Table of Contents
Sandy Mackay [00:00:31] Breakthrough Real Estate Investing Podcast Episode 88.
Rob Break [00:00:46] Now, hello and welcome to the Breakthrough Real Estate Investing podcast. We put this show together to inspire you and help you break through to the life that you want to live through the power of real estate investing. My name is Rob Break, and here with me again is Sandy Mackay. Hey, Sandy!
Sandy Mackay [00:01:15] Thanks, Rob. Hey.
Rob Break [00:01:17] How are things?
Sandy Mackay [00:01:19] Fantastic. Can be better, I believe.
Rob Break [00:01:22] Oh, lots of new and exciting stuff all the time, man. You know, ever since we did that for an investing episode, I’ve been thinking about it more and more. So I’ve been looking into some markets for some foreign investing. We’ll see how that goes still in the planning stages.
Sandy Mackay [00:01:37] But believe it or not, at least things keep flowing across my table. I don’t know why, but I so Quentin in the next year, but is going down there for the last month or this month. Maybe I have a couple of friends trying to get to go to Belize for over Christmas and see, I don’t know, it just keeps coming into my world somehow. So ever since I found out about this,
Rob Break [00:01:56] I want to go check it out. I know, not there. I’ve been looking into Panama a little bit. So here it’s pretty, pretty good place for Canadians. But anyway, yeah, still in the prelim stages, I was talking to somebody. Canadian guy, invest a lot down there and has a real estate company down there. So been talking to him a little bit later on in the show. Who knows? But yeah, that and doing so, doing a lot of stuff up in Peterborough, that new purchase in Oshawa. So yeah, we’re rolling along. How about you? What are you? What are you up to?
Sandy Mackay [00:02:35] building out our company to raise more money? To be honest, that’s our biggest thing. It’s raised more money to do more joint venture deals. I spend a lot of time on that and look at some bigger, bigger partnerships, I suppose, to keep doing what we’re doing here in Hamilton. And I have been looking at Nagoro a lot because we have some a little bit of a team there and just exploring that market haven’t done anything there yet, but kind of like it. Price points are good. Hampton’s getting expensive still works, but it’s getting to get a little out of reach for some people. So exploring Branford and Agora quite a bit.
Rob Break [00:03:09] Gotcha. OK. Well, good luck with that. Anyways, let me know how the Niagara thing goes. So you guys have some ages done that. We haven’t actually done Lincoln. You haven’t personally, I
Sandy Mackay [00:03:20] haven’t personally invested there. Yeah, yeah. I think it’s kind of like it’s emerging. It’s good. It does have the inventory quite like a Hamilton does, but it’s got some opportunities there for sure, especially the duplexes. Quite a few of those ones got a better indication, but it’s cheap and good.
Rob Break [00:03:37] Well, you know, Jeff Woods does a lot, I think, in Durham Niagara area too. So I mean, I know some investors that do quite well down there, too. OK, everyone listening should go over to our website. Break Breakthrough Aria podcast dossier. There you can actually listen to every single one of the episodes that we’ve put out right back to episode one. I think iTunes, we’re still having the problem where they’re only going back like 50 episodes. So if you if you’ve, you know, taken all of those ones then and you want to go back and listen to some of the earlier ones, you can just go straight over to the website. And also, what else can they do on the website’s ending?
Sandy Mackay [00:04:17] Think of the free report there. The ultimate strategy for building wealth. The real estate’s really good, good for every piece of info that they can put to work right away and learn a bit of a strategy for investing real estate. We use a lot and a lot of our guests do as well, so we’ll pick that up. We also get on our list and start hearing about a lot of the events surrounding property tours, live events or can come out and network with some other likeminded people across, mainly across the Greater Toronto area and a little bit outside of that in the Hamptons. And further, you’re away, Rob Peterborough, Oshawa, that sort of thing and potentially expanding beyond that. So get on the list there and make sure you don’t miss out on any of that stuff.
Rob Break [00:04:57] Yeah, I’m going to put it out there, Sandy and I have been discussing and we’ve got in the works a live podcast show, so that should be pretty interesting. I’m looking forward to that still in the planning stages, but you’ll have more of that coming up soon. Definitely. Now the other thing is everyone, please go over and review the show on iTunes that helps us get out there to a bigger audience, and I know people are really liking the show. I’ve got a couple of episodes here to read or not have a couple of reviews here to read. And you know what? I read them all say, and it doesn’t matter if there are five stars or not. So we’ve got one here that’s we’ve got a three-star review and the person says, I’m trying. So they say, hey, I like the show, but I want to love it. So I have a suggestion you guys can do better with the audio, you know you can. And then it says, try to keep the guests on topic, which is real estate. Appreciate that. And last one that we’ve got is a five star. So this one says fun, educational and easy to listen to. And this is by Flickr. And he or she or I’m guessing it’s Edo says, I’ve been listening to this podcast for a couple of years now, and I thoroughly enjoyed every episode that I have listened to, which. Pretty much all of them, the host, Rob, and Sandy, are active real estate investors and have a fountain of firsthand knowledge which they freely and passionately share with the listeners. They bring on some great guests covering all aspects of real estate investing and have great questions prepared that make it very informative for the listeners. My wife and I have been inspired and motivated by this podcast and learned as much as we possibly could in the last year while figuring out our finances to make a down payment on our first investment property. Rob and Sandy, thank you for putting this show together. You’ve definitely achieved your goals by inspiring and motivating your listeners. I will update this review as you move along in our investment journey. Thanks again, Brian. That’s awesome. I love that with. I like that one better than the three star. But, you know, to be honest, like, we’ve been talking about our audio for a long time and so hopefully we can do something about that soon. Yeah, OK. So speaking of great guests, we’re going to get to you right now and we have today with us Kory Mackinnon, who’s been waiting patiently. And he’s going to talk to us about the mindset required to grow a real estate portfolio and unlocking our potential to reach the next level. So, hey, Kory, how are you doing?
Kory Mackinnon [00:07:39] Awesome, guys. How’s everybody doing today?
Rob Break [00:07:41] We’re great. Thank you for being here.
Kory Mackinnon [00:07:43] Great answer.
Sandy Mackay [00:07:46] Well, I did a brief intro here and then touch on some of what you’ve done and then and then you can add to it afterwards. But I want to give everyone a background on what you’ve what you’ve done and a couple of your accomplishments. Corey is a former corporate trainer, is a national level athlete from the beautiful small town of Sarnia, Ontario, and Corey, as decades of business and competition and work ethic, habits, and mindset. He’s used that to escape the rat race and is in his 30s with real estate and started off as a profitable side. Hustle has turned now into a moneymaking machine and a ten plus million-dollar real estate investment portfolio. So with investing experience across multiple markets, Kerry’s done wholesaling joint ventures flip for profit, repurpose buildings, raw land, creative financing, the BR Method Buy, Fix, or buy to renovate refinance rents en route to owning dozens of income producing properties with over 60 dollars on the short term and long-term rental markets outside of that is got a busy family life. He’s got a wife with three soon to be four kids.
Rob Break [00:08:59] Yes, that’s how
Kory Mackinnon [00:09:02] the likes of kids wasn’t big enough. We need a four Plex kids so
Sandy Mackay [00:09:07] perfect, and it spends a lot of his time now as a leader in wealth education coaching put you on investor to grow, maximize the real estate holdings so they too can retire early and can live great lives. So a couple of other just notables here for four careers had some, some bigger events over the last few years, I suppose here. So building a profitable property management business in southwestern Ontario, I buy property is not just a 10-cap rate, but 15 and 20 cap rates. So that’s pretty interesting to the that. I started triplex fire into a turnaround project with over three hundred thousand dollars of upside. Clothesline and twelve thousand square foot church for just $12 per square foot. It’s picked up multifamily buildings for five thousand dollars. That’s interesting in Canada, not in not in somewhere like Detroit or Vegas or Phenix or something. He’s bought 10-acre parcel of land and primarily for development. Twenty-six K per acre than zero money down real estate, large credits on closing better take backs. And another really amazing is actually represent Canada internationally as an athlete going as far as the Olympic Trials for weightlifting. So a lot of cool things there, and I think what’s really helped him through is basically an unwavering mindset, great habits and I would like to make it all come together by design. I think it’s right there. So it’s making life intentionally and making this happen
Kory Mackinnon [00:10:36] on purpose by design is very important.
Sandy Mackay [00:10:39] Yeah. So we’re going to talk a little bit more about this stuff. As we said, really excited to have you on this show, Corey, and anything else to add to that, that lengthy list of accomplishments.
Kory Mackinnon [00:10:50] Now, guys, I’m just happy to be here, and I think you guys can concur as you go further along your real estate journey. You got to make the deals worth your time, right? So, you know, as we as I go along, it’s like, hey, I’m looking at bigger deals, I’m looking at more creative deals because it’s not just the purchase price, it’s the terms and what you did and what you can negotiate, right? So I’ve got to make sure it’s worth your time and effort and energy, right? So, you know, if we can put as little into these properties as possible or. Get credits or vintage facts or whatever it might be, right, it’s you know, the deals that I do now are way, way sharper than the deals I was doing in the beginning, for sure.
Rob Break [00:11:31] So, yeah, you know, Corey, another accomplishment would be the six packs of kids just to say,
Kory Mackinnon [00:11:39] I’m forty-three. So it’s like, I don’t know what we want to keep having kids into our late 40s or 50s or whatever. And my kids are asking me, Corey, wait, you know, how come you don’t have hair there? It’s like, you know, I used to get stuff here before we’re married, but it’s all good
Rob Break [00:11:55] and I love we’ll have to post this. But I love that picture of you on Facebook holding all your keys for your places. That’s my it’s my
Sandy Mackay [00:12:03] favorite, so I’m out to get on.
Kory Mackinnon [00:12:04] Yeah, yeah. It’s a funny thing about that picture almost never happened, right? Like the some of my friends were, I post, I’m going to go for a photo shoot today. They’re like, you should get a picture of you and your keys or doing something with real estate, not just in a suit. So before I before I left, like literally was packing up our camera equipment, I just said, you know, what about just a picture of me holding some keys or something like that, right? And there were kind of gave me this weird look in there. I OK, well, we’ll try to make it work or whatever, and I just kind of like held the keys and they put one on each finger and there was still more in the bag. But yeah, it’s like everybody’s favorite picture. I like it. It just kind of shows that I think there’s something, even though you don’t want to have all these keys, we use master keys and stuff like that. And you know, there’s something about that physical, you know, you’re still going to the lawyer’s office and you’re still picking up your closing keys, right? So it’s pretty cool.
Rob Break [00:12:52] Mm hmm. Yeah, no. It’s awesome. OK, we’ll put that picture up so everyone can know what we’re talking about you. Yeah, sure. So, Corey, I mean, before we get into all the real estate stuff like you tell us a little bit about yourself, like where did you grow up with your background? What was it like for you as a kid?
Kory Mackinnon [00:13:09] Yeah, I know growing up single income family like, I mean, my mom did some extra things to try to bring some money in, but we didn’t come from a ton of money. I remember and you know, I lived in the north end of Sarnia, which is kind of known as a little bit more of a preppy neighborhood. And you know, I’m going to school with like hand-me-downs and all the other kids are like, you know, Kettle Creek and polo shirts and all that sort of stuff. So I remember having a conversation with my parents at a young age like, hey, how come I can’t have the Air Jordans or this or that or whatever? And they’re like, Look, you know, there’s four kids in the family and dad’s doing one working. And you know, if you want some of that nicer stuff, you can go and bridge the gap where you can go and start doing extra chores or doing extra things to make some extra money, go get a paper route, whatever it might be. And you know, everybody nice lakes, nice quality stuff. And I didn’t want to necessarily have all those things that those kids are, but you always want to have sometimes a little bit more or maybe not hand-me-downs or things like that, right? So, you know, at a young age, I just started doing stuff on the side, rather started raking lawns and cutting grass, and I got a paper route and grade. It was great for something like that, right. So it wasn’t afraid of hard work, even at a young age, because I just made the connection of, you know, if I’m an entrepreneur, then I can, I don’t know. I make more money than even by the hour, what other kids are making when they got part time jobs and high school and stuff to write. So, you know, Dad was a shift worker. Sometimes I just wasn’t sure. Even my friends today that have shift work jobs, I still don’t know when I’m going to be able to catch them or they have like this calendar they give you, right? It’s like, well, I’m on schedule air right now, so you’re going to look in the calendar and find out when you can actually talk to your friends or whatever, right? But I wish my dad was around a little bit more, but that’s another reason why I got into real estate and these passive investments. So I know that I can always be there for my kids when there’s something important going on right? If there’s a tournament or sporting event or a rehearsal, I want to be able to say, hey, I’ll just make it happen because my schedule is totally flexible and liquid, right? So, you know, that’s what it was like growing up me. I’m just it was the 80s. It was a cool time to grow up. So.
Rob Break [00:15:19] So what was that first entrepreneurial venture that of yours? What did you do?
Kory Mackinnon [00:15:24] after the first formalized ones? I mean, you know, at school we used to trade hockey cards and all that kind of stuff. But the first formalized one was a paper room, and that was back in the day when you had to actually go and knock-on doors and collect money and punch their card that they actually paid. And you know, you learn pretty quick about different personality types or the kinds of people that were generous, kinds of people that were making excuses that they didn’t have their ten bucks to pay the newspaper, they’d send their kids to the door instead of them. But it was interesting. Like literally in grade school, you’re getting these communication skills right, the ability to communicate and build rapport with people and maybe do a little bit of sales like, you know, we used to get compensated more if we can grow the paper route right actually ended up tripling the size of the paper route to the point when I gave it up in grade eight, they had to cut it back up again and give it to three different people. So yeah, it was it was pretty cool, you know? But again, I should have done what Warren Buffett did, which was like hire his friends to go, deliver the papers for him, and then he would just collect the money. Whereas I would say I’m missing some class trips and stuff like that because the roof got too big for me to actually dish it off on anybody and that kind of thing, right? So I was the first formalized experience, and I did some door-to-door stuff. And yeah, in college I actually got involved with a bigger franchise company in which I did very well with and stayed with them for 17 years.
Rob Break [00:16:44] So your parents weren’t necessarily entrepreneurial, but they did have a certain work ethic, I guess. And that’s where you got it from.
Kory Mackinnon [00:16:56] Yeah. Like, I guess they were a little bit entrepreneurial, like my mom used to cut hair. My dad actually did have one rental property.
Rob Break [00:17:02] Oh, OK. Not that. Hey, that’s the big difference between, well, I mean, just from one to nine, that’s where the biggest barrier lies with my people,
Kory Mackinnon [00:17:13] for sure, right? And I got exposed to it. We actually grew up in a duplex. So one of the first houses I can remember growing up in, I just remember there’s like a little old lady that lived upstairs, and it was kind of like grandfathered into the real estate deal that she got to stay there. I think the rent was like thirty-five bucks a month until she passed away. It was just like, that was kind of like written into the deal, right? So my dad had to ride that out and I remember him, you know, going up once a month to get rent payments or going out there and fixing the toilet or whatever it might be, right? So I was kind of exposed to it, a young age, and it just kind of seemed to be like, this is kind of normal, right? Like, it’s not abnormal to go on an extra or have an extra apartment or extra income property rights. So but you know, my dad just never, you know, I always seem to buy high, sell low. There wasn’t really, you know, back in the 70s and 80s, it was lot more difficult to educate yourself on how to be a good landlord. What checks and measures should you put in place, so you don’t get taken advantage of and unfortunately had a couple of tenants not do the right thing and move out and just leave en masse? And after a couple of time, assuming you just said, you know, that’s enough. I’m selling, and it’s too bad he didn’t wait another year because that’s when the market dramatically took a jump up in the 90s. And yeah, but you know, when you when you’re in this for the long term, for the long term or the long, when you play the long game, it’s a lot different. So.
Rob Break [00:18:30] Mm hmm. Mm hmm. Sounds like he was taken advantage of by $35, right? To possibly like what I think he actually was a year 170 or something like that for rents of thirty-five dollars. What’s going on there?
Kory Mackinnon [00:18:45] Well, it was back in the early 80s, right? So maybe market round was 75 bucks, but he was only getting half of what he should buy.
Rob Break [00:18:51] Wow. Mortified. But yeah. Right on, man, thanks for sharing that. Anything else from growing up that you wanted to talk about?
Kory Mackinnon [00:19:00] I think just not being afraid to be different, you know, like. Because I wasn’t necessarily in that click of North End kids, I mean, I went to school with them, but I wasn’t quite in the in crowd, which didn’t really matter anyways, because sometimes you look at some of the people that had everything that they wanted when they’re growing up, everything given to them. And they just didn’t really learn how to make things happen. And they didn’t learn to fend for themselves or how to how to have any kind of a side hustle or any motivation to have any kind of a side hustle. So just not being afraid to walk that different path. You know, like, I actually keep it on my wall. Like, don’t be afraid to walk the path less traveled because it has the most rewards on it, right? So I’m sure you got the same right? Like, we wouldn’t be on this podcast if we if we were average or like of, you know, like everybody else, right? Like we’re I think as you rise to the top, you do different things. You want to expose the world to different possibilities, and that’s super, super important.
Rob Break [00:19:58] So, yeah, that’s the nepotism podcast. We don’t listen to that one, though so well.
Sandy Mackay [00:20:06] Corey, where did you end up getting your work ethic from? Sounds like. Yeah. You know, you have a lot of good, positive mindset and attitude towards us, towards life, I guess, in general and business. How did you end up developing that where I come from?
Kory Mackinnon [00:20:18] You know, I think obviously my parents and environment is huge. You know, I think I think the teachers back in the day had a lot more influence than they do now, right? Like, it’s like, I can’t even say certain things or do certain things, which I believe things need to be moderated a little bit more in school. But I also think that, and this is coming from my way, like my wife’s a teacher, right? And it’s like, we, you know, it’s like the school system is a little bit broken where, you know, there’s no disincentives for not getting things done on time, right. So back. And I remember I was having a conversation with her back, probably like 12 years ago, and she was talking about some of her students. So she teaches high school. They didn’t get the assignment done on time, and I was like, oh, do you talk them 10 percent a day? That’s what they used to do to us in high school rose 10 percent a day until you get down to zero and then you just you fail the thing. So what are you talking about? We can’t. We can’t do any. We can deduct anything, and we can’t get zeros. We can’t get f’s. I was like, wow, that’s going to do that’s going to be a huge game changer for this next generation coming up because it’s and it’s I don’t like to use the word entitlement because it’s very overused with the millennial generation sometimes. I think there’s some know people coming up, but it’s like, I guess I grew up in an era where when there is when there’s incentives and disincentives for getting things done on time or doing exceptional work, then it just kind of gets more ingrained in you.
Rob Break [00:21:40] Mm hmm. I wonder, though, if I’m just playing devil’s advocate here for two seconds, like, what about what about the idea that I don’t know, is there a possibility that might build confidence, I guess in the fact that you’re never failing? I damn, I’m good. I don’t even try. But now, I mean, it
Kory Mackinnon [00:22:05] builds confidence, but it’s kind of confidence that might be built on, you know, it feels like sort of like a house of cards building up, but there’s not a whole lot of strength there. And I think like emotional intelligence is so important. You know, this is something I focus on with my young kids. It’s just, hey, man, like, just don’t worry about it. Let it slide like, you know, don’t get upset about things for very long, like whether your brother breaks your Lego or whatever. I mean, just I think the ability to be successful in the world is also how long you let unfortunate things, you know, overwhelm you, right? So it’s just, you know, that can lead to a whole bunch of other mental health issues and all sorts of things, right? Which I think that this generation and everybody is struggling with these days. So.
Rob Break [00:22:50] Mm hmm. I can’t remember who said it. It was I think it was Zig Ziglar or somebody like that. They were talking about one day driving to work or somebody was upset because they were driving to work. And you know, someone in the car beside them flips them off and goes driving, you know, like crazy and cuts him off. And you know, the difference between and just getting upset about that, right? That person doesn’t even realize that you’re upset. They don’t care, you know, but if you just go on about your day, then and let it go. It’s the difference between, you know, having a great day or having a miserable day.
Kory Mackinnon [00:23:30] Yeah, I mean, just, you know, hate that.
Rob Break [00:23:32] Well, Corey, just knowing
Kory Mackinnon [00:23:34] that that person in that car must just have something really urgent going on. It’s like, hey, sorry, but I got in your way. But a really good mentor of mine told me a long time ago is just, you know, trying to be like Teflon. Like, just don’t let stuff stick to you, just let it slide off water on a duck’s back and just stay focused on your objectives. Stay focused on your goals and your biggest outcomes for the day. Because if you’re getting your top three to five things done every single day, and if your goals are really clear and you’re not when all the shiny objects. Get in your way every single day, I mean, you’re going to start to get results, and it’s so important that so much of this work needs to be done ahead of time, right? Like everybody wants to do some work on getting any gratification because we can pretty much just go on Google and Google anything these days and get the answer. But things that take a minute, take some time. You got to do a lot of farming and a lot of sowing before you can reap the harvest, right? So it’s like, Yeah, I know we’re getting off on a little bit of a tangent here, but you know, that’s why I work ethic so important every day to show up and keep working towards your goals because they do take a while to start growing right. And once they do start growing, they still need to be, you know, you still got to weed, the garden needs to get a meal, maintain the gardens, and replant every year, right?
Rob Break [00:24:48] Yeah. You know, and the mindset thing is something that we were going to focus on quite a bit with you, and I do think like it’s funny because a lot of people will say, well, they’ll give us like listeners who maybe have just come into this or decided to start looking into RTI a little more seriously. And I think they’ll notice very quickly that a lot of a lot of this is mindset. A lot of what we do is real estate entrepreneurs as mindset to get over and around the obstacles that get in the way. But on first glance, like people listen to this Michael go, well, just get to the practical stuff. Tell us about those deals that we’re talking about at the earlier stages. Like, how did he do those things? Yeah. And the and the one sort of the one answer that actually fits into how you did each and every one of those is had the mindset to push through the obstacles that got in the way. Really? Right? So, yeah, go ahead.
Kory Mackinnon [00:25:46] Oh, really? And it’s usually it starts off with like, first of all, you need to know that what you’re looking for is actually out there. OK, so I mean, if someone starts running a race or it’s like, hey, you’re going to run, I don’t know. You might have to run 5K today or I might have to run three marathons. We’re not going to tell you when, when, when you’re going to get to the finish line. Not too many people would start running that race, but when it’s when it’s really clear and you know that you can actually hit the target or the mark, that’s important. And you know, the more high-level training I do, it’s less and less the mechanics of like, what do I have to do to actually achieve my outcome? It’s more and more like the psychology, the mindset behind achieving it, right? So I did Tony Robbins Inner Circle about a year to a year and a half ago. And you know, you don’t go to a Tony Robbins event to find out like, oh, what are all the how-to use of what I need to do, right? Like, what are the mechanics and what are the nuts and bolts of doing it right? They do spend some time on that, but it’s like it’s so much mindset. It’s so much getting over yourself. And, you know, just staying on track with your goals and making sure that you’re making the time and your scheduling the time to do what’s important. You know, I think it’s really, we could explain to any of your listeners really simply like they want to know how about that five thousand our host? We just did we did a driving for dollars campaign. We literally got a couple of people in the car that I k per hour. They went out and drove till we found like 500 houses, and we were letting them along the way. And we got a phone call and actually got more than one. We got like, but it doesn’t phone calls, but went negotiated the deal and it was it was an out triplex, so it wasn’t worth the time. And he wanted like fifteen thousand dollars for it if it was literally a half a kilometer in a different neighborhood. The land value would have been would have been worth tearing it down and rebuilding, you know, just for the land value. But at this point, you know, all I could really offer him, I felt embarrassed offering, but I said, hey, would you take $5000 for, right? And after a long silence? The guy said yes because he literally the day before he called me, you got a call from his insurance company just saying, hey, we’re going to give you a full buyout for two hundred and forty thousand dollars. And he just did the math. Even if I rebuilt this thing in that part of town, it’s probably going to be worth 210, 200, 210. So he was like, I think I’m just going to take the 240 and whatever I get for the burnt-out shell is just gravy icing on the cake. So that’s how we got it. At the time, I was already had enough projects on the go. I didn’t necessarily want to be rebuilding another fire triplex because I was already rebuilding one at the time, so I just wholesale. It turned around in a week, so
Rob Break [00:28:18] wow, I love it. Yeah, that’s great. Yeah, for sure. And the action steps to get to each of the other ones. If you were going to talk about a different one, the action steps are different, but still the mindset is what remains the same.
Kory Mackinnon [00:28:31] Yeah, I mean, you know, I find that not being discouraged and just staying, staying focused and staying on track is so important, right? Even I get caught up into it these days. Like all of us here on the on the podcast, I’m sure grew up before, you know, smartphones and all that other stuff. I remember having a having a cell phone in college and it was like a big deal. I was one of the first people in my class to have a cell phone, right? And that’s when it was just a phone. You know, what’s the best app on your phone and your smart phone? It’s actually the phone. So but now there’s just so many, so many distractions. I was at physical therapy this morning and I remember hearing my physiotherapist just talking about how you know, his son just gets, you know, he’s always making taking breaks to go check the sports scores and do this and do that. You know, back in the day, it was just like, you hide your work and you maybe had cartoons on TV, and that was the only distraction really, right? So staying focused in the busy world and keeping your mindset positive is so, so important.
Rob Break [00:29:27] Mm hmm.
Sandy Mackay [00:29:28] What did you get down the path? Well, you can talk touched on it, but how did you end up and why did you choose this this path of real estate and entrepreneurial life? Because it’s a crazy one. What is it you want to do? Why did you decide that was for you? And what was the main reason behind that?
Kory Mackinnon [00:29:44] Well, for sure, guys. So I guess I was. Like I mentioned, I was exposed to it at a young age and a good friend of mine growing up, his dad was actually a real estate agent. So I just kind of would see some things that he was working on through a time. And I remember I was I wasn’t even old enough to buy a property. I think it was only 17, but I’ve always had a mature, deep voice and I remember making some phone calls. My friend’s dad knew I wasn’t old enough, but I just called some of the realtors and I just said, hey, I want to go see some properties, right? So I went through some. I had no idea what I was looking at, going to these triplexes with basement ceilings too low and stuff like that. And they’re like, they’re so who’s going to buy this thing? I’m like, oh, yeah, my parents are going to buy it, and I’m going to help them with that and all that sort of stuff, right? But I think the big thing was, you know, reading David Chilton’s books, Wealthy Barber, because he’s from my hometown area and then rich dad, poor dad came out in the late 90s. I remember I was working a part time job at a gym in town, so I went to school for sports and record men, which had nothing to do with what I’m doing right now, but it kind of lined up well with my sporting career background. And there’s a little bit of business in that court, too, which is cool. So after reading those two books, I was just I was like, Man, this is this has got to be the way to the rat race, right? And I remember I started in college working at a company called Student Works Spinning, which is very similar to like college pro painting. And it’s to me, it’s like the junior achievement of university and college. Like you get to run up an established business franchise with a high demand service which painting, painting houses or cleaning, cleaning, windows, and cleaning eavesdrops and stuff like that. And my district manager was hitchhiking at the time when there wasn’t even a term for it was just kind of like he was. He had a duplex, and he rented the basement and he rented out three of the other rooms in the house and he was living for free. So I was like, Man, if Chuck can do this, I can do this too. So that’s when I really started to read more and look in the newspapers and try to find any real estate seminars or events that were coming up in London, Ontario, and just started learning and educating myself. I’ve worked with the mentors early on and I continue to work with mentors all throughout my career. It’s gone very well, so I just saw it as a way out of like having to work until I just remember my dad towards retirement. He actually took early retirement, really didn’t enjoy his job and there were kind of bouncing him around. He was he was in the petrochemical industry. And if you would have stayed another two to three years, I mean, his pension would have been much bigger, but he was just like, I’m done 55 or 57 and I’m just ready to retire. And I just thought, you know what? I want to do something that I really enjoy doing that doesn’t seem like work and that you just had those exponential advantages to when you and when you start to learn about real estate, there’s just so many ways to make your income, whether it’s depreciation, depreciation, cashflow, you know, forcing depreciation through doing it good for, you know, creative negotiation, all those different things. It’s just there’s very little like it out there.
Rob Break [00:32:36] So yeah, and when you say fine, man, like there’s nothing like it, right? Just figuring out the highest, best use, how to how to make the deal come together, you know, bring in a partners or not, all this kind of stuff, like there’s so many different things, so many different avenues and creative ways to make things happen that I mean, really, shame on you if you can’t make a deal, come together. That’s what I have to say for today.
Kory Mackinnon [00:33:02] And, you know, for a first timer like, you know, for a first timer, they just want to get their first deal done right. And if they can do it a little bit creatively or, you know, stack the value so that they’re getting a better, a better investment rate, that’s awesome. But yeah, it’s like you don’t have to be what is it? Paralysis by analysis? I mean, you don’t have to overanalyze this stuff. If the numbers work, it’s like, do the deal and good deals don’t last for very long, right? So you got to pounce on Typekit.
Sandy Mackay [00:33:31] Yeah. Paralysis by analysis is always an issue for the newbies. That’s something that happens quite often, and I think obviously over time becomes a lot easier to get over that. But. I think a lot of our listeners are probably struggling with that currently, or they’re very touched on the retiring early and then living with passive income and that sort of that’s sort of what drew you to the investment world, real estate investment world and all of our listeners. A lot of them definitely want to get to that point, but they’re probably not there yet. I think a lot of these important things about the mindset are what’s going to help them get there. I think first and foremost, right, as you touched on the importance, obviously, of the how issues are there in the numbers and all that is important. Yet you’re probably not even going to look at it in the right light without the right mindset to begin with.
Kory Mackinnon [00:34:15] That’s right. You know, whenever I get asked to speak to a real estate group or when I’m working with somebody mentoring someone, I usually put the slide up on the slide show and it’s like, you know, it’s got mindset, skill set and then your environment. And then I add them, guess I’m like, what do you think some of this stuff is worth if you’re to put a score on it from zero to 100, you know, with all three of those having to add up to 100. What do you think some of these things should be weighted, right? And you know, in my mind like mindset is like 70 80 percent of the game skill set is very small. Um, you know, I looked at how skilled I was at different things. When I was younger, I was always the youngest kid in the class, the youngest kid on the sporting teams and all those sorts of things. And so a skill set can be greatly, greatly improved. Huge. I remember my first workouts training in weightlifting. I was 13 years old. I was in grade nine. It’s like literally I was doing deadlifts of like forty-five pounds. But, you know, learning the proper technique that you know is so important and environment is very important to watch me will have a chance to get to know a little bit later today, but who you surround yourself with and how you set up, you know, your day-to-day surroundings and how you live your life is very, very important.
Rob Break [00:35:32] Yeah, but see, you’re not talking about necessarily physical environment, which is what I thought you were going to get into because I was I was doing, you know, doing the exercise in my head when you said it and I’m like, OK, you know, there is a certain aspect of it where, you know, if you go to the Arctic, you’re probably not going to buy very many houses. OK, but you’re more you’re more talking about your mental environment, I guess really there where you said it. So I was a little bit I was a little bit on a different page as far as the environment thing. But I think like our physical environment to a major extent, it has very little impact on it as well
Kory Mackinnon [00:36:14] of physical and mental. Like I, you know, people always ask me like, of course, you know, because I’m also a health nut to write. So people always ask, like, you know, I start working out more like, what are some things I can do? First of all, you know, make some changes to your environment. Go and literally just throw it all your junk food throughout all your condiments, all the things that you shouldn’t be using. And literally just keep your running shoes by the front door like you’ll see them three to five times a day, and you’ll start to just feel guilty that you’re not slip in the mind and just going out for a walk or light jog or something, you got to get started somewhere. But yes, taking care of your mental side of things too. And sometimes environment can be other things like, let’s say, if you go to a training camp or you go to a workshop or you’re just fully immersed for that weekend and you’re just going to do a whole bunch of whether it’s business work or real estate work or I remember, you know, going to these training camps. When I was younger, we used to do two twice a day workouts, right? So you’re in the environment. All the coaches are there, all the peers are there. The motivation is there. You know, just that’s those mastermind groups are so, so important.
Rob Break [00:37:15] Mm hmm. Yeah, for sure. So not necessarily important. Like if you’re if you’re stuck in a car all day and you’re doing deliveries, then you can surround yourself with the kind of environment that Corey is talking about by being podcast or talking to people on the phone. Mentor, that kind of thing.
Kory Mackinnon [00:37:37] Yes. Yeah. Just got to turn those cars guys into rolling university. It’s, you know, you’ve got to come up with some of these l’océan solutions where you can be doing two things at one time. So any of that time, you know, just be doing mine feed, right? You got to feed that mind and fill it up every single day. Whether it’s YouTube podcasts, audio books, I mean, you need to constantly. That’s how you keep those winds down. And I tell you, keep the motivation up by hearing stories of other people of what’s possible for them and going, hey, you know, even if I just did 10 percent of what that guy did, it’s still going to be way further up, which is this huge. And, you know, sometimes people might look at some of the things that, you know, higher level investors might do might be doing, and by no means do I have it all figured out. But you know, just keep in mind that I’ve been doing this for over a decade and these things just didn’t get learned overnight. So people usually underestimate what they can do in a decade, but they always, like, beat themselves up on, you know, what they’d get done in one year. Right. So like one year, sometimes it just takes the foundation of your success. And then. Will give up right when all the hard work is already done, it’s like just keep going at it, keep showing up, keep showing up. Showing up is so, so important and that’s a part of mindset too is like, don’t be afraid to just keep showing up. Whether it’s the networking events, whether it’s, you know, your keep making the phone calls to the realtors or your network or whatever may be right, you just got to keep scheduling it and putting in the time good things will happen unless plus add some energy and enthusiasm to it, and that’s where everything really starts.
Rob Break [00:39:10] So let’s get talking about some of these, some of these deals that we were talking about in the intro. You probably didn’t start out doing all these creative deals. So how has your investing evolved over time?
Kory Mackinnon [00:39:23] Sure. My first deal was actually one of my I guess looking back at it at the time, it was a little bit more challenging, so I jumped right into buying a six. Plex is my first real estate investment. Originally back in 2001, I was in my early to mid-twenties and I want to buy an income property and I was like, OK, I got to do that. You know, the wealthy barber, you know how stacking method, right? So I found a little semi that had an apartment in the basement, and I had a couple of roommates at one move in with me, and I didn’t realize that I missed a credit card. A couple of months of credit card payments. So I went 60 days without making a credit card payment one time, and I didn’t realize what that was going to do my credit rating so I could still get approved for a mortgage, but they wanted to charge me like two extra percent higher and I was just being stubborn. I’m like, no, I’m not going to do the deal. I’m just going to rent now. And so I rented this property for three years in the back of the six blocks and every once in a while, the landlord to say, hey, you know, what do you want to buy this sort of thing? And I was kind of learning a little bit from him, like what types of properties you would buy and what his criteria were. And I was kind of like his boots on the ground because by nature, I’m kind of like a manager and leader type person. I don’t mind stepping up and helping people out, manage things. So then one of my franchisees gave me a call that companies were expanding because I moved up to being the general VP Canada. And she’s like Correa, the property you are that you live at is actually up for sale. So for sale sign, I was like, Wow, that’s kind of crazy. Like the owner didn’t call me in. I thought we had like a bit of a handshake deal that he was going to talk to me if you did want to sell it. So there’s very few banks at the time that were doing six flex mortgages you want me to assume is mortgage. I didn’t want to see them and just jumping through all the hoops of making that happen. It was a big down payment that’s back when you need a twenty five percent down. I didn’t know how to do creative financing. I didn’t know how to get joint venture partners. So I beg, borrow, and steal. I didn’t steal. But you know, I got it down in checks last year and I came up with one hundred and seven thousand dollars that I needed to use my first time RSP homebuyer plan and got into that deal. And from there, we just kind of started doing the BR method and refinancing. The market was pretty flat, so you had to really push the appreciation of your properties up if you want to get a higher appraisal. So.
Rob Break [00:41:49] Mm hmm. So what you did is you saw an opportunity and then you figured out how to make it happen with that one, that was even your first one.
Kory Mackinnon [00:41:58] Yeah. So he they put it on the market. It was listed like probably 10 percent too high. It had an asbestos tile roof. It still had some knob and tube, and it still had some galvanized plumbing. So they probably had like seven or eight offers on it. I just remember there’s like inspection after inspection, after inspection, it kept falling apart on those things. So eventually I think he just told the realtor, hey, I’ll just pay a five grand thanks for all your time. I’m going to work with Corey on this. And he dropped the price. Twenty-five grand. He ended up doing all that work, which is probably another 20 grand. And then we did. We made a deal. We even get some cash back and some credits on closing and stuff like that. So but yeah, that was, you know, it’s almost like when you do a sporting event, I decided to do a half marathon or a marathon as my first race. So then doing these five or 10 ks in the future just don’t seem as hard. That’s kind of the analogy I like to use. So when you do something that’s a little more complicated, a little more complex in the beginning. The only reason is that, you know, it’s just not traditional financing roots, right? It wasn’t like a four plex or less. So it wasn’t like I could just go on the internet and find out, you know, with the best brokers where I was like a lot of phone calls, man, just old schoolwork in the phone to try to figure this out.
Rob Break [00:43:10] So and you kept making the phone calls until you heard the answer you wanted.
Kory Mackinnon [00:43:14] That’s right, man. Don’t you know, it’s just like, OK, that person just doesn’t seem to be getting the calls until you find someone that well within, you’re trying to do something that’s absolutely impossible. That’s different. But yeah, nothing’s impossible.
Sandy Mackay [00:43:30] That’s right. So it touched on some of them. But I know there’s probably times where some of the biggest challenges they’ve had and faced over the years and how were you able to overcome them?
Kory Mackinnon [00:43:43] Yeah, I think learning, just learning how to scale and grow your portfolio, it’s, you know, you’ve got to definitely play the broker game and the mortgage, the game and you know, how can you actually keep getting approved right? So fortunately, at the time, up until about six years ago, I did have a good tip for income or good self-employed income, which definitely helps. I’ve had some challenges with tenants, but you know, it’s like I’ve always had systems in place. I’ve always, you know, documented things, put things on paper. That’s just my nature. So fortunately, I haven’t I haven’t struggled with property management or tenants per se. But you know, they call it property management. But really, you’re actually managing the personalities and property rights. So you need to make sure that you’re putting the right people into these properties so that they’re not going to go and do crazy things on you. I think the biggest thing is just like you get to a certain distance, it’s like chasing the horizon, right? Like you get to a certain point because that’s as far as you can see. And it’s like, OK, how do I get to the next step? Well, you got to go train, you’ve got to train and get in shape to get to that next level. You’ve got to work on your mindset. You got to work on your, you know, your possibility, outcome, mindset, and your abundance mindset instead of scarcity to make sure that, you know, so many people just aren’t resourceful enough, right? Like, we think we need more resources. We just need to actually be more resourceful and realize that now with the power of social media, and that’s why it’s so exciting. I’m sure you guys are excited all the time to do a podcast. It’s just the reach that it has, and the people it gets out to is huge and so much different. I mean, back even 10 years ago, let alone 20 years ago. And one of these things were, you know, like I was on dial up internet, right? It was just crazy.
Sandy Mackay [00:45:24] So, yeah, well, it’s what we were at least ten thousand people through this, you know, in the next, you know, once we hear this in the next year, in the first month or so, we got about 10000. You know how easy it is to reach zero. You can really you can really grow your reach pretty easily these days. There’s really no excuse to be to be not B to B, to not find the answers and solutions to whatever issues are in the back of the day, so to speak, was a heck of a lot harder.
Rob Break [00:45:54] It didn’t just start out that way, either. And I and we can do much better, right? Like there is, you know, you can we can shoot now for 100000 in the first month or so. But yeah, when we started out, like I think we were watching it, sandy, we were like, wow, five people we don’t know. We’re actually listening to our like what we put out there, you know? So it was it was exciting, but you got you got to keep working on that building and then get to, you know, eventually get to the next step.
Kory Mackinnon [00:46:23] That’s right. Know. So I think people are just sometimes afraid to ask for help, right? Like that’s another thing I try to encourage people to do is like, just don’t be afraid to ask for help. Like the whole fallacy of being self-made, I think is just, you know, I really liked, um, Arnold Schwarzenegger’s biography because he talks about being helpmate. Like, you know, Arnold actually got a lot of help, whether you like him or not. He’s had an interesting cast, but you know, he’s had a lot of help to get where he is, and he fully disclaim that. It’s just like, Look, I’m me. It’s like I’ve gotten to where I am because of a lot of great people that have helped get me to that point. So never, ever be afraid to ask for help and always make sure that you’re trying to provide value back into people’s lives to you’re not just always taking, but it’s like, hey, you’re giving and sharing as well, right? That’s the whole, you know, reciprocating is so important, right?
Sandy Mackay [00:47:11] That’s a great point. I love that one because that’s everywhere and day to day life for everyone. And there’s so many different ways that people are often scared to ask for help. And I find that really often in some of the people we work with, that is so uncomfortable to do that. And yet when you do it, especially in the real estate investment world, a lot of people would love to help out, right? As long as you actually take action with the with what you’re with, what you’re offered that advice, learning to actually do something with it. Yeah, I know, I know probably has three here, at least. And then a lot of other as little
Kory Mackinnon [00:47:43] as long as the person isn’t, quote unquote crying wolf, right? And wanting help with every single thing it’s like. But I just tell people like, hey, if you’re struggling with something for like 30 to 60 minutes, like, stop struggling with it, get someone on that task that either is way smarter than you and that area of life, or go find the resource that you need, right? And just don’t be afraid to reach out now. That’s great, you know, maybe just ask the right people or you don’t always have to be spamming your entire network, but you know you got it. You got to get the right team members on your team, for sure if you want to do well and get to the next level.
Rob Break [00:48:16] Corey, tell us about your coaching program.
Kory Mackinnon [00:48:18] Sure. I, you know, I guess ever since I was able to retire from real estate, retire from the corporate world with real estate, I had a lot of my former alumni, you know, staying in touch with me. You know, Facebook is a great way to stay in touch. And, you know, they’re just saying, hey, like you retire with real estate, and I would always come back and speak to the next generation of student or expanding franchisees and stuff, and they’re inspired by the story. So I just started saying, hey, if people want to work with me, I’ve got some programs in place where I can start to share my knowledge. And, you know, we craft their game plan and everything else. So it’s very niche. I don’t want to grow this crazy, crazy and scale it huge and start to have other coaches. I want to be the coach and the person that’s working with them so that they get it directly from the source. But you know, I work with like 10 or 12 people a year. It’s a really niche program and it’s a work with people for 12 months at a time. I don’t do less than that. If anything, it’s multi-year. And yeah, if people want to find out more, they can go to the website and fill an application form, that sort of thing. And if it’s a good fit, it’s a good fit. If it’s not, that’s OK. You can only get so far by listening to podcasts and watching things on YouTube. I think at some point people. You need to engage a person that’s kind of like a half generation ahead of them, and they’ve got that experience that they’re looking for. So I’m great with working with people that maybe have they don’t have properties yet or they maybe have their first three and they want to get to 10. You know, I’m not necessarily coaching people to buy apartment buildings or anything like that, but yeah, it’s just something that’s gone very well, and it really fills me up. I mean, this is something I’ve been a pure tutor actually since grade four and did that all through grade school, that it all through high school and even college. And then I had a career where I was mentoring and helping people the whole time. So I’ve literally got, you know, over 35 years of mentoring and coaching experience, right? So it’s kind of like, this is the kind of teaching I like to do. It’s not formalized, it’s very specialized training, but it’s just, you know, it’s something that really fills me up. This is my mission is to make sure that if I were to die, tomorrow would be. You know, it’d be a first of all, be a very sad, but, you know, be if nobody, nobody left to learn some of these strategies, right? Because it’s again, it doesn’t feel like work. It’s something that I enjoy. I wake up every single day and you know, I have students that are either texting you or emailing me or we do calls and stuff, and it’s just like, hey, man, I want to see them when it gives me just as much satisfaction if I do another deal versus if someone else, I’m working with doesn’t have a deal, so it’s being able to see through them. And this is a huge, you know, huge thing and really feels up. So.
Rob Break [00:50:58] And I think that the key to is a specialization, like you said, because I mean, people are only getting general knowledge on this podcast. We can talk about different things, but they can’t go, hey, in the middle of the interview, Hey, Corey, what about this? You know, there is none of that, right? So. So that is sort of the next step as far as education goes is actually someone that guide you. But I know more often than not like people doing what you’re doing. They don’t like. They would say, you know, if you’re not ready to take action, then it’s probably not for that, right? Like you, this is how can you coach someone through something if they have nothing to coach them through, I guess, is what I’m saying is that more or less what you’re when you’re offering?
Kory Mackinnon [00:51:40] Yeah, like, I mean, we’ve got to make sure that the goals are very clear and they’re achievable. And then I mean, I won’t take on somebody unless they have a track record of success and being a person of action and being a performer, right? So because the worst thing for me is I don’t want to exchange value and then not have them follow through. And I understand that, hey, things, things happen in people’s lives. Like, I’ve had lots of challenges this this past year, you know, and also in the past, but you just keep waking up and you keep showing up. And that’s so important, right? But big time, one of the biggest things I’ve actually turn people down because I’m like, Look, I know you have the ability to write the check, but you just don’t have the time to put this in your schedule, right? So let’s talk again. When you actually physically have the time in your, you’re willing to actually make that time. Everybody can make time. Everybody has five or 10 hours a week, you know, like, show me your show me the last two weeks on your schedule and I’ll show you where you could actually change things. And if you really want to do real estate, right, so this is so important. I mean, these kinds of things do take time and effort, and there’s ways to scale those and be more efficient and effective with your time. But they still require you to be at the front of the bus driving the bus.
Rob Break [00:52:51] So, so where would people go to find out about that?
Kory Mackinnon [00:52:56] Yeah, they can just go to my website. So Corey McKinnon Income. I’ve got some information on there and I’ve got some blog posts and some videos and stuff are going to continue to upload more and more content. So just like you guys, I need to. I need to be, you know, expanding my reach and, you know, starting a YouTube channel and podcast is on the list as well, for sure. So right now, my first focus was a book. So I’ve got a book and editing phases right now, too. So that’s super exciting because I know it takes a lot more time and effort to sit down and read a book, but there’s going to be audio version as well, and then we’re going to just continue from there. There’s going to be a video, video courses and everything on all the different chapters.
Rob Break [00:53:35] So right on that sounds fantastic. And I guess what’s the name of that book?
Kory Mackinnon [00:53:41] Yeah, and inside the mind of a millionaire real estate investor. So, you know, again, just on mindset and there will be some nuts-and-bolts type stuff in there as well. I don’t want to just our only talk about mindset, but I think there’s some really interesting things in there like the rise and different things that people aren’t necessarily aware of and how they’ve been programed at a young age to do what they do. And you know, again, to be somethings, we’re talking about right being resourceful and showing up and just letting things slide off of you and knowing that things are achievable. And if you set a target, what if you only hit 90 percent of your target, then you still achieve 90 percent of the goal? That’s awesome, right? So just get ready to take it to another level because we all have another level, right? Myself included, like, I’ve got big goals. I want to start trading on my portfolio and getting into bigger and bigger projects and deals as long as they makes sense. So that’s where we’re going in the future, too.
Sandy Mackay [00:54:37] Awesome. So what is your number one? What’s the biggest piece of advice for a new investor out there? What’s the biggest thing they can? They can take away from you and learn from?
Kory Mackinnon [00:54:47] Yeah, great question. Sometimes people ask me this right? It’s like, you know, what would you say to your 25-year-old self? I think too often in the beginning, people are. So I guess it depends on what their situation is. But too often people just want that deal offer themselves right. Not to, you know, don’t be afraid. I guess my biggest advice is don’t be afraid to join venture, even if it’s right off the bat. You know, I could have gotten a lot further, a lot faster if I would have been using working with joint venture partners a lot earlier. So I think that’s, you know, take the time. Sure, it might be easy to buy your first duplex, but one of the first things that people should be, you know, figuring out and getting very comfortable with and very versed in is like how to attract joint venture partners. Then how to work with them, and hey, it’s better to have 50 percent of something than a hundred percent of nothing and, you know, like the size of the deals and what you’ll be exposed to. You can just go a lot further faster if you can. Joint venture in the beginning and raise capital with other people. That’s a good
Rob Break [00:55:45] one. And mitigating the risks can help people, you know, get over that hump of being afraid to move forward to, right?
Kory Mackinnon [00:55:53] Yeah, I mean, obviously, choice chooser, joint venture partners effectively, and I’m a big believer of one horsepower plus one horsepower does not equal to horsepower. It’s like three, right? So there’s just that synergy. You know, I think it was Dale Carnegie that talked about, you know, that’s the whole point of a mastermind. Like when you get two great minds together for two great people together, there becomes this third mind of, you know, the combining of those two. And like this church project, I mean, with the joint venture partner and I have no issues with that. I know working together we can share the workload and we’re going to turn that church into anywhere between twenty to thirty-two units, right? So that would be a huge project just to take on by myself. But it’s like he’s got a bunch of experience and a bunch of knowledge and track record, too. So it’s going to be a great, a great project. So we’re actually going to get started on that this summer.
Rob Break [00:56:47] That’s amazing. That’s amazing. So on top of that, what’s next for you?
Kory Mackinnon [00:56:54] Yeah. Next for me is kicking the book through the uprights, starting to break ground on the church because there’s like four different scenarios that we can take it down right now. At first, we were kind of holding out to find out what the affordable housing grant money was looking like for our city. And Sarnia or the county got all that $4.6 million for affordable housing, which is great. Unfortunately, only 400000 of that is for new units. So if we wanted to be making, you know, 16 or twenty or 24 units affordable, I mean, $400000 doesn’t go that far. You know, when we’re building the thing from scratch, so, you know, two three units. So now we’re going to go the conventional route and, you know, do that through bank financing and whatever else. But I’m going to start to develop the land. So I buy 10 acres in Sarnia here in the North End part of town. The soil does need remediation and it’s we’ve got to get it to the starting line or a site plan approval, which is exciting, you know, just doing different things, right? Like, you know, for me, doing the bir- a bird, you know, dozens of properties. So it’s great. It’s a great way to make money. But it’s just I don’t I wouldn’t say I’ve totally mastered it, but I can do it very, very well. So now for me, it’s about learning different things, right? Maybe bigger deals and getting into bigger projects. Often, they’re doing more private lending and stuff too, right? So I’m going to be lending out my RSP as a second mortgage, maybe as a private lending in the future and stuff too.
Rob Break [00:58:25] These are awesome goals. So I think that people can learn from that to look at that, you know, wanting to grow and get to the next level yourself as well, which is amazing.
Kory Mackinnon [00:58:36] But it’s all in due time like it’s, you know, sometimes people, it’s just like they get, you know, just don’t beat yourself up too much over like, hey, you know, and focus on yourself more than you do other people, right? Like you’ll know by your own yardstick how you’re doing according to your goals and your work ethic, right? Too often people are comparing themselves to somebody that’s been around for 10 or 20 years, right? And. There are ways that you can leapfrog success faster and shave years off, but you can’t necessarily shave decades off very, very easily. So, yeah, I mean, stay true to your state strategy, stay true to the course of yourself and your own goals, and don’t be afraid to be encouraged. Don’t be afraid to be pushed and challenged because if your goal is only to buy two or three properties in the year, why not five? Why not 10? Maybe 100 might be a little a little challenging for someone in their first year, but it’s not out of the norm. It can be done wrong, so.
Sandy Mackay [00:59:33] Great. Great. One more, one more thing on a more of a specific question. I am curious about Sarnia. We spend a minute or something or 30 seconds, Sarnia. What’s the reason someone you look at Sarnia invest in? Yeah, I come across too many people and southern Ontario, I guess that are that are going out way. I guess the Windsor’s get a little more hype. I see lately with what’s going on.
Kory Mackinnon [00:59:58] Sure. I heard you guys talking about markets at the beginning of the show there. And, you know, I guess I just know something that’s on your market because I was born and raised here. And you know, we’re population the science of seventy-three thousand. We’re probably more in the sixties, but I mean, you can still get affordable housing here. The interesting thing about Sarnia is when you look at the CMHC statistics, it’s got an influx of single-family homes. So I think we’re like 11 or 13 percent higher than the national average when it comes to, you know, single family homes or row houses or what have you, right? So, you know, it’s still just like most other cities, a lot of the bigger apartment buildings are owned by REITs and that sort of thing, but it’s still very affordable. Sarnia is very similar. Like, let’s say, Chatham, not nearly as big as Windsor. So Windsor is like four or five times bigger than us. But you know, I can still cash well, very well in Sarnia. And one of the strategies I do in Sarnia, I’m not afraid to share this with the world, but there is a lot of work coming to Sarnia right now. We have a $2 billion project with Nova Chemicals, so they’re doing a huge expansion. Imperial Oil is also doing a $1 billion expansion in Sarnia, and we’re Sarnia. There’s not a lot of purpose-built extended stay hotels. So when all these guys are coming to town and shut down or they’re here for one, two, three six months, they don’t want to be living in a motel where the truckers are staying and that sort of stuff, right? They want good, clean, furnished accommodations. So we’ve actually been switching some of our portfolio over in the past two or three years over to furnish rentals. And I don’t even have to put them on Airbnb just because there’s a demand for the monthly and there’s less cleaning, there’s less turnover. And yeah, so that’s what we’re doing in Sarnia. There’s still great opportunities in Sarnia. And yeah, if people want to find out more, they can reach out directly. It’s interesting, you know, I. Go to this trial, meet up groups and stuff, and they still just want to keep doing their $800000 triplexes and the guy and I’m like, why not go to Estonia? Like I about a four plex last year. It needs a lot of work, but I got it for like two hundred and fifty thousand, and I got credits on clothing, and we put 90 to 100 K in it, and now it’s worth over 400000. So I’ll basically be in the property for nothing. And very good rental market here.
Rob Break [01:02:19] Mm-Hmm. Well, lo and OK. So if someone’s interested in doing deals like that which, why wouldn’t they be? How can they get in touch with you?
Kory Mackinnon [01:02:29] Yeah, just send me an email. Korea, according to Ken Income, they can find me on Facebook, they can find me on Instagram. I try to post things every week of what we’re working on and, you know, just sharing tips and tricks that you know, newbies or even advanced investors can use for sure. So.
Rob Break [01:02:48] So awesome. All right, well, thanks for being here. Really appreciate you coming on today.
Kory Mackinnon [01:02:53] No problem, guys. Thanks for having me. And you know, it’s great that people are not discounting the whole, you know, what’s between your between your ears when it comes to investing or really performance in any part of life, right? When you when you’re thinking about, you know, because we can’t just always be about work, right? We’ve got to have balance, we’ve got to look at family life, we’ve got to take care of our health and everything else as well. So you know, you can have everything you want, but if you never sit down and take the time to actually map it out and say, OK, this is what I actually want, I’m living in the house that I actually designed like 10 years ago because I’m like, hey, this is what I want. I want a house with this kind of an entry. I want know tile on the main floor. I want this. I want an open concept kitchen. All these different things, right? And it didn’t come overnight, but it’s amazing what happens with vision boards and when you actually make these bucket list and these different things over time, things will fall off and fall on those legs. But you know, you actually start banging. A bunch of them operate as their pop and some of them off because you’ve already opened your mind up to them, you’re always there to program yourself that this is these are some of the things that I want in life, right? You know, I think that’s so important like lifestyle by design and how to get out of the rat race. It’s all just about finding a program. So, you know, what’s your number and what do you need to replace your income? You need 3000 a month, 4000, 10000, go put a plan together and then just start working on it.
Sandy Mackay [01:04:10] And what was the name of the book again?
Kory Mackinnon [01:04:13] So the book Inside the Mind of a Millionaire real estate investor, I’ll send you guys like a logo on it.
Rob Break [01:04:19] Sounds great. Thank you. Sandy, how can people get in touch with you?
Sandy Mackay [01:04:23] Two eight nine three eight nine six eight four six or infodemic the networking.
Rob Break [01:04:29] And people can reach me. Well, maybe not. OK, I’m going to throw the apparently somewhere on my website right now. So if you’re listening to this at the time, we put it out, just call me two eight nine nine two seven zero four six four. And you know what? I think it’s important for everyone to put this info that they’re getting today into action. Everybody, it’s time for your breakthrough. See you next time. There’s a right. Now.