’ve read that book over 50 times. I’ve listened to the audio at least a hundred times. I mean, my SUV doesn’t go anywhere without a, a good audio book, a cell phone to call on deals and a bottle of water. Yeah. Repetition is something that a lot of people really should check in with themselves onsite, you know, applaud you for a job with.
Michael Holman: Oh, well, well, I appreciate it. But so as we kinda move on, right? So, so we’ve got number one, limiting beliefs, number two. We’re we’re setting the end in mind, right? What is it we want to accomplish? What does that leading us to number three then Trevor. Yeah. Mike
Trevor McGregor: number three, three is really important because number three is what I call a lack of systems for support.
Right. A lack of systems for support, because we can get rid of your limiting beliefs and we can create a plan. Right. But now we’ve got to create the systems that are going to allow us to execute on that plan. Like again, we start with roles and responsibilities. Who’s doing what who’s looking for. Deals.
Who’s underwriting deals, right? Who’s raising capital. Who’s going to run the app. And so by defining roles and responsibilities and by creating systems and by leveraging technology, whether that’s a CRM or it’s, you know, something like CoStar or something that we could use to benefit our ability to go out there and crush it.
I think people often overlook that and they just kind of have the shotgun approach and they try something once and then they tried this and then they switched to that. You know, and that’s okay. But if you want to, you know, go further, faster, you’ve got to build tried and true systems that allow you not only to create them one time, but then to continue to improve them, use the data you’re getting as feedback and then continue to execute and go forward. So that’s really number three.
Michael Holman: No, that’s, that’s fantastic. And I want to take a second right there. I just have to ask, right. So I hear number three and I know. A lot of people that I’ve seen, it’s almost like they skip one and two and they want to go right to three. I mean, do you, in those first three steps, I would imagine that if most people get over step one, that step two and three tend to follow pretty closely.
Is that, is that what happens? I mean, I’m looking at step three and that’s like the, that’s like the first item on this list that doesn’t necessarily require a change. In complete mindset, right? Like a change of attitude.
Trevor McGregor: Yeah. I think that that’s fair to say. And I think they’re all entangled. I don’t think we take care of number one and then move on to two and three.
I don’t think we get number three up and running without going back to one and two. I think they’re all entangled, but yeah, if you really want to put them in order, you know, we’ve got to start with fine tuning your psychology, identify what you want, why you want it, and then build, you know, the system to help you go out there and.
Michael Holman: That’s fantastic. So of these first three things which one do you find? People struggle with the most
Trevor McGregor: Yeah. I’ll be honest with you, honestly. It’s different strokes for different folks. Some people, you know, they come to me and say, Trevor, don’t give me any of that mindset.
- I’m totally fine. Right. And I know from, you know, doing this many calls that if we skip that we’re in trouble. So again, and then I get people that say, you know I read the book traction, therefore I’m able to, you know, have this easy implementation of all these systems and methodologies. It’s not that simple.
So I think depending upon where you’re at in your journey in real estate, depending upon your skill. Depending upon your mindset, depending upon your partners. Maybe what’s going on, you know, in your life, you know, cause some people are working a W2 job and doing real estate part-time some people are doing real estate full-time and that’s why I say that, you know, what different strokes for different folks it’s really, you know, independent depending upon where you’re at and what you need.
Michael Holman: Awesome. All right, Trevor, I’m excited to hear number
Trevor McGregor: four and number four, Mike is one of my favorites. Poor time management, right? Poor time management. I mean, if you guys have ever heard of this, it’s called the rule of 1 68. And if you haven’t heard of it, it really means, and is decreeing that we all have 168 hours.
You’ve got him. I’ve got him. Your brother’s got them. Your dad’s got them. Tony Robbins has them. Now we sleep for a bunch of those hours. We eat, we pay the bills, we walk the dog, but really what are you doing with your real estate time? Are you doing busy work or are you doing the high impact, high income activities?
Right. And if people don’t understand the difference between the two, most people are doing business. They’re hunched down in their office and they’re playing with their website or they’re doing business cards or they’re, you know, trying to figure out, you know, which brokers to call, whereas people that are really smart, they’re getting out into the market.
They’re calling brokers, they’re calling property managers. They’re, you know, working on raising capital. They’re doing the things that are going to move the needle because all activities are not created equal. And that’s why people come to me as well. They want to optimize and maximize how to squeeze the most juice out of the total.
So then they could go out there and be with their family, play sports, travel, do some of the things, because I’ve always said this, that real estate, isn’t a destination, it’s a journey. And you want to have a well-balanced life on route to, you know, where you want to end up. So number four is a big one. Most people struggle with that.
Michael Holman: Yeah. I mean, I personally can tell you that this is something I’ve struggled with in the past, right? I mean, w you and I were talking right before we started recording the show about. We have in my company, you know, Overland capital, Overland group, we have all this movement right now.
Right. And we got, we have some employees that have just left and we’re hiring, you know, we’re replacing them. Plus we’re hiring a bunch of new employees and I’ve just seen, like, for example, my email inbox, right. I mean, I’ve got. I I’m someone who I like to try and stay in close communication with people.
I like to be responsive. Oh my goodness. Right. That email inbox is climbed to like 1, 2, 300 really quickly. And I just, you know, I came to a point where I’m like, I don’t have enough hours in the day. And I think that’s what led me to start reading. You know, some of these books that I had mentioned is it was like, I’m not getting anything done.
You know, I’m over here. Just kind of spinning my wheels on certain things. And that’s kinda what it felt like I was, I was doing all this work. Yeah. Yeah. It was part of a checklist, like yeah. You know, it probably has to get done sometime, but did it have to get done then? Was that the highest impact thing I could be doing or did I even need to be doing that at all?
Right. And, and I think a lot of people get into this. I mean, yeah. Evidence of evidence of my recent, my recent. As you can tell, you know, seven habits of highly effective people and the one thing you’re rereading all of those. That’s I mean, I think that’s something that a lot of people struggle with and, and it varies through throughout their life, in their circumstances.
Right. You find though that the more you do, the more you get involved, the more people want your attention. And you just, you have to learn to prioritize and understand what’s important and what’s not,
Trevor McGregor: I think people get distracted. I think people also, I love what you said, but people also get shiny object syndrome, right?
People, you know, love the art and science and procrastination people, you know, like to do what they feel like they’re in the mood to do instead of, you know, picking up the phone and making calls, because I believe that real estate, you know, for people that say they’re in the real estate business, You’re not you’re in the relationship business.
So if you’re not, you know, forging new relationships, you know, reading great books, listening to awesome podcasts like this, what are you really doing with your time? Because there is an art and a science to it, but again, again, most people are hiding behind what they really should be.
Michael Holman: Yeah, that’s, that’s fantastic advice.
And honestly, that is one of the main points that I really want everyone to take home. I mean, I was just talking about this today. We have a, we have an associate who helps with development and acquisitions, who we just hired not that long ago. And I actually almost said this exact same phrase, you know, I sat down with him and I said, look, One thing that you need to understand about development, real estate development, isn’t extremely technical, right?
It doesn’t, you don’t have to have a master’s degree of forensic science. You know, it’s, you’re not building rockets, right. We’re building stuff. And to be honest, we don’t have. 95% of the work, right. That’s being done by architects, engineers, attorneys. We’re orchestrating. I said, there’s two things you need to have to be a successful developers, the best developers, number one, they’re going to have some foresight, right?
They’re going to be able to preempt potential problems. That’s a huge thing with development, but number two, It’s they’re going to be able to have relationships, to manage people. That’s the second, most important thing, because at the end of the day, right? We’re not the architect. We’re not out there creating drawings.
If you’re drawing. Six months when they should take three months, right? We can, we don’t have a way to go in and just solve that problem ourselves. Same thing with, you know, engineering and attorneys and all these things. And I said, those are the two most important things that you need to understand. If you want to be a successful real estate developer, those are the two items with, with a huge emphasis on it’s, about the people and their relationships, and being able to manage to work with, to get the most out of people.
That’s, what’s going to Excel you further than just about anything.
Trevor McGregor: It is, I’d say the only thing that ever has right. That’s leadership. Right. So when we talk about time management, we also talk about your ability to lead and, you know, your ability to master influence. And I didn’t say control, I said to influence, right?
And at the end of the day, Mike, there’s only two groups of people we need to influence. The first is ourselves. And the second one is other people. Once you start to really capture both. It’s amazing what we can do as real estate investors.
Michael Holman: That’s fantastic. All right, Trevor. Finally, I’m, I’m really excited to get to number five.
I’ve almost anticipation has been building for me this whole time, so it’s a good bit to us
Trevor McGregor: Well, I’m going to give it to you folks in a five, you know, number 5 85, B and five C, because again, I’ve been doing this for as long as I have. You know, coaching people all over the planet and, you know, five is really what I call a lack of execution.
Right? Five B is what I call a lack of your ability to measure progress. Right. And you know, five C is really about a lack of accountability. So let’s unpack those again. Five a was really a lack of execution. Here’s the truth we can get rid of your limiting beliefs, create a plan, create systems for support, even optimize how to work, you know, day in, day out.
But if you’re not out there taking what I call intelligent and inspired action. You’re fooling yourself and note that I didn’t just say action. I said intelligent, which means smart and inspired, which means you get fired up about it. You don’t have to do real estate. You’d get to do it. So that’s really five 80.
You got to go out there and take massive, intelligent and inspired action. Does that make sense? Absolutely. Absolutely. The five B then is really what are you measuring against? How do you know if you’re on track? Are you on course or do you need to course correct? It’s almost like an airplane. If you fly from salt lake city to Los Angeles, that plane up in the air is actually off course quite a bit, but the satellites in the sky tell it, you know, veer this way, veer that way so that it eventually it lands in.
Well, as a real estate investor, what are your satellites? How are you staying on track? How are you keeping to, you know, your timelines or your deadlines? Right. And ultimately, will you hit those every time? No, but if you’re not measuring against anything, right. Well, how are you going to determine whether you’re headed in the right direction or not? So that’s five B. Does that resonate?
Michael Holman: Yeah. And that, that makes a lot of sense. I mean, you can even take this down into a, into a personal setting. Right. There was a time probably 10 years ago. I got really into personal finance and, and, you know, I was all about budgets and, you know, I still am and everything, but I used to joke with people all the time.
I was like, do you measure, do you, do you have a budget? And it was. No, I don’t need a budget. I know what’s coming in and out. And, and I asked him the same question every time. How much do you think you spent on restaurants? How much do you think you spend eating out? And it was always like, oh, it’s, you know, a hundred, $150 a month.
Probably. I was like, just track it. I dare you one month track it. Inevitably they come back and it’s oh, 400, $500. Four or five times. And you would never know that they honestly thought they were, they were doing pretty good. They honestly thought things were moving along and you know, and this, this translates into all facets of our life.
And so I love that. We take that and boil it down right into this five B, because it’s very being very direct. You need to do this. This is something, if you’re not measuring, how do you know if you’re winning, losing? I mean, if you don’t have a direction, does it really matter? You know, which way your head.
Trevor McGregor: That’s right. And we often say, you know, what gets measured gets managed and what gets managed gets measured. So that’s really five B in a nutshell. And then five C is really a lack of accountability. I mean, if you don’t have somebody holding your feet to the fire, making sure you’re doing what you say you’re going to do and, you know, keeping your feet there.
We know the path of least resistance kicks in. We know that we’re human beings. Oftentimes we’ll, you know, go look for what’s in the refrigerator or we’ll just surf the internet, or we’ll just, you know, check out what’s playing on Netflix. Well, that’s not how you grow a real estate empire. You can do a little bit of that, you know, when you’re not working, but when you’re working and you’ve got somebody holding your feet, Here’s what we’re going to accomplish this week, the next week, the next week, the compound effect kicks in.
Now you talk about the one thing with Gary Keller. Now let’s go Darren Hardy on this, the compound effect to where, you know, people often overestimate what they can do in a short period of time, but they underestimate what they can do over longer periods of time, more stuffed compounds. And so really five, a, B, and C really go along with the limiting beliefs.
The lack of the strategic plan, the lack of systems for support, the poor time management, and then the poor execution, the poor measuring and the poor accountability. And then people wonder why they haven’t made a real estate purchase, or they haven’t joined the opportunity or, you know, invested in one of your deals because they’re probably just interested in success rather than being committed to success.
And I’ve often said, And I’ll say it until I die. There’s two groups of people out there that I see in real estate. There’s people that are interested in this. And again, people that are committed and the differences, if you’re interested, you’ll do what’s convenient. Whereas if you’re committed, you’ll do whatever it takes.
And that’s what I love about some people is they’re definitely in the, whatever it takes category, right. And they’re able to go out there and literally unleash themselves in this beautiful vehicle called you know, real estate.
Michael Holman: So, so just to expound on, on that principle a little bit, right? The interested versus the committed let’s say, let’s say I’m someone who in the past, I’ve just been interested.
Right. But maybe I have a desire to be committed. How, how, how do you recommend people that, that might be interested? How do they go from interesting. To commit it. Isn’t just completely like, Hey, you need to change your mindset or is there, is there steps? Is there advice that you would give somebody to make that transition?
Trevor McGregor: That’s a great question. It would be like, you know, people that want to be in good shape. Or people that want to be in outstanding shape, right? I might have this desire to eat well, hydrate, take supplements, get to the gym two, three times a week. That’s pretty cool. But for somebody like, you know, who’s defiantly committed to their better health.
They’re going to get to bed on time. They’re going to drink two gallons of water a day. They’re going to be having the right supplements and they might be going to the gym five out of seven days. It doesn’t mean that one is better than the other, but I’ll tell you everybody’s got a unique opportunity to literally draw that line in the sand and literally raised their standards.
Right. So it doesn’t matter if it’s with your body. It doesn’t matter if it’s with your spouse. Doesn’t matter if it’s with your kids. Doesn’t matter if it’s with real estate. I believe that as we all come together and listen to great shows like this one, we’re able to elevate our emotions and find even more leverage why we want to be successful in real estate.
Why we want to make more money, why we want to find great partners, why we want to, you know, read great books and listen to great podcasts because when the why is big. You’ll find that you get up earlier, you dig a little deeper. You make that extra call. You go drive neighborhoods, right? You literally go to meetups or real estate conferences.
And I can tell you this, Mike, that the quality of everyone listening to this show, the quality of where they will be five years from today. We’ll be in direct proportion to the standards that they set for themselves today. Does that resonate?
Michael Holman: Yeah, that, that is, that is fantastic. I mean, there’s so many things that we can kind of pick apart in this, in this show, but one of the things that I love about.
Talking about how it all kind of cumulates to the why. Right. You know, why are you doing something? Obviously there’s the book start with why and it’s, and it’s true. And I think you hit on that point specifically in that it kind of clicked in my head, as you were speaking, it’s like, there’s the difference?
Right? That’s how people go from interested to committed is somewhere along the way they have to find their why. Why do you want to go from interested to committed? And I love that phrase that you used. If your, why is big enough. You’ll do whatever is necessary, right? I mean, it’s, it’s you hear a lot of people, you know, I would do anything for my spouse, for example.
Right. And it’s because there’s a, why that’s big enough that you would literally do anything. Right. And so the bigger your, why gets the more internalize your, why gets the more focused your, why gets? I think it becomes an easier transition. Interested to commit it. So thanks for laying that out for us.
Trevor McGregor: Yeah. I’m going to stack on that. I’m going to go one step further that some people, you know, they come up with their why one time and that’s it. They kind of set that over here, but I’m a guy that likes to revisit my wife. Right. Yeah, because ultimately, if I just do it one time when times get tough or life gets in the way, or a lender says no, or you’re invest in final on a deal and you get that old phone call that says, I’m sorry, we gave it to someone else.
Right. A lot of people go inward. A lot of people do something that’s called contract. And I don’t let my clients can contract. I let my clients stay in expansion. Right. So the more they visit their why, the more they get up dust themselves off and go find that next deal or go find that next investor or go find that next land play.
Because again, there’s unlimited opportunities in real estate. And again, it doesn’t matter if you’re new, if you’re an intermediate or an expert, there’s always another level to get to because I teach something called the real estate ladder of success. And the real estate ladder of success is like a ladder.
And if you could picture it in your mind was six rungs going up the ladder. Right. I’m saying that these are the different levels that you can show up on as you go out there and do real estate. And the very bottom level, Mike is the level that I call poor P O O R. It’s where you are, do a poor job of market research.
You do a poor job of vetting, your general contractors. You do a poor job of all of the stuff. And if you show up poorly in real estate, what kind of results do you think you get? Yeah, you’re
Michael Holman: you don’t, you’re not even at the table if you’re sitting at, at poor right now.
Trevor McGregor: That’s right. And most people answer that by saying poor equals poor results.
Well, it doesn’t poor equals pain. You’re getting pain one way or the other. And I know anyone listening to this show doesn’t do anything poorly. So let’s do and run. Number two is where you show up. Right now you’re a good landlord. You’re good in underwriting, you know, all these things, but I’m telling you it’s 20, 21 and good.
Isn’t good enough anymore. Right now it is the enemy of rung number three, which is great. Now you start doing the little things a little bit better. You start paying attention. You start listening to podcasts, going to meetups, talking to partners, and now you’re playing at re level three, which is great.
But remember there’s still three levels above that. So as we go from level three, up to level four, that’s where you start to do a little bit more and you move to the level we call. Outstanding right. Outstanding. Then you’d literally go from that to outstanding where you blow out the excellence of it.
And then when you go to up to the top rung on the ladder where I try to get most people to really show up in all the different categories of real estate, that’s when you start showing up, but extraordinary or extra. Ordinary. So the jump from poor up to good, up to great, you know, the outstanding, excellent and extraordinary.
The increments of extra effort gets smaller and smaller as you go up. But to go from poor, up to good, that’s a mile jump. Right. And then again, We always say, you know, it’s the little things that add up to the big things. Does that resonate.
Michael Holman: Yeah. And that kind of reminds me of any kind of skill or, or business that you’re doing.
I mean, I think most people could probably attest to this when you’re, when you’re in business. Right. And you’re a business owner. You oftentimes hear people say the first million dollars in revenue is. By far right. Getting, getting from zero to 1 million, you know, and some people even take it down further and say zero to a hundred thousand, right.
That is that often that takes, sometimes it takes years or months. You’re doing everything you can, but also in going from a million to 2 million is significantly easier and it gets easier every single time you go and real estate, it’s the exact same. And so that, you know, that’s really, I think that really resonates people can kind of make that transition because what’s true in your, in your business, in your career is also true in real estate investing.
Trevor McGregor: It’s absolutely true. And it could be, you know, your door count getting to your first 10 doors could be quite a stretch, but getting to, you know, a hundred doors, a thousand doors, one of my clients, Joe Fairless it’s just an awesome human being. You know, he got to 10,000 doors and I’ve been coaching him since 2013.
Right. He started with four single family homes in Texas that were worth about, I dunno, $60,000 a piece. And he literally said, you know what, for what I want in. I can’t just camp out in single-family. I’ve got to start going to multi-family and you know, his first hundred doors became a thousand doors, then 5,000, 8,000, 10,000.
I think as of the time we’re recording this, he’s got something like 11,500 units. And, you know, that’s an amazing statistic that, you know, all of his assets with Ashcroft. I think they’re managing something like $1.1 billion worth of assets. Right. And again, just a short seven, eight years ago, he had four houses.
So it’s crazy, but he’s applied everything. I’ve talked about the limiting beliefs, the strategic plan, the systems for support time management. Right. And then executing on it and surrounding himself with great people. Yeah. That’s, that’s fantastic.
Michael Holman: Yeah. We love Joe Fairless. We’ve actually some of us had been on, on his podcast.
Awesome. Love to be there. Kudos to him. He starting to get into funds. So I hope everything goes well for him there. So I kind of want to turn, turn things a little bit, Trevor, and I wanna, I want to dig into a little bit, you know, what you’re doing. Can you maybe just tell us all what assets you talked about, how you’re in your real estate investing both as an active and a passive investor.
What main assets right now in real estate, are you investing?
Trevor McGregor: Yeah. You know, I’m a big believer in diversification. I’m a big believer in not putting all your eggs in one basket. So, you know, I do some single family here in Vancouver, Canada. We’re just currently working on a couple of projects, overlooking the Pacific ocean, which are pretty big projects.
Right. You know, not your typical thing that you’d think of when doing single family, but my wife and I love doing that down, across the border in the United States, again, it’s predominantly multifamily. So again, you know, partnering up with awesome, awesome operators, you know, that are buying in places like Austin, Texas.
Dallas Tampa Memphis, we’ve got some property. Last year we bought a 1900 acre hemp farm in Colorado, right? We’ve got self-storage units in key west Florida. Again, those are all US-based and then we’ve gone as far as putting some money down and some investing in places like Costa Rica and as far away as Australia.
We really do believe that, you know what being in these different asset classes and working with different groups allows us not only to make a significant return on our capital, but again, we’re expanding our network. We’re expanding our ability to meet new people and go new places and try out different asset classes.
And so, you know, at this stage of my investing career it’s been a very, very lucrative ride and I’ve learned so much that now as a coach, it’s even easier for me to help other people go down that path as well. That’s fantastic.
Michael Holman: Well, we’re gonna, we’re going to wrap up here, Trevor, but I have, I do have two questions that I asked everyone who comes on the show.
So the first one, what is the best business advice you were ever given?
Trevor McGregor: Holy moly boy, I could answer that so many different ways, but the best business advice I was ever given is find a coach or a mentor that is the world is sped up so fast. And if you’re trying to figure out everything on your own, you’re really fooling yourself because I can guarantee you there’s somebody that has already done.
What it is you’re trying to do, right? So that could be a coach, a teacher, a mentor, a facilitator, a trainer and accountability partner, but don’t go it alone. Find other like-minded people that elevate your emotions and lift you up. And hopefully you lift them up as well. Because of that old saying, you know, a high tide lifts, all boats.
Michael Holman: Yep. No, that’s, that’s fantastic. And I couldn’t agree more. Yeah, I was actually, I was actually just a, as a guest on Whitney Soules podcast the real estate syndication show, which was fantastic. And that was one of the things that I said. He asked me, you know, how, how do people get into real estate development?
I said, you know what? You can do all these things, but number one, The best thing you could do is partner with somebody who’s already done it. That’ll save you a world of headache. It’ll save you tons of money. It’ll save you tons of time. Everyone’s going to be happier in that situation. So great advice. And I completely agree.
Trevor McGregor: Whitney is a spectacular human being. He’s a spectacular real estate investor. Love the guy to pieces. In fact, we just shared the stage last Friday, but can’t say enough about him. He’s a great, great human.
Michael Holman: Fantastic. Yeah, I love him. He’s a, he’s a great guy. Okay.
Next question. What real estate investing advice would you give to other business owners or business executives?
Trevor McGregor: I tell him to get into the game, right? You can either be a spectator in sports and that’s cool. Or you could get on the field and play, right? I’m a big believer that you know what the best time to buy real estate was yesterday.
And the second best time is today. And you don’t have to be. You know, no at all, you don’t have to, you know, wear every hat. Right. But what you do need to do is decide, do you want to go at it actively or do you want to go in and passively and oftentimes different strokes for different folks? Right? The passive investing is enough to wet your appetite.
To then keep going down that passive path or at some point, you know, branch out into and take intelligent, inspired action, you know, actively as well. So the number one thing I’d say is don’t sit on the sidelines, get in the. Love it
Michael Holman: love it. Well, Trevor, it’s been a pleasure. How can people get in contact with you?
Trevor McGregor: Well, thank you very much for having me on the show. Great show by the way. And I love how you tee up these questions. It’s been a lot of fun best way for people to find me as on LinkedIn, you can find me Trevor McGregor, or if you want to just simply go to my website. You can find me https://trevormcgregor.com/ That’s T R E V O R M C G R E G O R. Read a little bit more about me, you know, and my background I’ve just launched my own private podcast. It’s an audio series where you can literally come in and get, you know, eight solid weeks of some of the best of the best training for such a small price. It would be worth people’s while to check it out.
But at the end of the day, if anyone else wants to find out about how a coaching structure. Could support them. There are ways to set up a discovery call and I’m happy to talk to you or your audience.
Michael Holman: Fantastic. Well, all of that will definitely go in our show notes. So if you’re, if you’re listening or watching, don’t worry about having to write it all down too fast.
We will put that in the show notes so that you can go right in there, go on the www.ExecutiveREIShow.com, go to this show and you can find all Trevor’s contact information, Trevor, once again, it’s been a pleasure. Thank you so much for sharing your insights.
Trevor McGregor: Thank you for having me on and keep up the grades.
Michael Holman: Appreciate it.
Thank you for listening to The Executive Real Estate Investing Show. Ready to learn more? Go to ExecutiveREIShow.com for more episodes and resources to help you create generational wealth through real estate investing. That’s ExecutiveREIShow.com.