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b"Gary was born in the UK and started investing in his native country during his time in the Royal Navy, He emigrated to Canada after 11 years of service, which saw him travel all over the world before settling on Vancouver Island. Investing on the island for over ten years now, Gary has won awards from Canadian Real Estate Wealth Magazine and The Real Estate Investment Network for his strategies and success and has been nominated for countless others.\\nIn this podcast, Gary discusses how to look at a property investment from a business perspective, how to think about time as an asset, and how to make sure your portfolio is ready for any unforeseen circumstances. Gary's advice is practical and could be beneficial for anyone interested in building passive wealth through real estate investing.\\n\\xa0\\n[00:01 - 06:36] Opening Segment\\nGet to know Gary Spencer-Smith\\nHis real estate portfolio at $12 Million in properties.\\nUsed to be in the Royal Navy for 11 years until he got injured in service.\\nPurchasing five acres of lakefront with cabins per restaurant\\nHis active business is renting Muscle Houseboats to clients.\\nAn engineer by trade.\\n\\n\\xa0\\n[06:37 \\u2013 11:24] Learning the Concept of ROI and JV\\nMoving south, he sold his house.\\nDoing the math, Gary realizes he can rent it out and earn $200 more every month.\\nHe promised himself not to commit the same mistake again.\\n\\nDealing with his cousin, he starts to rent out his property.\\nis making a 333% return while still owning half of the property.\\n\\nEager to duplicate what they just did, Gary educates himself\\nSeminars\\nBuilding Networks.\\n\\nGary realizes that Joint Ventures was a way for them to move forward.\\nForming a property Management Company.\\n\\xa0\\n[11:25 - 18:05] Being a Property Manager and How it Works\\nHow his business continues while he had a bike accident.\\nIf you manage a house \\u201cpay yourself the 10 percent because if something happens to you, you\\u2019re going to have to pay somebody 10% anyway\\u201d \\u2013 Gary Spencer-Smith\\nThe importance of setting aside money to reward himself after working hard, and how it can help motivate him to continue working.\\nEmphasizing the importance of having a long-term perspective and diversifying one's portfolio.\\nUnderstand the real risk and rewards of real estate to help you live that life you love.\\n\\xa0\\n[18:06 - 25:06] Knowing Your Industry.\\nBuying a commercial property, there are many complexities involved that require time and effort to learn.\\nGary\\u2019s main advice is to be patient and to have a realistic estimate of what the property is worth.\\nWhen buying a commercial property, it is important to have a good team of professionals;\\naccountant,\\nlawyer,\\nand real estate agent.\\n\\nGary currently refinancing their property and is looking for a good return on investment.\\n\\xa0\\n[18:06 - 25:06] Closing Segment.\\nQuick break for our sponsors\\nThe first step to growing your wealth is tracking your wealth, income spending, and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\\xa0 Learn more about Personal Capital at escapingwallstreet.com\\n\\nWhat is the best investment you've ever made other than your education?\\nHis first deal, Introduces him to ROI and JV\\u2019s\\n\\nDan\\u2019s worst investment\\nHis one deal with no contract,\\n\\nWhat is the most important lesson that you've learned in business and investing?\\n\\u201cJust take action, absolutely take steps..\\u201d \\u2013 Gary\\n\\nConnect with Garry Spencer-Smith through LinkedIn Visit his website http://www.revnyou.com/\\n\\xa0\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who want"