July 30, 2019
Episode #67 – Marc Koran – Connection and Community
“ “Many times, in our internet, social media world…we forget about these interpersonal connections and that’s the true success to life, not necessarily finances. Finances help you set a foundation but to truly live life is to truly connect and not be alone.” – Marc Koran
Marc started with his first Apple IIe in 1984 and graduated from McGill University with a bachelor’s degree in computer engineering in 1995. Through that time Marc witnessed the advent of the internet and has remained in the front seat of the technology roller coaster. Over the course of his 25-year career, Marc has been a participating founder of companies involved in ecommerce, interactive television, online casinos, online payments, and online marketing. He is currently Chief Security Officer at Wirecard Canada, in charge of keeping the bad guys from stealing our credit card information.
Marc’s passion for the positive impact of investment real estate started nine years ago and subsequently produced one of his favourite activities: writing dividend checks to his partners. Starting with single family buy and holds, he graduated to flips, renovations, small scale development, and is currently most active in commercial real estate in Alberta and Quebec. Marc is a cash investor advocate, and eager to help other investors with analysis, financing, investing, protecting, and placing funds. He has helped earn double-digit returns for his partners, investors, and himself.
Family is Marc’s first priority in life and as a husband and father to two teenagers, he revels in self-development, learning and keeping current. Books, podcasts, poker, chess, basketball, cross fit, nutrition, coaching and new experiences are all part of his journey to self-discovery. For Marc, life is about finding the path to help others while living fully and mindfully.
- Show Notes
- [02:01] Patrick introduces his next guest in the REIN Member series, Marc Koran.
- [03:30] Patrick and Marc get moving on their conversation as Marc shoots us his elevator pitch.
- [05:09] Marc shares what he’s up to these days in his business of real estate, venturing into commercial properties.
- [06:02] Marc cut his real estate teeth early on managing their family’s duplex with his brother but securing a good job became the priority and he put his income property aspirations on hold. Marc brings us current to about eight years ago with his journey back into real estate and REIN.
- [07:53] Jump in and take action. From Marc’s view this is only way to overcome the inevitable challenges that come with purchasing properties, from finding the capital to analyzing properties and finding the diamonds in the rough.
- [11:09] In the space of large commercial acquisitions, Marc explains how he overcame the intimidation of more zeros and bigger mortgages.
- [13:55] Through his connections and immediate networks, Marc keeps his approach to raising capital simple and conversations about real estate flowing.
- [16:09] Marc describes what’s next for him both in real estate and his expanding entrepreneurial ventures.
- [17:10] Marc characterizes his parents as more accidental entrepreneurs but nonetheless their income properties set a tone for Marc and his own real estate pursuits.
- [18:26] From becoming a candy dealer at age six to creating and selling a Daytona Beach spring break party in university, there has always been a steady, slow-burning entrepreneurial fire within Marc.
- [20:56] Although he is trying to kick the employee habit, Marc can leverage his computer engineering skills to feed his top value of being a present father for his kids.
- [22:02] Marc shares his primary driver for forging ahead in business and building investments for himself and his partners. It goes well beyond money.
- [24:20] Marc’s recipe for talking with potential joint venture partners includes plenty of education, ample conversation, infused with humility and a dollop of realism. Fold in risk mitigation, add some of his own skin into the game, mix it all together with a long-term vision and let it thrive.
- [29:00] With a healthy analytical nature, Marc’s weekly poker game is teaching him to take neither the game of poker nor the game of real estate personally. Even though you play well, and the odds are in your favour, you’re not guaranteed a win.
- [31:43] What comes first for Marc: the joint venture partner or the deal?
- [34:39] Marc illustrates the importance of being a long-term Member of REIN on his path of building and growing his business of real estate investing.
- [37:10] Building community with like-minded individuals is a crucial component of life and well-being. Patrick and Marc discuss its importance in all facets of self-care, whether the activity is a weekly poker game or networking with real estate investors (or both!).
- [40:14] Marc shares a story that emphasizes the need for us all to connect, share and understand we’re not alone. Patrick expands on that to address our awareness of comparison particularly in social media.
- [42:17] Marc sees firsthand the positive effect of brotherhood and connection in his life through the relationships he’s built.
- [45:01] “I’ll be happy when…” Marc cautions listeners to avoid this trap that is really a happiness killer. Live life now – don’t defer it to ‘someday’.
- [47:00] Marc reflects on the two accomplishments he is most proud of: one from his family life, one from his real estate life.
- [48:55] Marc talks about the role he is playing in his current development project, the challenges and the details, and the role he typically plays in his commercial acquisitions. In it all he is always closely watching and learning.
- [51:25] Toward the art of completing the deal Marc does delegate some tasks but recognizes he impedes his growth by doing most of it himself. Awareness is the first step…
- [53:59] Marc describes his intentionality around self-development and improvement. Leadership is a concept that is he is becoming more conscious of and about.
- [56:30] Marc captures his experience with executive coaching succinctly: “devastatingly lifechanging.”
- [60:09] Stepping into and getting clear in his personal development is critical to his professional development but Marc also sees how it shows up in his family dynamics.
- [61:14] Marc shares an experience that kicked him hard, that he views as both a failure and a huge learning opportunity that informs how he shows up in business today.
- [65:22] Marc’s engineering mindset views every decision as fork in the road, but he highlights a few of the impactful ones.
- [66:56] Words of humility for Marc’s 20-year old self; words of good health for his 65-year old self.
- [67:30] Blazing into rapid fire: impactful books; what job he does despite his dislike for it; favourite swear word; favourite words of inspiration; alternate profession in comedy; messages at the pearly gates; room-desk-car; favourite tunes; favourite movie.
- [71:11] Marc’s gratitude.
Connect with Marc Koran:
Selected Links and People Mentioned from this episode:
Rich Dad, Poor Dad by Robert Kiyosaki
Four Hour Work Week by Tim Ferriss
Malcolm X movie