Million Dollar Thinking with Kory MacKinnon

Million Dollar Thinking with Kory MacKinnon
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Table of Contents - Million Dollar Thinking with Kory MacKinnon

Podcast Transcription

Dave Debeau [00:00:08] Hey, everyone, this is Dave Debeau with another episode of the Property Profits Real Estate podcast today. It's my pleasure to be interviewing a friend of mine and a very astute real estate entrepreneur, Mr. Corey MacKinnon. How are you doing today, Corey?

Kory MacKinnon [00:00:23] Doing excellent, Dave. How are you?

Dave Debeau [00:00:25] Fantastic. So Corey has a very, very interesting background. He comes from the background of being a professional athlete, a national level athlete, as well as a corporate guy. And through real estate investing, he was able to get out of the rat race within seven years thanks to real estate. So now he is a full time real estate entrepreneur. So, Corey, one of the things I know about you is that because of your athletic background and the level that you're competing at, you really had to dial things in mentally when it came to your sport. So how important is that Dowling's stuff in mentally for real estate and real estate investors?

Kory MacKinnon [00:01:14] But I think proper mindset, strong mindset is is really important everywhere, and it's not easy. This is a team sport being a real estate investor. So it's just a different form of excellence. But I find it's very important because if your thoughts really do become things and if you're if you're having weak thoughts and poor inputs and you surround yourself with the wrong types of people that aren't going to fill you up and love, support and encourage you if it can be demoralizing, really. Right. So you've got to get that straight first before you start deciding to take on hundreds of thousands, if not millions of dollars with a debt and managing team members and building your power team and everything else. So it's I find it's the most important thing. I mean, it's sort of like, don't pass. Go until you get the mindset. Figure it out.

Dave Debeau [00:01:59] All right. So, I mean, we've all heard about mindset and having a good mindset and all this kind of stuff. What does that mean to you?

Kory MacKinnon [00:02:06] Well, it can mean a lot, and I know we've only got so much time here on this podcast, first of all, thank you for having me on, but it could be as simple as being really clear on your why. So making sure that you that you know what your wife is. And when I work with people on there, why lots of times people their first initial thoughts of why they are doing something is their subconscious or their conscious mind thought. So if you think of your brain, put it put a cut it in half. A lot of the things that first come out are conscious thoughts, but you really have to go deep enough and dig and dig and do this maybe in the morning or in the evening when your brain is just at a different wavelength. And really just keep asking yourself, why am I am I signing up to do this? Because as we know, I mean, I like the benefits of real estate and I like being an entrepreneur. But there's lots of things about real estate that nobody really likes. Right. So you have to make sure that you're prepared. You have that. Why? That's because when you have your wife and when that's really clear, then you're being pulled. Instead of having to push yourself right. You can tap into your passion and your mission in life. And it's pulling you instead of having to lie constantly because that's draining when you have to push yourself to do things that you don't necessarily want to do or you don't know why you're doing the questioning yourself.

Dave Debeau [00:03:19] All right. And I know a lot of us have heard this whole and find your why you kind of touched on it there. You know, ask yourself either early in the morning or late at night when you've got a little bit of quiet time. Why am I doing this? What are we looking for? I mean, because most people, if they haven't done this exercise, are thinking, well, I want to make a lot of money. Why else why, why? Why else would I be doing dealing with tenants of toilets and, you know, hundreds of thousands, if not millions of dollars in debt, why else would I be doing it? So give me an example of either yourself or somebody, you know, how they really found their why

Kory MacKinnon [00:04:00] Portia and I was literally sitting down with somebody yesterday. We're working through this. And I had to do the exercise a few times myself, because when I when I saw the results of it the first time, I think there was still conscious thoughts. I didn't really tap into the subconscious. And I mean, people can Google it. It's it's like seven levels, deep reasonings of why you're doing something. But lots of times it's going to tap into somebody's lots of times for males, it has to do with freedom of purpose, mission, legacy, family, things of that nature where if you were faced with with what ends up coming down in the very, very bottom line, you know, if it doesn't get you emotional, if it doesn't feel like you are, you would rather do this than than live on this earth. Like if you had a gun to your head. And that was the answer and someone saying, look through this or you die, what's it going to be? Right. It has to get so deep that some people just giving you they don't teach us in school. We're not asked to tap into our mission in life or full potential in life. So sometimes it's an exercise that needs to be facilitated with somebody else. But it's one of those things where people can do it themselves and they might need to give it a few different stabs. But it's I find it's very important in life to know why you're here on Earth and what your mission is. If you're clear on your mission, that's when the passion can flow. And that's when you'll you'll move mountains and they deal with the tenants in the toilets and one hundred realtors or whatever it might be to to make sure that you can be set up enough financially so that you can make all those things happen because it's real estate. It's really a means to an end. You know, it gives you the opportunity to be more, have more and do more for society.

Dave Debeau [00:05:33] So very good. All right. So, Corey, why don't you tell us a little bit about your background and how you got into real estate investing in the first place?

Kory MacKinnon [00:05:42] Sure. So I was I guess I was exposed to it a little bit as a young as a young kid. We actually lived in a duplex at the end of the school field where I went to school. And right across the street from my house was a new subdivision where all the kids were getting getting their nicer homes. So I always knew there was a little old lady up in the attic and she paid her thirty five or fifty dollars a month back in the eighties. And it wasn't very I was still under market rents back then, but it was grandfathered into the deal of house like my dad could not evict hurts. So I was exposed to at a young age. I mean I can only remember that house for about four or five years of my first year. And my dad dabbled in a little bit, never did it on a huge scale. And I think just like, you know, I also had a friend in grade school and his dad was a realtor. So I guess I was exposed to it in a few different ways. I got to be an entrepreneur at a young age, too. I had roots and was always doing side houses when I was younger. Probably the biggest gateway drug was reading Wealthy Barber because he is actually from the area that I live in Ontario. David Chilterns actually from point out word, which is they pretty much touch each other. And then when Robert Saki's book Rich Dad, Poor Dad came out, I mean, it's just it's a page turner. It meets a lot. Made a lot of sense to me. I'm a math person. I like math. And when you see the numbers of real estate, I was just like, wow, when I can buy an asset, I only need to have this much money or sometimes no money in the deal. And they get to control this asset. I mean, tell me any other investment. I mean, hey, that. The stock market, I've dabbled in the stock market, too, I just don't like there's not as much control there. I can buy a piece of real estate and an up market, down market, sideways market and still have a huge amount of influence on the value and the sale price of that asset. So I like that there's the control piece. And so I guess I was exposed by some pretty popular means, but I was also exposed to it at a young age, being opportunistic and being entrepreneurial in a young age and learning a little bit from my dad.

Dave Debeau [00:07:33] So call and tell us a little bit about your sports background, because that's kind of interesting, too.

Kory MacKinnon [00:07:39] Sure. So I think, you know, as as young men, we all kind of want to test our strength or whatever. And I remember it was great stuff, a great age and being in my friend's basement and there is 80 or 90 pounds on the on the barbell where we're all trying to lift this and we had no idea what we're doing. Frankly, if I could have spells, but you know that it's funny because that gave me some context. And then a year later, in between the grading grade nine, I had a summer job and was cornets out and so on, the thousands of these these cornstalk so they wouldn't cross pollinate. But I met a fellow on the bus who was pretty strong and he was probably about three or four years older than me. And and I'm like, well, what do you do? You do any sports? Things like, yeah, I actually do weightlifting. This is actually a sport. And that was right around the time of the 88 Olympics. And that's when there was some world lots of world records being broken back then, probably with the help of performance enhancing drugs. But that's back when the whole Ben Johnson scandal was going on. But I just said, well, where do you do this thing? And he said, well, it's in the go in the back door, this high school, that's where you can go check it out. And the coolest thing there was that we actually got to work with a former two time Olympian, Bob Sammy and I got to learn things the proper way. And in the beginning, I wasn't lifting a whole lot of weight. I can still remember as 40 kilos, those practices, 40 kilos and my back was sore, having to keep the right posture and everything like that. But again, it's probably read the book. Talent's overrated. I find that sometimes of the people that don't have the talent, they have to work and work and work for it the most are the ones that succeed the most because they've actually work to earn it. So I guess that was me. I was never super blessed. I've even had my DNA genetics tested and it shows that I could actually be sort of an endurance athlete or a power athlete. But I literates like being a power athlete as far as I could physically take it. Definitely national level. I didn't quite get to the world level. I did try out for Olympic trials, Commonwealth trials and trials. So top three in Canada, national medalists did it for about thirteen years.

Dave Debeau [00:09:30] Very nice. Very good. All right. So what is it when it comes back to real estate, when it comes to investing, what do you focus on primarily?

Kory MacKinnon [00:09:40] I've always been into multifamily, so my first deal was a six plex. That was my first deal it ever did. And I liked it because I could actually house in that first deal. And from there I just started looking for more similar things. Try Plexus duplexes did get into some single family homes, but mostly small things. And now we're getting to bigger, bigger Maltese. I'm going to be buying into a 14 unit building this summer and we're actually constructing a twenty eight twenty eight twenty nine unit conversion from a church now. So multifamily, I love multifamily because it's more like a business. Right. You can actually change that business. It's valued by the banks based on the rent, roll and expenses. So I like that you have a little more control.

Dave Debeau [00:10:18] Yeah, I know that makes a lot of sense. So, Corey, what are some of the bigger mistakes you see? Because I know you're involved in numerous groups and you're a voracious reader, voracious learner, taking courses all over the place, all that kind of good stuff. You're a full time real estate entrepreneur right now. What are some of the biggest mistakes you're seeing, newbie or even just regular other investors making in real estate?

Kory MacKinnon [00:10:45] Sure. I guess there's a few of them. That's a great question. Maybe the first mistake is that people get analysis by paralysis and they just they sit on the sidelines way too long. And you can't learn a sport by playing by sitting on the sidelines, either reading a book or watching YouTube. You've got to get out there and play the game on field. So sometimes it's over overanalysis just people that never, never will pull the trigger on it. Then you get people that are trigger happy and they just fire, fire, fire ready, aim. Because they have no they have no benchmarks. They have no guiding principles that they're going to use as filters before they actually make an offer. And maybe, yeah, just like being so eager to do a deal that they'll they'll actually end up buying a dog for me. I don't want to have a dogs in the portfolio because it's like and once as you know, once you buy once you buy a real estate property, you're typically taken over someone else's problems and you've got to be willing to take on any future problems to. So those are those are the most common problems I see.

Dave Debeau [00:11:41] Yeah. So I've been thinking about it too much or not thinking about it enough. Yes. Makes sense. All right. So what would you say is your I mean you've got your, your wide dialed in. You're a numbers guy. You think thinking you've got some, some discipline from all your years in sports, what would you think is probably your biggest unfair advice? When it comes to real estate investing.

Kory MacKinnon [00:12:08] Great question. I think that it's important if anybody's ever been in business or been in the corporate world, you have to realize that you can't do this all yourself. And it's the people that try to be a lone wolf. They typically end up dying on their own sword. So a great book for people to dig into is and something I recommend to people all the time is make sure you read the email, because people have to understand the key people that you need to have in your business. And you need to know, are you more the entrepreneur and the visionary and you're not the detail person or are you the detail person that can set up systems and manage people and projects? Or you more like that Hands-On person that swings, swings the hammers and you like that? Or maybe maybe you need to make sure that you're not spending too much time on the hammers and the nails so you can make sure that you're running like a real business. So for me, I think it's just that awareness that I know that I'm I'm more the private 60 percent the manager leader. And I'm really good at screening people and setting up systems and just running it like a business. But I just do have to have people in my wheelhouse that keep me with that that clear vision and also make sure that I have the right team members of my team. So just make sure that you're setting your business up like a really strong business is important to you. Once you got the mindset down than now, it's now it's about the power team and setting up the proper way to be able to scale because you can't build something without a strong foundation, that's for sure.

Dave Debeau [00:13:28] Perfect. Now, getting back to kind of your your specialty all around mindsets, and we've talked a little bit about the importance of really delling in your why. What are some other mindset challenges that you see people having? We talked about some people just analyzing everything. Other people don't think about it enough. They just fire off. What are some of the other big things you see that perhaps your clients that you've seen have challenges with mindset wise?

Kory MacKinnon [00:13:57] Sure. I think I think people need to. They must they feel that they need to wait for the wind to be so big when it's worth popping a champagne bottle before they actually congratulate themselves and celebrate. And I think if you if you make celebration, something that's done even for the small things, then it just it helps your confidence and that gives you better quality thoughts. And we have thousands of thoughts every single day if we want to make our thoughts as positive as possible. So if you're not if you're not getting the positivity from society because who's getting you? We're weird. Real estate investors are not typically normal people. We're a very small fraction of North America or of the world, frankly, that best of real estate. So it's really making sure that you are clear on your thoughts and your your being mindfully, like you're standing guard at the gate of your mind for what's going through your mind all the time. And maybe it's also a little bit of planning people, if they're not celebrating and watching the thought process, they're also not actually making time to think and plan on a weekly basis of like what is the highest and best use of my time. What am I what am I focused on? These are focused on this week. Great. Let's go execute. Because, I mean, you and I, like you can remember when the cell phone used to actually be a phone and now, frankly, phones are super distractive. Even I was looking at this TV of mine. This is a smart TV. So it's like, man, even our TVs are distracting now. So it's it's really just making sure that people can be clear and focused and tuning all the noise. There's often times where I put my phone on airplane mode and just get some work done because that's how it used to be. That's the way it used to be.

Dave Debeau [00:15:34] Yeah, you are so right. We are so distracted these days. And I look at my kids and I don't think really I don't think they can remember a time that they didn't have a device. Yes. In front of them. Right. And and you're so right. I mean, I find myself I've I've tried blood. I don't even have a TV in the house. However, that sounds cool. But your computer is the same thing nowadays, right? I mean, you can get everything on and then having these damn things dinging and dinging and all that sort of stuff. You're absolutely right. It's a matter of every once in a while, I just I have to get away from the screens and just sit down with a pad of paper and a pen and do it old school. And that's I find that very diable.

Kory MacKinnon [00:16:17] So that's that's important because I think people don't realize the mind body connection when you when you type something on a computer, do this with your thumbs, you're actually not depositing very much into your brain or your nervous system or anything like that. But they used to call it when people are writing a book, they used to call it a manuscript because it was handwritten and it just really resonated with with the person who is writing. It just became part of them. That's why journaling, getting at a pen and paper, doing the old Benjamin Franklin method of pros and cons once in a while. I mean, it's just so important to do when you read a book like that or just engage other senses as well, not just not just your ears, not just your eyes, but when you can actually engage your physical body. It's so much more important to.

Dave Debeau [00:17:01] Very good. Exactly. So Currey, time flies when you're having fun and does find out more about quantum mechanics. What should.

Kory MacKinnon [00:17:08] They do well, I'm pretty easy to find. You can Google me, you can follow me on Instagram, you can follow me on Facebook. You can start to follow my YouTube channel. We're just going to start to blow that up here in the next couple of months. I've got my own domains, according to Kim Dotcom. Feel free to reach out if I can ever help anybody on their journey. Let me know.

Dave Debeau [00:17:25] Awesome. Very good. Thank you, my friend. It's been a pleasure.

Kory MacKinnon [00:17:28] Excellent day. Thanks again for having me. Appreciate it.

Dave Debeau [00:17:30] My pleasure. All right, everybody, take care. And we'll see you on the next episode. Bye bye. Well, thanks very much for checking out the property profits podcast. And you think what we're doing here. Please head on over to iTunes, subscribe read us and leave us to review. 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.

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