Buying high in demand assets with growing demand makes a lot of sense in hindsight. The business case for Canada to grow the economy via immigration makes a lot of sense financially to attract investment and talent.
Unfortunately, many investors heard the same advice I did and instead of investing in Toronto, they invested in Edmonton and Calgary Alberta. Again, hindsight being 20/20, that was not a good decision. I know many of these people personally.
Then last week, Wade Graham, a long time Facebook friend of mine commented on one of my posts about real estate how he’s glad to have exited all his Alberta real estate, $11 million dollars worth. Wade was part of the same network and community I was for just as long and I wanted someone who’s not all rah rah real estate to come on this podcast. Wade fits exactly that bill :P
What Wade as a guest does offer is what went wrong in his real estate journey so you may all get it right. But real estate is not all bad to Wade as the network and skills he built translated into acquiring a failed business, making it successful, in an industry that he loves.
In these trying times, there will be many businesses that fail which is terribly sad. However, there will be some entrepreneurs who can buy these businesses and their equipment for cents on the dollar. In the restaurant industry, that’s commonly known. The restauranteur who is the first into a space and invests hundreds of thousands for commercial stoves, ovens, fryers, fridges, freezers, furnishings etc.. they pay retail prices plus delivery and installation. Sadly, often the debt servicing and rent is too much, the restaurant folds, another businessperson then buys the assets for cheap and has a much better chance at survival and might even prosper. Wade has a similar experience to share which is timely considering the current environment and I wanted you my community to be aware of it.
If you don’t know Wade, he describes himself as a:
“Thinker. Feeler. Active. Outdoor. Trying to love a little more and forgive faster. I fail often.”
Wade tells it like it is so the language is not safe at work or if you have little ones in the car with you.
We talk about group think in real estate investing, the challenges of having tenants, some wild stories including when Wade had to rescue 200 pounds of gold in a back pack and buying a business.
Without further ado, I give you Wade Graham.