Property Profits Real Estate Podcast
Business:Investing
What you’ll learn in just 17 minutes from today’s episode:
Resources/Links:
Summary:
Daniel Kwak immigrated to the USA at the age of 5. He had a negative $187.65 in bank account at the age of 19 and had 87 doors by the age of 23.
In this episode, Daniel shares how he started poor and with his big dreams of owning an NBA team, pushing him to seek an opportunity outside of a nine to five job. He found it in real estate – which he believes is the ticket to his dream. At the moment he is busy growing his portfolio, which he actually grew big in so short a time, after buying his first deal. He talks about strategies on how to raise capital and the mindset you need to make it big in real estate.
Topics Covered:
01:03 – A backstory of his childhood background
02:23 – What got him started in real estate
04:20 – What was his first deal when he started and what did it progress to
06:18 – How he syndicated funds to start buying his first deal
07:46 – A sibling real estate partnership
08:24 – Why should you first find what your value propositions are
10:04 – How he grew big quickly his portfolio right after his first deal
11:54 – How he transitioned from single-family to multi-family homes
13:25 – How does his portfolio look like now
Key Takeaways:
“Real estate investing is a very viable and phenomenal way of building wealth.” – Daniel Kwak
“Right now, I’m more focused on recruiting potential passive investors. Because I think there’s a lot of things up in the air right now. And I don’t think it’s a great time to buy. Others may see it from a different standpoint, but just based on my opinion, and the research I’m doing and the people I’ve talked to, I don’t think it’s a great time.” – Daniel Kwak
“For the short term for us, it’s organizing and raising capital, focusing on education. And in about six months, we’re looking to be a little bit more aggressive with purchasing multifamily.” – Daniel Kwak
“I’d recommend a lot of people take that route. It’s a very unpopular route. I spent three years shadowing people, learning, buying every single possible course I could on real estate, reading as many books and podcasts and it paid off for me. That first deal was a portfolio, four single-family houses.” – Daniel Kwak
“I found a very interesting way to create win-win scenarios where individuals would invest in deals that I would find through other individuals. And I would pretty much syndicate the funds and do put a lot of the sweat equity.” – Daniel Kwak
“I always recommend finding out what your value propositions are. And what a value proposition is, the two to three things that you do very, very well. You can write down, sit down, and have a list of three, five things, maybe even nine to 10 things that they enjoy doing that they’re good at. And they can formulate their blueprint on how to scale their portfolio around that.” – Daniel Kwak
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