Summary

In this episode of the Light by Design Podcast, Jesslyn and Brian Pearson discuss their journey in real estate investing, sharing valuable lessons learned along the way. They emphasize the importance of going bigger sooner, finding mentors, and shifting from a scarcity mindset to an abundance mindset. The couple also highlights the significance of understanding good debt and how it can be leveraged for wealth building. They conclude with key takeaways that encourage listeners to embrace lifelong learning and to not be too hard on themselves for past mistakes.

Contact Jessilyn and Brian Persson | Weekend Wealth Investments:

• Website: weekendwealth.ca
• Instagram: weekend.wealth
• Facebook: Weekend Wealth Investments
• Linkedin: Weekend Wealth Investments

Chapters

00:00 Introduction to Wealth Building and Relationships

02:58 Lessons Learned: Going Bigger Sooner

06:09 The Importance of Mentorship and Networking

08:55 Shifting Mindsets: From Scarcity to Abundance

12:03 Protecting Your Money: Understanding Good Debt

14:59 The Power of Real Estate Investment

20:57 Key Takeaways and Conclusion

Transcript:
Jessilyn Persson (00:00)

Welcome to the Life by Design Podcast, where Jessilyn and Brian Persson struggling to align your financial goals or confidently invest in real estate as a couple.

Brian Persson (00:18)

That's why we created this podcast and the Riches Relationships and Real Estate program to help you build wealth and strengthen your relationship. Visit weekendwealth.ca to take our quiz and discover your real estate investor type. Let's create the life you deserve together.

Jessilyn Persson (00:35)

In episode 48, we talked about how you live what you learn. Knowing what we know now. Today, we're going to talk about what we would have done differently. And so, rolling right in here, the first thing we would have done is we would have gone bigger sooner. So we've shared our stories on different episodes where in 2017, Brian came home from work and said he can't handle any more properties. And that's when...

I signed him up to take ⁓ an investment course or work, with Go Alongside ⁓ Real Estate Investment Network to just expand his network and his access to knowledge and what's possible. And that's when he came home and realized he could do a lot more than he realized.

Brian Persson (01:25)

Yeah. You don't know what you don't know. That's really what it came down to. So when I got into the room full of people who are already doing it and already much, much further down the path that I was and realizing how easy it seemed to them, you go, okay. Like, you know what? Maybe I can do this too. And ⁓ I definitely wouldn't have got there without those people and them sharing their stories and showing me like there's a bigger, better path out there.

Jessilyn Persson (01:56)

Yeah. And I mean, that's, that was one of the, think the hard lessons we learned in real estate about how we can manage more. But once we got over that hurdle through life since then, there's been times where both you and I have had a lot on our plate, not necessarily at the same time and went just like, I'm like done, stressed to the max, can't do anymore. And then we'll usually sit down and chat together. And I know one more recent ones with me and you chatted to me and you're like, listen, Jess.

sometimes it's about perspective. Let's look at the situation and check out your perspective from where you're in this box. And then I'll show you what I see outside the box. And then you can take it from there. And I was able to just kind of release, let go and realize it wasn't as bad as maybe I, cause when you're in it, that's where the struggle is when you're in it. And when I pulled myself out, when you helped me, I was able to see, wait, okay.

I can actually do more and this wasn't white as bad as it seemed.

Brian Persson (03:00)

Yeah, when your emotions are firing, it's really, really difficult to get your head out there, out of those emotions and try and think sort of objectively of the situation. And I find that that's a problem with everybody in the situation that you were talking about. There's a subjective experience, like what am I feeling and how do I think this is acting upon me? And then there's the objective experience.

where you tell me all your problems about this particular situation that was going on. like, well, actually, this is the way that it really is, right? And then that allows you to kind of just see it from a different perspective, an objective perspective. And then you end up gaining power over that situation, and then it doesn't affect you anymore.

Jessilyn Persson (03:51)

Exactly.

Brian Persson (03:52)

There was a recent guy I was talking with actually that is kind of more on the subjective objective experience. like sometimes, you know, going big sooner isn't, isn't always what you should be doing. Sometimes you need to, you need to think about like whether or not you should be in real estate or what, type of real estate you should be in. We talk about that a lot. You know, what's your, what's your real estate grit? What's, what's the drive that you have to do real estate, but this, this guy I was talking to, he's doing.

exceptionally well with a particular multifamily building. ⁓ So objectively, he's doing phenomenal. He's showing me all his numbers. He's telling me how he's running it. And subjectively, he hates real estate. So like he thinks it's the worst thing ever. ⁓ you know, maybe he should have thought about that a little bit sooner into his path. But when it comes to that kind of stuff, you know, you should really think about like whether or not

you're actually doing well or whether you think you're doing well. You gotta really get someone out there to reflect on that and see if you're taking an objective perspective versus a subjective perspective.

Jessilyn Persson (05:06)

Right, and I know you talk about maybe waiting a little bit. And I know that's something we kind of learned the hard way is in hindsight, we probably would have waited a little longer to buy a bigger asset. So instead of jump right in and buying only what we could afford, which was a tiny little condo and then another tiny little condo, which we did okay on them. We didn't do fantastic. They're great learning experiences. But in hindsight, had we waited maybe and bought a suede property, which is.

what we specialize in, suite of property and multifamily, we probably would have been more successful with that real estate.

Brian Persson (05:41)

Yeah, we suffered from the same thing that a lot of real estate investors suffer from early on in their investment ⁓ path. It's, know, shiny object. You have only so much capital when you start and condos are that shiny object that allow you to get into real estate sooner than later. But like you said, you know, if we really did it differently, I think we would have saved up a little bit more, had a little bit more patience and...