April 18, 2023
Episode 165 – Steve Martel – Wired to Thrive
“The stuff that our mind will create is outrageous and it goes the same way when it comes to investing, to starting a business to doing that move that you’ve wanted to do forever… Do it! Fail, screw up, at least you’ll have a great story once you’re over it. And then the next time you try to do something else, the resistance will be a little less.” – Steve Martel
- Selected links and people mentioned from this episode:
- Craig Proctor
- Rich Dad, Poor Dad: Cash Flow Board Game
- Bob Proctor
- Ray Dalio
- TEDM Episode #117: Mark Moss
- Connect with REIN Canada
- REIN Canada
- [email protected]
- REIN Channel
- [0:42] Patrick introduces his next TEDM guest, Steve Martel.
- [01:51] Steve and Patrick take it away, getting caught up and getting to the heart of what Steve’s doing these days.
- [05:17] Steve shares his philosophy and focus with real estate in Canada vs the US and provides the reasoning behind that.
- [09:00] Just as from country to country the economic climates differ, Patrick and Steve discuss the sizeable variations from state to state in the US.
- [12:55] A big question that requires a two-part answer! What makes Steve the fired-up, dynamo, entrepreneur that he is? Part I: where it comes from, the best gifts he’s been given, and the impactful moments in his life that informed the path he chose.
- [21:42] Going back to 2006, Steve recounts the story of what got him interested in US real estate and then what absolutely fired him up to successfully launch in another direction from the US financial crisis.
- [28:55] Buying and renovating properties from a distance was a fair bit trickier in 2010 than it is now, but it challenged Steve to come up with systems to achieve his intended outcome. That allowed him to broaden his scope and Steve started researching apartment complexes in the US. This opened up a whole new world for him and he fell in love with that investment strategy.
- [32:52] Fast forward to 2018, the competition in the US apartment complex space went bonkers. Steve explains what that meant for him and how he turned into a new opportunity.
- [37:11] Reflecting on his two major health issues, Steve imparts the simple truth – listen to your body; period. At 15 he didn’t have the awareness to ignore signs, he was living life to the fullest as a young man and a star athlete. Thankfully his friend’s mom took notice and likely saved his life. His parents, were the supports who wouldn’t allow him to feel sorry for himself, rather, feed the good wolf with positive thinking, reading, and to keep moving ahead.
- [43:09] Conversely, his next health challenge, a heart attack in his twenties, definitely came with warning signs he chose to ignore.
- [47:16] Patrick comments on what he’s come to know, as a coach and entrepreneur, about the fear of failure, and invites Steve to share his view. He explains how fear in general has become ingrained in our society and in our DNA.
- [51:34] Steve tells a story about an experience with his young daughter to illustrate the power of fear and the stories we formulate in our minds which hold us back from having an experience, making a move, investing, starting a business. His guidance – do it!, fail, screw up, at least you’ll have a great story to tell at the end of the day.
- [56:00] The mind barrier is so important to overcome. Steve talks about the two things he’s been studying for the last three years, including one thing he is very passionate about, plus his intention for capitalizing on the next downturn.
- [59:10] Steve has a very clear and succinct outlook on the economic future.
- [61:14] Steve expands on his outlook, how he studies the economics, US reserve, interest rates and inflation. Patrick also offers his outlook on interest rates, inflation, and the fall out, based on the research he’s done.
- [67:35] From an investment point of view, what are Steve’s intentions given this economic climate? Will he wait for the bottom to fall out?
- [69:34] “We are in the world’s biggest social experiment.” On top of inflation, there is both the unpredictability of and renewed requirement for, oil, and realistically it is not a commodity that is going away anytime soon.
- [71:35] Steve and Patrick continue their commodity discussion getting fired up about gold, Modern Monetary Theory (MMT) plus the unfolding circus of politics.
- [76:36] Part II of the big question at minute 12:55! What keeps Steve motivated and moving forward now. Being pissed off at the status quo is a great start.
- [81:21] Divisiveness, critical thinking, confirmation bias, and forgiveness.
- [83:48] Aside from real estate, Steve shares the approach he takes to his investment portfolio.
- [87:14] In the business and real estate space, Steve describes some new initiatives and strategies he’s undertaking in the US.
- [89:59] Steve explains his role in both his Air BnB business (which, to be clear is a hospitality business, not a real estate investing business) and raising capital for real estate investment.
- [92:14] Rolling into the rapid fire. Android or iPhone; favourite types of movies; not a big music fan; message at the gates; room-desk-car; favourite swear word.
- [95:30] Steve’s gratitude.
