Table of Contents - The Top 5 Things Holding You Back From Scaling with Trevor McGregor
Dave Debeau [00:00:09] Well, hey, everyone, this is Dave Debeau with another episode of the Property Profits Real Estate podcast. And today we got a real treat in store for you. It's kind of a different episode. I've got a very experienced real estate investor, Mr. Trevor McGregor, on the call with me. But what's really special about Trevor is how he helps us real estate entrepreneurs get our heads on straight when it comes to investing. So, Trevor, welcome to the call.
Trevor McGregor [00:00:37] Well, thanks very much, Dave. Great to be on the show.
Dave Debeau [00:00:40] Well, it's my pleasure to have you. And if you haven't heard of Trevor, Trevor is a very accomplished real estate entrepreneur himself and a very, very experienced master life coach. In fact, he worked for many years, but none other than Tony Robbins himself, the big guy in more ways than one. So and Trevor has done over 20 thousand coaching calls and counting. So he definitely knows the stuff and he's done a lot of work with us. Weirdo's real estate entrepreneur. Trevor, why don't you tell us just quickly a little bit about your background when it comes to real estate investing, what kind of stuff you do you've done you've been involved in?
Trevor McGregor [00:01:20] Well, thanks so much, David. Yes, blessed and grateful to be on the show. And I started, like many of you out there, you know, was working in corporate for a number of years and wanted to get ahead. And I invested a bunch of money that I had saved up in my RRSP and a little bit of savings into a restaurant venture that didn't work out very well. I found myself six figures upside down. I wasn't sure how I was going to make back the money to pay off the loans. And my goodness, you know, thank God I met my real estate coach and mentor here in Vancouver, Mr. Ozzie Jaroch, you know, got under Ozzies wing. He said, Trevor, you're still a young guy. You know, have you ever thought about using other people's money to invest in real estate? So, Dave, you know, that's what I did. And I started with one little townhouse in Langley, British Columbia. That was a great experience, made a little bit of money there, pulled the money out to buy my first townhouse for condo. And I had a townhouse and then a condo pulled the money out of those. And then I bought my first duplex. And, my God, that's when I discovered what cash flow was know. And it's just an amazing day when you discovered cash flow went on to buy more duplexes, more duplexes than a fourplex and other fourplex, single family homes. And ultimately, that really got me going in real estate. So I've done a ton of stuff in that single family, small, multifamily. And now I've gone on to do bigger deals, bigger syndications with groups that are buying two hundred three hundred units in Texas, in Florida, in Nashville, North Carolina, South Carolina. We even bought a sixteen hundred acre hemp farm in Colorado this year. So we're diversifying into an eco friendly resort in Costa Rica. And we also have something going on down under in Australia. So a lot of different real estate plays going on right now.
Dave Debeau [00:03:03] Very, very cool. Very cool. And how about the whole coaching thing? You've been doing that for quite a while. How did you how did you get into coaching, folks?
Trevor McGregor [00:03:12] Well, it's a great question. And as I started to really have success doing this real estate thing, I had boys in sports and I was actually teaching one of the soccer coaches and baseball coaches how to go out there and buy real estate on his own. And his wife were watching what I was doing. And they said, Trevor, will you show us? Will you teach us? Will you mentor us? And I said, sure, buy me a beer. I'll be happy to share what I know with you. And would you know, Dave, they actually took that advice and they went out there and they bought the first rental property. Within three months of that, they had two rental properties. And with three months of that, they had three rental properties. And then they started sharing their stuff with other people. And people said, well, where did you learn it? They said, it's Trevor. And I think, you know, as I started to give and share, that's when the coaching bug bit. And, you know, I was working with my own Tony Robbins coach at the time, and he said, Trevor, you're so passionate about real estate. You're so passionate about people. You've got this corporate background. Tony, Tony's looking to hire business coaches because this was at a time where Tony wanted to hire more business coaches than life coaches. And he said, have you ever thought of working for a guy like Tony Robbins? And I said, well, I'm not too sure about it. And he said, well, send in your resume. And if it looks good, maybe you'll get on the team. Dave, that's what I did. And I literally was adopted by Tony and the team and went on to work with the man for over half a decade, coaching millionaires, coaching billionaires, business owners, doctors, lawyers. What my passion was coaching real estate investors, because I remember what Ozzie Jaroch did for me and I wanted to give back. And ultimately, you know, right now my client load is all over the world. A lot of business owners, a lot of fortune. Five hundred executives, some Olympic athletes, but really seventy five to 80 percent of my portfolio of clients are real estate investors doing something in single family, multifamily assisted living, mobile home parks. I mean, tax credits, you name it. I got. Somebody doing something somewhere here.
Dave Debeau [00:05:10] Very cool, very cool. So when I first reached out to you about being on the show and I said, Krever, what do you think would be a good thing for us to focus our conversation around? You said let's talk about the top five things that hold real estate investors back from scaling. Beautiful, because that's something that. It holds a lot of people back. In fact, I've heard different statistics thrown around, but the good old Perito principle seems to hold true in real estate, and it seems like 80 percent of real estate investors get stuck with one, two, maybe three properties in their portfolio. They can't sell finance anymore. They can't grow anymore and they stay stuck. So in your mind, what are the five things that are holding us back from scaling our businesses?
Trevor McGregor [00:05:56] Well, it's a great question. And again, after doing this coaching and after being a real estate investor and really seeing how universal this is, Dave, you'll find this very familiar because these will all resonate with you and all of the listeners that the five things that I'm about to share are really in play. Does it matter if you're in single family, multi family? Does it matter if you're in Canada or the US? Maybe you're in Europe, Asia, Australia. I mean, anybody that I've ever coached has faced these five challenges. So, again, we're talking about what allows people to succeed and what is common on people that fail. And so maybe write these five things down as your listeners will, and check in with yourself on where you're at on a scale of one to 10 and all of them. And the first one is my favorite one as a master platinum coach. The first thing that holds most people back is what I call, number one, limiting beliefs. I mean, we all have great ideas, great aspirations, but we get stuck between that three pound mass, between our ears called the brain that holds us back from going out there and doing what we want to do. I mean, things come up for us, like we start thinking about how all the good deals are gone or it's tough to find great real estate or what if the market crashes or worse yet, what if I lose my money or other people's money? Right. And they're great questions. But if that's your focus and you're not able to move beyond those questions, you're never going to be able to go out there and continue to build your empire. Does that resonate with you?
Dave Debeau [00:07:24] Oh, for sure. We all have. Well, I shouldn't say we all I have limiting beliefs and everybody everybody I know seems to have them as well. So, yeah, definitely, definitely resonates. So you say go out on a scale of one to 10 where you are with each one of these. So one being
Trevor McGregor [00:07:41] one would be low. Like again, one would be I have terrible beliefs and 10 would be. Well, I'm Tony Robbins and I can move through everything. And, you know, what I always say is, well, what are you doing to condition the mind? Are you working with a coach? Are you listening to great podcasts like yours? Are you reading the books? Are you going to the meet ups? Are you going to the conferences? Are you part of a like tribe or community that literally does something I call elevating your emotions so that you don't get stuck on your own, that you see other people around you doing what it is you want to do. And again, you know that old adage, Dave, high tide lifts all boats, right?
Dave Debeau [00:08:17] Yeah, definitely. All right. So the first one is limiting beliefs. Very, very good. What would be the second big thing that you see holding people back?
Trevor McGregor [00:08:25] Without question. The second thing I see is a lack of a strategic plan. I mean, we can get rid of your limiting beliefs, but if you don't know what you want to buy, where you want to buy it, you know what the price per door is, whether it's in a class B, class C class, what asset class it's in. I mean, you're really missing out because then you're just hoping for something to show up. So my invitation to the listener is to get crystal clear on what you want, why you want it now, what cities, what markets, what neighborhoods. You know, what your potential spend is, how much you want to put into rehab the property or you do some capex work and then ultimately decide, are you going to flip it or are you going to hold it and rent it? I mean, different strokes for different folks, but sit down and know what you've really, really, really want and then create that plan to go make it out.
Dave Debeau [00:09:17] Yeah, that's a good point and a big challenge. I see myself in a lot of people. Trevor is there are so many different ways to invest in real estate and especially for the newbies are just getting in. It's kind of like, oh, that looks good. That looks good. That looks good. That looks good. And they get stuck in analysis paralysis. They got two quick tips on how to pick one and pull the trigger.
Trevor McGregor [00:09:39] Well, you got to avoid shiny object syndrome because we all have it. And ultimately we think, well, the grass has to be greener over there. The grass is probably greener over there. We'll have to tell you, it's not you know, I've been successful in some real estate deals and I've got that shiny object syndrome where I went into deals that I shouldn't have gone into. So, again, I go back to the fundamentals. And I think that each of us has a unique propensity for the type of investor we are, maybe the risk tolerance we have. Are you going to do it solo? Are you going to do it with a partner or are you going to do it with a tribe of investors? And so get clear on what your strengths are. Maybe find people that support some of the weaknesses or the opportunities to improve, as I call them, and from that place, go out there and create that plan to make it a reality.
Dave Debeau [00:10:24] All right. Very, very, very well said. So, yeah, I see that all the time. Lack of a strategic plan. Kind of being scattered all over the place, that's a big, big challenge for a lot of us. I'll throw myself in there have been there myself more often than I'd like to admit. What's the third big thing you see getting in our way?
Trevor McGregor [00:10:40] Yeah, the third one gave us a lack of pillars of support. You know, it's really going out there and trying to do everything on your own or, you know, failing to create systems that allow you to really do it at a higher level, whether that's, you know, lead flow or potential bird dogs, brokers, real estate agents, appraisers. I mean, roofers, plumbers, you know, whoever else can help you and your real estate journey, including lawyers, investors, I mean, landscapers, we need to literally establish what we call the professional pillars that can help you go further, faster, because if you're trying to do every single one of those things on your own, you're fooling yourself. I mean, there's so many different things to do when it comes to not only looking for the asset, but putting in an offer on the asset, maybe funding the asset, then running the asset, then disposing of the asset or holding it long term. I mean, you're going to need some really talented people on your team to help you get that job done.
Dave Debeau [00:11:44] Yeah, the lack of pillars of support. I call that the Lone Ranger Syndrome.
Trevor McGregor [00:11:49] Exactly.
Dave Debeau [00:11:51] All right. Very good. What would be the fourth big pick up that's getting in our way?
Trevor McGregor [00:11:57] Well, it's funny because number four and again, again, I've done so many calls that this is prevalent in business and real estate and what's what I call number four. Poor time management, you know, there's something known out there is the rule of one sixty eight and that rule decrees that means that it means that we've all got one hundred and sixty eight hours in a week. Now we sleep for a bunch of those. We eat, we pay the bills, we take care of the kids, all of that stuff. But what do you like Netflix. We watch Netflix a little bit. You know, I've got to be careful as a real estate investor how much TV you watch, because I call that the electronic income reducer. Right. Got to be careful with that. But what are you doing with that left over time? How much of that time are you doing the high impact, high income goals and opportunities that are going to help you get that deal and make it a reality? Because the truth is that in North America alone, that out of a typical eight hour workday, Dave, did you know that the average employee or the average individual is only being productive for two and a half to three hours?
Dave Debeau [00:13:00] I've had a bunch of employees in the past. Yes, I do know that.
Trevor McGregor [00:13:03] Yeah, you would know and I would know to having your employees in the past. So you've got a question. Do you really know where your time is going, what you're doing with that time, what you should be doing with that time versus maybe outsourcing some of it? You know, if you're not really good with some of that stuff, maybe you get a VA, maybe you get a personal assistant. But I'm telling you, there's not one real estate investor that I've ever coached that hasn't had a challenge with this category, especially when they rated on a scale of one to 10.
Dave Debeau [00:13:32] Oh, definitely. And then quite often what I find is retrade, especially if you get into real estate investing, quote unquote, full time. Quite often you're trading one doofus boss for another one, and that's yourself. Right. And you think, hey, I've worked for myself, I could be a little slack. I don't need to get up at the crack of dawn. I don't need to do all that crap that I had to do when I was punching a clock. Big mistake. You got it. Yeah. Perfect. Any way you gave a few tips there. But any other quick tips on how to analyze your how much time you're wasting in a day?
Trevor McGregor [00:14:05] Well, it's a great question and it's part of my secret sauce. And I teach something called the productivity pyramid. And if you're open to it, I'd be happy to share it with your listeners where you think of it like a triangle. And we got four spaces horizontally going up in a triangle. And I believe that within these four spaces is where we spend our time. So the very first space at the bottom of the triangle is called low or no value. Right. That's that stuff we're doing that really doesn't give us an hour away on our time, like watching television, like mindlessly surfing the Internet, like running to staple's to buy ink for the printer. Right. That stuff's still going to happen, but it doesn't really give us a big bang for our time. Does that make sense completely? You bet. So then we go to level two and this is what I call low dollar value activities. Now, I'll be very careful to say that these are important, but they're kind of the activities that get you ready to make money. They don't make you money, but they get you ready to make money. Maybe you are researching something online. Maybe you're driving a neighborhood. Maybe you are going out there and having conversations with different community members to see where infrastructure changes are happening, where they're putting in bridges and schools or shopping centers. So it's information gathering. You know, it's maybe doing some paperwork protecting yourself from the CIA or the IRS because they're going to come and audit you some point. And really, it's just absolutely keeping you ready to run your business and get ready to make some money. Does that make sense now?
Dave Debeau [00:15:43] So that's a second level.
Trevor McGregor [00:15:45] The third level is where it gets funded, because that's what I call high dollar value and high dollar value. This is where you go out there and you are literally making offers. You are literally talking to building owners. You are having conversations with investors. I mean, you're doing the high income, you know, high impact producing activities that literally are going to make you a property owner or get you some cash flow. So, again, the low dollar value are getting ready to make money. The high dollar value is when you go out there and you pull the trigger on a property. Got.
Dave Debeau [00:16:20] All right. Well, then I'm curious if that's the third level. What the heck's the fourth level?
Trevor McGregor [00:16:25] Well, the fourth level is something that people need to be reminded of. And I call that highest level on the pyramid, Dave, high lifetime value. That is the things that you do that are going to give you an infinite return on you, spending time on like listening to this podcast. Right. Like learning from Dave Dubow. Like really, really. McGregor That's right. Reading Rich Dad, poor dad playing cash flow quadrant going to meet up. It's going to rigs working out at the gym, traveling to great destinations on this planet, spending more time with your spouse and your kids, anything that really gives you a lifetime value. So if we recap at the. Very bottom is literally lower, no value, then we move up to low dollar value, then we move up to high dollar value and finally high lifetime value. And if you're wondering where the magic comes in is, I challenge all the listeners to take a look, draw that out on paper and then figure out where they're really spending their time in terms of percentages, what percentage your time is in what section of the four sections. And then on the other side of the pyramid, you start to move those numbers around to what you want it to be. I mean, instead of just saying that's just the way it is defined and maybe move some of that time that you're spending in the lower part of the pyramid, move it up to the higher part of the pyramid, and you'll be able to scale your real estate business faster,
Dave Debeau [00:17:51] not just your real estate business, but your life. Right. I mean, so many of us, many of us are stuck in that mundane crap that's at the bottom of that pyramid. And we call that life that's that's not living, my friend.
Trevor McGregor [00:18:03] You got that. There's a big high five coming for me to you for that one. It's spot on.
Dave Debeau [00:18:08] All right. So we've got four out of your five big things that are holding us back. Are you saving the best one for last or what?
Trevor McGregor [00:18:16] You know what it is, Dave? I mean, you've been around for a while, have studied you and followed you for years. And number five is what you do. And that is taking massive action. Right, because most people have lack of massive action and it really holds them back from doing it. You know, they set the intention. They get rid of their limiting beliefs. They build the plan. They create maybe a few systems for support starting out. Maybe they know where they should be spending their time. But you guys are out there and you're not taking that massive action daily. You're fooling yourself. I mean, real estate is an actively managed process or process for our American friends, where you literally have to get up and drive neighborhoods, send out letters, get in front of investors, talk to property owners, you know, deal with the sub trades. And it's something that I find is a really great part of real estate, because at the end of the day, Dave, you and I both know that we're not in the real estate business. We're in the relationship business. And it's about going out there and meeting new people and finding people that you can support and people that can support you. And really, that's why I always say that real estate is a team sport.
Dave Debeau [00:19:24] It certainly is. Trevor, this has been awesome. It's always, always a blast learning from you, listening to your wisdom, getting to know you a little bit better like this. So I'm sure there's a lot of people out here who this has sparked something in them. If they want to find out more about Trevor McGregor and what you're up to and how you might be able to help them, what should they do?
Trevor McGregor [00:19:46] Absolutely. Well, thank you, Dave. And they can simply go to my website. You can find me at Trevor McGregor dot com. That's Trevor Oah m C.G. our our dot com, all my contact details are there a little bit about my coaching and all of that stuff, and that's the best way to do it.
Dave Debeau [00:20:05] Awesome. Thank you so much for being on the podcast. I really appreciate it.
Trevor McGregor [00:20:09] And thank you for having me keep up the great work.
Dave Debeau [00:20:11] Thank you, my friend. All right, everybody, take care and we'll talk to you on the next episode. Take care. Bye bye. Well, thanks very much for checking out the property profits podcast. You like what we're doing here. Please head on over to iTunes, subscribe read us and leave us to review it. Very, very much appreciated. And if you're looking to create a regular flow of inbound investor inquiries about your real estate deals, then I invite you to attend one of my upcoming live online demonstrations. And you can check that out at Investor Attraction Demo Dotcom. Take care.