July 12, 2022
Episode 145 – Rae Ostrander – Contribution through Action
“I know I improve my odds of success when I’m able to work with anybody who has gone before me. I’m amazed how many people are willing to freely give of their time especially when we show up and we pay attention, and we do what’s being advised. It’s amazing how many opportunities are out there when we’re ready to listen and then put some things into action.” – Rae Ostrander
- Selected links and people mentioned from this episode:
- Green Thumb REIT
- Alcoholics Anonymous
- Tony Robbins
- Awaken the Giant Within by Tony Robbins
- What’s Important Now by John Kuypers
- Connect with REIN Canada
- REIN Canada
- [email protected]
- REIN Channel
- [02:08] Patrick introduces his next TEDM guest, Rae Ostrander.
- [03:27] Rae and Patrick get down to business as Rae shares a snippet about what he’s currently working on.
- [04:32] He’s not getting off that easy! Patrick swings open the door, to get a bigger picture of Rae’s business strategy and the markets they work within, which is a little against the grain!
- [07:40] Gary, Indiana? Rae explains how they find these markets, what attracts him to pursue the properties and the commitment he makes to reveal their intrinsic value. He further expands on how they add value, not for future necessarily (although that’s nice too) but for cash flow, and the exit strategy the best suits their investors.
- [11:44] Relationship ROI. Rae expands on the Gary, Indiana property to demonstrate how they took over a situation that both solved the seller’s problem and provided them an opportunity to build relationships with the tenant clients. Investing in upgrades and value-adds creates a community based around dignity and respect, where a potential tenant is happy to pay a little more rent to have a home they are proud of. Everyone wins.
- [16:27] Rae talks about the real estate markets on the US side of the border with price drops and availability, plus the opportunity he sees within that market that many others don’t.
- [18:35] Creativity as a product of necessity. Rae shares his journey from theology studies and struggling financially to the realization it was ok to make some money! By doing that, he could create the opportunity to volunteer with the churches and non-profits he loved rather than rely on them to make ends meet.
- [19:45] Rae delves into his own story of troubled teens which brought him to seek recovery and sobriety and within that, incredible tools for self-discovery and development. Naïveté played a helpful part in fueling his motivation to learn and absorb the business of real estate investing. His continued work towards good mental health keeps him aligned in what he wants and what he’s doing toward his own success.
- [22:44] The fundamental difference between the “doers” and the “I-want-to-doers”. Rae’s time in sales, and coaching brought him some interesting insights around people’s motivation and willingness to do or not do, the work. His own coach and mentor in real estate kept him grounded in a 90-day challenge to stick to his lane and work through a strategy to completion.
- [27:24] Before we commit to things, it is well worth some evaluation. Answer the questions around why we want to commit to a program, a work-out routine or learning a new language. Is it our ego leading the charge or a genuine desire for self-improvement and elevating our experience? Are we making decisions to abdicate responsibility, or can we commit to finding the true purpose behind the actions we desire to take and take them?
- [33:40] Rae walks through some of the questions and guidance he offers his clients before they begin their investment journey. It’s really important to get honest about what we want, and to understand what we’re investing in (pro tip: do your homework!]
- [39:29] Rae provides insight into his path as an entrepreneur and how it occurred for him – what his motivations were and how they have evolved as he has. Being of contribution is a biggy!
- [43:15] Furthering down the path, Rae shares his background of entrepreneurial nature, growing up with a father who was a strong person of faith, had a desire to try different things in business and believed in Rae almost to a fault. Rae’s own faith worked in his favour at the start, and that allowed him to believe in himself and take action. It’s a fine message for any parent, to be aware of the limitations we put on our kids and take the time to give it some thought and show them you believe in them.
- [48:00] Getting honest about our fears and releasing the story that it “should” be easy will be of great benefit toward taking action and achieving what we say we want. Rae shares a story that illustrates how he let fear take over a great opportunity and the lesson it taught him to just take the chance. Sure we might fail, but do it anyway.
- [51:48] Get around the story of judgment and worrying what other people will think if we do fail. In the end, because we all have our own stuff going on, nobody cares. Rae emphasizes the importance of the close people around us, and beyond that, we can’t let our perceptions of other people’s opinions count.
- [53:57] Rae goes back to the critical role of mentors and coaches in his life. He is happy to work with and invest in people who have the skills, knowledge, and experience that he can learn from and apply to his own goals.
- [55:15] Patrick shares a story about the power of community, surrounding ourselves with the right people who encourage and support us, and sometimes lend us their confidence! Rae recounts a story that reinforces this with a slightly different spin.
- [59:40] Market psychology is a tricky beast and getting educated is the best antidote for letting fear stop us. Rae and the team at REIN both see the current 2022 market as a time of great opportunity. Rae uses an example to explain why.
- [64:10] Patrick and Rae have a healthy conversation about affordability, rent control, the limitations of short-sighted regulations {and regulators}, advantage in freer markets and a shallow dive into politics.
- [68:44] Taking the time to consider a person’s mindset (and our own) is always valuable to broaden and possibly shift our perspective. Rae and Patrick see how useful it is when working with a seller of a property for example. Try and understand a seller’s objective. Enter the conversation from where they’re at, not where we’re at, and negotiate from that place. Listen, care.
- [71:53] Good thing Patrick got Rae fired up because we’re headed to the rapid fire! Favourite inspirational quote; favourite book he gifts, and one he recommends; favourite tune; favourite movie; room-desk-car; message at the pearly gates.
- [74:12] Rae’s gratitude.
