Quitting a 6-Figure Salary Isn't Easy (Daniel Kong)

04/13/23 • 14 min

A lot of us get into real estate investing to build more wealth or achieve more financial freedom than a regular job can provide. But even when your real estate income is more than your W2 salary, it's hard to quit your job!

That's what Daniel Kong experienced as his real estate career took off. He was ready to quit his 6-figure Software Developer job, but the safety & stability of the guaranteed paycheck was hard to walk away from. Realize it or not, society pushes us to seek stability over success.

Luckily, Daniel was crushing it using the BRRRR strategy and eventually the math just didn't add up. So his wife told him to quit his job and go all-in on real estate just 3 years after starting.

Now he's moving from fixing & flipping homes into multi-family syndications. He's taking his cashflow to the next level and giving his investors the passive income and tax breaks they're after.

Chapters:

00:00 Daniel Kong's life before REI

02:30 Salary & Stability over Success

05:30 Daniel's 1st Real Estate Deal

08:45 Daniel's WORST Deal

11:16 Advice for Growing Real Estate Investors

Luckily, Daniel was crushing it using the BRRRR strategy and eventually the math just didn't add up. So his wife told him to quit his job and go all-in on real estate just 3 years after starting.

Now he's moving from fixing & flipping homes into multi-family syndications. He's taking his cashflow to the next level and giving his investors the passive income and tax breaks they're after.

Chapters:

00:00 Daniel Kong's life before REI

02:30 Salary & Stability over Success

05:30 Daniel's 1st Real Estate Deal

08:45 Daniel's WORST Deal

11:16 Advice for Growing Real Estate Investors

Previous Episode

ROI = Return On Integrity (Mike Singletary)

Mike Singletary is a rare type of person. First as a bald, straight hairdresser. Then as a real estate investor who would lose money to keep his word.

Mike was so excited to get his first wholesale deal under contract that he sold it to the first cash offer he got. And when the second offer was a 10X bigger assignment fee, he knew the COST of breaking his word was much higher than the PRICE of the bigger assignment fee.

So he honored the deal with the smaller fee and kept his reputation intact. His worst deal cost him over $100,000 which he took in stride because he knew the future value of his relationship with his lender was worth much more.

And he was right.

Mike Singletary is the head of SkipForce and ISA Pros, two companies born out of his own investing business that he now shares with the world. See how SkipForce is much more than a skip tracing company https://reiclub.com/skipforce

Watch This Video on REIClub.com: https://reiclub.com/real-estate-podcasts/return-on-integrity-mike-singletary

Next Episode

$200k House Flipping Flop (Eric Brewer)

Like so many Real Estate moguls, Eric Brewer got his start in a completely different industry. After serving in the Army, he transitioned to civilian life quickly by taking an entry level job as a Lot Porter.

But his work ethic quickly earned him a promotion to Assistant Service Manager and eventually Service Manager. Then on June 17th he took a job as Salesman, and in just 13 days he sold 21 cars and was named Salesman of the Month. This quickly led to more promotions to Finance Manager, Sales Manager, and eventually General Manager.

But as he shifted through the gears in the automotive industry, Eric felt torn between being a good father and being a good car guy. The dealership was open on nights, weekends, and holidays which meant there wasn't a lot of time left for his family.

So he quit.

00:00 Transitioning out of the military to civilian life 06:00 Eric Brewer gets his start in Real Estate Investing 07:40 How to estimate repairs when flipping houses (NOT) 10:03 A trick for getting top dollar when selling your house yourself FSBO 14:20 Eric's house flip money pit 25:15 What are Novations and The Brewer Method?

For More Info or to Listed as a Podcast go to REIClub.com: https://reiclub.com/real-estate-podcasts/a-200k-lesson-in-real-estate-investing-eric-brewer/

For more about Eric and The Brewer Method go to https://reiclub.com/novations

Eric's Horror Story - 18 Elmwood Drive ( DO NOT GO HERE! YOUR MONEY WILL VANISH ) https://www.zillow.com/homedetails/18-Elmwood-Blvd-York-PA-17403/60472141_zpid/