Auto Mechanic to Real Estate Know-All With Ryan Carr

Auto Mechanic to Real Estate Know-All With Ryan Carr

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Auto Mechanic to Real Estate Know-All With Ryan Carr transcription and audio link.

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Georges El Masri 

Welcome to the Well Off Podcast where the goal is to motivate, inspire and share success principles. Once again, George El Masri here and I am speaking with Ryan Carr In this episode, young guy, he's got a lot going on for him. In fact, he recently worked on a tiny home project, which is pretty cool, because I think the GTA could use more Tiny Homes. And I'm sure there's gonna be lots here that you guys are gonna find useful. Although we didn't discuss the Tiny Homes In this episode, we did talk about a lot of things that he's been working on, and the journey towards his own success as a full-time real estate investor. So check it out, let me know what you think by commenting and reviewing on iTunes. I'm here with Ryan Carr. And we're gonna talk about some real estate stuff today. Now, Ryan's a young guy doesn't look very old at all. Actually, I thought he was, I thought he was significantly younger than me. But he's accomplished a lot so far in his career. And he's got a ton going on. I know that just looking at your website, you've got some information about buying houses, we buy houses fast, you've got rental conversions, you specialize in the vertical split, rent to own all sorts of different things. So maybe we can start off if you just want to tell us a bit about where you grew up. And your past. Sure, or real estate, no problem.

 

Ryan Carr 

So again, Ryan Carr 30 years old, grew up in Markham. My past before real estate was interesting. I used to be I guess I still am a licensed mechanic. I went to Durham College to get my ticket and, and you know, all the way through from high school to college. And just after college, I was very good with my hands and ended up going through getting my license and all that stuff. And then it realized that it wasn't really for me, right. So after I got all of these credentials and all this great stuff, I'm like, you know what, this job kind of sucks. I don't like it anymore. It's not fulfilling. So during that time, when I was kind of on the fence about being a mechanic, I was also working for a company building armoured cars. And we were building these like really cool high-end luxury SUVs. And they were like, they're worth like a million bucks, right. And I had the cappuccino machines and the Xboxes and all this stuff inside. And it was great. Except for the fact that the company did a mass layoff about three years into my employment there. And I was out of work. So I was looking for a job. During that time, while I was working there. We had, we had bought a rental property as well as our own principal residence. And we had made a few bucks with that stuff. And I said, Hey, you know what, this real estate thing. Alright, how about we just take that up? And that's kind of how I got started in houses.

 

Georges El Masri 

And how you were pretty young when you got started? I think what was it? What year was it that you bought your first one?

 

Ryan Carr 

Oh, God, why did I buy my first 120 12? I've been doing this for about five years or so. So but probably around 2012? Yeah, in 2012.

 

Georges El Masri 

So you're 30 years old now. At that time, what gave you the courage to get into investing in real estate?

 

Ryan Carr 

The courage? courage is tough. I mean, like not having a job and being laid off. That's a pretty good motivator. You got to make money, right? I'm 24 years old. Yeah.

 

Georges El Masri 

You're not really making money by buying a place. But you're building wealth. So yeah, what was going through your head?

 

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Ryan Carr 

Yeah, I mean, I was always really good with like flipping stuff on Kijiji. And working with my hands, and I would flip anything from like mattresses, to tractors, to antique cars to like anything I could make a spread on. So I mean, the transition to real estate was obviously significantly different than that. But I mean, the building blocks were kind of there. I guess the biggest motivator for me was like, literally, like, I need a job. And real estate seems to be pretty lucrative for people. And it was for me at that time, and it's been really great from that point on. So I guess my motivator was, was a job at the time. That makes sense. Yeah.

 

Georges El Masri 

And at the time, did you have anyone in your family that was an investor? Or was there someone that you looked up to? How did you know what to do? Or did you even know what to do?

 

Ryan Carr 

I didn't, I had some family that did construction. But I didn't have any family that were investors, you know, like to coin the term. It was a lot of self-teaching them, like a ton of YouTube, and HGTV, and, you know, reading books, and anywhere that I could find some information, just do it. And like we first got started by buying a principal residence. Like I didn't know what the cost of a two by four was, like, I knew nothing about construction. And then progressively we just kind of learn more and more as we went. And I was doing this evening and weekends. And then at that time, we had bought our first rental property on the advice of my realtor, and just kind of took it from there. Cool. Yeah.

 

Georges El Masri 

And were you doing this by yourself? Where were you investing with some because you said we, yeah.

 

Ryan Carr 

So I mean, like my wife and I, but it was mostly just me like, there was no team. I mean, she and I were painting and we're decorating and we're carrying drywall and all this stuff. Eventually, she sort of got out of the real estate side of the business and did something else and then I filled in the gaps with staff got it. Yeah.

 

Georges El Masri 

So she's been with you from the beginning from the first property till today.

 

Ryan Carr 

Yeah, so our first principal residence was a total wreck. A great spot was on a couple of acres and like, you know, it was a nice home to live in. But I mean, when we bought it, it was needed kitchens and flooring and the basement was wet. Like everything about it was bad. It was a bank sale. And the bank basically made a sign a piece of paper saying, the house is full of mould, the well doesn't work, the basements wet, it's gonna fall down everything about this place is bad, right? That was our first experience with real estate and we're like, oh my god, even though it didn't have some of those issues. We still had to sign off on that.

 

Georges El Masri 

So we started, we were still okay with that even with as a first-time homebuyer. Typically you want to get into something safe. Not only did you get into something that needs to be renovated, but it's an as-is power of sale.

 

Ryan Carr 

Totally, totally. My realtor actually tried to talk us out of it. She was like, you guys are ambitious. But this one's like really ambitious. We're like, no, we're gonna do this. We're going for it. You know, it's got a big yard and a detached garage. We're into that. So that's, that's how we took it. Cool. Yeah.

 

Georges El Masri 

Just out of curiosity, what did your parents do for work when you were growing up?

 

Ryan Carr 

Yeah. So my dad is in retail clothing, suits and ties and, and my mom did manufacturing with seamstresses and, and sewing and home decorating and stuff like that. So she was more on the interior design side. And my dad was more of he's more of a businessman type of size. So I kind of took a little bit from both of them, and sort of merged it all together, and, and out came this thing called real estate.

 

Georges El Masri 

And what do they think of where your business is today?

 

Ryan Carr 

I think they're pretty happy. It took a little bit of time, nobody's ever asked you that, which is cool. It actually took a little bit of time for them to get on board with what I was doing. Because buying houses is a pretty big deal for a lot of people, especially a first-time homebuyer wanting to do it again and again. Again, right? Yeah, it took a little bit of time for them to get on board. They're relatively conservative people. And now they're very supportive. They get it, it makes sense. I can explain it to them. You know, and, and our conversations always relate around the business of real estate in the market and stuff like that. And it's, and it's fun, but it took time for them to back it up. Yeah,

 

Georges El Masri 

Did they try to talk you out of doing some of the things?

 

Ryan Carr 

Oh, yeah. They're like, Are you sure? That's a lot of risk? That's a lot of money. And I'm like, I'm not really sure. But I, you know, I got a pretty good idea. And we're gonna we're going to try it and see how it goes. So yeah.

 

Georges El Masri 

I know, you kind of touched on this. And what the question is, maybe on a deeper level, why did you start and continue? Maybe Why did you continue investing? after that initial one? I know you said it's because you needed a job at first, but moving forward, that's not enough to keep you going. What keeps you going?

 

Ryan Carr 

Yeah. So I mean, what keeps me motivated now is I like the thrill of the chase. And I like the hustle. Right? At first, it was like literally just needing employment. And then it moved to Okay, how can I build this as a business? What are my cash flow numbers? And now I'm like, how many deals can I do? How? How can I grow the team? How can I be more efficient with my time? So I think streamlining the business and making it just that, like a business is what motivates me now, as opposed to before it was like, how can I make this housework? Do you know what I mean? It's kind of morphed over the years. Got it?

 

Georges El Masri 

Is there an ultimate goal in mind?

 

Ryan Carr 

The ultimate goal is really challenging for me, right? Now, obviously, having a really good lifestyle is important. I think having a good return on time is very important is something that I've struggled with, as a business owner in the past, because, you know, when you start out, you're like, oh, I can do that myself, and I can do that myself. And why would I pay somebody to you know, to paint my walls when I know I can handle? Yeah, right. And now I'm trying to think like, how can I grow this long term? And how can I take this with a team so that instead of just going the short distance, we can go a long way? And you know, make it a repeatable process? So that's kind of where I'm focusing my efforts now? For sure.

 

Georges El Masri 

And what does your lifestyle look like today? Are you working? 24x7? Or do you have those three to four vacations a year, you know, that you hear people that have been investing for a while they take those kinds of vacations?

 

Ryan Carr 

Sure. I work a lot, dude. Like I work a ton. I think that it's important to put in the effort, effort where it's required so that the business does continue to perpetuate when you do want to take that time off. But right now, I'm like, I'm enjoying the hustle. You know, but do we take time off and like, go away on vacations and stuff we do a couple of weeks, a year or two, three times a year, something like that. But it's not a big lavish lifestyle? Not yet a lavish guy.

 

Georges El Masri 

Yeah, but I'm sure you're gonna build towards it. And so do you have an idea of how many homes you want to own? Are you looking to buy and hold right now? Are you more into flipping?

 

Ryan Carr 

I'm a 5050. Guy. I've been a 5050 guy pretty much since I've started. So I like the income generation side of flips, because like you're in and out, and you've got that quick capital to work with. But I also like the passive income model of buy and hold real estate because it's, you know, every month if you keep getting checks from your tenants, and the business is running as it should, like that's, that's great, right? But you got to make sure that you set it upright, to begin with, right?

 

Georges El Masri 

So five or 10 years down the line. What do you see yourself having more of fine hold properties, or do you see yourself flipping more.

 

Ryan Carr 

I kind of like the 5050 model. So 10 years down the road, I think I'd have to evaluate the return on time. At that point right now I'm pretty comfortable 5050. But, you know, I may have a big family at that point and things may change. I mean, in the next year, do I see that changing? No, I don't. But in 10 years, that could absolutely change. Yeah.

 

Georges El Masri 

Yeah, that's great. And I'm looking at, or while looking at your website, I saw a list of all the things that you do all the services that are provided? Yeah. Are you mostly focused on one thing, so I'll name a couple you've got We Buy Houses fast? rental unit conversions, rent to own second mortgages, realtor services and consulting services, right? Is there anything in particular that you're more focused on? And can you tell us a little bit about what you're doing with these services?

 

Ryan Carr 

The We Buy Houses fast type of stuff is, in my opinion, where the money is made in the industry, I think that the money is made on the buy, not on the sell, like you got to buy low, and pay whatever trades you need to pay to make it marketable, and then sell that market. Like, you can't control what you're going to sell for. But you can control what you're going to buy for within, you know, within reason, right? Otherwise, you don't buy it. So that is the biggest part that I'm focusing on now. A lot of marketing on the back end, making sure that the properties when you buy them, the numbers line up. Got it?

 

Georges El Masri 

What kind of, so are you offering second mortgages? yourself?

 

Ryan Carr 

I would do them for sure. So it depends on the deal. Some people need construction financing. Some people need just to, you know, have the cash to get out of a situation, whatever that situation may be, whether it's family, or separation or whatever, right? Absolutely.

 

Georges El Masri 

Are you setting someone up with a mortgage as in maybe like through someone's RRSP? Or something like that? Or you loaning out your own money?

 

Ryan Carr 

It would be a little bit of both? So again, it's very dependent on the deal. Yeah. If somebody came to me and said, Look, this is my proposition, I need a second mortgage for two months for construction financing, or five years for Car Loan Repayment, or something like that we can kind of structure backwards based on their needs. So if it's my capital, great, if it's a partner's capital, great, just depends on what everybody's risk appetite is for what we're lending on. Oh, got it. Got it.

 

Georges El Masri 

At this point? Is it a struggle for you to get financing for properties? Are you capped out? Or are you still at that point where you can still get mortgages?

 

Ryan Carr 

I'm along with capital with an a lender. The thing with the banks, right is that like for all of the, for anybody who's got more than like, five properties like they think you're a nobody, you know what I mean? It makes it really hard, especially when you're self-employed. Being self-employed is like the toughest thing ever, you know, to show the right amount of income and structure your tax return, exactly the way that the banks want to see it, but not pay too much tax. And, like it's a real challenge. So lenders are pretty much for me, JV partners are a good way to go in that respect. Some B lenders or some credit unions are also another way to go. I'm looking into those avenues as well. Some people have really helped me out there. So I'm capped out with the big banks long past that, but we're trying different alternative methods. Cool.

 

Georges El Masri 

Yeah. On that note, do you feel that going the JV route is better than going with private mortgages, people always say joint ventures are it's the most expensive money you can get? Or you can go private get like 12%, or whatever. What's your thought on that?

 

Ryan Carr 

Depends on what you're doing. So as much as I hate, and it depends on the answer, I do want to break it down. So for a lot of people listening, if you're going to flip, for example, and you've got a house that you're going to buy for x and put x into, and then resell it for, for a certain amount to borrow money short term at 12% is really not the end of the world. Like if you're in and out and six months, borrowing a 12%, even though it may seem like oh my god 12%, why would I pay that when I can borrow from the bank of three, right? That may be cheaper than splitting the deal with a partner. So in that situation, if money, dollars and cents are the only goals for that project, then maybe paying 12% is a better way to go. Right? On the flip side, if you're looking to build a relationship with a JV partner, and they say, I just want to get into this deal, you know, let's test the waters, let's flip this house. And if you're a good person, then I'll reinvest more capital with you, then maybe that 12% method would have saved you some money, but now you've lost the lifetime value of a JV partner. Right, right. So you got to play both sides of the coin and see what's going to be better long term if that's your endgame. Right.

 

Georges El Masri 

But what kind of advantages Can you have from having a good relationship with a JV partner?

 

Ryan Carr 

Tons! I mean, you can have unlimited partners, like if you go find five people that can qualify for, we'll just use the big banks, five properties, right? Well, there are 25 deals, whereas you could only get five for yourself. Yeah, so I mean, long term lifetime value of a JV partner, not just what they can bring to the table, but I mean, their periphery of friends and, and their circle of business and all that stuff. It's more important than just the dollars and cents the relationship absolutely comes with, with the value attached to and I'm sure some of them can also add value and teach you certain systems and how you like that. Absolutely. In your business. Yeah, right.

 

Georges El Masri 

All right, who serves as an inspiration to you today?

 

Ryan Carr 

As an inspiration to me today? I can't answer that. I don't really idolize people. And that light, like, I don't look up to somebody and say, God, I wish I could be that person or, you know, I think there's aspects of a lot of people that that, you know, people can pick and choose from, but I don't, I don't like to hold the light to somebody and say, you know, Richard Branson, that's my guy or, or Steve Jobs. That's my guy. I mean, they've done some brilliant things with the business. But I, I don't really idolize people like that, right? Yeah.

 

Georges El Masri 

Is there anyone may be in your circle, maybe someone within your immediate family or something that you that has inspired you?

 

Ryan Carr 

I think everybody inspires me, man, like when you come to the meetup groups in the evenings and when you go to, you know, to do podcasts, just like this. And then when you go and you read a book, from some unknown entrepreneur, out of like, Alberta, or something, or Texas or Europe, you know what I mean? Like, all of those people are very inspiring in their own right. And I think I just come compile all of that information. And I just keep it to myself. And, you know, I operate my day to day like that. But like I say, there's no one person in my immediate circle that's like, yeah, you know, I want to be him or, yeah.

 

Georges El Masri 

And you touched on some of the groups that you're a part of, can you tell us if there are any real estate groups or other groups that you find have helped you in your career and maybe even in your personal life?

 

Ryan Carr 

Yeah, absolutely. So I mean, Durham, Rei for me is a big one when I first got started because I invest mostly in Durham Region. They were there I found that group from like a We Buy Houses telephone pole sticker. So I called it I got this guy and the other end and, and Quinta D'Souza was the guy that picked up. And he called me back he said, Look, I don't have any houses to sell you, I usually keep them. But come on over to my Meetup group and, and you can be a member there and hopefully learn. So that's, that's why I really got going real property investments is a good one out of Thornhill, York Region, real estate investors out of new markets a big one. I've spoken with them a few times. I've never been to a rockstar Real Estate Group meeting. But I'm sure they've done fantastic things. That way. You hear about them all the time. I think you remember rocks, right?

 

Georges El Masri 

I'm an agent with Rock Star.

 

Ryan Carr 

Okay, so yeah, so you get it. Like there's, there are tons of people out there that are just doing such fantastic stuff with their meetup groups. And they're really economical to go to like, Where can you go for, for whatever the membership fee is at Rockstar, for example, or 50 bucks a night at Durham Rei or 25 bucks a night for, for a lot of the other groups and learn all of these things that other people are teaching you that you would never pick up anywhere else? Like, where do you go for that you just, you know, that's a great value?

 

Georges El Masri 

And what kind of relationships do you have with other investors and how valuable are relationships to you?

 

Ryan Carr 

Very valuable. So I mean, just like I was saying, with the JV route, If you got JV partners that trust you, like explicitly trust you, with their money and their respect, you can't replace that. Do you know what I mean? So, I have partners that literally just say, like, here's cash, go out and do what you do with it and come back with more, right? And we'll carry on. And it's been a great relationship because I treat their money like I would treat my own right. You know, if I would risk my own money doing something that might be a little bit off the beaten path, I would do the same with there's no if I think that you know what this deal probably isn't for my own cash, then it wouldn't be for those either. So straight up, like relationships are bigger than money bigger than real estate. They're the ultimate, yeah.

 

Georges El Masri 

But there are some people out there that may be given a certain opportunity to use someone else's money, they would take advantage of it, maybe do things that they wouldn't do with their own. Yeah. What makes you choose to be honest and genuine, and try to look out for people's best interests.

 

Ryan Carr 

Reputations, huge, like reputation, and relationships are like the number ones they rank up there at the top. Like if people think that you're scum, nobody's gonna invest with you. Nobody at the meetup groups is going to be happy to talk to you. Nobody's going to respect your opinion. Because you're dishonest, right?

 

Georges El Masri 

Yeah, it seems like it's a pretty tight-knit community. I haven't been part of the like these networking groups for too long. But now I see that everyone knows each other. You talk to one person, they'll call out a different person's name. And then you go around the group and everyone knows who that is. So you're definitely right, your reputation is going to go around. Yeah.  How many properties? Do you plan on owning yourself? Do you have a certain goal in mind?

 

Ryan Carr 

I had a number when I started investing in 10. I bought one or two. And I was like, you know what I remember saying to a buddy, I said, I want 10 properties. And he's like, Oh, my God, you want 10? Like, that's crazy. And I thought to myself, that is crazy. But let's set that expectation and try to get there. I think we've owned over 20 or 25 in the last couple of years, right? They've kind of come and gone summer flips, some have kept summer multifamily now, but I don't have a number of doors. I think. I think at some point, it's going to roll over into lifestyle, select return on time, like we were talking about before, if having 50 doors is great financially, but it's too cumbersome for my lifestyle, then I don't really want that, you know, but I think that maybe 100 doors, maybe less cumbersome because you can hire somebody to manage all of that. Whereas at 50 doors you could or you know what I mean? Yeah. I don't have a property amount in mind.

 

Georges El Masri 

Yeah. I want to ask you about you Your buy home strategy? Yeah. Has that been effective for you? Because you see signs, it depends where but you see them all over the streets and stuff. And I'm just not so sure of how many people actually call? How has that experience been for you?

 

Ryan Carr 

Yeah, it's a challenging, challenging game. I mean, I still strongly believe that's where the money is made, it's in the buy, which is why I continue to do it. But I mean, you really got to pound out marketing. And like, keep your ear to the ground and talk to realtors and talk to talk to investors and talk to people who are getting foreclosed on by the bank that you can help, you know, at least get them something so the bank doesn't wait for the middle together. It's a challenge. But if you can see an opportunity there as I do, that's why I focus on it so heavily.

 

Georges El Masri 

And so today, are you still using that strategy primarily to find properties? Or is there something else that's working better for you?

 

Ryan Carr 

Yeah, I market. Right. I do, like mailers and posters and all this stuff, I door knock. Like when quite often we'll move into a neighbourhood and buy one or two. And as we do that, the neighbours will be like, oh, who are these guys with? Like, like my crew, right? Who are these guys with the crew shirts on? Who are these guys that are carrying lumber into this house? It's great that they're cleaning up that house in the neighbourhood because it was an eyesore for so many years, like, all of these things take place organically, that doesn't cost you anything at all. Yeah, like if you can, if you can find one really bad fixer-upper, and chat with the neighbours. And then the neighbours start to like you. And then they keep their eyes open for you. Like that's just its good relations with the neighbourhood and the neighbours. But I mean, that's a pretty organic way to grow your business?

 

Georges El Masri 

And has that resulted in you finding certain properties when you maybe door knock or just when people see you around the neighbourhood?

 

Ryan Carr 

Yeah, absolutely. Yeah.

 

Georges El Masri 

Great. And you're also pretty active on your social media, you seem to have had certain instructional videos and you walk people through what you're doing. Yeah, can you tell us a bit about how that has helped you as well, in your career?

 

Ryan Carr 

For sure. So I've always been a little bit off the beaten path of some of my, some of my strategies, we've done this thing called the vertical split, which is just a different way for me to cut up to unit homes like duplexes from the traditional basement apartment method to something that's a little bit more above grade centric. So both units and up with above grade units. I've done a little bit of that. And then I mean, also, I just like to kind of get it out there as to what I'm doing. And, you know, without the expectation of anything in return, like it's people, like, you know, people like you You see what I'm doing and you know, you reach out, you say, hey, do you want to do a podcast? Like, I would have never had that opportunity? If I kept it all by myself. So you know, getting out there and sharing with others. And hopefully, they can take away something from that as well. is a lot of fun. It's gratifying. Yeah, for sure.

 

Georges El Masri 

I feel the same way. I just enjoy doing something like this, like interviewing and talking to people. Yep. So the next question, can you tell us a bit more about how you came up with the idea of doing a vertical split? And what kind of value does it add to your properties?

 

Ryan Carr 

For sure. So my wife and I have a couple of friends that live in like, a semi-detached, it's more of a back split style home. So you would walk in on the main floor, and then you could go downstairs another level and they did some, like some bedrooms, a bathroom and a kitchen down there. And we saw this layout, and we're like, God, this is really cool. Because it's kind of like they've got above grade living, they're not really stuck in a basement. But then they've got kind of the best of both worlds where it's cool and quiet down there without, you know, neighbours up above. So I'm like, you know, I kind of took that back and I'm pondering on it. I'm like, how can I? How can I take this idea and replicate that in other properties that aren't built the way that their house was? And then the vertical split was kind of born like I had pen and paper and I'm like, Okay, how can I do this in a bungalow? And then how can I do it in a semi? And how can I do it in a two-story? And how can I do an aside split like I was, you know, just kind of spitballing that and basically what came out the other end was all of these different methods to renovate properties in a method or in a manner that allowed people more main floor living. So you weren't stuck in a basement without losing some of the square footage that may be taken up by different types of construction methods. So I did a lot with the city of Oshawa, which took me a long time to actually work with them on the permits and get it set up the way that it could actually function based on their parameters and their rules. And based on the way that I wanted to see the property perform. And now it's just been fantastic. We're seeing like an extra two to 400 bucks a month in cash flow, depending on the property, which is, in my opinion, pretty huge. Some people don't cash flow at all on anything they do. Yeah. So to have an extra two to 400 is like a home run. And beyond that, it's just been a great way to manage properties because tenants realize that the only people living above them, and the situation is typically them. So it's been great. Yeah.

 

Georges El Masri 

Have you seen other people begin to implement that strategy in their own portfolio?

 

Ryan Carr 

I have. I absolutely have. So there's the shadow that ends up on Facebook or on Twitter or something like that. And I do catch it. They're like, Hey, you know, doing the vertical split and before like, I came up with the term right so I know at least at some point down the road they heard it from me or somebody threw me. So that's really cool. Not that ever expect anything from it, but it's just cool to see. Yeah. And then there's been a few articles out there people talking about how to cut up units. And you know, whether it's a basement apartment or vertical split and stuff like that. So that's kind of gratifying.

 

Georges El Masri 

Yeah, I guess part of our kind of a side effect of what you're doing is that you're impacting your community, not just by renovating these homes and improving the neighbourhood, but also by helping others and allowing them to do the same thing. So how does it feel to know that you're, you're making an impact?

 

Ryan Carr 

I don't know if I always think about it like that. Like, like, I'm that guy that's making change. But you know, it is cool to see that, that people are out there, doing something a little bit different. And I think the tenants appreciate it. Like, for a long time, I manage my own properties. And I still do to some extent, but to see the way that the tenants react to the homes, and then see the way six months later, get the feedback as to how they actually performed. Yeah, I think that's really gratifying to see a change in the industry that way.

 

Georges El Masri 

You're a young guy. And I'm just wondering, how much of your time are you spending on learning how to properly build and defend your wealth in the future? Are you studying constantly, certain, maybe certain books and listening to podcasts and doing stuff like that, to ensure that you're going to be able to protect your wealth?

 

Ryan Carr 

Yeah, I'm generally a fairly conservative investor. Overall, like, I hear a lot of stories, especially in the meetup groups and stuff with people doing different deals. And in the back of my mind, I'm like, logistically, did you really make money doing that, like, again, if money is your goal, and for the most part, like, if you're in business, that's, that's what your goal is, you know, you gotta be really critical and really creative as to what you're going to pick and what you're gonna invest in and what you're not. Right. Sometimes the best deal is no deal at all. So I'm absolutely defensive with a lot of my wealth, do I keep a buffer for hard times? I do, you know, do I try and split some of the risks to a JV partner, when I feel that the risk is warranted in or I shouldn't even say split the risk, like, split the profits with a JV partner, when I feel like, maybe I'm overexposed? Because I have too many properties on the go, you know, yeah, I will absolutely do that. bring somebody else in to say, you know, let's, let's take this one on together. So yeah, I'm, I'm a fairly conservative investor when it comes to being risk-averse, for sure.

 

Georges El Masri 

And are you planning? Or do you already invest in things outside of real estate? Or is everything 100% focused on real?

 

Ryan Carr 

I'm not 100% focused on real estate, but I'm fairly real estate centric. So I mean, like, I've got some other investments and stuff like that. But I mean, nothing that even really compares in terms of dollars and cents to two bricks and sticks. Great. Yeah.

 

Georges El Masri 

And so right now, your wife isn't involved in your business? Is she doing her own something else? That's maybe her own business or something of that sort?

 

Ryan Carr 

Yeah, she is. So she was in marketing for a little while. Now, she's branched off into co-working. So she's doing a co-working space in Durham in Bowmanville. And basically, for anybody who doesn't know what co-working spaces are, it's basically an office that's been chopped up into micro offices, that people can rent by the hour and do their meetings and do their seminars and do their yoga classes, or whatever people do in these rental spaces. And she's basically created this really cool brand, where people could come in and do just that, and rent, rent the space by the hour and also do by the membership. So she likes it. That sounds pretty cool. It's really cool. Yeah.

 

Georges El Masri 

And how are you supporting each other and your businesses?

 

Ryan Carr 

We don't have kids, right? So we're very, very business-focused right now in our lifestyle. So I think, you know, every night we're bouncing ideas off each other and, and text messages and phone calls, and like, Hey, what do you think about this? And what do you think about that? How should we hire this next employee? And, you know, we're very business-focused. So we really just balance each other often in conversation? For sure, yeah.

 

Georges El Masri 

Are you also offering coaching services as part of what you do?

 

Ryan Carr 

I do, I do. I take on a handful of coaching clients every year. Sometimes it's like, surrounded around, duplexes. Sometimes it's completely different. Sometimes it's just you know, telephone consultations, which you know, people can do from anywhere. And that seems to be the most popular lately, is because it's like, it's quick, and you can do a session and you can get the information you need, like just the quick nuts and bolts and you can move on with it. That's what I've been up to lately with the coaching staff.

 

Georges El Masri 

So how are you able to do all of these things, and you got the list of things that you do in your own business, then you're helping your wife? How do you have the energy to do all of that?

 

Ryan Carr 

It's you got to enjoy what you do, right? Like, I genuinely enjoy the business surrounding real estate and the hustle and you know, talking to people and doing stuff like this. I love it, right. This means for me, it's motivating. For me, nine to five wasn't motivating, after a while. I mean, it started off when I was doing the armoured cars, and it was like the coolest thing ever, man, like, seriously, we were having a lot of fun building these cars. And it got to the point where it was no longer fun anymore. Right? And now I found my stride doing real estate. And the biggest comeback like it's just, it's been really good. It's self-motivating. When you're successful. It's even more motivating. Right? So that's just how it keeps me going. Cool.

 

Georges El Masri 

Yeah, you definitely have to love what you do. And then the energy just finds you for sure. Okay, I'm gonna get into the next segment, which is called the random five or ask you a totally random question. Okay, and then you can just answer whatever comes to God. I'm nervous. So the first question is Would you rather go to the moon or go to Mars?

 

Ryan Carr 

The moon keeps in mind that there's no coming back if you go to Mars, that's what I'm saying the moon, we're gonna go to the moon. Yeah. Oh, you did say that. Yeah, we're going to the middle. Right. Okay, I think it's solid ground there. Mars might be too but the moon looks bright and cheery. Yeah, it makes sense. Yeah.

 

Georges El Masri 

When was the last time you bought someone's flowers? Bought someone flowers? It would have been a funeral. Oh, recently. Recent funeral. That's what it would have been. All right. I wasn't expecting that. I know. It's a random five. You never know who's gonna go five. Exactly.  Sesame Street or Barney?

 

Ryan Carr 

Sesame Street. Really? Big Bird? Yeah. Oh, yeah. I've never seen an episode.

 

Georges El Masri 

Okay, do you prefer chicken or steak?

 

Ryan Carr 

chicken? Chicken? Yep.

 

Georges El Masri 

Running or biking? Boom.

 

Ryan Carr 

That's a tough one. Running, running. Okay.

 

Georges El Masri 

Typically asked kind of deeper questions. But this one is like an either-or. Yeah, I just wanted to make a quick and different. Okay. And before we end things, I just wanted to see if there is anything you wanted to if there is a message you want to share or anything you'd like to get across?

 

Ryan Carr 

Uh, not really, man, I just I really appreciate having me on today. And thank you so much for this opportunity is, it's great to great to take part and help some other people out. I love it.

 

Georges El Masri 

Yeah, thank you. I'm happy to have you because a lot of people that are probably gonna listen to this will be around our age. Yeah, I think that you can, you can certainly inspire them. Do you want to tell people how they can reach you if they want any of your coaching services? Or if they want to work with you in any way?

 

Ryan Carr 

Yeah, you can get me at info@rwcarrinvestment.com or you can just go to the website and kind of browse through what's going on there.

 

Georges El Masri 

Great. All right. And again, thank you very much for being on the show. Awesome. Thank you

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Georges El Masri

Georges El Masri

Toronto born, I spent my early childhood in Mississauga. My passion is to help your family become "well off" through real estate investing. I always work with the idea that your needs come first and I'm here to guide you. You can trust that my opinion will be a genuine one! I look forward to connecting with you soon if we haven't already.