Table of Contents - The Leap To Multifamily Investing with Investor and Passionate Educator Ken Beaton
Dave Debeau [00:00:08] Hey there, everyone, this is Dave Debeau. Welcome to another episode of the Property Profits Real Estate podcast today. It's my pleasure to be interviewing and chatting with an old friend of mine, not just in age, but in the length of time that we've known each other. I was just looking at this day old in my thanks again. How are you doing today, my friend?
Ken Beaton [00:00:32] Well, up until now I was doing awesome date.
Dave Debeau [00:00:36] So I'm sure if you're watching this podcast, you're probably very familiar with Ken Beaton. Ken is a professional real estate entrepreneur. He's been doing this for quite a few years. He focuses on multifamily properties primarily in and around the Ottawa area of Ontario. Ken has a very varied background, that's for sure. He got into real estate investing after a career as a engineer,
Ken Beaton [00:01:04] bus driver,
Dave Debeau [00:01:06] seasonal so that we get it right, seasonal resort owner,
Ken Beaton [00:01:11] campground
Dave Debeau [00:01:14] bus driver, etc.. So Ken has done a lot of different things together with his lovely wife, Joanne, and their beautiful family. And he's really kicked ass when it comes to real estate investing. So he does it professionally. He teaches and trains people about it. So, Ken, welcome to the call.
Ken Beaton [00:01:32] Thank you very much, Dave. The opportunity.
Dave Debeau [00:01:35] So just quickly, because we've got a short interview today. I know you and I can go on for hours and hours, but very, very quickly, what sparked you to get into real estate investing in the first place?
Ken Beaton [00:01:47] Desperation. You're quite honest with you. Financial desperation because of a major turning point in my life. My parents passed away and I had this major aha that we had no money and life was going by pretty quick and just happened to come across a book called Rich and Poor Dad, which we all know very well. And that book sort of, I wouldn't say rekindled, but it sparked interest in real estate because I had tried to be a real estate agent back in the early 90s. And after reading that book, I realized I could do this. It just made sense to me. So we realized this could be the answer to our financial woes and just drove in with both feet.
Dave Debeau [00:02:24] So you definitely did. I recall that you and Joanne invested about 80 grand in real estate education, plus the personal development and a pretty short period of time, and that you went from pretty much nothing to a significant portfolio fairly quickly as well. So. The cool thing is you've done a lot of different things, in fact, your real estate training with, I think, rich dad coaching and training your big game, one of their coaches, you've done a whole bunch of different stuff. Now, you focused primarily on multifamily investing. But why did you choose multifamily versus everything and anything else?
Ken Beaton [00:03:01] Well, to be honest, it was sort of by default. The first property we bought was a townhouse in a condo project and worked out quite well for us. But it never really turned my crank. It was completely hands off. The second property was a larger, multiunit building that I just came across and the numbers made sense. I had no fear being a former real estate agent and maybe just stupid, I don't know. I had no fear and I just took action. It was easy to get into that particular deal. I think the next deal after that was either the triplex, then a six plex. So they were all multi units at that time. And it was during that triplex, six plex purchase that we invested in the real estate courses. And that's when people started to take notice of what I was doing. That's how I was introduced to the the mentoring. And they asked me to become a mentor with them. And that's sort of how it all took place.
Dave Debeau [00:03:55] Yeah, that makes sense. So you have taught and trained and mentored many, many, many people over the years. What would you say? Are some of the. Know biggest mistakes you see people making when they're first getting involved in real estate.
Ken Beaton [00:04:10] Biggest mistakes are making is a lot of people think they know everything they need to know about it and even myself, myself included. I mean, we continue to learn right now. We realize and acknowledge that we don't know everything there is to know. So it's really about their mindset and their beliefs and are the biggest mistakes. And people will get into it's really hard to say what's the one mistake because there's so many and they all come back to a person's mindset and beliefs, really. And that's what I've come to realize over the years. I mean, a big part of the reason for my success initially was because not only did I take the real estate course, but you mentioned earlier that I invested eighty thousand dollars. That wasn't just all real estate investing education. A big chunk of that was personal development. And because of the two coming together like that, I was able to achieve massive success in a very short period of time. And the biggest mistake I see people making is not investing themselves first. That's a good way to summarize it. And that's in whether it be real estate education or whether it be personal development or buying resources to help them finding mentors, whatever the case may be, the mindset they have of doing it themselves and not asking for help is the biggest number one detriment. I think people experience
Dave Debeau [00:05:32] definitely makes sense. Now, you're huge. Well, you and I both are big Robert Kiyosaki fans, he's written a gazillion different books. One of the books he wrote was Your Unfair Advantage. So he talks about everybody having an unfair advantage to just finding out what that is and then focusing on it. So what would you think is your unfair advantage when it comes to real estate investing?
Ken Beaton [00:05:56] So that has evolved over time as well. So I would say initially it was my unconventional thinking, which I would people say creative thinking. Everybody has the ability. It's just a matter of one simple change of thought rather than saying I can't do something which drives me crazy when I hear people say that and simply changing that phrase to how can I that can have such a major impact on your life. So just thinking differently has always been my unfair advantage. And that has evolved then over the years that I've got many different unfair advantages. So having access to information from Robert Kiyosaki, from people like yourself, and having friendships with these people who are so much higher than I am and I perceive to be higher anyhow is my unfair advantage. And I'm now in a position where people are coming to me to invest with me rather than me asking them for money. So that's how it's evolved. So my unfair advantage is having my best network of resources around me that I built over the years. But it all started from, I think, just creative thinking differently.
Dave Debeau [00:07:06] So if somebody said, well, that's easy for you can, but how can I develop that or how can I improve that advantage myself? What would you suggest to somebody to a kick up their creative thinking and abilities and be kind of get tapped into a better network?
Ken Beaton [00:07:21] Yeah, well, again, it comes down to mindset because, I mean, when people ask people if they're creative or who in the room believes they're not creative, most people put up their hands. And then I ask follow it up with a question of what does anybody in here worry about things? Of course, everybody puts their hands up. Well, that's all we're worry is just creative thinking, negative, creative, negative, creative thinking. Exactly. So we're capable of doing it. We're just not doing it in the right with the right focus. So it's to get people to refocus and start thinking creatively, start thinking positively, putting yourself in the right circle of influence. You are the average of the five people you associate with some sort of take a look at who's in your inner circle. Maybe you need to change your inner circle, which is more often the case, and start socializing with like minded people, going out to real estate events, clubs and so forth, and just getting in that circle, getting in the game and not being a wallflower like I am. I literally when I go to social events, I'm not the mixer and mingler, but that's outside of my comfort zone. So if I want to change who I am or the results I'm achieving, I need to change who I am. And that means I need to get mingle and force myself get outside of my comfort zone. So that's what you need to do, is get outside of your comfort zone. But again, that's all back to the mind stuff.
Dave Debeau [00:08:47] Now it really and and I found that when I'm at my most successful or when things are going best is when I'm dialed into the personal development and things tend to go to crap when I'm not definitely OK. So we've been working together for many, many years and you've got a variety of different programs and trainings that you do. What would you say that is the biggest problem that you help people overcome when they work with you? Because there's so many different coaches, trainers and whatnot out there. What how do you find that you tend to help people the best?
Ken Beaton [00:09:26] I think breaking through the I can't do it mindset and coming up with solutions people get stuck on. Well, I don't have the down payment. I don't have the time. I don't have. I don't have. And as long as you are thinking that, then you're right, you won't have it. That's probably the biggest thing I help people with is understand that they have options. And what the options are masterminding is one of the things I love doing with people and just brainstorming about different ideas and solutions. And one of the first things that when I'm brainstorming with somebody, you know, you throw out some ideas and they'll say, well, I can't do that because and they start down that path and I cut them off right then and there. I say, we don't go down that road. There's no I can't. We just look at it. Doesn't matter if the idea is crazy or not. You throw it out there, you just keep feeding the positive side of things.
Dave Debeau [00:10:24] Yeah, that makes a lot of sense. So, again, we'll try and get this episode out prior to your event, but you've got an event coming up in May. I believe it is. That's right. Quantum, the quantum leap,
Ken Beaton [00:10:37] all the quantum leap weekend event. It's a three day weekend event, May 10th, 11th and 12th in Calgary. It's focusing primarily on what we've just been talking a lot of mindset's stuff, mastermind raising some capital, how to approach people and networking environments through that whole process. And I do it with my business partner, Mr. Mark French, who is a master of social and being able to work in the social environments and whatnot, the mindset. And yeah, it's a great weekend event if you're able to make it out to more than welcome to have you
Dave Debeau [00:11:12] there would be great. So if people are interested in finding out a little bit about this,
Ken Beaton [00:11:16] they can just go to the URL. It's Leape Dot Arka. So that's L.E. App Dot aka dash W8 Dotcom.
Dave Debeau [00:11:25] Perfect. There you go. And if people can make it to that event, but they'd like to find out more about can beeton what's the best thing for them to do so.
Ken Beaton [00:11:33] My website is Arka Real Estate Dot seeing onaka at real estate. You can see what programs I offer. I've got free stuff on there as well. Special events are all listed there. How to get in touch with me. There's lots of stuff there. You can check it.
Dave Debeau [00:11:49] All right. We've got over a lot of different ideas and tips and stuff like that. But if somebody is watching this and they want to, let's say, take the leap into multifamily investing, you know, we've talked about getting coaching and mentoring and going to networking events and all that kind of stuff. What would be one actionable tip that you would give somebody if they're interested in making that leap? Well, let's say somebody is already investing in real estate, that one single family homes, they want to start getting to small multiples. What would be one actionable tip? They could get started with that?
Ken Beaton [00:12:21] Well, I guess analyze and actually go through the process of analyzing some properties to get familiar with the numbers, because when you're looking at singles and duplexes, you're looking at the numbers that the property generates and you're looking more at the location and some totally different because the sandbox rate that you're playing in and when you get into the multiunit, so you're looking at a very different sandbox now. It's a totally different set of rules. Financing is actually easier, especially if you're an entrepreneur. There's lots of positive things about investing in the multiunit, but it's a numbers game, strictly a numbers game. Take the emotion out of it and the quicker you can understand the numbers, the quicker you can analyze a deal. And the quicker you can take action to quickly take action, the more deals you're going to get. It's a matter of identifying the deals, practice analyzing them, then start making offers after that.
Dave Debeau [00:13:18] There you have it. Used to have an analyzer available. Is that still available?
Ken Beaton [00:13:22] Somewhere is available. I'd have to check my website. Quite honest with you, though. Jim manages it was on the website. It's definitely part of the programs for sure. But if somebody is interested in the analyzer, they can reach out to me. If it's not on the website, reach out to me and see what we can do as a favor to you. Oh, that
Dave Debeau [00:13:42] sounds good, my friend. It's always a pleasure. Any last words of wisdom or any any question I should have asked you, but I didn't get around asking.
Ken Beaton [00:13:50] Probably just one of the biggest lessons I learned investing in real estate over the years, and this is about me, not anybody else, but not being cheap. I used to have a scarcity mindset with respect to money since evolving and growing personally, I realized that the more people I help, the more money I make it stop focusing on myself and start focusing on helping other people and getting back to them. Not being cheap or investing more in myself and seeing the returns are infinite. When you start to invest in yourself.
Dave Debeau [00:14:25] Very well said. All right, Ken, thank you very much, my friend. Appreciate having you on the podcast.
Ken Beaton [00:14:30] My pleasure.
Dave Debeau [00:14:31] And everybody. Take care. We'll talk to you next time. Thanks. Well, thanks very much for checking out the property profits podcast. 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.