April 23, 2019
Episode #60 – Michael Dominguez – Following the Systems to Success
“I have to remember my REIN Training: make your investments boring and make your life exciting. I stick with what I know and stick with what I’m good at and it’s really done well for me.” – Michael Dominguez
Michael Dominguez is a long-time REIN Member, realtor and a real estate investor. Michael hails from Ontario, Canada and has focused much of his investing in the Golden Horseshoe region of Southern Ontario.
As an investor Michael firmly believes in the power of education, learning from the experience of his mentors and is steadfast in following his proven systems which have produced a successful investment portfolio. As an investor-realtor and as a mentor in his own right, Michael is passionate about building relationships and helping new investors by sharing his systems so they can find their own financial freedom by design in the world of real estate investing.
With many real estate deals under his belt, years of experience actively investing and as part of the REIN community, Michael is committed to being in contribution to his clients and fellow investors. Together, Michael and his wife Lisa have built a solid foundation for their long-term wealth.
- Show Notes
- [02:06] Patrick introduces his next REIN Member guest: Michael Dominguez
- [03:30] Michael and Patrick get right into it with Michael’s elevator pitch!
- [04:07] At the age of 40 Michael had a clear realization that wealth creation was not in his future based on his present. Time for a change.
- [07:30] The real estate light bulb switches on for Michael first as a commercial realtor, and then quickly shifts to illuminate the investment property world where he meets “his people” and the journey begins.
- [09:22] Michael’s own Rich Dad, Poor Dad scenario was found with his father and his uncle (with a splash of Family Ties’ Alex P. Keaton for good measure).
- [11:42] Once Michael got on the real estate investing train, he rode it through emulation, self-education and kept on rolling.
- [13:12] On reflection, Michael can see how his experiences 15 years before finding real estate were necessary for where he is now. Life’s experiences always inform our next steps when the time is right.
- [14:11] As Michael heard the recurring message “buy real estate for wealth” (from wealthy people) it propelled him to learn more, if for no other reason than to be a better realtor for his investor clients. This strategy consequently flourished for him personally and now as an investor-realtor, he encourages other realtors to follow his path.
- [17:13] The two barriers Michael most often sees among the realtor mindset that blocks them from buying their own rental properties.
- [19:32] Michael tells the story from learning about REIN to the deep-seated education he has gained as a long-term REIN Member, which has exceeded any leads or deals that he initially hoped to make.
- [21:10] Whether he’s a slow learner or there’s just continually more to learn, his mentors and the education keep Michael coming back to the REIN room and staying on track year after year!
- [24:20] Michael shares his view of mentoring and how being in contribution to others feeds his passion.
- [26:44] Being an investor-realtor is a much different and more intensive game. Michael shares how most realtors react and how it has shifted his own perspective.
- [28:25] Moving through the nauseating fear barrier to purchase his first property then fast forward ten years to not so nauseatingly purchasing his 15th.
- [30:22] Supportive but skeptical in the beginning, Michael’s wife Lisa went from totally hands-off to getting her realtor’s license, managing their properties and advocating for more investment properties. What was the switch?
- [32:24] Have all of Michael’s deals been home runs or have there been some dogs? The power of relationship.
- [34:38] Michael’s systems as a realtor and as an investor have withstood the test of time and have provided a solid portfolio for himself and his clients.
- [36:10] Michael’s issues and lessons learned around student housing, particularly in a town where he hadn’t set up a team. Veering off our proven path often results in challenging lessons.
- [41:26] When mentoring new investors, Michael focuses first on what their objective is to identify their best investing strategy. If it’s building wealth and cash flow long term, the buy and hold math speaks for itself.
- [45:20] Patrick worked with a new investor many years ago, whose story perfectly illustrates how understanding what she wanted from real estate, understanding it’s not get-rich-quick and sticking with her system has already proven itself and in year 20 will be even more fruitful.
- [47:59] Michael supports new investors not only with honest conversations if his systems don’t fit with their objectives but when it does fit, he takes time to build relationships, create investor tours, and show them the model that has built his own success.
- [51:06] How Michael views and has taken on (or not) the joint venture strategy in his own portfolio.
- [53:02] Michael’s approach to helping his clients overcome the time barrier they view as prohibitive to buying investment property.
- [55:37] What is Michael’s perspective of the financing restrictions imposed in 2018 and their impact on the real estate market? Solutions-based thinking has become the antidote.
- [57:47] Patrick eases Michael into the rapid-fire blaze but in-depth conversations trump rapidity: Michael’s favourite book from Automobile University, delegation has taken over the jobs he doesn’t like but was good at, favourite inspirational quote, alternate professions, Michael’s mid-range weirdness, room-desk-car, favourite tunes, message at the pearly gates.
- [66:54] Michael’s gratitude.
Connect with Michael Dominguez:
Selected Links and People Mentioned from this episode:
Secrets of the Canadian Real Estate Cycleby Don R. Campbell, Kieran Trass and Greg Head
Greatest Salesman in the World by Og Mandino
Total Money Makeover by Dave Ramsey
The Brand New You by Julie Broad
The 4-Hour Workweek by Timothy Ferris
E-Myth Revisited by Michael E. Gerber