Couple months ago, Quang was broke and lost in life. He bought my mentorship course at $50,000 a piece and he was able to buy his 1st investment house, make a killing and become rich couple months later.
Ops…I am sorry. If you are looking for those type of life changing stories from the Gurus that sell you the RE course you won’t find it here. I am not telling you it’s a bad idea to buy those courses. It worked and a lot of people get started that way. There is a better way, in my opinion, to go around thing and get started in Real Estate Investment. This year, I am very humble and honor to help this couple and now good friends of mine, Quang and Chea got started in Real Estate . There is a saying that said, “teaching is the best method of learning“. There is so much to learn by teaching and mentoring other people.
Quang did a very simple thing to get started. He picked the phone up and called around!! Reading and research are very good. But real estate is a people business and it requires the movement of your mouth to make things move around! (Hopefully, there will be one day where I can just go to Amazon, put some houses or apartment to my cart and check out!) We met for lunch after the phone call and Quang simply expressed his interest investing in Real Estate. He is neither broker or desperate in life by the way. Quang and his wife are simply high-income earners and they want to magnify their wealth. Real Estate investment are designed to do just that! We often heard stories about how investing in real estate can turn a person life around. If you are already well positioned financially, Real Estate WILL magnify your wealth (and reduce your taxes legally)!
Couple lessons that I learned from Quang during the process of helping him
- You can make your money somewhere else and then invest in Real Estate: If you are good at what you are doing. by all mean keep doing it. Save up the money and then invest It. You don’t have to quit your job to invest in Real Estate. I don’t quite understand why most Gurus encouraged people to quit. If you hate your job, then yes. If you love your job, keep it and be the best at it! There are plenty of ways to invest in real estate passively (article coming up on this) without quitting your job or what you love to do.
- OPM/OPT/OPE – Real Estate differentiates itself with other asset class by the ability to leverage. in our Asian cultures we often teach our kids to pretty DIY everything from beginning to end and getting help is cheating. This is a bad concept in RE and I urge you to get out of it. Quang was able to leverage my expertise (OPE), money from the bank (OPM), and leverage time from property manager (OPT) to close and manage the investment. No drama here.
- Persistent and consistent: This is probably the most challenging time to acquire investment real estate. But hey, if you keep on the engagement and be persistent, one day you will break the wall and land on your 1st deal.
- Show Up Quang lived very far but he still put in great effort to show up at all the meetings and connect with the right people. Show up show up and show up
This is a true story – no drama about a couple who started in Real Estate Investing. Quang simply made the phone call and get in touch with the right people. He was able to leverage the expertise,money,time and network around him, located the deal, locked it in, closed it and rented it out (the house is actually already leased. Can’t beat that)