Table of Contents - Create Your Ideal Lifestyle with Joint Ventures featuring Corey and Tiffany Young
Dave Debeau [00:00:09] Hey there, everyone, this is Dave Debeau with another episode of the Property Profits Real Estate podcast. And sorry that I'm squinting at you and it's kind of a different backdrop, but we're here in beautiful La Cruz to want to catch the Mexico where I'm spending a few weeks. I'm going to be filming a few episodes. If you see a different background, that's what's going on. My special guest for today, our fellow KNUCKS and a rock and roll real estate power couple, Corey and Tiffany Young, calling it all the way from beautiful Edmonton, Alberta. Hey, you guys, how are you doing today?
Corey Young [00:00:41] Very well. Very well. Thanks for
Tiffany Young [00:00:42] having me. We're staying warm today. It's a little chilly, but we're staying warm.
Dave Debeau [00:00:45] You got the fireplace in the background. I'm cooking here in the foreground. It's all good. We're all staying warm, that's for sure. So you guys, for folks that haven't had the pleasure of meeting you or being part of your amazing Facebook group or see all the cool stuff you're doing online and the training and the coaching and whatnot that you do around getting JV partners. Can you tell us just a little bit about your back story when it comes to real estate investing in what you guys focus on?
Corey Young [00:01:13] Sure, you bet. So I guess the Coles notes version of our story, we started about 15 years ago learning about real estate investing. We started investing ourselves, but we had really no money. We had OK credit and really no contacts at that point. But we knew that we wanted to get into real estate. We knew we wanted to invest. We knew we wanted to buy property. And we ended up over a three year period buying just over 100 properties in the Edmonton area for investment purposes. And we did that all virtually all. There was one or two properties we bought with our own money, but all of the other ones were with other people's money.
Dave Debeau [00:01:49] So that's in a three year period. Yes, that is fantastic. So what kind of properties did you guys focus on? Is that still your your primary portfolio or have you gone a different direction because you've been doing this for 14 years? You did that in a three year period. Where have you been kind of coasting for ten years or what's going on?
Tiffany Young [00:02:10] You could say that, I mean, really, we we had to go back and fix a lot of mistakes that we made in a commercial, it actually took us a few years to really get ourselves to where we should have started. So that that took a little bit of time, as we've called the herd, where we're down to twenty to twenty five properties at any given time. For the most part, they're all buy and hold. We buy a couple of year kind of thing. But yeah, we really did find that we didn't need, nor should we have bought so many properties. We didn't need to, we just should have bought smarter. And so we kind of went,
Dave Debeau [00:02:44] hey, well, you know, live and learn. And you guys took massive action. That is impressive. So what kind of buy and hold long term buy and hold what kind of properties you guys focus on? Single family homes, small multis, multifamily. What is it?
Corey Young [00:02:58] Single family homes, vast majority, single family homes, which we would include like your townhouses, that sort of thing, a lot of town halls, a lot of single family homes, some with suites. That's kind of where we stuck. That was our niche. We looked at other options. We looked at diversifying into multifamily and doing that sort of stuff. But we've just found we'll stick to what we know works, what we've learned works. And yeah, we've just stuck with
Tiffany Young [00:03:22] it came down to our market. There weren't a whole lot of options for multis just because the way city planners developed our city, it was a sprawl city. Not a not a. So there weren't a whole lot of options either.
Dave Debeau [00:03:34] But you know what? And that's actually a very, very smart thing. So many of us get that shiny object syndrome, right. You start start one thing and do pretty well at that, but then you get distracted because you hear all this might be better or this might be better. You try a few different things versus just dialing it in on one particular strategy and becoming freaking awesome at it, which it sounds like you guys have done. So now hats off to you. That's that's what more of us should do instead of getting distracted. So interesting stuff. So let me let's talk about our shared common interests, which is finding joint venture partners, raising capital, using other people's money to grow our portfolios. So you guys said you got started right from the get go, basically using joint venture partners for your deals. How did you get how did you kind of stumbled into that?
Corey Young [00:04:28] We had to you know, it was really the only way. And we look now and look at other people's situations and we now say it was a benefit to us. The fact that we had no money and it was a benefit to us that we had to use joint venture partners because it pushed us into that realm, which at very at a lot of points was uncomfortable. It's you know, it can be uncomfortable having those conversations. It can be uncomfortable putting yourself out there for rejection. It can be uncomfortable for all of those sorts of things. But we had to we couldn't buy real estate on our own. So so, yeah, we started we started just kind of marketing ourselves. And what we had to offer, what we bring to the table, the market that we were in and starting those conversations with people. And and that's where our partners came from.
Tiffany Young [00:05:11] So at the end of the day, what really kind of lit that fire for us, though, was that reached out for that book. It was something that my dad had bought me when I was 17 years old and 21, a ridiculous book or whatever. And so I understood the concept of using other people's money. And then we found ourselves in a tough situation where a family member was sick and they needed some extra money to hit some stuff that health care doesn't pay for. We didn't have it. And at that point where it was like, OK, well, we need to never be in this position again of being stuck, not being able to help. And so we have to do something. And this is our only option at this point.
Dave Debeau [00:05:50] So nice. So you got. Yeah, major spark, a major, big Y presented itself. And that's amazing how much action we take when when something like that hits us in the face, that's for sure. Very, very cool. Plus I know you guys were our consummate learners and I, I know your biggest part of the rain group, all that kind of good stuff. So you've got a lot of good training right from the get go. That's fantastic. So fast forward to today. I know you guys are coaching and training people about real estate investing and about working with JV partners and raising capital. What are some of the biggest mistakes you see newbies making when it comes to, you know, moving into that realm of trying to use other people's money?
Tiffany Young [00:06:35] Well, I think when that we see is that is we call it fire hosing people. So know what we learn and we know and we know the strength that it has to change lives, that we just like verbal diarrhea, all of our people, when we want to talk to them about it. And we don't we don't give them anything. So so we always tell people you have to plant these seeds. But if you then take a fire hose and wash those seeds away, what good was it? So you got to drink all. You got to gently allow people to immerse into the real estate world and their mindset into it. And and, yeah. Just don't fire hose. That's one big mistake we see people doing all the time.
Dave Debeau [00:07:16] You know what that is? That's a great, great way of putting it. I see that all the time as well. And what I what I've noticed is let me know if you guys agree with us like there. Potential joint venture partners are not real estate weirdos like us. Right. These are these are normal human beings. Are civilians there. All the experience they might have with real estate, he's either buying their own home or renting their own home or whatever that is. I saw a stat a while ago that ninety five percent of Canadians have never purchased a revenue property. Your own house doesn't count. Ninety five percent of Canadians had never purchased a revenue property. So. That's the vast majority of the people that we're going to be approaching about investing with us. So like you guys have a fire hose them, you're going to freak them out. If they were really into real estate investing, they'd be going to rain, they'd be taking training, they'd be going to seminars. They'd be reading the books already. What I find is they want to know that we know what the heck we're talking about so they feel comfortable about investing with us. Would you agree with that?
Corey Young [00:08:21] Very much so, they want to feel that, you know what you're talking about, you know what you're doing, you have a plan or a system in place, and that's what they want to know. They don't want to know every single detail behind the scenes. Most money partners just want to know how well their money could do. You know, what the benefits of it all. And like I have said, a lot of times, we get into too many details and that causes a problem.
Dave Debeau [00:08:43] Oh, yeah. You know, I've seen this I've made this mistake in the past. It's when you see the eyes rolling back and the other person's head and they're just kind of, you know, it's too much information, right? They zone out.
Tiffany Young [00:08:54] Yeah, totally.
Dave Debeau [00:08:58] So you guys, I want to get off on a little bit of a tangent here, because you two have been investing in real estate for a long time, 13, 14 years now. And you've been doing it together as a couple. And not that I know you guys personally, but I've seen you around. I've seen how you interact. Not only do you seem like you're a loving couple, but you actually seem to like each other, too, which is a huge bonus. Of course,
Corey Young [00:09:28] I don't know a bit about this topic.
Dave Debeau [00:09:30] Well, Corey, we're we're guys we're always going to screw up eventually, right? That's that's a given. So I just want to ask you guys, because I remember when I split up from my ex-wife, this is six, seven years ago now. I was kind of looking at all the couples that I knew and trying to figure out what went wrong and what are other people doing that works better for them. Do you guys have any secrets to your longevity as a not just as a couple, but as a real estate investing couple that basically I believe you're doing this full time together. How does how does that work for you or how do you make that work?
Corey Young [00:10:10] Well, you know what? First off, it's not like we haven't had our challenges. So there are challenges, you know, working together, living together. We've had to make a separation between work and regular life. But you know what? I think the one thing that I would touch on for that is that we we've always had our own departments. And what I mean by that is for real estate investing. For example, it was my job to find the properties, analyze the properties, sell the properties, take care of the transactions, you know, doing all of that kind of stuff. Tiffany did the property management side of things, and so we didn't. One thing that helped us, I think and you can you could tell me if you agree, is that we we kept our own departments and we didn't I didn't tell her how to manage properties. She didn't tell me, you know, how I should analyze them. And so it was don't know. And so we kept them separate. And I think that's really we weren't stepping on each other's toes all the time.
Dave Debeau [00:11:03] So you figured out early on who's whose strengths you're with, what? And then you kind of had a division of labor is there. So I. Go ahead. You had something you wanted out there.
Tiffany Young [00:11:12] It was just going to say that we it's not like we started that way. We were both trying to do all of it and help each other and whatever. And we just we ended up fighting about stuff and having. Yeah, totally. So it was like, listen, that's yours. This is mine. I'm not going to tell you what to do in that. You don't tell me what to do in this. But I might want to bounce ideas and I'm going to bounce ideas, but I may not listen to you.
Dave Debeau [00:11:37] I don't get in a snit, Corey. But that happens. That's what that's what you said. Right? Right. Pick up from there. OK, perfect. Yeah. So it's having that division, Labor's bouncing ideas off of each other, not getting your nose out of joint if the other person doesn't run with your brilliant idea about what they should do. But having that communication. Good. Well, let me let me give you a little point of reference. So when I went to that divorce, I ended up interviewing for something different, two different power couples, two days in a row. And each I asked each couple, hey, you guys, what's your what's your key to your success in your in your relationship? And miraculously, both of them had the same three things, and that was commitment to each other and towards a common goal. So they're both going towards the same thing. They had the the same big picture target that they were shooting for. So they're both working towards that. The other thing was communication to the whole try not to go to bed, ticked off at each other, you know, try to, you know, easier said than done. Try to make sure try to do the whole Stephen Covey thing, seek first to understand, then be understood. So that communication piece was really important. And then the third one and again, both couples had the same three was compromise, which sounds a little bit like you guys are talking about, which is sometimes, you know, neither one is going to be able to get their way. And you can't just steamroll over the other person all the time. Sometimes you have to come up with a solution that neither one of you particularly likes, but you can both live with. So that's kind of the the compromise thing is, would you guys agree that that might consciously or subconsciously be part of what's helped you guys along as well?
Corey Young [00:13:24] One hundred percent. Those are all important factors to me. The one that stands out is especially the communication. And, you know, we're we're at times, no, but we're at times not the best communicators. We have to learn how to communicate with each other on certain topics. So, for example, you know, when it comes down to work, if he wants me to complete a certain task or something needs to be done, I need her to send me an email on it. You know, she can't just tell me over dinner, oh, this needs to be done. And I'm supposed to remember that and combine that with work. So what she needs to do is now send me an email to remind me of that. That goes on my list of to dos and bang. It'll get done. So we've had to learn to how to communicate certain things. And again, that work life balance. Right. Not working twenty four hours a day
Tiffany Young [00:14:11] you might even like about, you know, you can't say it over dinner. So we actually put a rule in place like all of those things are part of probably what we have to do, but it was much less intentional. We didn't plan it or think it through. We just had to figure it out. And so one thing was, you know, simple that we put into place was a rule. No talking business dinner nights. That was yeah. That was our family time together. And so, you know, I had to keep a sticky note with a pet beside me because I would think of the stuff and be like, oh, no, OK. But I had to put it down so that we could just keep that away and have like a family dinner, especially with the home and that sort of thing. So. So, yeah, just simple rules that we put into place that helped us. And again, you know, I, I quit on him before and one of our biggest businesses walked out the door and he was like, that's OK, I don't need you. And three days had to phone me, you know, and be like, not for me, but be like, OK, you know, you're right. I did, you know, we fit we we had to figure it all out. Yeah. But it is a matter of,
Corey Young [00:15:21] you know, one thing one thing that we found in just to tie this all all together is the more we are together, the better we actually get along. And so the fact that we work together regularly is actually a good thing. It's when you go away or I'm away and we're not together is when we start to have you know, we start to not communicate as well. And so time being together actually is a big plus for us. Working together is a big plus to.
Dave Debeau [00:15:47] Oh, that's wonderful. Actually, you guys. Well, thank you very much for sharing some insider tips on to on how to make the working relationship work even better. I know that wasn't the original intent of the questions that I had, but I appreciate you go along that tangent with me. So if people want to find out more about Corey and Tiffany Young and what you guys are up to and how you help real estate entrepreneurs, fine joint venture partners and raise money for your deals, what should people do? How can they find out more about you?
Tiffany Young [00:16:17] So best places to join our Facebook group. So we're in the fearless investors by investor life. So I could just type in fearless investors on Facebook. You'll find our group, join our group. You have to answer the questions. That way we make sure that you are not spamming and coming in to get something that one of our people.
Dave Debeau [00:16:34] Exactly. I'm part of that group. Fantastic group. You guys do a phenomenal job with your group, so. Yeah, OK, so that's one. And is there any guys up the website or anything that you like to send. People do as well.
Tiffany Young [00:16:45] You know what, everything, quite honestly, if you actually want to have interaction with us, we do a Tuesday training every single week in that fearless Facebook group. And so that's where, you know, it's a lot of training and you can type in questions. And that's really the best place to touch base with us from. There are lots of avenues, but that's the best.
Dave Debeau [00:17:03] Excellent. Very good. Now, just as we're wrapping up, do you have any tips for people? You know, we talked about not giving the firehose of information too quickly. Any other tips for people who kind of want to dip their toe into the hole, finding JV partners realm?
Corey Young [00:17:24] Well, you know what? At the end of the day, for us, the way that we found our partners and this is what we talked about all the time, the way that we found our partners was doing networking, meeting other people, starting conversations. And so so
Tiffany Young [00:17:39] in our own realm to so
Corey Young [00:17:40] it's. Yeah, yeah. And it comes down to sometimes just throwing those cooks out there and sometimes just actually knowing what it is that you do and what you can bring to the table. But the number one thing actually I'm going to have to learn a little bit at the number one thing is education. If somebody wants to learn, if somebody wants to do this, you can save yourself thousands and thousands of dollars of mistakes by learning from somebody that has done it and by by educating yourself. And so just learn, learn, learn, learn. There's so many resources out there that are free that people can learn from and that will save thousands of dollars of mistakes down the road.
Dave Debeau [00:18:17] Yes, exactly. And you guys provide some of that amazing education on your Facebook group. So keep up the good work. And thank you very much for your time and your insight today. I really appreciate it has been a lot of fun.
Corey Young [00:18:28] Thank you. Thank you. That's awesome.
Dave Debeau [00:18:30] All right, you guys. That's it for this week. Stay tuned for our next episode. Take care. God bless. See you later. Well, thanks very much for checking out the property
Dave Debeau [00:18:39] profits podcast and you like what we're doing here. Please head on over to iTunes, subscribe read us and leave us to review it. Very, very much appreciated. And if you're looking to create a regular flow of inbound investor inquiries about your real estate deals, then I invite you to attend one of my upcoming live online demonstrations. And you can check that out at Investor Attraction Demo Dotcom Ticker.