EPISODE OVERVIEW

This one is a guest spot. I sat down with Erwin Szeto on Truth About Real Estate Investing for one of the most honest conversations I have had on the show in a long time. We get into what to actually do when the market turns against you, the full spectrum from hunkering down and riding it out to ripping the band aid off, and why the noise in the market right now is the worst I have seen in 26 years. I also open up about a health scare that landed me in emergency, because it ties straight into the bigger lesson: do not carry the weight alone, and do not be afraid to ask for help.

KEY TAKEAWAYS

- Real estate is a long game, and the people who treated it that way are surviving this. The ones who lost the plot were the ones banking on appreciation and ignoring cash flow.
- When a market gets too hot, that is exactly when people get into things that do not make sense. Watch sentiment, not just fundamentals.
- Affordability improving is not a problem to fear. A market everyday people can actually move into is a healthy market.
- Population trends matter more than supply and demand on their own. Alberta pulled positive interprovincial migration while most of the country went negative.
- When you are underwater, there is a spectrum, not one answer. Hunker down and ride it out, rip the band aid off, or run a hybrid and prune the good to cover the ugly.
- Hindsight will not save you. Make the call decisively, then get on with it. Sitting at the bottom can drag you along for years.
- The biggest move is an honest reflection. No sugarcoating, no ego. Be straight about where you actually stand, then have the tough conversations.
- Vet your advisors by what they told you in 2021 and 2022, not just what they are saying now.
- Three pillars run every deal: what you buy, where you buy, and who you rent to. Start with the dirt.
- Do not carry the weight alone. People reach for coaching at the top when things are easy. You need it most when things are hard.

MEMORABLE QUOTES

- "Alberta feels like a lifeboat on the Titanic at the moment."
- "The python has devoured the pig, but the pig still has to make its way through the python."
- "It's not the weight you carry, it's how you carry the weight."
- "When the mess that you're dealing with needs to become your message, that's when you need the support the most."
- "Your journey is the journey. Honor the process that you're on."
- "Go big or go home. Just understand what going home looks like."
- "Always listen to your wife."

NEXT STEPS

- Do the honest reflection. No sugarcoating, no ego. Get straight about where your portfolio, your work, and your business actually stand.
- Rank every property good, bad, or ugly. Know what you would prune first if you had to release pressure.
- Pressure-test your advisors. Do not just listen to what they say now. Find out what they were telling you in 2021 and 2022.
- Map your spectrum. Hunker down, rip the band aid off, or run a hybrid. Pick with intention, then move decisively.
- If the weight is getting heavy, reach out. Asking for help is not weakness, it is preparation for the next climb.
- Catch the full conversation on Erwin Szeto's Truth About Real Estate Investing.

WORK WITH RUSSELL

Most investors don't stall from lack of effort. They stall because they don't know which move matters next.

Coaching fixes that. Not motivation, clarity you can act on this week.

Book a private consultation: https://russellwestcott.com/free-consultation/

In your corner, Russell

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MUSIC CREDITS

Pax
by Soulish – Premium Beats
LICENSE #8177579
YouTube ID: UVZNP3L4S9VNKPC7

The Old Tale
by Magdalena – Premium Beats
LICENSE #8177663
YouTube ID: 1RFUK4VWLYRXDX2R

From East to West
by Arthur Basov – Premium Beats
LICENSE #8413593
YouTube ID: FPVEHZMG3XNNWD1R