More Money Podcast - 128 Listener Series - How to Earn Passive Income by Real Estate Investing

Episode Date: November 9, 2017

For this Listener Series episode, I chat with Tracy Ma about how built her real estate empire despite her coming from humble beginnings. Long description: I love these Listener Series episodes, because I get to chat with super inspirational podcast listeners like Tracy Ma who has built a stellar real estate portfolio over the past decade (and is sharing how the heck she did it). First off, I love Tracy’s story because she is evidence that you do not need to come from money to get into the real estate game. As she put it, she had a fairly rough upbringing. Her family was poor, so she knew that in order to change her financial situation, she’d need to work hard and be strategic in terms making her money grow. She was eventually led to real estate investing, and now owns a number of properties in Canada earning her passive income. That all being said, she does caution anyone listening that real estate investing isn’t for everyone. There is a ton of risk involved, it can be very time consuming and you really do need to know what you’re doing. Luckily, she blogs about her journey and what she’s learned on her own blog Financial Nirvana Mama. Thanks so much Tracy for chatting with me for this episode, it was a pleasure! For full episode show notes visit: https://jessicamoorhouse.com/128 Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, and welcome to episode 128 of the Mo Money Podcast. I'm your host, Jessica Morehouse. Welcome, and welcome to another listener series episode. For this episode, I am interviewing Tracy Ma, who, man, she's got her stuff together, and she really talks to me and shares some of her insight into real estate investing, something that I'm very curious about and beyond me owning my own townhouse with my husband. That's pretty much as much as I've done in terms of real estate investing, and I kind of did some air quotes there. But she has a great, great story that I know you're going to love. But if you're listening

right now and you're wondering how you can get involved in part of my listener series, super simple. Go to the show notes, jessicamorehouse.com slash 128. And I will put some more information in there on how to get in touch with me to get on the show with me. Now, before I get to this awesome, awesome interview with Tracy for the show, I first have a few words about this episode's sponsor. Support for this episode comes from Credit Card Genius, the only tool that compares over 50 features of 150 Canadian credit cards using math-based ratings and rankings that respond to your needs instantly. Now you can get rewarded faster without all the headache. Visit creditcardgenius.ca to learn more. Once again, that's creditcardgenius.ca.

Thanks, Tracy, for joining me on the show. I'm excited to chat with you. I'm so excited to chat with you. Yay! Yay! So thanks for emailing me with your your story it is quite the story um and you're a Vancouverite as well yes formerly Vancouverite Vancouverite just like me Vancouverite right but I'm really a prairie girl from Regina are you? Yeah, I'm like all across Canada.

How about that? Oh, wow. That's awesome. I've actually been to Regina. Oh, wait, have I? Oh, have you? I think I have. Yes, I have. Oh, okay. I'm like, did I? I definitely went to Saskatoon. I've been to Regina, yeah, and I also went to

oh, I can't remember what the name of the town is, but there's oh, the name of the town is but there's oh yeah it escapes me but there's this little town with this uh really yorkton i've been to yorkton before oh yeah there's actually a well-known film festival the yorkton film festival happens every year there and i went there several years ago and it was a lot of fun oh i had no idea yeah i know cool that's so cool yeah that should be on the tourism for Saskatchewan because I didn't know people would travel all the way to Yorkton I did all cool oh yeah I gotta tell I have to tell my friends about this because I don't think they know and they're all in Regina

oh it was like one of the funnest like trips I've ever been and I'll be honest it was awesome oh my I'm going back to Regina I need to go check this out. Yeah, for sure. So I would love, love, love, love to hear more about your story from basically, you know, you have dealt with a lot to get where you are now, which is, you know, you're an entrepreneur with a bunch of rental properties making you passive income, which is kind of like the dream, my dream, lots of people's dream to be able to kind of, you know, have enough wealth that you can choose really what you want to do in life instead of being like chained to maybe a job that pays your bills, but you're not necessarily doing what you want to do. So I would love to kind of start from the beginning. And you

did mention you are a prairie girl and you kind of grew up in a rough neighborhood. I would love to kind of know what that means in Regina. And what did those kind of early years look like for you? Well, so, you know, you're right. I did grow up in a very rough neighborhood. But looking back, I really think that all these circumstances helped me get me to where I am. So I started out, you know, being a prayer speaker from Regina, Sissagatch, when I grew up in the east side of Regina, which is a pretty, I would say, rough neighborhood, like, compared to like where I'm living right now. And during

that time in high school and in all throughout elementary, I battled racism. But really, you know, looking back, it just added to the adversity I faced and then just helped build my character. And so during that time, I, you know, went through high school like everyone else. And then I started, you know, having a part-time job. And then along the way, I went to university. And that's when I started accumulating debt. So the funny thing is, I went to university with a scholarship, like a couple, I think few, three, two, three scholarships. So I should have had all my school paid for. Unfortunately, I didn't get my 80% average in first year engineering. So I lost one of the big scholarships. And then after that, I had to start having student loans to get me through university because being being I didn't grow up with a silver spoon. I had, you know,

I came from like a typical first generation immigrants where my parents didn't have a lot of money. And I learned the value of money really young in life. And so I accumulated pile debt in university. And I was living in the most expensive city, which is Vancouver. So to make it through, I had to share a queen bed with my cousin. So imagine a family of six people living in a three bedroom apartment, plus me, and didn't get my own room. I slept in the same bed with my cousin. And then I commuted to UBC for an hour to get to school, came back for an hour. So anyways, that just took up a ton of time. So the key thing is, is I think all this is just adding up to this, you know, building my character.

Oh, definitely. And so what happens, I graduated from university, had this pile of debt. And then I, yeah, so I graduated as an engineer. So you'd think, yay, I get to like pay off my debt as an engineer. But the thing is, I was very fortunate. I got three job offers right from when I graduated. But the thing is, I didn't choose the highest paying salary. In fact, I chose the lowest paying salary out of the three offers because I chose a job that would gain me the biggest skill sets. And that was the most interesting job. So I took the rough road. I took the lower paying job. And then what happened is because I really didn't like the debt.

I worked two other jobs while as being an engineer. So, you know, thing is, I've been juggling a pile of work all through high school and university. I juggled a job in university. So it just seemed like, why not? Yeah, what's the difference? You've kind of been used to it, right? Yeah, you're used to it. Exactly. So I worked as an engineer, right? Yeah, you're used to it. Exactly.

So I worked as an engineer, as a model, and as a tutor. Those are interesting. That's an interesting trifecta of jobs. Yes. It was not like forced. It's just like, A, I don't know. I had a lot of interest in a lot of different things. So it turns out that I, anyways, it's like more like, oh, I want a

photo shoot. I don't as a in a in a contest. And then and then it just turned out I can make money as a model. And then so anyways, I just leveraged the opportunities I got and then started accumulating the money and paid off my debt really quickly. And so but I realized like, after working like 70 hour work weeks for two years, it was really, really getting is actually impacting my health. Then I started getting I had headaches every single day and my heart palpitations. So I realized I can't do this anymore. I can't work the 70 hour work week. So I said, What can I do with the money and make it work harder for me? So that's when I realized I can't, I stopped, I quit my two other jobs. Basically I didn't, once I paid off my debt, I didn't, I ended up not tutoring anymore, not becoming, not end up working as a model.

And then I focused just on my day job and then started saving and then investing real estate. So that was my big side hustle at night. I became a real estate investor. And along the way, I built a multi-million dollar portfolio across Canada while having starting a family with twins. Oh my gosh, you're making me feel really lazy. No, no, no. I mean, you know what? I just said, look, it seems like a lot. But if you think back, you know, if you high school, you had a part time job. Yeah. In university, you know what? I just said, look, it seems like a lot. But if you think back, you know, if you high school, you had a part time job. Yeah. In university, you had a part time job and you studied probably like hell in like or in school. Right. So then if you kept

up with that pace, yeah, just continued on that. Yeah. What would be the difference? So that's how I felt. What I'm so curious. So what got you interested in... I obviously understand you're like, how do I make my money work for me instead of me just working for the money all the time? I totally get that. Why did you get really interested in real estate investing? And how did you start learning how to do that? Because I think that's always kind of an interesting thing. Lots of people have different ways. There's lots of different conferences and programs. How did you start learning about how to invest in real estate properly? So the key thing was, I didn't just jump into real estate investing, I guess, as part of

the I'm Chinese. So part of the Chinese culture, they're heavy into like saying real estate, real estate, like, they it's, I think it's part of the culture that, you know, I didn't think of stocks when I thought of investing. I thought of real estate because that's the culture I was brought up in. Secondly, in terms of investing, the interest in investing actually started in high school. And what's funny is that I didn't know what to do in high school like everyone else. I didn't know I was going to become an engineer. So I was really scared. And I tried every class possible thinking,

okay, well, can I be a psychologist? So I took a psychology class, can I become a lawyer? So I took a law class. And, and then I took an economics class, because I said, I don't know, maybe, maybe this might be helpful. So in this economics class in grade 11, there was a, everyone was given $100,000 of fake money to invest in stocks. And during that time, I lost a ton of fake money. And my, this is like the biggest, like one of the pivotal moments of my life was that my economics teacher taught us how to trade in stocks, how to buy stocks, how to invest in stocks. And through that process, of course, typical like me, I'm such a cheapskate, I bought penny stocks, and I lost a ton of money. But the thing is, I knew how

to interpret, I knew what all these different, you know, price per earnings and all those little, the stocks, ticker prices. So I got used to just knowing about stocks. And then I continued actually investing stocks when I was in university. And then I realized, well, I wasn't making as much money as I want to or as I could. And that's when it grew. My comfort level just grew into real estate and it's part of the culture to invest in real estate and so to gain knowledge I just talked to my

people I knew who invested in real estate I read a ton of books and then I took eventually then I got a coach to get me because it's a it's, it's a high knowledge area in terms of investing in real estate. Cause there is a lot of things you need to know. You can, um, um, a really good way to actually think, I was just thinking like, what's the easiest way for someone to invest in real estate is like, if you buy your own house, think about having a suite, like a separate apartment. And that way, um, that would increase, you know, your experience with rental properties, because you're doing it in your own house with an apartment suite. So by trial and error, then you're like, you increase your comfort zone, then you might scale up and

say, Oh, I can buy other rental properties. I know how this works. I read books, or I got a coach. So anyways, that's how I actually started was also having a place where I had a separate suite too. Oh, that's interesting. I like that kind of starting small and then just kind of, you know, growing and growing. And yeah, one of the reasons I think we, me and my husband bought a place because we do eventually want to kind of, you know, grow our real estate portfolio and add other properties. It's like, I don't want to own a rental property until I own my own home and know what that's all about and everything that goes into it. Because, yeah, you can lose a lot of money when you invest in real estate and you don't know what you're doing or, you know, you got to be careful.

For sure. And also part of it, I was just thinking back, like, what got me into real estate. It's also my, just seeing my family, they were poor. They didn't, like, they were barely making over minimum wage. But the funny thing was that this, particularly my great aunt, she's in Vancouver. She was a beggar when she was in China. She lost all her, she was formerly rich. She lost all her wealth because of the change in government.

And then she's a beggar in China. Somehow she made her trek all the way to Canada. She scrimped and saved and started buying. She bought her own home and had an apartment suite. And I remember visiting her way back when I was 12 years old. And I remember saying, wow, she's got an apartment suite. I mean, I thought maybe it's to make ends meet. But really, she's scaling. From then there ends meet, but really she's scaling from then there. She used that and she bought another property and then another property. I just saw that happen to her and she didn't make a lot of money and actually very little money, but she somehow made it through.

And so now she's a millionaire and multimillionaire in Vancouver. And so anyways, that helps also open the doors for me, just seeing other people do it. Yeah, that didn't start off being rich. And I think that's like another conception or a misconception going on right now where a lot of the people that are making their wealth from real estate

is because they already had wealth to begin with. And so, because I mean, it is, especially, if you're to invest in real estate in Vancouver, I mean, you have to already be a millionaire, basically. So that's another question I'd have. Where did you decide to start investing in real estate? Was it in Vancouver? Or did you look at other areas? I actually when I was in Vancouver, I just literally paid off my debts. And then I was, when I got engaged, so then my husband basically, like, brought me, forced me over to Ottawa. Because I was engaged. And the eye-opener was that Ottawa price is obviously a big difference from Vancouver. For sure.

Right? And that's where the big eye opener was for me because I saw in Vancouver, yeah, you can own a property, but the numbers don't work out very well. Like you buy a $600,000 apartment, but how are you going to get like $5,000 a month in rent to cover the expenses

and give you some cash at the end of the day, right? Thing is in Ottawa, the prices are much lower. So that's where I started was in Ottawa. But the key thing is that as I scaled in Ottawa, I also helped my brother actually bought his condo in Vancouver, I think five years after buying my own rental property. So I have an investment property in Vancouver, and I just took opportunity where there's a dip in the market. So in Vancouver an investment property in Vancouver and I just took opportunity where there's a dip in the market. So in Vancouver, there was one point, it was during the financial crisis where there was apartments going in, one bedrooms for just barely over $100,000

in downtown Vancouver. So I can't comment on the condo fees. It might have been quite a bit. But the key is, it was it there was a dip in that market. So my I got my brother to buy I bought my con of the condo for my brother because of that dip. So it's realizing opportunity. It's some you know, it's just like there's dips in the stock market, you pick up say more Apple stock or whatever, because you see the price drop, then you take advantage of that. So hope that helps you. Yeah. So you started when you were in your later 20s, investing in real estate. And how many, like, how often did you add to kind of your rental property portfolio? And like, how large did it grow grow and what are your kind of major plans?

So I had this ambitious goal where I said, I, well, I don't think it's ambitious actually compared to other, other real estate investors out there. I was, I was wanting to buy, I wanted to buy one a year. So I'm 10 years into it now and And I have, I keep forgetting the number, but I've 13, three of which I managed for my family. So that's part of me giving back to my family is that they, they didn't have a lot of money growing up. And they brought me over to Canada. So now I've helped them buy real estate and manage it for them for free now. So I have 10 of my own, three of which are not mine. I mean, sorry, I have 13, three of which are not mine.

I manage for my family. So yes, I mean, I don't know. I guess I met my goal. Yeah, you did. And the thing is, I didn't save. The first few years I saved, but then I used equity to like the first few years I saved but then I used equity to buy the other properties I did joint ventures I did a lot of creative strategies where I moved in the home and then moved out and that home I still kept still kept the last home I rented it out

so I did a lot of like little creative strategies and I have supplemental income from having an apartment suite in my own home. And so I consider that as a faucet. I turn on the faucet if I want extra income from my apartment or turn off because I just want that space back. So with that, that's where I'm at right now. In terms of great future plans, I'm planning to actually consolidate my portfolio now. So now that I've grown my wealth, now I want to pay down the debts, pay down the mortgages.

So then I get increased my cash flow. So then I could take longer breaks from my career. So my career and by day, I'm a project management consultant. I'm not, I work, I have my own company, but I also want to take six months off in the year. So, or eight months off. So I'm able to do that. And I want want to take six months off in the year, so or eight months off. So I'm able

to do that. And I want to just decrease my risk in by consolidating and make it a smaller portfolio now. Yeah, no, I guess. Yeah, that is kind of another thing I was thinking. It's like when you do have so many properties, there is the risk of if something happens, you have all of these mortgages that you're tied to. So I guess you just have to like constantly monitor what's going on in the market and make decisions that will make sure that you're always going to be afloat. Right. Yes. And I evaluated like the loan to value mean like what's the value of my rental or all my properties versus the debt against it. And I'm at 50% loan to value.

So meaning like I'd have to lose 50% of all the entire portfolio to like break even and pay off my mortgages right now. So I'm in the safe zone, very much in the safe zone. You know, banks will only loan you like 80% loan to value. So 80% of your purchase price is what they will loan to you. So I'm at a point where I have enough equity in the rental properties, I'm to survive a big economic downturn and keep my rental properties. And, but then I just I'm at a point where, you know, there is a situation where you want to grow your income, grow your

wealth. And then if you don't need to take more risks, then take it off the table. So consolidate. That's where I'm at. I'm just, I'm starting to reduce my risks right now. And by consolidating, do you mean selling some of those properties to pay for some of the properties? Exactly. Yes. Yes. Exactly. so to pay it off so I want to be debt free it's what I want to be so right now um I still have my own mortgage in my home I have um a home equity line credit and that is basically what's used to pay um the down payment so some of my properties but with selling two properties I would wipe out my own mortgage and the HELOC right now. So it's a matter of just putting the time and making,

and getting the properties marketed and sold right now, which I haven't put the time into it. And then that way, then I know like, if I want to take another year off, then I will. And I can write without even if my husband lost his job, like, I'm just, I'm just on a very, I want my big security blanket right now, especially. I didn't consider all this stuff when before I had dependent before I had my kids, but now that I have my kids, I'm just playing it more safe. Yeah, no, definitely. I'm wondering, since you do own 13 properties, and you've been doing this for a number of years, what have you learned about investing in real estate that you didn't know when you first started? Has there been quite the curve and you're like, oh my gosh, I can't believe I did some of those things? Yes, there's been a lot.

I would say you read a lot of books. You could take a coaching course. You could be mentored and everything. Thing is, you're gonna, you're gonna just have to learn through partly through the school life. And one thing that I really learned dearly was that a lot of people stress about making the numbers work. So yes, of course, the numbers work, meaning that you got to collect enough rental income to cover your property taxes, to cover your mortgage, to cover maintenance fees, to cover expenses and that kind of thing. But the thing is, and then I want to buy a place in a great location. But the thing is, to make the numbers work, sometimes you have to have a lot of tenants. Right. And that's the key.

That was a big learning curve for me because my second investment property was a multi-unit property. I had three little apartments, a triplex, three little apartments in one house. The numbers worked magically. It was cash flowing. It was in a perfect location, but I underestimated the time commitment involved. Although the numbers worked, and you could read a ton of blogs say got to make sure cash flow cash flows came for sure cash flows came at the same time, you got to think of tenants as also children, the more children you have, the more chaos there could be. And so I bought this rental property as my second investment property. I had how many tenants? Three, four, five, six tenants in that one house.

And it involved lots of doors being broken down. And I had a big water leak that resulted in a $90,000 damage. Thank God it was paid by insurance. And that was my first year not having a property manager. So I learned a ton that, yes, the numbers worked out. But in the end, I didn't realize that having more tenants also meant just more, more time commitment, even if you in even after having a property manager for that unit, it's still it's still oversight from your end. So that's one thing is, I would definitely really, really look at how much time do you honestly have available before you buy a rental property, like you want

to choose it so that it meets your lifestyle. And then the other thing was always assess, you know, risk before reward. So conduct your due diligence. So you can get, you could look for a real estate agent that specializes in real estate, but don't rely on everything from them that they might give you a pro forma sheet, which would calculate all the magical numbers, but you got to do your own due diligence. So you got to check out, is that the rental income you really can get? Is that the property taxes you really will be paying? You have to conduct your due diligence. So assess your own risk. Your risk tolerance is not the same risk tolerance that that real estate agent has. And so you got to

qualify every parental property. You got to qualify from that perspective. And you have to always reflect, how is this going to change my lifestyle and are you okay having it getting in it's going to impact your lifestyle somehow now did you it's funny just like you know thinking back to where we started in this conversation of you being this prairie girl in a rough neighborhood to where you are now did you ever like have these aspirations when you were younger of making it in this capacity? Or is this kind of just like, wow, I can't believe I did this? I can't believe I did this. I am not the typical, I would say if you had a stereotype of Chinese girl, I am not that typical Chinese girl. I

actually almost had to go to special school. I mean, I failed a lot of exams when I was young. And I played hooky when I was in elementary. I got kicked out of preschool. Kicked out of preschool? I didn't know you'd get kicked out. Yes. Yeah, you can get kicked out. My parents had to beg me to be back into preschool.

Beg the teacher. So my parents remind me beg me to be back into preschool, beg the teacher. So my parents remind me this all the time. So I never wanted to grow up. When I remember in grade two, never wanted to grow up. I was like, that sucks. Growing up means more responsibilities. But one of the biggest pivotal moments of my life was when I was grade six. I don't know why I asked my parents, but I said, hey, mom and dad, do you have any money for school, for university? And they said no to me.

So that was when a big, like, I don't know, brick hit me. Like, I thought, wow, I have no money for school. How am I going to find that money? I don't, I need to go to university. I can't be a dishwasher. Like I, cause I was working, I was working as in a restaurant for my aunt as a dishwasher at that time. And I said, I don't want to end up doing this for the rest of my life. So I decided to just change my ways and change, started working hard. So studying actually started studying, going to school and do my exams. And it turns out I ended up getting a scholarship.

And that was one of my key goals was to get a scholarship to pay for school. So I had no big aspirations, say I'm going to be a real estate person and own tons of stocks and all that. I just thought it was more of a survival instinct for me. And then also like I had a co-worker um who gave me some words of wisdom was he when he was he was one of the first guys I knew who

got a full-time engineering job he's a couple years older than me he said that he started um making some money and as he got raises, he never changed his lifestyle. So that was key for me because I said, wow, so you got raises, but you never consumed more. You just maintain your lifestyle and you just start keeping more of your money by saving more. So anyways, those are the kind of key habits I've learned. And also, again, coming from going through economics, learning how to invest in stocks. There's just a lot of little things that added up in my life that got me here. Yeah, definitely.

One thing I want to touch on before I let you go is in your email, you mentioned that you wanted to kind of preface that you don't necessarily feel or see that owning your own home should be viewed as an investment, which I think a lot of people, that's why they buy their own home to live in is they think, oh, I'm investing for my future, even though, yeah, I kind of tend to agree with you because, you know, the whole, you know, thought process of like, well, I don't want to, you know, continue to throw my money away on rent. I'd rather own. What are your thoughts on like, why do you have this kind of opinion about home ownership and living in your own home?

Well, I would say that it's because when you buy your own home, you become emotional. When you buy rental property, it's more of an unemotional purchase. So coming at her from the school of life of having my own home is that you inject a lot more money into your own home. You want to make the kitchen nicer. You want to make the exterior nicer. You want to make your sidewalks nicer. So you end up injecting so much money into your own home that your return on your investment is actually you're just relying on appreciation on your own home. While if you bought a rental property, you have another tenant paying down the mortgage. And then also you're collecting a bit of cash flow every month from that tenant.

And you're also gaining from appreciation if it does happen. I think a lot of cities does happen. But I'm just saying that that's not a reliable factor. So there's three ways of making income when you buy a rental property. But if you buy your own home, you're relying on appreciation because you are the one paying the mortgage. And also you probably put in way bigger down payment on your own home because again like i said you put in a lot of monies painting and changing the flooring and changing the kitchen and you're not going to get all that money you may not get all that money back is what i'm saying yeah i agree which is i think part of the reason why i'm so hesitant to do all the projects i want to do in

our home so i'm like we could redo the kitchen we could redo the kitchen. We could redo the bathroom. But do we need to? Well, let's just wait until things start to break down and things start to look really bad. Then we'll do it. Yes, I know. I know. It's hard, though. It's hard. Yes, yes, of course.

But you can do little things that keep you happy. Fresh coat of paint actually does a world of difference. Oh, no, I know. That's easy stuff. I'm just saying, like, spending $30,000 in hardwood flooring. Yeah. A lot of people do that. Or they spend $90,000 in a brand new kitchen or a brand new basement.

So just, you know, you guys, because it's an emotional thing. It's your own home, right? You could go overboard. I know. And I never really understood that until I bought my own home because before I just live in rentals and I never really had that much of an attachment. I always felt like it was temporary. But now that I own my own place, it feels like it's my baby. Of course. And so that's why I stress like, hey, if you can free up some space, meaning

I say one of the smartest ways to get into real estate is buying a house with an apartment that you can rent out. Because then you have some tenants, another person who could help you pay down your mortgage or you could have no mortgage, meaning you don't have to make any mortgage payments because you have a tenant in this apartment that's paying your mortgage, right? So that's kind of like that's a really simple way of getting into real estate. One of the smartest ways, but again, comes with your lifestyle. Do you want to lose that space? Is there a security issue because you find to have kids? So you got to evaluate all your options.

Absolutely, absolutely. So do you, I know your email is financialnirvanamama.com. Do you write about your financial journey as well? I do. I'm the sharing. I feel like I just have to contribute back because I read so many books. I read so many blogs. I'm like, I'm so selfish with my knowledge.

I mean, like taking the knowledge. So I want to bring out my knowledge. So I want to bring out my knowledge. So I started this website three years ago. It's about creating wealth and building lifestyles. So it is my journey trying to reach financial nirvana. And I'm a mama, so that's why it's called Financial Nirvana Ma. And it does share actionable tips, lots of my school life experiences, investing in real estate.

I share the good, the bad and the ugly. Cause I really want to be very transparent of my journey. I feel a lot of people aren't, there's a lot of gurus who sell, Hey, this is my $20,000 coaching course. Take it for six weeks and buy 6,000 don't like i'm sick they'll they'll

encourage you to buy as much real estate as possible without realizing that you know they don't really i i think that the big stress factor is that they don't um they a lot of times it's for you to figure out if you want to spend all that time because it could you end up being owned by those rental properties yeah versus you owning them i i don't know if that makes sense no it does absolutely yeah absolutely well thank you so much for taking the time to chat with me i think uh uh now i have the bug again to you know start doing some more research on maybe possibly buying a second property. Well, read my blog. I will. There's lots of stuff about it.

And you might get to keep... And I share a lot of interviews of other people who've done it, who are just starting out and who have kids. I'm sharing real life experiences from other people who've done this. So just to help other people. And that was episode 128 of the Mobiny podcast. And that was an interview with Tracy Moth for my listener series.

And if you would like to get involved in part of my listener series, super easy to do. Just go to the show notes at jessicamorehouse.com slash 128 for more info on how you can submit yourself to be part of my listener series and chat with me for an episode and share your story with the world. It'll be fun, I promise, I promise. And also, first, before I get to some other things that I want to share

with you, some words about this episode's fabulous, fabulous sponsor. A big thank you to Credit Card Genius for supporting the Mo Money podcast. If you're not aware, they are the only tool that compares over 50 features of 150 Canadian credit cards by using math-based ratings and rankings that respond to your needs instantly. Now you can get rewarded faster without all the headache. If you want to find the best credit card for you, make sure to check out creditcardgenius.ca to learn more. Once again, visit creditcardgenius.ca to learn more. Once again, this is episode 128. So check out the show notes. And also hit me up if you want to be part of my listener series. Another great place that you should go besides the show notes is my Facebook group.

If you're not aware, I have a Facebook group. It's awesome. There's over a thousand people in there. New people trickling in every single day. And really what it is, is a support group. I wanted to create a positive, nonjudgmental online space where people can ask questions about money. There's no dumb questions.

Help each other. Get some advice. See what other people are doing with their money and investing and saving and budgeting and all this great stuff. So make sure if you want to be part of this awesome online community, you can do so at, well, just go to facebook.com slash groups slash Money Life Balance. It's called the money life balance community. And we're always looking for new, awesome, positive members. And if you're listening to my show, you totally fit the bill. So I hope you decide to join us in the group. I also do my book club in the group where we read a book together. Well, not like physically together, obviously not with one big book, but you know, you get it. You get what I'm saying. We interview the, through a Facebook live, the author of the book, and I'll talk about the book,

ask questions to the author and have a good old time and, you know, just get smarter about managing our money. So I hope you take this opportunity to join us. But otherwise I will see you back here next week for a brand new episode of the Mominy Podcast. I will see you next time. This podcast is distributed by the Women in Media Podcast Network. Find out more at womeninmedia.network.