November 16, 2021
Episode 128 – Michael Dominguez – Passing the Baton to Future Generations
“The amount of education I got from some of my mentors early on were so impactful to me. The one thing I promised myself is that… if I can pay it forward at some point in the future and teach others, keep that baton going to the next generation, I’m going to do it.” – Michael Dominguez
- Selected links and people mentioned in this episode:
- Doors to Wealth Real Estate Group
- Armchair Real Estate Millionaire by Michael Dominguez
- TEDM Episode #60 – Following the Systems to Success
- SHOW NOTES
- [02:08] Patrick introduces his next and returning TEDM guest, Michael Dominguez.
- [03:36] Michael and Patrick hit the ground and get their conversation rolling with some exciting changes and broader horizons for Michael since they spoke last and the positive impact it is providing.
- [05:59] Michael discusses the diversification of his financial interests and how the real estate investing skillsets he has learned with the REIN community and other venues, have helped him up his game in all arenas.
- [07:36] The power of real estate investing started to trickle into Michael’s awareness when he became an active realtor. Once it was in his blood and saw the value of helping investors and creating credibility and wealth for himself. While the first couple of properties were a struggle, joining REIN gave him the education to become a more sophisticated investor. Follow the system!
- [10:28] Advice from a seasoned investor struck home for Michael, which propelled him into his real estate investing journey. Now after many years, Michael aims to be that inspiration for other realtors to take action for themselves and build wealth that will support them in the future when they want to slow down.
- [15:15] Driven to support others. Learning from and being inspired by the REIN team when he started his path, Michael now feels the opportunity is there for him to pass along the baton and to share his experience and knowledge with the next generation.
- [18:09] Michael gives the low-down on what type of investing he undertook to build his portfolio to where it is now.
- [20:56] Understanding his goals, but also revisiting and refining them when his financial planner gave him an important reality check, allowed Michael the mental space to focus and create what he needed and then well…surpass it! All while being of contribution to others.
- [25:18] Michael shares a story about a young couple who bought two properties, and how impactful it has been in their lives and their long-term wealth. Two well-positioned properties can be more than enough. Patrick follows up with a story about a couple who shifted their perspective just enough to also realize one property could secure the finances they would need to support their children’s education.
- [29:45] Michael offers guidance to listeners looking to purchase their first investment property, which is also a foundational teaching in REIN: you are running a business. “Armchair” doesn’t mean “absentee”; delegate don’t abdicate.
- [31:22] Michael shares the premise and context for his book and a real-life example of why these systems and strategies work.
- [34:15] What gets in people’s way of taking action? Michael shares his observations and offers another nugget of wisdom for first time investors.
- [37:56] Community, culture, and an environment for success are the fundamentals of REIN. Having the community of like-minded investors was so important for Michael and his wife Lisa, to keep momentum and enthusiasm high. He acknowledges in the first several pages of his book, all those people who contributed to his journey so significantly.
- [41:42] To achieve incremental, sustainable, long-term wealth doesn’t require a home run deal every time or any time. As an avid baseball fan, Michael advises us not to miss the opportunities of a double and triple play in the pursuit of the perfect home run. Follow the system, understand the fundamentals, and put in the time to take action.
- [44:17] Michael talks about the reality of the political climate in Ontario and his ideal tenant profile.
- [48:43] Patrick and Michael riff on the frustration of political decision making, the decline of supply in rentals and new development, alongside an increase in demand. The situation drives prices to an unreachable place but also creates a busier rental market. Michael talks about how he shifted his perspective in the last couple of years to find and capitalize on the benefits.
- [53:53] Michael offers his perspective on the current situation and how he is going about his life and investing in himself.
- [58:03] The practical real estate business he consistently runs isn’t glamourous, but it has given Michael the freedom of choice in how he spends his time now. Giving back and providing mentorship to those around him, has proven to be fulfilling source of fuel that keeps him lit up.
- [61:20] Michael admits that he struggled with his why and his “Personal Belize” in the beginning, but over time he has watched as it evolves and comes into alignment with his values.
- [63:12] Step up to bat, let’s swing for some rapid fire! Favourite inspirational quote; room-desk-car; favourite tune; favourite movie (baseball related of course); favourite swear word; message at the pearly gates.
- [65:53] Michael’s gratitude.