In this Alchemist Nation Real Estate Podcast with Hoan Thai of Hoans Loans where he talks about how he got into real estate, how did he decide that he wanted the loans but does he also invest in himself on the side? He says that definitely investing is his main business and when he became a better investor, people started reaching out to him and wanted to be an investor like him. So he would help people in real estate investing informally and then he was like let me do it formally which he does right now. He formally helps people become real estate investors where he has educational programs that show them step by step how to become a real real estate investor. When he says real, there are people who bought a house and then decided to move out of it by renting that house they bought and just stumbled upon becoming a landlord. They're not technically and intentionally a landlord and what he does, he shows people how to buy properties intentionally, how to analyze the property, how to look to your cash on cash returns, how to look at the ROI, determine whether you're underpaying or overpaying and all that kind of stuff related to real estate investing. He became an educator after becoming an actual investor himself and he became an investor through Rich Dad Poor Dad and it did it for him by learning about passive income and being able to acquire assets that pay for his liabilities which is the formula and the beauty of real estate there is a structure, there is a formula.
I ask Hoan how many units does he look up to and how does his portfolio look like. He says that his portfolio is mainly single-family and small multifamily. He actually started his career with a 6 unit apartment building and he was like hey Hoan do you want to buy this and he was like don't people usually start with a smaller property though the cool part of it, he had gone to a seminar and that's how he learned how to become a real estate investor. For two years after reading Rich Dad Poor Dad, real estate didn't work out for him where he used to call real estate agents for good deals they didn't have and the other problem was he didn't know what a good deal was. By chance, he met an investor who was teaching at a seminar and he told Hoan that he had a seminar coming up and advised Hoan to attend. He was like he will be there because he had nothing to lose since he wasn't moving ahead and if the investor had this one nugget that would move him forward, then it is worth it. The seminar, fortunately, gave him all the nuggets to move forward, everything to move forward, the investor gave him the resources and is the one that gave him the first deal.
I further ask Hoan if he sees himself 5 - 10 years from now, what impact does he see leaving behind. He says that it is more of what is doing apparently where he actually teaches for fun a bit because there is a lot of stuff he does for free and it is not about money but if somebody wants a formal process, then there are things they can buy. He also says that he helps a lot of people and the legacy that he is leaving behind is already seeing it and he is forever grateful for showing them what real estate actually is and you don't have to love it and it is OK to do it for the money. He says that he actually makes things OK meaning that he gives people permission because nobody has. This idea of escaping 9 - 5 most of your friends, co-workers, families would think you're crazy and he would say if you are set up then it is ok though he doesn't want you to be irresponsible and just quit with no income stream. If you have skills and you have actual proof of creating money outside your job then it is ok to leave your job.
I also ask Hoan what is the most difficult thing doing real estate with your spouse since she's an agent and also real estate investing in general. He says that If you don't see eye to eye, it follows you to lunch, to bed, in the morning and it even follows you 5 years later. Being in business with your spouse meaning you're business partners not agreeing on certain things through the beauty of his wife being his business partner is they get fair share equity in a deal, it is 100% both of them. You can also fight for the smallest things like when they had to make a window smaller or put a window and the argument lasted for hours.
Hoan offers 3 pieces of advice to younger 20-year-old Hoan on how to be successful and happy.
- Treat everyone as if they were the ones to rescue you when you had fallen into a ditch or well and be kind.
- Fire, Aim, Ready.
- Be Authentic.
To learn more check out the blog and podcasts at http://www.GualterAmarelo.com
To register for our Saturday live webinar to start your wealth journey, visit http://www.gualteramarelo.com/Live
To get in touch with Hoan visit: https://truthaboutrei.com/ or email: [email protected]
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