Table of Contents - The REAL Way to Build Wealth in Real Estate with Monika Jazyk
Dave Debeau [00:00:09] Everyone, this is Dave Debeau with another Property Profits Real Estate podcast show today, it's my pleasure to be interviewing Monica Jazyk all the way from our investments and beautiful Ontario. How are you doing today, Monica?
Monica Jazyk [00:00:24] I'm great. How are you doing? I am
Dave Debeau [00:00:26] fantastic. Any better? And I'd be twins.
Monica Jazyk [00:00:30] I love it. I love it. Thank you so much for having me on your podcast. Well, it's my pleasure.
Dave Debeau [00:00:34] So, Monica, for those folks that aren't familiar with you, you are a professional, limited entrepreneur and a wealth builder. So tell us a little bit about how you became that. What has your journey and real estate look like?
Monica Jazyk [00:00:49] Our journey has been a very tumultuous journey, that's for sure. We started off as investors, as people ourselves who wanted to build wealth. We tried things the traditional way. It wasn't working with that pretty fast realized we have to do something different. So again, it started starch bonds, mutual funds, that kind of stuff we should do. Yes, exactly. We did exactly what we needed, but we're told to do and we realized it's not working and we have to do something different. And the reason it really affected us so much was we were living off one salary because our goal was for me to be a full time stay at home mom. So finances were really, really tight. My husband was making great money, but still it was really almost hand-to-mouth kind of living. But we still were trying to save the traditional way. So we're going through all our standard savings. And it really hit us hard to realize the only thing that would make a difference in our financial plan would be for me to go to work full time. And so for an economy, and I guess you're the same in the West as well, but here in the Toronto area and Vancouver, the provide the most expensive places to live in Canada and any any sort of housing economy that requires two six figure salaries for people simply to get by. I really don't think that is healthy. And it kind of put me off a bit and maybe really passionate about finding a different way to do things. And we started off as real estate investors. And that is that's how we started getting and moving forward. And like I say, it was tumultuous. We were on our own. We figured a lot of stuff out. But at the end of the day, we did create a life of financial freedom for our family. And now we helped other Canadians do the same.
Dave Debeau [00:02:37] Nice. So was there any particular thing you were doing, what everybody told you to do? What was it that clued you in that real estate was a better choice?
Monica Jazyk [00:02:47] Well, first of all, I wasn't doing what anyone told me to do because no one told us anything like this is like 10 years ago. I'm sure you felt the same way. I know you've been in this for a while, but we didn't have, like, all these podcasts and all this information. No one was really doing it. And it came across. Robert Kiyosaki book Death Poor Dad. I love this book. And I love him because he is such a game changer. Like that book has changed and transformed people's minds. They won't teach you how to do it, but it will. It just kind of turns out to be need to change your mind and all of a sudden your whole view towards finances is just totally shifted. And he gave us the idea that, yeah, there's another way to do this. And and it was incredible. So that was the game changer. But after that point, we didn't have any support. So we figured out how to do it. And that's kind of led to a lot of the mistakes as well, because we didn't really have anyone showing us and guiding us and giving that support. We kind of had to learn as we went along. And I think a lot of people go through this in real estate. They feel that pain and that need to make a difference. They go out there and they do it and then they say, hey, I don't really know what I'm doing here. And they make some mistakes, which is totally fine and perfectly normal because that means you're learning. But then they stop and say, oh, this isn't for me, I messed up. This is just for other people or everyone at the WaterCooler was right. This doesn't work. So I'm going to stop. So maybe we're slow learner. We just kind of get going. And there's a bigger along with that.
Dave Debeau [00:04:29] So what kind of investments did you get involved in when you first got started? What kind of strategy? Where you focusing on?
Monica Jazyk [00:04:36] Well, we started off with the Byrant rule, we inadvertently actually started with a blur, but we did it all wrong. So we bought, we renovated, we did not refinance, but we rented. And we got our renovations from our own money. So we didn't know how to properly leverage or work with a mortgage specialist that would tell you purchase plus improvements or how to use a line of credit. We didn't even know what a refinance was. We were so green, but it was a good property. We started off OK with that and we are confident enough to go out to the next one. And once again, I guess you could say we we did a Folbre except and we did end up refinancing that one, actually refinance that property twice, that property. We still have it. And it's actually paid for itself three times over and a great a great property. But once again, we got it. We did it right. We got it for under free market value and we renovate it from top to bottom. It was a total house rehab that we intended on holding. But once again, we didn't have that savageness to do the refinance. So it wasn't like your typical where we're learning as we're going. But after we did receive some real estate education, we knew these concepts and we knew what to do. Now, the problem with our real estate education was we went from getting three vibrant pools to getting some real estate education, which introduced us to this whole world. Of investing, and we got so excited, we ended up doing in our first year of real estate over one hundred transactions while we were flipping. We were doing commercial. We were doing residential. We were doing land development, cottage properties, vacation rentals, you name it. We were doing it. And all of a sudden we took this real estate investor badge and kind of stuck it on. And we're just all over Ontario doing everything. And it was insane. And a lot of people say, wow, that is so incredibly successful and believe at that time we thought we were it like we just thought we were the coolest people on the planet. This almost 10 years ago, no one was doing this. I had on my phone all the time. This is 20 hour days like we thought. This is what success looks like. And I always talk about this in our book, Real Estate Mistakes. After a year of keeping up with this kind of pace, finally, actually less than a year and a half, two years into this, we decided it might be a wise thing to get our taxes done. And after, you know, nine on file returns because of these these three peer court accountants is like, yeah, you might want to change your strategy. You're pretty much this close to losing everything. Wow. So even though it feels like you're successful because you're so transactional, everyone knows what you're doing. You're you're doing all these great deals and so much money is coming in, you know, it's inevitable to also make mistakes. And the mistakes prove to be almost more costly than the success. So when we started out, we are doing everything we barenholtz turn into a whirlwind of activity. And it wasn't until we really stopped and regrouped that we really achieve that, that financial freedom in our lives.
Dave Debeau [00:08:06] So through that process was part of your learning curve, figuring out that you're probably better served by focusing on one market or one strategy, or do you still do a bunch of different things all
Monica Jazyk [00:08:18] over the place? Well, so what we did is I do believe in all those strategies and I'm very good at helping strategy. So I'm really blessed. We've actually helped over a thousand Canadians get the freedom in their life like we have in ours, because I'm an excellent consultant, because I'm the first one you could come to and ask for advice, because we have been there in like every single situation. There's a lot of consultants, I think, out there and I'm not sure what their background is or they might know it on theory, but we have been knee deep in this stuff several, several times. So I do see the value in all these different types of opportunities. And we can help people who want to explore these different types of opportunities, whether it's wholesaling, whether it's flipping around full commercial real estate, land development, raising capital, any of that stuff. And I am the first one to be able to give them advice sort of thing on it to do it for real. So real property investments, all of those helping real people real, real well in real estate. Now, not all the opportunities that we advise on for about building necessarily is real estate. We love passive opportunities as well, but they're all backed with real estate. We love what real estate represents the most secure investment out there. So I do see value in all these opportunities, but I see success when people take the time to focus and they look past the spokesman years and they really do it the real way. Wholesaling, for example, it can work. I will sell myself a million dollars out of daffodils. I know how to sell, but there's other the strategies, the bandit signs, all these things. I guess maybe it works for some. There's a whole different way to sell a lot more effectively. That really kind of sets you apart from the competition. And it doesn't require a fifty thousand one hundred. It requires some solid advice from someone who's actually done it, some simple steps and the commitment from yourself to actually do that work. So I think that's kind of the difference. I do see value in all of it. And now real property investments. We do have 13 outside consultants that we work with and we have different real estate specialists, each one of our high growth areas, and help people. But the active real estate models that actually work and that people actually know their numbers and turnkey system, they don't have to kind of figure it on their own. But we do have a lot of these passive investment opportunities as well. And we also talk about those we we grow our own money and all these opportunities as well, because what gave us financial freedom is what we kind of refer other people to. Very good.
Dave Debeau [00:11:02] Monica, I know one of the things that you guys are are very, very active in you're active in a lot of different things. But I think correct me if I'm wrong, you've started several real estate investment clubs, is that correct? Yes. Tell me a little bit about that. That whole process, the benefit that that has created for you, as well as your as your members and the big benefits of of attending clubs
Monica Jazyk [00:11:26] for people that perhaps aren't attending as much as they should right now. Excellent question. So we started our first investment club almost nine years ago. It was called the real estate T a J, the networking group for investors. And it was this huge, convoluted name. We were just new in the game and we kind of had our properties and we wanted to start meeting people because no one in our circle was investing real estate and there was no support. I think there was rain and us basically. And so, like, our kids were so small, we were expecting number four at this time. Like this was right in retrospect, number three at the time, sorry, but our kids were small. We couldn't go out to the Soviet Arain. We're here, Marcom. So it's about forty five minute drive, the baby sitters and all that stuff. We just wanted something closer and there was nothing. So we just started this group and we'd meet at these places around the area and it was kind of to get new people, but it's also to try to get us JV partners because we are trying to get people to just partner with us and it's all about us. So one day we were doing this and it was great. And then I had this baby and then I had to bring the baby and a real estate group with a baby. We are known as for a while. So we were really committed to seeing the value of going every month and to show people not to stop. I could. A group two weeks after giving birth and bringing a baby to the host of events, it really showed nothing really should stop. Really do believe in something you should deliver. So then one day the event these two gentlemen come up to me separate reactions to separate calls. I really enjoyed your event. I was wondering if I could speak at your event. And I went and then my phone beeped and I had the same question from someone else and I was like, this is be our event. I never even saw it going there. I thought it was just like minded people anyway. So fast forward nine years now. Those two gentlemen must address is Life Capital and Michael A Michael Fazzari stood on the stage at our very first showcase ever. We had over one hundred people. It was an amazing day. It was a full day event and actually presented their presentation on the stage at our first full day event. And actually we actually reflected on that memory that these are the first to people that met us. And because at that point we couldn't go to a free spot. We go to a community center and target around five dollars. And they were the first to hand them back to back and they spoke. And the way that our groups have progressed throughout the past nine years, up to the point where Rob is full, they showcase and still have that loyalty of relationships with people, with people like Mike. And we've always taken that quality of speaker and taken that quality of speaker with us. So the majority of people who are part of our group and even our specialists, it's all authentic long term relationships that we treasure to to this very day. So I find that really exciting.
Dave Debeau [00:14:42] But I believe you are very more than one group knows or correct or is.
Monica Jazyk [00:14:46] Yes. So the group's progress, like it went from this community center because marks the start of that. And then we move from that point to the baby golf and country club. We just have the one group and now we take over the whole ballroom there and we have them every month. And we have fully sponsored clubs. We have our team of experts there. And we noticed over the years when people are traveling to our groups or traveling from various areas, a lot of people. Coming from the very area, which is over an hour away north from the Niagara area, which is over an hour away, so and we were thinking, you know, this is this is a needed thing. You know, I think more groups need to come and depression. Now, there's a lot of real estate groups out there, and we're not just the only kids on the block, but we're pretty much one of the oldest on the block, I like to say. But, you know, we've expanded to bury about a year and a half ago. That was the need for that simple county needs an authentic real estate group. People need to get this information because I feel like there's a lot of needs out there. And there's people who really all they want to do is build this freedom in their life. They want to build wealth in their life and they just don't know how to do it. And we're here to show people how to get this freedom in your life in the real way here. So real real estate opportunities and you don't have to go out and be a full time investor. It just teaches you to really invest different support that you need. So it's been a very, very successful. And from that, we spin it out to our West Group, where we had an event last night in Burlington. And that group is are our earliest, but it is slowly growing and we're looking to expand in other parts of Ontario and then Canada as well. We're dedicated to helping as many people as possible
Dave Debeau [00:16:38] and not a good time flies when we're having fun. If people want to find out more about you and real property investments, what should they do?
Monica Jazyk [00:16:47] Well, you could check me out on social media. It's Monica Vonne or Real Property Investments on Facebook or check out our website at our key investments that we are shut down. And we have a coming Susan Page that I has all of our handles and our information. And, of course, it always Google me.
Dave Debeau [00:17:08] Very good. Thank you very much. And everybody, thank you very much for tuning into this episode together. We'll talk to you next time. Thanks. Thanks very much for checking out the property profits podcast. And you like what we're doing here. Please head on over
Dave Debeau [00:17:21] 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 in one of my upcoming live online demonstrations. And you can check that out at Investor Attraction Demo Dotcom Ticker.