From Lawyer To Investor With A Passion For Hosting Educational Real Estate Events | "Inspired To Invest" Ep45 with Genevieve Vienneau

When this lawyer took her first stab at real estate, she turned the trials of a custom home build gone wrong into the triumph of a real estate empire. In doing so, she constructed a life and leveraged her financial freedom goals as the blueprint. 

Welcome back to "Inspired To Invest". This week Genevieve Vienneau is with us. 
To watch rather than listen, go to: https://youtu.be/Qmek4I1HSvE 

Our latest conversation unlocks the door to Genevieve's fascinating journey from the courtroom to the investment market, revealing how a lawyer's precision and a traveler's adaptability can converge to create wealth through property. 

A beacon for aspiring investors and the driving force behind the Women Investors Network Canada, Genevieve not only shares the concrete strategies that lifted her from setback to success but also the softer skills of aligning visions with a partner in the pursuit of common financial goals.

Strap in as we navigate the less-charted territories of international property investments, particularly the inviting yet intricate market of Mexico, and lay out the map for using home equity creatively to finance these global ambitions. Genevieve's narrative culminates in an inspiring discussion about financial freedom, proving it's not the end of work but the redefinition of it. 

Her 'why not me?' epiphany and the insights gleaned along the way highlight the empowering shift that comes with real estate investing—a shift that begins with the first step into the market and blossoms into the freedom to choose your life's work on your own terms.

To connect with Genevieve, go to @fromlawyertoinvest and check out her short term rental @airbnb/h/riverseahome.

Thank you to the Multifamily Conference for bringing us this month's episodes of “Inspired To Invest”.  Check them out @themultifamilyconference on social and to get tickets to this year's event May 24-26/24, go to:  https://multifamilyconference.ca/ref/serenaholmes/

“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more at https://more2give.ca/beyond.

Join us again on Wed., May. 8 to hear from a real estate investor who hosts one of the biggest real estate investing conferences in the entire country!

Thank you for tuning in & remember, “when you invest in yourself, the sky's the limit!"

00:00 Introduction
02:30 Going Back To Work After Having 3 Children
04:00 Navigating Land Development To Build A Home
07:00 AirBnB Short Term Rentals & Mid-Term Rentals
11:00 New Financing Options For Purchasing Properties Out Of Country
15:34 Sponsors
19:30 Sharing Your Passion For Real Estate To Open Up Opportunities
20:22 The Best Real Estate Advice
21:00 Why Not Me
24:00 Breaking Free Of Societal Expectations

Never miss an episode! https://serenaholmes.exprealty.com/ask/896312e0f685fdd06401c1e53ca6fd17

To connect with our host, Serena Holmes, go to https://www.linktr.ee/serenaholmes.

To buy a copy of The Accidental Entrepreneur, go to https://www.linktr.ee/serenaholmesauthor and for a free copy go to https://serenaholmes.exprealty.com/ask/f813c4efdfaead4980a467b614d73604 

And, for everything related to real estate and real estate investing, please make sure you've subscribed to @serenaholmesrealtor on YouTube & other platforms. 

We also have a page dedicated to this podcast on Instagram and Facebook @inspiredtoinvestpodcast where we preview guests each week, highlight their episodes, top takeaways, tips, quotes and more.

Transcript

Speaker 1: 0:02

Welcome to the Inspired to Invest podcast, where we're sharing stories from real estate investors and how investing has changed their lives. This episode of the Inspired to Invest podcast has been brought to you by the Multifamily Conference. Hey everybody, welcome to the Inspired to Invest podcast.

Speaker 1: 0:21

I have Genevieve Vienneau joining us from Ottawa today, and she's a real estate investor, a seasoned lawyer, a passionate world traveler and also a mother of three young children, so she's very busy. After failing at a seven-figure custom home project, she decided that she had to learn anything everything to do with real estate investing before she could move forward to take control of her family's personal finances and their financial future. So she also manages her own stock portfolio. She's trilingual, she's been to over 30 countries and she's worked in high-end hospitality in Mexico, Argentina and the Dominican Republic, and she's also the host of Wink. So for anyone who doesn't know what that is, it's the Women Investors Network Canada, the international chapter, so she organizes events related to international real estate investing. So she organizes events related to international real estate investing. So thank you so much for taking time out of your busy schedule to be with us today. How are you?

Speaker 2: 1:12

I'm good. Thank you so much, Sharina, for having me today. I'm very excited.

Speaker 1: 1:16

So you obviously have like so much experience when it comes to traveling the world and investing and, of course, your legal career. So maybe you can take us back a little bit and you could shed some light on your path becoming a lawyer and then how that really transformed into real estate investing.

Speaker 2: 1:32

Right. So I feel like they're not necessarily connected, but I knew since I was a very young girl that I wanted to be a lawyer. I was always interested in law. Young girl that I wanted to be a lawyer. I was always interested in law and when I got accepted in law school in my early 20s not even early 20s, I think, I was like 19. Because on the Quebec side you can get accepted into law school much earlier I really took a hard look and I asked myself do I really want to go to law school now and then I'll be a lawyer, lawyer and then that's going to be it, or do I want to do something else?

Speaker 1: 2:06

so I decided to do something else and traveled.

Speaker 2: 2:11

I went and I moved to Mexico for two years. I learned Spanish, I worked in hospitality and I really kind of developed that passion for for traveling and adventure. I ultimately came back and became a lawyer. Um, and after having three matlies so one for each of my children what? Whenever I went back to work, I always like. One thing that was kind of that really stood out to me was how much time I spent sitting, like I am sitting at my desk. I am, you know, doing my nine-to-five. I love my. I'm not unhappy in my work, but it is a lot of sitting and I'm somebody who has a lot of energy, I have a lot to give, I want to always be moving and you know, so that's kind of like where a bit of the I don't want to say unhappiness, but looking for something more. That's kind of like where it came from.

Speaker 1: 3:04

Yeah, no, that makes sense. So then, where exactly did real estate investing come into the picture?

Speaker 2: 3:10

So, as you mentioned in my bio, it was. It started by a failure and basically, you know, I would say one of the biggest challenges that we face is like, financially, emotionally, emotionally In the pandemic, we decided to buy a lot in beautiful Chelsea, which is kind of like in the outskirts of Ottawa, and we decided to build a custom home. So we really went all out. Mistake number one we checked with one financial institution and they told us oh, you will have to sell your house if you want to be approved for, you know, a construction loan so we went all out, we sold our house, we moved into a rental, moved our entire family, uh, you know, hired an architect.

Speaker 2: 3:54

Um went through actually three separate architects before we found the one that we really liked. Um spent thousands of dollars, um essentially did the land development because this land, um, it was a forested lot, it had no services. So, um, you know, we got the surveying done. We got like the um, the septic engineer came over. We hired, you know, project managers, um designers, architects, so really we were all in and then, pandemic being what it was, and with you know, the um, the cost of wood really going up, the cost of lumber, um, with, you know, all the products being on back order, like nothing was available.

Speaker 2: 4:39

Yeah, our budget, um, before we even started building, like right before the permit stage, we took it all the way to the permit stage and right before then we got like our kind of final quote from our project manager and our budget had been blown up by like 40%. Right, so at that point we hadn't started building, we were still in a rental, we had spent so much money on architect fees and design and so on, yeah, and we decided to pull the plug. We said we're not gonna put all our money into one house. You know where. We want to do something else. So that was a really tough decision and it felt at the time like a huge failure.

Speaker 1: 5:19

Yeah.

Speaker 2: 5:19

But despite that, I kept thinking this cannot all be for nothing, Like I have learned so much throughout this process. Yeah this cannot be all for nothing. Yeah, and that's where kind of real estate investing started to come in my mind.

Speaker 1: 5:35

Yeah, I mean I wouldn't say that you're the only person that's been through that. I mean I have a real estate coach that bought two properties actually close to where I live. So it's kind of interesting that I went to see her when I was like eight and a half months pregnant. So I got to see them when they were like wood burning, like fireplaces that were powering these old cottages, and then she tore them down and built three custom homes.

Speaker 1: 5:56

But to your point about all the costs escalating, I think she went like a million to 2 million over budget. When they were finally done the market started shifting. Then she wasn't, I think she sold one but then that fell through. So she still even has one now that I think she's spending like $6,000 a month on because she doesn't want to sell at such a loss because she went over budget and all these things. So I think you know it's all about those lessons and trying to figure out, you know, does it make sense to move forward or cut your losses? So I think, with any challenges that you experience, are lessons that come along with that and hopefully it's not something that's too big of a loss that you can't absorb it obviously and move on. So obviously you went through this really big experience and I've seen, just through social media and stuff, some of the other things you've done, so maybe you can talk about how you've then segued into investing in other places and like what you're doing now sure.

Speaker 2: 6:46

So, for when I started looking really into real estate investing, um, you know, first I started looking into New Brunswick because, uh, that's where I'm originally from. I kind of wanted to have that link back to New Brunswick, um have a property where we can. It could be one a good investment, but also that we can use it for a lifestyle right that we can go in and enjoy with my family and my extended family. So our first project was a vacation rental on the water, beautiful big vacation home that has room for all of my family, which is great. So right now it's being run as a mix of short-term rental and mid-term rental. So our high season is in the summer. We have short-term rental by the week, actually in the summer, and then in the winter. This year we did a mid-term rental and we actually have insurance tenants in there right now.

Speaker 1: 7:42

Yeah, that definitely seems like a really popular strategy, especially for people that you know are in areas where the municipalities are changing and they maybe even can't short term rental or they just want the headache of long term renters. So I think that's smart. Now, have you done any other investing? I know you're really interested in some places down south. Did you end up doing anything in that capacity?

Speaker 2: 8:02

Yeah, so right now, actually, I'm going to Costa Rica in the next few weeks and then Mexico also a month later, and I'm really going on the ground to do some research. So that's the next project is going to be vacation rental somewhere that we can use it, you know, again as a lifestyle rental for our family to go, but also to rent it out while we're not there. And the good thing about that is that the high seasons are and the low season are flipped right. So when it is high season in Mexico or Costa Rica, for example, in the winter, it is low season in my vacation rental in New Brunswick, and vice versa. So that is a good way to mitigate the risks of having short term rentals that have, you know, a high and a low season.

Speaker 1: 8:52

Yeah, no, I think that makes perfect sense. Now, for anyone that is listening or watching that could have an interest in buying in a tropical destination like that, can you talk a little bit about some of the complexities that they may face from like a legal structure or bank accounts and things like that, or just something that someone should really know before they decide to just spontaneously go and purchase a vacation, renter or rental in, like Mexico or Costa Rica?

Speaker 2: 9:17

Yeah. So number one is definitely don't just spontaneously buy a vacation rental in Mexico or Costa Rica. You know it's always important to do your due diligence at home, but even more so in a foreign country where the rules and regulations are different, where foreigners may be under different rules and regulations as nationals in how they purchase property, how they can own property down there, and also the financing portion can be quite different. So don't expect the same financing terms. Let's say that you would get in Canada, in Mexico.

Speaker 1: 9:55

Now what would you say? You typically see, like I know some of the things that I had looked into, but can you talk about what that could really look like for someone that doesn't have the cash just to purchase outright?

Speaker 2: 10:06

yeah. So a lot of people just to keep it more simple and not to have to take financing in a foreign country. I would just use a HELOC back home, so refinance your current property, like your own home, or refinance investment properties that you already have. Yeah, some people get together, so jv partners, so both of my purchases I'm considered.

Speaker 1: 10:28

I have partners that we're going to buy together we're looking for the same thing or more financing countries like are they like?

Speaker 2: 10:37

partners? Um, local, yes, yeah, okay. In canada, okay, yeah. In terms of financing abroad, a lot of people are curious about that. Um, people used to say, oh, you need to buy, you need to buy cash in Mexico. Um, you know, it is still true that cash is the easiest way, but now, because then Mexico is experiencing such a big real estate boom, more and more financing options are becoming available. That being said, the terms are quite different. You know, you can get amortization for up to 30 years, but usually the interest rates will be much higher than what we're used to in Canada. Typically in Mexico, you will see, probably, you know, around 10, 11, even 12% interest rate.

Speaker 1: 11:23

Sometimes it could be like shorter windows of time, like something like a 10 year amortization, compared to what we see like 25 or 30. So even though, like interest rates could be higher or lower, like just the dynamic could be different depending on where you're looking. Um now, in terms of just your overall experience at this point, is there anything that you would define as something that you're most proud of or you feel is your biggest success so far?

Speaker 2: 11:45

um bringing my, bringing my husband abroad like on board yeah, that's a big part of it if they're not directly involved from the get-go yeah, so really like you know, as a couple, these are big financial decisions and not a lot of people talk about that on social media or when you get coaching, or you know, because a lot of people if, if you are married, you know, if that is your reality, then you know one partner may be like way more into it than the other, or you may have different adversity to risk.

Speaker 2: 12:17

For example, somebody may be one partner may be much more conservative and the other one is more of a risk taker. So you know, to be on the same page and making sure that that both are comfortable, um, you know, is a is a big challenge but also is really important. And I always said to myself like, because I'm the more risk, um, you know I take more risk, I want to go fast and but I but I always remind myself like I don't want to end up alone in my castle, like sure I could build, I could build faster and I could. You know, I could invest more. But what's more important is my partnership, right, and I want all these nice things, but together. So I kind of often have to like remind myself like it's okay, like we're in this together and there's no, it's not a race, right? Yeah?

Speaker 1: 13:07

no, agreed 100%. I mean, even in my mastermind there's a lot of couples. But then in my situation, like I'm married but my husband's not part of it, and I think it really in some case can come down to just personality type. Like I'm more of the driver when it comes to stuff, I've got the entrepreneurial background. You know he's handy If I had like a rental it, like help fix it, but he's not necessarily going to be the person out like finding the property or like negotiating the deal or something like that. Right? So I think you just have to identify where your comfort level is and where your strengths are and then ideally compliment each other's weaknesses to pull up the slack where you can. Now I know you talked about obstacles and lessons and things like that. When you look back at something like you know the, the custom home that you were trying to build, knowing what you know now, what do you think you would have done differently if you could go back and change anything?

Speaker 2: 13:56

Well, first, I definitely would not have sold my house. I would have checked more financing options, right. And now I know that that just because you get a no at your first bank, it doesn't mean that you know the second or third or fourth institution is going to give you the same answer. Right. So they I. I had no idea, I didn't know.

Speaker 2: 14:18

I thought, well, they must, you all, you must use all the same calculations right when determining if they're going to finance your project, and so that's a big lesson and I've also brought that into now. My real estate investing and I made offers on like an eight flex, for example, last year and it took us, you know, knocking on maybe four or five different financial institutions before we got the financing that we wanted and we needed for that unit.

Speaker 1: 14:46

So yeah, yeah, no, I agree completely. I mean, even among the investors that I know, like being self-employed for years and years, it was never easy, like they just don't like people that are doing anything outside of the mainstream. So I think, yeah, having more contacts and less. And I even found there was one broker I talked to and he got upset because I was talking to other brokers and I said, well, if you can't deliver, I don't have time to pick up the pieces if you give me a no. So of course, I'm going to talk to at least a few other options, just because I need to see who can bring me what I need and what I want. Right, so I think that's smart. On that note, we're just going to take a really brief break for a word from our sponsors and we'll be right back.

Speaker 1: 15:23

Inspired to Invest is proud to support the Beyond Success program. In today's complex world, it's absolutely crucial for our youth to learn how to take charge of their financial future. We believe that every young person deserves access to accurate, practical financial information. Designed to bridge the gap, the Beyond Success program leverages a comprehensive educational boot camp to equip young minds with essential financial literacy skills. At Beyond Success, it's not just about Thank you us. Together, we can build a brighter financial future for the next generations. Thank you, thanks again for following along with this episode of Inspired to Invest.

Speaker 1: 17:29

In addition to real estate investing and running my own brand experience agency for 18 years, I also published a book called the Accidental Entrepreneur in October of 2021. This is my story and it chronicles how I turned tragedy into triumph to embrace my destiny in entrepreneurship. If you're interested in picking up a copy, you can find the link at serenahomesrealtorcom and you can also find my link tree with all of the retailers in the details below. Thanks again for your support. Hey everybody, welcome back to the Inspired to Invest podcast. I have Genevieve Viano here from Ottawa and she's talking about her experiences as a lawyer and real estate investor, and before the break we were talking about a custom home that she attempted to build during the pandemic and subsequently pivoted into some other strategies. Now I guess one thing that I want to know what would you say is one of the craziest things that you've experienced so far as a real estate investor?

Speaker 2: 18:26

The craziest thing, okay. So one time last year was looking for a, a vacation, like we wanted to rent an RV for my family to go and just to enjoy near the water and in New Brunswick. So I reached out to this person on Facebook marketplace. I'm like I see an RV ad. I'm like, yeah, okay, you know we're interested and they're like, okay, give me a call. And then I give them a ad and like, yeah, okay, you know we're interested and they're like, okay, give me a call. And then I give them a call and you know we talked about the RV.

Speaker 1: 18:54

I book it.

Speaker 2: 18:55

And then at the end we realize I realized that actually this person is a serial entrepreneur that I worked for when I was a teenager and I was managing an ice cream shop. Oh, wow, at the end of the call I tell them oh, by the way, like I'm interested in real estate investing, you know, if you know of anybody who wants to sell, you know, in the area?

Speaker 1: 19:18

just let me know.

Speaker 2: 19:19

And he's like, yeah, sure, and we kind of left it at that.

Speaker 1: 19:22

Yeah.

Speaker 2: 19:24

And then the next morning I get a voicemail and it's him again and I didn't even know that he owned property. But he's like hey, listen, I've been really thinking about selling this like 12 unit that I have. I don't want to sell it to just anyone. You know I used to like it's been in our family for a long time and you know let's talk about it, so. So in the end it didn't work out, but I just thought that was so funny. Like you never know who you're talking to.

Speaker 2: 19:51

So, if at the end of a conversation, you just tell everybody you talk to I'm into real estate investing. If ever you hear about anything, let me know.

Speaker 1: 19:58

Yeah you never know where that's going to take you just goes to show what kind of a small world we're living in Now. In terms of your guidance with Wink, for example, like I'm sure you're surrounded by a lot of other people that just have learning all the time. Would you say there's anything that stands out to you as the best advice you've been given?

Speaker 2: 20:19

Yeah, the best advice. I don't know if it's advice per se, but a quote that really kind of changed the way that I look at myself and my goals and just life around me is. And the quote is why not me? And that's really impactful for me because I was just looking at other people leading the life that I wanted to live, right.

Speaker 2: 20:51

I remember this specific moment and I'm like sitting on my couch, I'm folding laundry, I'm on that leave with my baby, my third daughter and I'm watching House Hunters International this is my favorite show and I'm watching all these people visit houses around in Mexico, wherever it was. Yeah, and then I asked myself like what am I doing here on my couch, watching other people lead the life that I want to live? Like that that's not me. Like, yeah, why not me? Right, and I think that was kind of like a pivotal moment. I kind of got angry like what am I doing here? Yeah, yeah, watching other people, uh, living right. And sure, you have fold laundry and you have to care for babies, but there's a time and a place. But that kind of really opened the door for me to like new opportunities and just allow myself to admit that I wanted something else.

Speaker 1: 21:42

Yeah, no, I think that's smart. Now, in the beginning we kind of talked about how you went down this road, because you're looking to kind of create that sense of financial freedom for your family. Would you say that you've defined a particular financial freedom number, whether that's the size of a portfolio, cash flow doors, like whatever that may be?

Speaker 2: 22:00

That's a good question, because I think financial freedom means something different for a lot of people and it can be quite personal. And for myself, I don't think that I'll ever want to not work Right, so I would like it to be like work optional. It's like, yeah, I know myself, I have so much energy, I'm always going to think of new projects, I'm always going to want to do something.

Speaker 2: 22:22

Yeah but I would like really to be work optional and that's going to happen when I can make the same salary as I was making, um two years ago as a lawyer, because I have this goal to retire. I put this goal to retire in 10 years.

Speaker 2: 22:39

Yeah, um, and that was, you know, almost two years ago now so that's kind of like my baseline is when I'll be able to replace that salary. And you know that could be with consulting, that could be with other projects, but it's not something that is, that I am chained at my desk from nine to five.

Speaker 1: 22:59

And that's the thing I think sometimes people think about this. You know the word retirement and what that really means, right, and I think people want to be free of being chained to, like a nine to five or being chained to a desk, but I think it's still really important to still have a sense of purpose and to still find ways that you feel like you're contributing and things like that. Because if it's not realistic to think you're just going to go and drink mojitos on the beach or something, right, so like it's good for a period of time, but I think that'll get boring after a little while, right, so I think it's really no offense to mojitos and no offense to the beach, but no, I mean, I love that after a week or two, you're kind of like you get a little stir crazy.

Speaker 1: 23:33

You want to start doing things right. I think that's normal, but I think it's just having that control over how you spend your time and how you spend your days. Um, now, in terms of how real estate investing has changed your life, would you say that you have experienced any of those positive impacts up until this point?

Speaker 2: 23:50

So I think now, because I'm fairly new to it, I'm still really in the grind of like working, of building, I'm like planting all these seeds so that in a few years it will be really life changing. But what I can say is that it's changed my perspective and now I see opportunities everywhere. Yeah, and as opposed to before, I kind of felt stuck right. I had done what society wanted me to do. I went to school, I got a good job, I got a great husband, I had three kids, but then what you know, I was really and this is personal, but I have been either pregnant or breastfeeding for seven years in a row. That is a long time.

Speaker 1: 24:35

Cause I I'm sure you've heard like they say, usually the more successful a woman is the less children she has, and the more successful a man is, he tends to have more kids. So to be a lawyer and have three kids and be doing all of these different things like I think that's amazing, because the average person maybe in that role maybe wouldn't have gone down that path. So you had a lot on your plate thank you.

Speaker 2: 24:55

I have a lot to give and I have a lot of energy and, believe it or not, my husband has even more energy than me. We're just quite active people.

Speaker 1: 25:03

I yeah, yeah, no's amazing, I guess. Now, in terms of quotes, I know you talked a little bit about one of the quotes that impacted you, but since this podcast is inspired to invest, are there any quotes that really stand out to you as something that really motivates you or inspires you?

Speaker 2: 25:20

I will say and that's pretty suitable because I started investing in a market that is a bit challenging, right, um, and to me the quote and you know it's a bit cliche, but I think it's true and it's not timing the market, but it's time in the market, and that is also true for, um, depending on your strategy for investing in stock, the stock market as well. Uh, so this is not like a get rich quick thing. You know it really, time will build the wealth and you have to give it time, yeah, and I think if you can be successful in this market, then you can be successful in any market, because you really have to be creative.

Speaker 1: 26:06

So I will say that, yeah, no, I agreed. And patient, I feel like that's been a big thing I've seen with people in the last year, especially now in terms of leaving off with any pearls of wisdom. Is there anything you'd want to leave with the audience that could be watching or tuning in?

Speaker 2: 26:26

Anything else that I would want to leave. Well, if you are interested in investing in real estate in internationally, so in mexico, costa rica, somewhere that will add to your quality of life, don't get intimidated by. You know, it seems more complicated because you're not there, because you're not there physically, but at the same time, it could be easier because you're not there, because you're not there physically, but at the same time it could be easier because you're not there physically. Um, you know, when I was setting up my vacation rental in in New Brunswick, it was a lot of work, it was fantastic and it was kind of like my baby.

Speaker 2: 26:58

And when I was leaving to come back to Ottawa, I was like, oh my goodness, like we're leaving, I'm not going to be there if anything happens, but at the same time as I'm driving away, I'm like, oh, we're leaving yeah, the further I was getting away like kind of like okay, like the more you have to trust that you have systems in place and it is a bit less of a burden mentally to be a bit further away from your investments. So as long as you have, like, the right people and the right systems in place, don't be too intimidated by investing internationally. It really that's what you would like to do.

Speaker 1: 27:30

Yeah, no, I like that. Now, in terms of where people can find you if they do want to connect, what's the easiest way for them to reach you?

Speaker 2: 27:37

I'm very active on Instagram, sharing my story, my journey. They can reach me by DM at from lawyer to investor Okay great.

Speaker 1: 27:47

So that's obviously pretty simple. We'll make sure that we leave that and any other contact details in the show notes below, of course. Thank you for taking time out of your very busy schedule to join us today. For anyone that is watching or listening, please make sure that you like, comment and subscribe. You can also leave reviews on various platforms and, of course, make sure you're followed along at inspired to invest podcast on social and, above all else. When you invest in yourself, the sky's the limit. Thanks again, thank you to the Multifamily Conference for bringing you this episode of Inspired to Invest. The views represented on this podcast are for general information only and does not constitute investment or other professional advice or an Thank you.