$100M In Real Estate From Scratch

immigrating from Vietnam to owning a hundred million dollar rental portfolio and earning six figures in passive income thatchwin Reveals All from how anyone can start a real estate Empire without having a dollar to their name to a simple yet overlooked formula for getting two houses for the price of one if you don't have the money at the beginning you can still learn how to come in and find the opportunity I'm gonna get 20 25 pounds a month in positive cash flow for the rest of my life that's a way better do than flipping the house and when you do that now you got 12 paid off houses and you can live a good life what are some signs that you look out for of knowing whether that's going to be a good investment or not I want to show you what's really cool what I'm teaching monkey how to do at home right now you ready okay all right here we go wow foreign ER the show's new host and I'm very excited to be in the heart of Seattle with real estate entrepreneur and investor if that's when that's baby what up hey so glad to be here with you thank you sir thank you sir welcome to Seattle City Seattle yes all right well let's get right into your story if you don't mind so tell us how long have you been in real estate and how did you get started in this business so I got into real estate in 1991. I was 21 years old I was the youngest realtor in Seattle and I saw it as a real estate agent in 1997 I met my first Mentor who says if you want to be rich you can keep selling real estate but you want to be wealthy you got to own real estate okay so he's going to teach you how to own real estate and from there I saw the seller real estate to make the money and I started taking that money and instead of buying real estate and that's just how I got started so this is your townhouse here yes sir five town houses over here we're all rooftop deck looking all to downtown Seattle awesome be sure to go check it out yeah and uh before we check it out just to give you an idea that a lot behind there we built five more Town Hall just like this okay this FYI so let's go inside all right let's check it out thank you welcome in brother wow all right so you got started at a very young age 21 and your career grew steadily from that point forward so did you get any help from say a mentor and what sort of advice did they give you that changed your career when I got started I started the real estate agent and I had a mentor and then with Mike Ferry taught me how to basically be a top real estate agent and he taught me there's two group of people there's people you know or people you don't know who you don't know it's a big group spend more time marketing to them more business and then on my journey I met another Mentor named Saul and he's taught me a lot about investing in real estate how to own real estate let's hold that right there because later on thatch is going to share about how a mentor drastically changed the trajectory of his life and his business and he's going to share how you can get a mentor yourself too how long does it take after purchasing a property to see a return on that investment yeah if you was buying something to fix and flip you should automatically know if you buy that pop at a certain price and it's gonna cost this much to rehab or build it and you should already know what the end price will be it should always be a profit you should know that and so as soon as you get done you should make it pop automatically now for rental property work the same way you buy property you know what it cost to rehab and clean it up uh or build it in this scenario we build brand new you should already know what the value is you should already know what the mortgage what you can rent it for and you should make profit from day one like this building the rent for this is going to be probably 49 000 a month and the mortgage on this is going to be about twenty five thousand dollars twenty six thousand dollars a month so you automatically make positive cash flow every single month when you're building how does your experience as a real estate agent grow you to be able to be a good investor in making those purchases and how did that transition affect your overall profit margins yeah you know when I started I didn't know all the areas well like what area had better appreciation what area had better higher rent and so when I was showing houses a clientele I started to notice man my client bought this house in this area a Seattle and then you know 10 20 years later they end up selling it I go back and sell it and it went up massively in value and in a certain era it didn't do the same so I knew I was going to buy real estate I want to be in the area where I had good appreciation and high rent okay have you ever wondered what the profit margins are in the real estate industry well keep watching and statue is going to share what he's seen for his profit margins on the deals he's made in real estate what is one thing that you did differently than other real estate companies around here and how is that driven your success um I am like a fanatic on social media I realized that if you really want to have influence in this real estate business yeah you gotta actually use social media okay and I learned this two years ago when I started my Instagram Channel you got to give a lot of tips free tips free gem every day consistently about every aspect of real estate here's the path of generation of wealth step one you gotta have knowledge and that's how I grew my brand that's how I find a lot of my deals today yeah how often are you posting on these social media accounts I post seven days a week we post two on Tick Tock two on Instagram two on Facebook two on YouTube shorts and then once a week we post YouTube so seven days a week that really is intense like you're talking about so why do you have to have that sort of consistency uh you know when I started I want to make sure the algorithm is going to work till my advantage and frequency is one and creating good content to other ones so I wanted to make sure that I always give out good content and I want to create a lot of volume that's why I do it you don't have to do it but if you want to grow your follow fast and you got to do both all right that's where we're at now and what was built here so we're in the heart of the Seattle area this is called clemency this is a very hip area now what you should be here was an old purple house and then we tore down and we put a 31 unit apartment building uh these are micro departments what make this uh very well it's this area it did not require parking for any unit oh because when you put parking all the parking garages you don't make any money on that [Music] how much did you invest to buy your first property and where did that money come from yeah so my first property bought which is not too far from this location my house was 105 000 and it says I never owned a house all I had to put down was five percent down as the first time home buyer and that five percent of 110 is about what fifty five hundred bucks and I actually got that money from selling real estate as a realtor I paid my commission money I bought that and then after I bought the property I went and cleaned it up I made a stadium for maybe a few months and decided you know what I'm gonna turn into a rental and then uh I turned 902 rental from there and there's been a rental since now I still own it today today that part was worth 750 000 so how about the viewers that want to get into real estate but they don't have any money what's their first step I think the first step for those people is they got to learn the opportunity real estate the second thing I want to learn about the real estate you could flip property but Ultra you want to own real estate if you don't have the money at the beginning you can still learn how to come in and find the opportunity because if you can find the opportunity you could actually sell those to people who have money and then you can get a fee for every time you find these deals there's a terminology in real estate called wholesaling so the key is learn how to find deals okay so we're at the bottom of a four-story micro apartment building we're in the lobby and there's micro apartments above us yeah there's some all along this hallway there's something to blowing and there's a bunch above us also oh okay let's go check it out let's go [Music] so we are standing in a micro apartment this is super interesting share with us how many square feet is this and what do you offer inside of these depending on the layout it range for anywhere between probably 250 square feet up to maybe 325 square feet so this layout right here it's about 280 to 90 square feet okay and so the concept here we want to create Apartments where it is brand new but make it affordable for people and that's up my alley because I want to really help you know the people that are more of the beginner right just like I came from Vietnam we didn't have a lot of money and so the people I love to help are what I call the underdog or the less fortunate and then help them get a leg up yeah I want to touch on that more too later in the video okay um but uh what's the price point out for a place like this these you and our hair range from 1250 to 13.50 a month so you have Micro Apartments and Townhomes so what are the differences in investing in those if you compare the site that we just talked about earlier not a lot it's about also you know fifty five hundred six thousand this lot is about the same size but this one didn't require parking and so when there's no parking required then the highest best use is to build apartments and so we can get more unit on the same lot size than we did on the townhouse so at the end of the day you make more money building apartment building and you get more rent every single month yeah compared to the five unit row house okay you do a lot of coaching so how did you get into that and how can people find mentors nowadays well when I started I had no plan on doing mentorship I just was just doing that out building buying property running it out and when social media started two years ago I just went on the platform and I started sharing everything I'm learning all the tips that I learned how to do all the failure I made and the more I share all these ideas and thoughts and experience people started DM at me asking me man thanks for the tip that she knew 10 people 20 people 100 people thousands of people just are emailing me asking me do you have a coaching program and then about two years ago we started the coaching business and just giving people more of a structure on how to invest in real estate okay can we get a little bit of insight into that how much are you making what's Revenue like on that yeah my springboard company that's my coaching business you know we help probably about five to ten new students a day to come in we generate close to 8 million bucks last year eight million in one to two years of starting in your coaching business the last year we did about eight million bucks the year before that we did about seven this year we're probably gonna fly over 12 million bucks this year if people want to learn how to do this and I teach the real basic on how to do real estate most of the time I teach in residential real estate how to find homes that do a lot of work flip them or pick them up put the ad in the backyard keep my rental no yeah all right guys there you go become a master at what you do and in one to two years you could have a multi-million dollar coaching program too all right so if somebody makes a bad investment what's next for them first of all you got to learn what you actually did to make that mistake and after that then you got to figure out hey if you can actually solve it sometimes you gotta take a hit on it and if you can't fix it sometimes better off to let it go walk away and start fresh again and just take that as a learning lesson so what are some ways that you can recoup some of the losses or Salvage that investment um like if I was buying real estate and I overpay for something and then by the time I get done rehabbing it and the property is worth less than what I should have sale for and sometimes either you can hold it right out of the market a little longer or take a hit just sell it take a loss on it just get some of your investment back and then just move on and learn for the next time you don't make that mistake again have you had to do that quite a bit many times when I was younger hey up flip gang almost 50 years ago my family came in Vietnam with a hundred dollars in their pocket fast forward today I managed to build over 300 homes and apartment building and complete over a hundred flip and currently have over 100 million dollars in real estate that generated me monthly income I want to help everyone do that in order to do that I broken everything down from A to Z in my springboard to wealth course I'm gonna share with you the unique method and unique strategy on what I use to actually get to 100 million dollars in real estate the method I teach it works in any economic cycle in this course you're gonna learn how to find an undervalued property how to structure deal learn the financing options available to you and more importantly set yourself for success by owning enough rental property so you can retire it took me 30 years to develop these proven method and strategy and I laid it all out in this course if you're looking to build generational wealth for you and your family with real estate investing I invite you to go visit the link in the description below now and learn more about my mentorship program springboard to wall so thank you for your time let's get back to the video what's the most difficult part of investing in real estate today and what's your strategy for coping with those problems I think the most difficult right now is the high interest rate because interest rate causes you know I mean the uh mortgage to be high and if rent is not Rising because of the economy going right now you really have to think how do you actually find property where you can actually add value and create a lot of value so that you can still make money in these kind of times and this is why the niche for Seattle right now is the multi-unit townhouse I built and the single family home and putting the Adu in the backyard yeah that's how I cope with this today's market and how to do real estate with the heightened straight because these type of property make good uh equity and good rent so today with insurance High you got to really get creative and find the rights of a proper know how to create that extra value yeah so you can get good equity on them and where you can get more than one unit on one property so you can get better rent so I I saw on your Tick Tock you've mentioned something about the mindset of abundance can you tell us what that is and how that's impacted your life there's two point of view one is you know there's not enough and then this other point of view there's plenty of enough out there so many people focus on lack yeah not enough opportunity not enough deals not enough air to breathe not enough you know just not enough I have learned early on uh from a lot of my great teacher that there is plenty opportunity plenty of deal plenty of friend plenty of air so you don't have to worry and fight about it because I know there's plenty of opportunity out there and there's enough for everybody to share yeah so you do you you focus on your deals and you don't compare yourself to the good or the bad competition nope I just say you know what there's plenty out there it's enough for everybody I'm gonna give mine to you I can get yours did you write a business plan and what should a new investor do in terms of planning before they purchase their first property the business plan owner right now is pretty simple in my opinion they're gonna ask themselves right now at what age do I want to have the option of working at work let's say you pick 45 then I will say to you how much passive income do you need to have every month to live comfortably if you're a debt free let's say you pick 25 000. then I would say what's the average rate in your area and you say it's two grand so then we figure out 24 000 or 25 000 divided by two you need about 12 houses so now the business plan is you need to focus on getting and accumulating 12 houses once you fill in a cube run the 12th house then just stop for a minute and stop paying down those 12 houses and when you do that now you got 12 paid off houses and 25 000 and you debt free you can live a good life you know forever okay so it's important to have a plan in place before you really get going and on top do you want to have it do you want to learn to learn how to raise Capital the right way to invest in real estate well episode 32 of our podcast we interview Emma Powell of Powell Ventures and she reveals her tricks so you follow interesting but often overlooked formula that includes purchasing a property with a big enough yard that you could do a second construction on that so can you break down that formula and exactly how that works yeah in Seattle right now and it's happening all across the United States city council are all having a problem with how do we create more housing for the growth and how do we create more affordable housing okay so what they've done in Seattle which I see across now all across the United States happening more and worn out especially in density they take a single family lot and they say you know what we want to create more housing so they allow the owner to actually put a second structure in the backyard okay if the backyard big enough so what do I do when I buy a property I remodel the house in the front and then I will keep the house and then in the backyard I'll build another house in the back like for example this property right behind you got right here so how many times have you done this a lot I'm doing it right now I got like 10 of them going right now and it's crazy how much money you make with that's a fixer for like 500 000 we'll put about 100 Grand into it and I think now we all easy to eat but then I get a bad girl for free then I build me a house in the back with about a thousand square feet for 350 Grand and the house in the back I can sell for like 750 000 you make 400 Grand in the back house instantly like that so too for the price of one yeah that's crazy right what are the key skills that you need to succeed in real estate uh number one you have to be someone that gotta know how to go out and find the opportunity these great deals that I'll keep talking about you're gonna have to skier to go out there and go find them and you got to have this gift in the how to evaluate them and have multiple different lenses know what you can do on that property and then of course they'll ask you is you know you gotta know how to basically have a team Cook together so you can actually boot that thing out and what type of person tends to do better in the real estate industry for me I actually have most skills I love hunting for the deals and I love analyzing and putting people together my wife is not a hunter she's more of a person where if I find that it'll bring her she analyze it and then she will execute and put it together yeah so my wife and I we work together well okay we both got both of those skills the front end skill and the back end skill what's the best business advice you've received and how did that help you grow your business I think the best one was from my friend Saul my mentor still today and you can be rich by flipping houses selling real estate but you only can be wealthy if you own real estate because later on when you get into your 50s you should have plenty of rental property and enough passive income where if you choose to want to work anymore you can if you don't want to work you don't have to so he said that's what like all Freedom option a choice yeah so my goal with when I was young go make a lot of money doing this take a lot of cash and buy a lot of real estate holdings and that's why today I'm a big Advocate on holding real estate more than freaking real estate so somebody's just starting out they don't have friends or other people that they know of that are in the business so how can somebody build a good support system around them professional networks and how do they go about cultivating that and building that Network yeah that's a good question real estate is a scary thing when you do and you need to hang out with people who actually have done it so you can learn from them my springboard mentorship program we have a whole big giant Community we have students from all across the United States we have over 3 000 students and like in Seattle we have probably 150 students to all the springboard students in Seattle where they all hang out with each other now you're not part of springboard for example there's Facebook group and then they host live Meetup to go there and learn from there but you definitely want to have some kind of a network in your town in the airway invest go hang out there and be in those Circle monthly so you can actually build the Courage the confidence know your Market better because people share that like you definitely need to be part of a community otherwise it can be a lonely scary thing doing real estate without nobody all right we got some Blitz questions from our viewers so that you got 10 seconds to answer these questions thank you I'm ready I'm ready let's go all right well thank you to the real JC for submitting this question this one is how did you get started on the development side I used to sell land to my friend and today partner named Paula velardi and then we started doing a relationship and then him and I sort of partying together and we try to build our stuff together and today we still build stuff together that's how we got started this one's from Ronnie Sharma I heard about the depreciation of real estate to reduce taxes how does it work exactly so let's say I make on earned income a million dollars a year and let's say all my real estate when I start to write off all the taxes let's say there is 200 000 with the depreciation so now instead of paying tax on a mean that I'll pay tax on 800 000 all right this one's asked by Era do you use the same construction company for remodeling where do you find Reliable workers yes so I have the same general contractor for remodeling houses and then I have a different General there's new construction okay and I get them from refer from other people who have used them and have good things to say about them and that's the best way to get them through referral what is your average monthly revenue and how does that break down between your various businesses yeah so if we talk about real estate I have probably hundreds and hundreds hundreds of houses and apartment buildings and I take all my Revenue the gross rent that comes every month and I minus the mortgage minus all the property tax the property insurance property manager at the end of the day a positive profit cash flow every month I get about a little over 100 Grand a month so for example like these I might get 3 500 a month in rent but I have a mortgage on it yeah each one of these I make about a thousand dollar positive profitable per unit so this is like five thousand dollar that every day I wake up in the morning I see that five grand yeah just for this yeah that includes all the other buildings yep and so with how many other properties you have it's kind of tricky to know the the top number because it gets cut so much by those mortgages yeah I have probably close to 100 single family houses and I have probably hundreds of these townhouses and apartment building all around Seattle wow yeah how many total properties do you currently own and what's the most common type of property is it residential commercial industrial yeah in single family I probably own maybe close to 100 houses around Seattle I pretty much invest in Seattle and then I have multi-unit like these townhouses we probably own 50 plus 60 plus of these town houses then I own a budget apartment and I actually like all three of these that's why I don't go out of this space I do Residential I'll do more to you and I do apartment building to me dreaming big is that about going wide do you make to be known with your mission and going deep what is the best way to grow Revenue as a real estate business you gotta have earned income to buy rental the more income you make the more rental you can buy the faster you make more income the faster you can buy more rental so there's a lot of where to actually create earned income you can be a realtor if you're an agent sell more houses or you go out there and you can buy houses you can fix them up and flip them and then also what I do is I buy property and I actually rehab house in the front I put the Adu in the back and early in my career I didn't have enough money so I would sell one of them keep one of them probably 25 percent of my portfolio I sell them to make Revenue coming through the front door so I have money to actually keep the rest of them okay that makes sense yeah yeah how have you used social media to grow your business I realized that social media now is the big giant billboard now it's free and so how I've used it is I have basically go on there and I just give away free gem free education field tips all day seven days a week how to make massive profit using a bird strategy and by doing that it did help me become an expert in my real estate business yeah from there a lot of people just DM me and they ask me for coaching they asked me for hey I got a deal you want to buy it we make money for doing that it's crucial that people learn how to do social media today because pretty much 99 of my business come from social media now what tools and strategies do you use to keep track of and manage your leads view machine is an app that we use a lot to help us find the fixer they help us track how to actually drive them in a nice area so you don't lose time it has a CRM in there where we could track you know and host all our lead in there it has a mailing system that go out of there so we use a lot of that and I have a little CRM on the side that I do but anybody can have that service because they make it available for everybody you are managing so many different projects and your financials are probably all over the place so how do you manage that keep track of that what software do you use yeah so what's funny about I don't even know all the details like software my wife is the head boss of the financing my brother-in-law and his wife they manage all the property they're the property manager so basically we create a whole bunch of different business uh banking accounts we have a bank account for all the residential and then all my commercial we have our own banking so when rent comes in if the residential go to this big if it's commercial all the rent goes in this bank and then our property manager which is my brother-in-law and his wife they will take a look at that and they go okay we got a deal for all these houses we have all these commercial buildings they write all the checks they confirmed with my wife Cami and then basically after they pay everything out then the left over everyone is basically all profit every month and that's how they manage it what are the key metrics that somebody should be looking after when they're looking over their financials and real estate investing oh yeah that's good one let's just say real simple you got to make sure that when you get your rent and you got to make sure you pay attention to all the different things like you know mortgage insurance right property manager right all these people you got to make sure you track those because people sometimes they don't look at them they write the check and they don't realize sometimes they're extra bills in there that's not supposed to be in there that somebody weren't paying attention and you end up paying a lot of expenses out and you don't know my wife Cami and brother-in-law and his wife they look at all the line items to make sure that we're not paying more than we should be paying yeah so they track it every little detail on the bills so what is the best place to find properties to invest in again if I'm just using Seattle for example you have to do your research through say multiple listing service Redfin we have a lot of you know different uh apps that we use like you know deal machine right they have apple and you can figure out what area it does better than others then you got to figure out what area that does well and then you want to go in that area and go what is doing well in this area and what's good about this area is the city of up Zone single family zoning to multi-unit zoning and that's why I like buying these because the play and the Hidden Gem is you buy an ugly house and then you tear down and you put five townhouse on it and that's when you make big money okay so you talk about using Redfin Zillow can somebody go and do that on their own or do they have to have a real estate license and use a professional to find those properties you can do it on your own you can figure out you know in uh Redfin what an area that's hot where are people buying right where's all the hot spots then when you see those everybody is buying those then you want to go out and find where can I find a house that needs some work that has a backyard where I can buy I can do the same thing and that's how I actually did it so you've touched on this a little bit but how do you choose the properties that you invest in and what are some signs that you look out for of knowing whether that's going to be a good investment or not yeah that's a good question I looked for a home where the house need a lot of work the house sits more to the front and there's a yard and a bat and when there's a yard and back I know I can put the Adu in the back and I want to make sure there's an alley which is very important and even better if I have a corner and it has to be in the area where I can get high appreciation and arrow I can get higher rent okay and so those are the components and I do the same thing when it comes down to multi-unit and apartment buildings I look for those kind of little things that really separate a good deal and average deal okay now on the other hand what are some red flags for an investment property and what about those red flags would give an investor pause there's so many red flags people can watch my social media Tick Tock Instagram I share a lot about that but I'll give you a couple one if you buy a property that has bad design or a bad feng shui for example right I mean the door is facing way sometimes you can't change that you have to regut the whole entire house to redo the whole thing sometimes it ain't worth it no more another one is buying a house or my property next to like elementary school or high school there's so much traffic there or another one of you ever develop or build new construction trying to stay off the main drag sometimes when you have to bring lumber in or you hook up utility you got to shut down the street okay and when you shut down so you paying for the setting down the street and it costs a lot of money to do that yeah those are bad Flags okay what about those common things that people think about like the age of the home and the foundation and things that you can filter on uh Redfin that's right if you are buying a house that's nice to live in you definitely gotta watch out for the age or foundation problem but if you're an investor you like that because you want the house to really be really tired a lot of problems because you get out of your price and then you can always rehab it fix it it's a negative for people who's buying it who don't know how to fix it up yeah but it's a possible investor like me because we want them like that all right so tell us about the difference between investing in real estate date and flipping properties and which one do you think is better for a new person into the real estate game yeah so when you do in the game you probably don't have a lot of money oh credit to actually own real estate so of course you got to go out and flip property you got to buy it you got to fix it up and you got to flip it now if you're smart you flipping and test how you put me you make the money make sure you don't spend all that money say some of that so that you can actually buy some real estate tomorrow yeah at the same time get your credit ready so you can actually own real estate there used to be a House of Hair the purple Little House most investors would have solved this property there to fix it up and flip it and probably made maybe 150 200 Grand yeah but I see something bigger I tore down I've built this 31 year Department building this building I'm gonna have probably close to two million with the profit and then every month I'm gonna get probably 20 25 pounds a month in positive cash flow every single month for the rest of my life that's a way better deal than slipping a house yeah and how many years do you see until you pay this property off I would probably say the next property Champion team here I could get this thing paid off and then it's just straight cash income right and when that's paid off this is probably can bring me 40 Grand a month oh my God every single month for Life yeah because it's going to appreciate that's it yeah that's it what are the key roles of team members on a real estate business team and how many employees do you have right now yeah so first of all my wife my wife has an assistant that managed a lot of the back end and then I have Lorenz who handle the social media and then also myself and my brother we actually go out and handle basically how to find the deals and then I have a lot of my students that I'm trained in Seattle they go out and find a deal around Seattle and some of them they buy and they can't buy them all then they said I mean I buy it so they also become my Army they're finding deals so which is a great way I don't have to pay them but for employee um my wife sister and then Lorraine we pay him and that's my whole entire staff now when it comes down to the construction then we hire a general contractor like this building here we hired my friend Chris Walt she on CMAC he's out on all payroll we pay him to build for us so the only person to pay out of my payroll is Camry sister and Lorenz and everybody else all contracted I paid yeah okay I keep my company very lean small yeah so a little bit of a family business that's pretty much it all right so what are your profit margins on your revenue and is that typical for the real estate industry yeah so when I buy a house called a purchase price and whatever it cost to rehab it I like to be all in that 70 of the value when it's done so let's say a finished product worth a million bucks I like to be all in purchase price and the rehab or the built 700 Grand so I mean my margin is 30 so is that typical no most investor 15 to 20 Max when I learn about real estate is the higher the standard the more peace of mind you have the lower the standard the less peace of mind you have in real estate investing so what are some of the tips and tricks that you have for how to get to that 30 level if most people are at the 15 margins that's right two things one you gotta know what type of property to buy where you can actually add a lot of value to it like for example buying a single family home and then putting something in the backyard the key is for the front house you got to make sure you gotta buy it with more beat up so you can create some value there and then when you put the second building you add a lot more value together that'll give you the 30 yeah then the second part is you got to have standard if you know it's not going to be at your standard walk but in order for you to walk you got to have more leads and most people they don't spend time marketing enough to get enough lead so they definitely Gotta Buy what they can buy so earlier on you mentioned that you found a mentor that shifted the trajectory of your life and you have tips for how somebody can find a mentor of their own tell us about that yeah so when I met my mentor Saul he was the owner of the John Scott real estate office I work out of and Saul said look come to my office and just be you and if anyone want to help you know how to be better Real Estate just give it some tip in return what I do I teach you how to make money when you're sleeping and I was like I love it so it's tall taught me when you're 21 24 years old at that time he said you gotta think Beyond you gotta think long term you want to think if you're 50 years old how much cash flow do you want to have everyone coming in every month where you can actually have the option to work or not work and they says okay and he asked me how much and at that time I said I had 25 Grand a month by the time I'm 40 45 I'm good then he said to me how many houses do you need asking how that happened what's the average rent in Seattle so I realized I need about 15 houses bought paid off 15. right two thousand dollar rent right somewhere right around Zone and I realized after that I need to go make some money selling real estate and take all the money and I start buying 12 houses my focus was buy houses buy houses and when I got to around 12 I started paying them down and 12 pound 2 000 is 24 000 a month and that's that was my biggest tip I learned and I spent my tip all the way since that's why I teach other people the same thing yeah so that Mentor the goal that that Mentor gave you of 15 houses you far exceeded that yeah wow yeah and how can somebody find their own Mentor like you were mentioning find someone you can find them on you can read about them you can actually watch them YouTube you can listen to podcasts you can go to different networking someone that's actually doing and have the light that you want ask them can you interview them ask them can you work as an intern and people like that they love to actually help other people also let's get back to that point you were making about helping underprivileged families raising money for kids tell us what you do and how you got involved with these organizations so it all started because when we came from Vietnam in 1975 my dad you know he was a social worker in the Seattle area he helped a lot of the refugee come over here and get housing and get situated and when he passed away in 2007 from cancer I think eulogy a lot of people showed up and said man you know your dad was amazing he helped so many other people and in Seattle one for him I wouldn't be where I'm at and right before my dad passed away I asked my aunt why did my dad leave so early and my aunt says because your Dad's getting old and your dad is going to hand the Baton to you that way you can go out there and do more of his work since he's younger so then that started for me and so I started partnering up with a lot of non-profit around Seattle there's a non-profit Santa Claus first place and so I started buying houses build houses and I was running them to first place and then first place will house these families to give a place to come out of the homeless shelter until they get back on their feet until they can go out there and buy their own houses about two and a half years ago I partnered with the Seattle Sounders so the Seattle Center has a campaign called 26 by 2026 and so they came to me uh two years ago and asked me would I like to be involved in maybe fundraising to do a two Fields over in this area called new Holly New Holland where I grew up when I came from Vietnam and so I took a look at it and I said what does it take to do this field they said it's going to take 400 000 and sound sounds gonna match it so I made a commitment two years ago I was gonna fundraise I'm gonna do that so last year I raised 450 000 and that few were done now and we're gonna have a grand opening here in a few months wow let's go come on and then this year I want to do six seven more field and I get all my vendor that I do work with and I told her what I'm doing they decided you know we're gonna help till they donated all the material show you all the cabinet all the flooring all the lighting all the window they donated like 120 000 with the materials and products as labor and we built this house and then we just told it the other day and 100 of that proceed is gonna go donate it to the foreign close to 900 to a million dollars so I'm gonna build a lot of soccer field with the Seattle Sounder for the other perfect kid that's amazing now why should they give back investor it's in my wheelhouse it's in our wheelhouse you're already doing it go out there fix a house flip it and then donate one of the houses you know a charity and then everybody win and that's why they should do it too to get back it feels good what is it like being in business with family and what's the best part of it yeah fortunate for us all family get along very well it's awesome because you know Cam and I we go out find Opportunities and then my family they manage the property they paid the bill for us say anything that's wrong with it you know me they fix it on top of being successful in this business I think the biggest blessing is be able to teach my kid how to invest in real estate teaching the passive income teaching them generational walk and so um I want to show you what's really cool when I'm teaching monkey how to do at home right now yeah let's go check it out let's go check it out let me show you okay yeah you gotta be impressed when you see this my friend all right all right can't wait and the goal is to inspire all the viewers to do the same thing for their kids you ready okay all right here we go this is the laundry room there is three floors of laundry room so in my last apartment building that we built my kids Restaurant Hudson their Junior and a freshman now but my old apartment building we needed three sets of wash and dryer machine okay and I said to them hey you want to learn how to create passive income and then they said yeah how they said look why don't you and brother you got put your money up and you buy the wash driving machine because you got money okay and I think back then it was like to buy three sets of Washington it was like eight or ten thousand dollars that was pretty with all their money they put together they had and they're like well I don't have any more money we figured out it's gonna they're gonna make about 1500 bucks I asked them how long would it take to actually make your money back six seven months they make all their money back after that I told them man it's all passive income it's all positive you're winning so they said they did it they bring in 1500 bucks a month 1500 a month a month from how many machines there's three machine over there now we're in the new building they just bought all the washing dryer in this room and the other laundry room and you know the cost of a little more but when this is done all the machine in here and the other units down below they're probably going to bring in by two grand a month on all of it so this is their way how they learn how to actually own their own machine buy their own machine and on top of that when something's wrong with it they will fix it themselves with their own money dads thank you so much it's been an amazing time with you dropped a lot of good nuggets thank you to make sure our viewers really appreciate it so we appreciate you awesome and that's a wrap I hope you guys enjoyed the episode before you go make sure you check out our other interview with Mike Andes where he talks about getting into real estate investing for the first time and other advice for first-time investors thank you [Music]

Channel: UpFlip

Views: 790,026

Keywords: real estate, real estate investing, real estate business, real estate investing for beginners, real estate market, how to invest in real estate, real estate investment, investing in real estate, how to make money in real estate, how to buy your first rental property, real estate 101, rental property investing, real estate investing strategies, invest in real estate, how to sell real estate, how to do real estate, real estate basics, real estate entrepreneur, upflip

Id: TWCzwn3R78A

Length: 38min 33sec (2313 seconds)

Published: Wed Mar 08 2023