February 9, 2021
Episode #108 – Gary Spencer-Smith – Simplicity in Success
- Connect with Gary Spencer-Smith:
- Rev N You
- Selected Links and people mentioned from this episode:
- REIN ACRE
- Fish and Duck Sproat Lake Resort
- Nev Lapwood TEDM Episode #78
- Rich Dad, Poor Dad by Robert Kiyosaki
- what3words app
- Lauren Spencer-Smith on American Idol
- Sapiens: A Brief History of Humankind by Yuval Noah Harari
- Meditations by Marcus Aurelius
- Donald Robertson TEDM Episode #101
- Connect with REIN Canada
- REIN Canada
- [email protected]
- SHOW NOTES
- [02:08] Patrick introduces his next TEDM guest: Gary Spencer-Smith
- [02:08] Patrick introduces his next TEDM guest and long-term REIN Member: Gary Spencer-Smith.
- [03:22] Gary and Patrick get rockin’ and rollin’ with their conversation. Gary gives us the Coles notes about his family, his side hustle that became his full-time gig, and what that has led to for his “retirement career.”
- [05:12] Gary shares how his real estate ride got started in the UK, his mindset around the practicality of real estate and buying his first property in Canada.
- [07:58] Connection to Canada. Hailing from Newcastle, Gary had close connections to Canada (without knowing where it was) and his first visit as a teenager sealed the deal; he was home. Gary briefly shares what transpired in between the 14 years that brought him to British Columbia to stay.
- [13:11] Gary lives up to the REIN’s cycle of immigration! He explains how he purchased his first home on Vancouver Island, then how he graduated to his first rental property.
- [15:06] The inspiration. Gary brings it back to the simplicity of what fires him up about real estate. Becoming a REIN Member and committing to ACRE, the proven systems, and the community is what elevated Gary’s game. The methodology and authenticity Gary experienced not only resonated but propelled him to use the information to fuel his action.
- [21:24] Gary buys a resort! He describes the resort, how he came to own it, and the full-circle experience of getting drunk with his cousins at 16 at the pub which now he owns. Gary shares that it is not all unicorns and sunny skies and at times he feels like the duck with his feet going a mile a minute underneath the water. Their involvement in a community like REIN helps Gary and his partner Kryssie feel supported and assured.
- [28:16] A values conversation at the beginning would have brought much needed clarity to this partnership but the foundation of a great contract cannot be stepped over. The contract is what proved to be a saving grace for the majority partnership.
- [30:02] Owning a resort during the global situation of 2020 brought both challenges and unexpected blessings. Gary describes how things quickly turned upside down and like the rest of the tourism & hospitality industry they had to navigate uncharted territory to open, do business and thrive.
- [34:22] How Gary approached the sudden need to raise capital. He explains how they had structured the vendor-take back financing from the previous owners, then a pivot to restructure the investor side.
- [36:23] Although owning the resort and living that lifestyle was not his dream at the outset of moving to the lake, Gary describes his realization once they were operational and his moment of clarity with how it aligns with lifestyle values now. And just as importantly, for right now. The inescapable reality regardless of where one sits within this global situation is that we don’t know where things will be in the next week, month or year and being present to what matters to us is important.
- [42:25] Gary hits that home in the simplicity of planning. We can have a direction, and know what the next three steps are, but once we take those three steps, everything may change and “the plan” will likely look different. If we remove the complication that it must look a certain way, we experience less struggle. Next three steps.
- [44:20] Gary tells the story of his entrepreneurial journey, who lit the spark, and some of the great first ideas for business he trialed. Making money to fund his business ideas became his new mindset. After Navy life, he was introduced to MLM, and from that his awareness opened to up to new books, concepts and affirmed his opinion about real estate. Do more of that!
- [49:10] Gary shares what he’s been up to with his real estate investing endeavours and the plans in place to be of service and to be a solution.
- [52:05] How Gary has built capacity in his full life to continue moving forward and further his reach. Effective systems and teams, less ego.
- [54:48] Gary talks about the partnership he and wife Kryssie share, and the ideal day Gary is working backwards from. His level of clarity is undeniable and there is a natural alignment with his values.
- [61:29] Over to a dirt bike. Gary recounts the story of an injury he sustained while out on a cathartic and otherwise typical dirt bike ride. The ambulance ride provided an unexpected learning moment and an opportunity for gratitude.
- [67:15] Patrick shares an awesome app that is perfect for situations like Gary’s as well as his resort guests: what3words.
- [70:00] Gary shares the experience of watching his daughter Lauren take her natural gift of singing, to mastering her craft and recently accompanying her to American Idol. Like any career, the team she is building is essential to her development.
- [75:22] An easygoing rapid fire! Gary’s daily practice that brings him to a place of mindful centredness; favourite and impactful books; a job Gary does because he’s good at it, not because he likes it; favourite swear word in Canada; favourite inspirational quote from his daughter; message at the pearly gates; room-desk-car; favourite tune; favourite movie.
- [81:28] Gary’s gratitude.
