Have you wondered how to get out of the rat race as an employee to start investing in the real estate?
In Episode 031, Jack has invited Lane Kawaoka who is a civil engineer as well as a real estate investor. He currently has a 11 single-family home portfolio with experience in Seattle, Birmingham, Atlanta, Indianapolis, and PA. Lane is also co-owner of MFPE Investments LLC that currently controls 825 multifamily apartment and RV units. Lane will share how to transition from an employee to a real-estate investor, which is inspirational. The key is as long as you get laser-focused and work with the right people, you can also be a successful real estate investor.
From a Civil Engineer to a Real Estate Investor
"I did civil engineering and industrial engineering and I went to work for the man as a construction supervisor and out in the field working long hours. I work one of those jobs where it's 100% travel so I was never home all the time. And for engineers, we earn decent amount of money but nothing crazy like a doctor or lawyer. So I was able to save some money and I bought a home to live in pretty shortly after graduating from college and since I was never home I just rented it out and the rent that I was bringing in the income minus expenses was a lot of beer money right there. I have to do this again and again and again, because at that point that was the freedom, that was the way I was going to get up out of the rat race. I didn't know what I wanted to do at that time, but it was like I didn't like my job. I didn't like working for somebody else and this was the only way out at the time."
Be Laser Focused and Avoid Shiny Object Syndrome
"Just in the real estate world, you can invest in single-family homes. I wanted to fix and flip properties or want to invest in apartments or assisted living facilities or gas stations or shopping malls. Very different things under the umbrella of real estate and from what I see from the successful people, I don't try and recreate the wheel. I just follow other people's methods. This is kind of why we listen to these podcasts is the successful people aren't getting laser focused on one thing and then learning something else or finding the other people to work with the other investments."
Right People and Self-Awareness
"I think on the investor's side, all it takes is to work with the right people and part of it is self awareness. Like I said, real estate is a very forgiving asset that you're trying to hook up with people who are very knowledgeable because it may not be your area of expertise. You may not know the rental value ratios to look for. You may not know that the neighbourhoods, but you trying to work with the right people in your life partnerships in terms of, you know, allying equity so that both sides are working together for the same cause, which is to make money."
"Don't be an Ask-Hole!"
Want to know more about Lane?
Lane's Podcast Show: https://itunes.apple.com/us/podcast/simple-passive-cashflow-podcast/id1118795347?mt=2
You can download the Show Notes here:
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Jack HM Wong Is an author of his Amazon bestselling book Cracking the Entrepreneur Code: 7 Tips to Build the Business You Always Wanted. He has been featured on CBS News, Fox, ABC News and NBC News. His mission is to improve the quality of lives of over 1 million people worldwide. His message to people who are stuck in the rat race is straightforward - "Anyone can start Any Business, Anyhow, Anywhere and Anytime".
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