Table of Contents - The Power of Vision with Jamie and Leslie Collard
Dave Debeau [00:00:09] Hey there, they're on this date to bow and welcome to this week's episode of the Property Profits Real Estate podcast. They have got a real treat in store for you, a real estate power couple who I know very well personally, Jamie and Leslie Collard. Hey, you guys. How are you doing today?
Leslie Collard [00:00:27] We're great. Very good. Thanks for having me.
Dave Debeau [00:00:31] And it is my pleasure to have you guys on board. And the reason this is such a real treat for me is because it is so fantastic to see how you guys have absolutely just exploded your real estate investing business over a very, very short period of time, relatively speaking. So you're kind of one of those couples that I get to see. I knew that back
Leslie Collard [00:00:57] when you did that.
Dave Debeau [00:01:00] And now you guys are all over Facebook land and you're speaking and you're putting on events and you're doing all sorts of great stuff. So hats off to you. But let's start back a few years ago and let's start with how did you guys get involved in real estate investing in the first place yet?
Leslie Collard [00:01:18] Well, so real estate has always been in my family. My dad was a contractor, all my cousins, all my uncles, everybody's contractors in my family. So for me, it just kind of came naturally. And Jamie basically came along for the ride.
Jamie Collard [00:01:35] Yeah. Leslie moved in with me when we got together and we fixed up the house that I had before her and we ended up selling it to move into our new house. And we ended up making a lot more money on it than we thought. Yeah. So at that point, we thought maybe this is a good way to start making some money on the side.
Dave Debeau [00:01:54] So maybe those family members of Meynard aren't so silly as I thought they were in the first place. Something with this real estate thing. Very, very. So then where did that take you? Because you kind of you lucked into it at the beginning. And then I know you didn't just kind of rest on your laurels there. You guys took some pretty serious action. What did you do next?
Leslie Collard [00:02:16] Yeah, so first we and we actually started by getting some real estate education, so we did fire on a couple of properties. Your buyer went to the bank bank, said, no, you can't have your fourth mortgage unless you have your hundred thousand dollars in the bank. So we did nothing for a while.
Jamie Collard [00:02:36] There was probably a good six months that we did absolutely nothing because we thought, well, we're done for now. And then we kind of decided, wait, there's other ways to do this. We need to get a JV partner. Yeah, we're money partner or something. So that's when we call
Leslie Collard [00:02:52] you double double.
Dave Debeau [00:02:55] So now for complete clarity, I was not your money partner. I just got to give you guys a little nudge and get out there and going with some some money partner. So. Yep. Then, OK, so like everybody, you guys self financed your first couple of deals. And I believe when we first met you had two properties and three doors under your belt, a single family home, and done the birthing with it and turned it into a sweet property you ran out of ran out of credit with the bank and then they're raising capital after that. Let's fast forward to now. So what does your portfolio look like today?
Leslie Collard [00:03:36] So now, actually, it's been about three years since we bought our very first property and we now own seventy three doors. Oh, my goodness. I'll start by talking to you for seventy three to three and we're working on another. We have another sixty fifty. Something in total that we're working on right now. So yeah it's just expanded and now we, we are just investing in apartment buildings. So no more duplexes, no more trifectas. We've just decided to that for our risk tolerance and our lifestyle. We love apartment buildings. We love commercial real estate though and not just apartment buildings. We just love commercial real estate in general.
Dave Debeau [00:04:19] So, yeah, very, very cool. So but it was kind of a good progression that you went through starting small and kind of working up. I think that was because you did it very, very quickly. What would you say were some of the biggest challenges besides the banks and bugger off challenges you had early on, early on?
Jamie Collard [00:04:41] I think just learning how everybody's doing it, like, yeah, the finances were definitely a big thing. I mean, learning to go to a mortgage broker that's an investor focused mortgage broker really did help us. Yeah, but then just learning how to do everything. I think it was a very important step for us to start small and work our way to the bigger stuff, because, I mean, you learn so much doing the smaller duplexes type Lexy's for Plexus really set us up to when we jumped into our our biggest unit, which is a twenty two unit building currently.
Leslie Collard [00:05:13] Yeah. And we we did not surround ourselves with like minded people, so we were shy. We sat at the back of the room, we didn't have any confidence and it was almost like we flipped the switch about a year and a half ago when we just decided that in order to meet our goals, we have to change. So we started to really focus on building our portfolio and getting out there and learning from people. I don't want to reinvent any zeal. I want to do the same things that other people are doing that are very successful. I don't need to pretend like I've created a new pathway or anything like that. I just do what works for everybody else now. Right.
Jamie Collard [00:05:57] And I think we learn so much from everybody else, you know, real estate meetup. Yeah. And networking events and stuff like that. But it just exploded our our portfolio.
Leslie Collard [00:06:08] Yep.
Dave Debeau [00:06:09] So you said something very, very important there just a second ago, Leslie, and that is the light bulb went off. We decided we needed to change. So what steps did you take to make that change, because if you guys, a lot of people watching this or they're shy, they're introverted, they're not get out there and speak in front of crowds, kind of people know what you guys do to make that happen.
Leslie Collard [00:06:37] We wrote our goals down. It sounds it sounds so basic. And we did vision boards. So the three of us, we write our goals down. We know our son, sorry, our son, our son. He's been on board with us here. So he's currently 15. But we all have vision board. We all do them together. We did a vision board about a year and a half ago. And when we looked at redoing them on January 1st of this year, we had achieved everything on there, including crazy, crazy things like buying apartment building, buying property in the Caribbean, like just everything that we thought was our 10 year plan happen within six to 18 months. Oh, yeah.
Dave Debeau [00:07:32] Yeah. Well, let's tie that in with a little bit of a discussion about lifestyle, because, you know, so many people talk about, you know, I want to get into real estate investing. I want to create this ideal lifestyle, whatever that is. And most people just think I want to be a millionaire or whatever the hell it is. Right. But but it sounds like you guys definitely got that dialed in. So talk to us a little bit about what is that lifestyle that you guys are creating for yourselves.
Jamie Collard [00:08:03] So our lifestyle,
Leslie Collard [00:08:06] not right now. It's crazy.
Jamie Collard [00:08:07] Yeah, it's busy. It keeps us very busy. I own an automotive repair shop that I was running. So we we made a goal that I need to make that automotive shop run by itself, that I don't necessarily need to be there because we want to spend time in the Caribbean in the
Leslie Collard [00:08:22] winter, in Africa in the summer.
Jamie Collard [00:08:24] Yeah, we want to travel. So we just put down goals. That's what we want to do. And, you know, we hired a coach actually to help us with our shot to help bring it to where it needs to be to run by itself. Lesley's goal was last year
Leslie Collard [00:08:39] to retire, retire from her day job. So and I did.
Dave Debeau [00:08:43] And that was a big that was a big moment.
Leslie Collard [00:08:46] It was a big moment. And when I say retire, I now work just as many hours as I did. My had two full time jobs because we've been able to continue to build our business. But now I'm really doing things that we love. And Jamie and I can do our job from anywhere in the world, which is the lifestyle that we want and it's the lifestyle that we want to teach our son. So we have a team behind us. Full disclosure, our team is really made up still of family members. Everybody says, don't work with your family. I won't work with anybody but our family at this point. Right. So our project manager is my cousin and he only works for us primarily. And he's hired five guys that work with him and they take care of our properties. We never have to worry about anything. He's actually he's just as OCD about my unit, just as I am right now. So we can go wherever we want. And Tyson will deal with everything for us.
Jamie Collard [00:09:48] Yes. And then his mom, Donna, she's our partner. Tyson, good mother in law is our cleaner. She comes in and cleans after they've done all the all the construction. And then we also have another guy that we hired, Cam, that we met a young guy, but he does all our property management deals with all
Leslie Collard [00:10:08] of them
Dave Debeau [00:10:10] also. There's nothing wrong with that. It doesn't matter who your team is, as long as it's a good team. So if it's family owners, right? Sure. Yeah, well, it's just a little uncomfortable firing family members sometimes upset.
Leslie Collard [00:10:22] Well, I can yell at them like they're totally fine with me yelling at them on the job site. Yeah. Yeah, it's fine.
Dave Debeau [00:10:30] I'm sure you crack the whip pretty well. OK, so speaking of lifestyle stuff, tell us a little bit about this whole Caribbean lifestyle thing, because I saw a little while ago a Facebook post. You guys were down in the Curaçao, I believe. And yeah. So tell us about that.
Leslie Collard [00:10:48] Yeah. So the biggest thing for J.B. and I has been over the last few years is that every year winter gets longer and longer and colder, even though it's not getting colder. It's just it's not a happy place in our house. So we really wanted to buy resorts in the Caribbean and we've started in Seattle now. So we bought two properties. One is just going to be for short term rentals. Another property is right on the water. We can walk away from our. Into the reef, it's beautiful. So that'll be for Jamie and I when we're down there and then we'll rent the short term and we're not there. But I mean, we love we love the Caribbean. We love travel. So what we're actually looking at right now is maybe by building a resort in Peru. So we're looking at different options, maybe a shipping container resort or some traditional concrete build down there. But we want to do that all over the world. So that's really where our heart is. We still love commercial real estate here. So we're still going to have our assets here, but we'd like to still be able to have them everywhere.
Dave Debeau [00:11:58] Yeah, sounds like a great write off as well. So you're getting your investment, all one. Yeah. All right. Now, you guys, let's talk a little bit about working together as a couple, because I know since day one, you guys have been working on this together. What are some of the how how have you made that work and what do you see as the big benefits of that?
Jamie Collard [00:12:25] Well, I mean, it's a lot of work. I mean, we spend literally almost all day, every day together. Yes, we really do. So it's probably not for everybody. Definitely not. But I really
Dave Debeau [00:12:40] do. Some days you guys
Leslie Collard [00:12:43] are better than others. It's you know, it's been it's been good because we have the same goals. You know, our and even with our son, our son has the same goals as us, too. So, you know, even our son, he's now 15. He helps us do paperwork. He knows everything about our business, knows the income, the expenses, all that. And it's really become just a family business. And I mean, I wish I'm not brave enough to show you my counter right now at home, but you can't see it because I haven't been here to do paperwork all day. But, you know, it's no small task that we know that we just have to get done right now and we just divide and conquer.
Jamie Collard [00:13:30] Yeah, there's there's much too much work for just one of us to do it. Like, both of us need to be full time, full time doing just fine.
Leslie Collard [00:13:39] We love it.
Jamie Collard [00:13:40] And even our
Dave Debeau [00:13:41] of responsibilities, I mean, you must have figured out who's better at one thing and or you must be in that process, I guess.
Leslie Collard [00:13:48] Yeah. Yeah. I mean, I like the number side of things. Numbers excite me now, but especially in commercial real estate. Jamie makes is good at like paying the bills. And we've brought on people who are good at keeping my bookwork updated for me. But yeah, it's definitely a good division. And even our son, you know, he's got talent, obviously, with technology that Jamie do not have. So he does a lot of the technology stuff for us. So it's been good. Yeah, I really enjoy it, yeah.
Dave Debeau [00:14:19] Now your son has jumped in with both feet. I believe he's already got his own. You started his own portfolio. Tell us a little bit about that.
Leslie Collard [00:14:26] Yeah, I don't know. Okay, that's the best way I can say it. So our son bought his first property at fourteen and we did not give him any money for this. So it was a five plex zone is a six plex. He found his own money partners or not partners or he actually bought it all through investor private lending funds. But yeah, he was asking and asking and asking for a property. And we were just at the point where we didn't want to take on any more residential just because we didn't have to deal with bad appraisals or anything. So I found this property has a great return for him and he's in charge. I'm not doing any of the work for it. I'm not doing it. And he's he's in charge of dealing with contractors, paying all the bills. You know, last night he was updating the budget on the property and yeah, he does it all.
Jamie Collard [00:15:26] It's quite amazing how easy it was for Aaron to raise the money. Yeah. I mean, for us, it takes days or weeks to find the money, sometimes due to resume call with us. And within two hours, this project was full.
Leslie Collard [00:15:42] Four hundred thousand
Jamie Collard [00:15:43] for a thousand dollars, really no problems.
Leslie Collard [00:15:47] But yeah.
Jamie Collard [00:15:48] So so that's that could be a new formula for you. Do you just need to use your kids. Yeah.
Dave Debeau [00:15:56] Yeah. Well that is awesome. You guys both times flying here. But any last words of wisdom, any big lessons that you can share with people that are watching this episode?
Leslie Collard [00:16:08] I think for us it is just have confidence in yourself. We wish we would have had more confidence in ourselves from the beginning and ask for help.
Jamie Collard [00:16:17] Yeah, I talk to everybody, you know, that knows anything about real estate.
Leslie Collard [00:16:22] Yeah, we love mentors, get a mentor, get a mentor. We have mentors in so many different real estate and business areas that, you know, and these mentors become our friends. And once they become your friends, then, you know, there's just no end to the learning from these people. So it's it's been amazing. So just have confidence in yourself, ask for help. Don't feel like you are asking stupid questions. Trust me, Jamie and I ask every stupid question out there, and I'm glad we did. Yeah.
Dave Debeau [00:16:58] Beautiful. Yeah. So people want to find out more about you. What would you suggest that they do?
Leslie Collard [00:17:04] You can go to our website w w w color properties and there's actually a contact us button on there and you can even set up a consultation call with us. Beautiful. Yeah.
Dave Debeau [00:17:18] Awesome. You guys again, tip of the hat to you for the massive of action you've taken. Thank you. Growing your portfolio has been a real pleasure getting to know you guys over the last few years and just watching you grow, so keep up the good work and I can't wait to see hopefully I get to come to visit you one of these days and.
Leslie Collard [00:17:35] Yeah, yeah. You're awesome. Yeah, yeah, sure. Yeah.
Dave Debeau [00:17:41] So you guys, thank you very much. I appreciate it. And everybody stay tuned and we'll see you on the next episode. Take care of the like. Well, thanks very much for checking out the property profits podcast. And you like what we're doing here. Please head on over to iTunes, subscribe read us and leave us to review it. Very, very much appreciated. And if you're looking to create a regular flow of inbound investor inquiries about your real estate deals, then I invite you to attend one of my upcoming live online demonstrations. And you can check that out at Investor Attraction Demo Dotcom Ticker.