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Gary Spencer-Smith takes us through the fascinating world of ‘Not Normal’ Real Estate. In the contemporary real estate scenario, ‘Normal’ refers to investing in residential properties, holding them for a while, and then selling them for profit. But in this episode, you’ll discover that ‘Not Normal’ Real Estate veers from the beaten path, encompassing a more unconventional approach.
Gary Spencer-Smith, a seasoned real estate investor, brings a wealth of experience and knowledge to the table, shedding light on strategies that veer off traditional residential real estate investing. Prepare to explore innovative pathways to help investors challenge the status quo, make distinctive investment choices, and achieve unprecedented success. This episode will inform, inspire, and invite you to view real estate investing from a fresh perspective.
So buckle up for an insightful journey into ‘Not Normal’ Real Estate with Gary Spencer-Smith. This isn’t just about real estate – it’s about altering your perspective toward investment, challenging traditional norms, and setting the stage for success in your investment journey.
But first, if you want financing for your next investment and want to know what type of collateral may be involved, click the link below for a free strategy call with our mortgage team at LendCity to discuss your specific situation.
A Different Approach to Investing
When you think of investing, the first thing that may come to mind is the stock market, bonds, and mutual funds. But in this episode, our guest, Gary Spencer-Smith, introduces us to a completely different approach to investing. This discussion dives into real estate, not just conventional real estate investing. Instead, Gary explores non-traditional real estate investments that diverge from the norm, resulting in ample cash-producing assets.
Rich Dad Poor Dad, a book widely celebrated for its unconventional wisdom on wealth and investment, profoundly affected Gary’s real estate journey. It ushered in a significant mindset shift, prompting Gary to divert his energy towards this investment method more than growing a traditional portfolio.
Rather than simply acquiring property after property, Gary’s unique method involves investing funds into cash-flowing assets. This strategy pays more attention to the quality of the investment, considering factors such as the lifestyle it offers and the level of stress involved compared to other businesses.
Gary’s engaging strategy might put some conventional wisdom to the test, but his results have proven to be successful. Whether you’re a seasoned investor or a beginner, it’s hard not to be captivated by this refreshingly new take on real estate investment.
Unconventional Strategies for Success
In this episode, Gary Spencer-Smith reveals some of his unconventional strategies that have led to his success in the world of ‘Not Normal’ real estate investing. He states that one of the critical aspects of his approach is his changed mindset, which allows him to see potential where others may not.
One of the standout strategies of Gary’s approach is his ability to manage situations effectively. This involves managing properties and dealing with tenants and business partners. An unconventional tactic he employs is opting for joint ventures over solo ventures. By bringing more minds and resources to the table, Gary believes it increases the chances of a successful outcome. This is an untraditional perspective in an industry that often focuses on sole proprietorship.
Another unconventional strategy Gary mentions is choosing properties based on lifestyle factors. Rather than solely focusing on potential profits, he considers the lifestyle the property could offer. This was evident when he decided on a property for its reduced stress compared to his previous businesses. This goes against the norm of selecting properties based on complex financial metrics.
Being ‘equipment smart’ is another one of his strategies. Gary understands the equipment associated with his properties thoroughly, a tactic that often saves him additional costs in repairs and maintenance and allows him to have a more hands-on role.
Moreover, rather than solely focusing on growing a portfolio, Gary diverts his energy towards strategically nurturing and developing his existing assets. This strategic energy redistribution is yet another unconventional yet successful strategy he employs.
In conclusion, Gary’s success is attributed mainly to these unconventional strategies. His methods may be ‘not normal’ in the traditional sense, but as he proves, they are effective when executed with a changed mindset.
Identifying ‘Not Normal’ Real Estate Deals
For most people, identifying typical real estate transactions seems pretty straightforward. However, Gary Spencer-Smith flourishes when spotting the “not normal” deals. So, what does ‘not normal’ in real estate mean exactly? Simply put, these opportunities fall outside the conventional sphere of residential real estate.
The Essentials of Spotting ‘Not Normal’ Opportunities
To truly capture these unique deals, one must have a discerning eye. This begins with the understanding that the value of real estate is not just in its physical properties but also in its potential for generating income. For instance, a seemingly ordinary house can sometimes garner more income when let out for events or as a vacation rental. This is a quintessential example of a ‘not normal’ real estate deal.
Mr. Spencer-Smith also urges investors to think outside of the conventional realm of the residential mortgage when searching for these non-standard properties. Not every property is suited to a traditional mortgage; in these instances, ‘not normal’ real estate truly shines. As an investor, you may find a greater return in addressing a demanding market niche that has been ignored or under-served.
Flexibility and Scope
Flexibility is also crucial when it comes to identifying these unique deals. A genuine estate proponent like Gary Spencer-Smith doesn’t restrict himself to residential properties; instead, he is open to ‘not normal’ real estate, such as commercial buildings or property management companies. This approach can entail complex transactions, often involving liquidating a few things before acquiring a different estate.
In summary, identifying ‘not normal’ real estate deals requires a unique approach, flexibility, and the ability to see beyond the physical property. As investors, one must not forget the underlying principle: real estate is about generating income. As Gary Spencer-Smith points out, sometimes the best deals aren’t the most obvious ones—they’re the ones that require a deeper insight.
Innovative Solutions for Investors
During their podcast episode, Dave Debeau and Gary Spencer-Smith were keen on discussing innovative solutions for investors. The duo emphasized the importance of thinking outside the box in real estate investments. The sector, characterized by constant changes, requires ingenious and unconventional approaches to remain profitable.
One such innovative solution introduced by Gary is joint ventures. Individuals can pool their resources by aligning with other investors to purchase more considerable cash-flowing assets. “Joint ventures are beneficial for both parties involved,” Gary stated. “It’s not just about financial resources; it’s about bringing together individual skills, experiences, and networks to create a collaborative and successful investment.”
Another trending and innovative solution is investing in non-traditional real estate. Non-traditional real estate can include storage units, cultivated land, or communal spaces. These properties often present unique opportunities and are less competitive than traditional real estate, consequently fostering more significant returns.
For instance, as an investment strategy, Gary mentioned how he and GV Partners preferred to acquire residential properties that offer more than just capital appreciation. They focus on properties that provide a comfortable lifestyle and revenue from short or long-term rentals. This practice significantly reduces the stress of the investors by generating a steady cash flow.
“Innovation is crucial in any field, and real estate investment is no exception.” Gary summed up their discussion. As the industry continues to evolve, it’s clear that investors who embrace these innovative solutions today will find themselves ahead of the curve tomorrow, reaping the benefits of their forward-thinking approach.
The Future of ‘Not Normal’ Real Estate
The future of ‘Not Normal’ real estate investment, as Gary Spencer-Smith emphasizes, is bright and promising and offers numerous opportunities for investors who are willing to explore unconventional territories. The beauty of this investment approach lies in predicting and harnessing the potential of areas not deemed ‘normal’ by conventional investors.
As populations grow, urban development spreads, and societal needs evolve, there will always be opportunities for creative real estate solutions. Look at rezoning – a topic Gary spoke passionately about during his podcast interview with Dave Debeau. Rezoning offers the potential to significantly increase the value of a property by changing its permitted use. Traditionally, this might involve converting commercial property to residential use or vice versa. In the ‘Not Normal’ realm, it could mean something entirely out of the traditional box.
Take the rise of Airbnb, for instance. Spaces such as garages, industrial lofts, and even treehouses are now profitable real estate assets, thanks to the rise of this platform. It’s only the beginning of the ‘Not Normal’ revolution. The surge in remote working owing to the pandemic could be the next frontier. More and more people seek ways to diversify their work-from-home environments. A residential property with an extra ‘Home office’ module may soon become a sought-after ‘Not Normal’ investment.
Adaptability is the key factor that will drive the future in this field. As Gary puts it, the ability to anticipate market trends, understand societal needs, and adapt investment strategies accordingly is a significant trait required in the ‘Not Normal’ investor. Whether it’s modifying properties to accommodate short-term rentals through Airbnb or looking at investment properties that would be best suited for flexible workspaces, the future of ‘Not Normal’ Real Estate holds many possibilities for those with the vision and courage to explore it.
Key Takeaways from the Episode
In this episode with Gary Spencer-Smith, numerous insights into unconventional real estate investment tactics were imparted. Below are the crucial takeaways for those keen on exploring the less-trodden path in the property investing realm:
- Investment mindset: Spencer-Smith enlightened the audience about the fundamental shift in perspective necessary for breakthrough success. He referenced the book ‘Rich Dad Poor Dad’ as instrumental to his realization that a sustainable real estate journey entails agonizingly relinquishing the conventional ways and adopting a wealthy person’s mindset.
- Flexibility Over Rigidity: Gary stressed the importance of flexibility in identifying and seizing non-standard real estate deals. Adapting to changing circumstances, like the COVID crisis, and turning them to one’s advantage can be vital to separate successful investors from the rest.
- Embracing Unconventional Strategies: Spencer-Smith shared his novel approach of spotting ‘not normal’ opportunities, often overlooked by most investors. His strategy includes broadening the scope of potential properties, conversing with neighbours, and focusing on lifestyle-oriented purchases, enabling him to acquire a profitable property in September 2019.
- The power of local real estate investment clubs: Gary emphasized the importance of active participation in local real estate investment clubs. Sharing his experience as a coach and a speaker, he stated that such forums can be rich knowledge pools and provide networking opportunities essential to an investor’s growth.
- Valuing Lifestyle Choices Over Purely Financial Gains: The guest also spoke about a particular property he bought for its lifestyle perks and reduced stress over previous business engagements. This approach has proven to be a significant turning point in his investment journey, showing that real estate decisions can be about more than just financial gain.
These insights offered a refreshing perspective on real estate investment, reinforcing that success lies not only in old-school tactics but also in innovative, ‘not normal’ strategies.
If you are ready to start investing today and want more information about how your mortgage may be secured – or are looking to apply for a mortgage today – click the link below for a free strategy call with our mortgage team at LendCity today.