Embracing Change and Finding Purpose:
Kelly and I embarked on a transformative journey in 2013 when we founded our small oil and gas company, Grinders Inspection. For almost a decade, we successfully navigated the challenges of the industry. However, as life evolved with the arrival of our daughter in 2018, we realized the need for a change. Long stints away from home were no longer sustainable, prompting us to explore avenues where our money could work for us. This decision marked the beginning of our venture into real estate, ultimately leading to a successful transition into full-time Real Estate Investing (REI) professionals and evolving Grinders Inspection into our real estate corporation now known as Summit Investors Group.
The arrival of our daughter not only shifted our priorities but also ignited a desire for a purposeful change. Long hours in the oil and gas industry took a toll on family time, prompting us to seek a path where financial success could coexist with a more balanced and fulfilling lifestyle. Real estate emerged as the beacon of change, offering the potential for financial independence while allowing us to be present for our growing family.
The Early Years:
In 2017, we took a bold step and purchased our first short-term rental property – a six-bedroom chalet including a two-bedroom basement suite. Choosing to live in and house hack the property for a few years, we quickly learned the ropes of real estate investment. Putting in significant effort, we decided to take on the bulk of the renovations ourselves, adding a personal touch to the property.
The Renovation Journey:
Our commitment to transforming the property was evident as we undertook extensive renovations, ultimately more than doubling the nightly rental rate. This hands-on approach not only allowed us to enhance the property but also provided us with invaluable experience in the world of real estate. The success of this initial investment inspired us to replicate the strategy, leading us to acquire six more properties over the next few years.
Transitioning to Full-Time REI:
The success of our short-term rental properties allowed us to supplement a portion of our income from the oil and gas industry. By 2021, we confidently transitioned into full-time Real Estate Investing professionals. However, it wasn’t without challenges. Our biggest mistake was initially thinking we could navigate the real estate world on our own.
Navigating Challenges and Seeking Growth:
As we aimed to scale our real estate business, we encountered hurdles with traditional financing. Banks deemed us too high-risk, considering our self-employment status and existing property portfolio with five doors. Realizing the need for a strategic shift, we turned our attention to commercial real estate investing.
Embracing Education and Mentorship:
Networking played a pivotal role in our journey to financial independence, leading us to discover the Elevate MasterClass Programs through Savvy Investor. Eager to enhance our knowledge, we immediately enrolled in the program, commencing our educational journey in January 2023. Throughout the year, we immersed ourselves in learning and sought mentorship from industry expert Michael Ponte. This investment in education propelled us to the next level of our real estate career.
Diversification into Commercial Real Estate:
Armed with newfound knowledge and mentorship, we are thrilled to announce the upcoming acquisition of our first commercial property – a self-storage facility scheduled for possession this coming April. This move represents a strategic shift as we delve into the dynamic world of self-storage, with plans to acquire not only multi-family properties but also additional storage facilities.
Conclusion:
Our journey from the oil and gas industry to real estate has been a testament to the transformative power of strategic decisions, education, and mentorship. By embracing challenges, learning from mistakes, and diversifying into commercial real estate, we have paved the way for a more sustainable and fulfilling future. As we eagerly anticipate the possession of our first self-storage facility, we look forward to continued growth and success in the ever-evolving realm of real estate investing.
