Hi BP Community!
As is customary, I like to keep the members of the community updated on a group of real estate investors that have been meeting regularly in Korea - The Seoul Real Estate Investing Meetup.
We've been mentioned a couple of times on the Podcast as well as getting a shout out in @Joshua Dorkin 10 Year Anniversary write up.
First, let's all celebrate a pretty remarkable achievement. We've gone from three guys who met through BiggerPockets going for coffee together: @John Van Uytven, @Benjamin Hauser , and me - to the largest real estate focused Meetup on Meetup.com in Korea.
This month we topped 300 Members!
When we first started meeting and John had the idea to announce our meetup on Meetup.com, we really thought we'd get very few others joining us. Afterall, we're in Korea, hosting a meetup all in English, that at the time, largely focused on investing in the US (although we now have many Korea focused investors as part of our group). We had 12 show up at the first meeting. And from there, thanks in large part to the help of the BP community including our Virtual Speakers, Joshua Dorkin, @Brandon Turner , @Ali Boone , @Engelo Rumora , @Chris Clothier , @Matt Faircloth, @matt shaffar, we've continued to grow.
This month we hosted a Happy Hour to say farewell to the Summer and enjoy the beautiful nights we've been having in Korea.
(..and of course as an excuse to drink some great craft beers ^^)
We've also launched a website recently and we're hoping one day our forums are active with investors living in Korea looking for resources and others to connect with.
While talking with other members, we had an interesting discussion about value.
If I ask an investor about value, the typical answer might be to discuss how much a ‘property’ is worth – what’s its value?
But I want people, especially newbies, to understand value in a different way.
As investors and entrepreneurs, our job is to ‘deliver’ value. For example, if we buy a distressed asset from an owner facing foreclosure, we are providing value to multiple parties – the owner avoids the mess of a foreclosure as well as the credit issues that come with it; the bank avoids having to deal with the expenses of a foreclosure and the effects it has on its credit ratings; the community avoids an empty house that is an eyesore; and of course, the future tenant is provided with a roof over their head.
So what we’re doing, what we’re getting paid for, is simply delivering value to multiple parties.
If you want to succeed as an investor, it’s probably wise to adopt this mantra – “The more value you can provide, the more money you can earn.”
However, some of us are ‘waiting’ to provide this value. We’re waiting until we have a property to buy or enough money to buy one. And until we have one or the other, we sit on the sidelines and wait.
But there’s a lot you can do right now to start providing value to others now.
For example, this meetup is an example of providing value. By helping to connect people, as one of the organizers, I’m able to give people access to resources and networks that will help them succeed as an investor.
And even outside of real estate transactions and networking, there are ways to provide value.
Can you write an article for a website? It doesn’t have to be based on actual experiences. It can be an article on the top five real estate books you read and why you thought they were great. Wouldn’t that be of great help for someone just starting out?
Or what about helping an actual investor write articles for their website?
What about helping an investor build a website?
Don’t have those technical skills?
Why not jump on Udemy.com and pay $15 to learn how to create an app? You think that if you offered to build a mobile app for an investor that they would turn you down?
Not into writing or doing ‘technical things’? More of a people person?
How about attending a real estate seminar and making some connections. Get to know others and start to build your ‘rolodex’ of people you know. Then, next time you’re talking to an investor or a professional, you might be able to introduce one of your ‘contacts’ to them. Now you’re a connector and there’s value in that.
If you can adopt an attitude of ‘delivering value’ to others no matter what it is you’re doing, then you’ll be well-positioned to succeed in real estate and any other business for that matter.
So don’t wait around until you’ve amassed a small nest egg to start ‘getting involved in real estate.’ Get involved right now by delivering value.
If you do that, you’ll find your networks expanding and new opportunities appearing.
I speak from experience - while purchasing my first investment home from Korea in Jacksonville, Florida, officially 'made me an active investor', it's really everything I did outside of that that has propelled me forward.
By focusing on networking and delivering value, not only was I able to connect with my Jacksonville partners, but I was also able to connect with other partners on an online business related to real estate and I've had numerous opportunities to invest with others come up.
I was going to end this post here but let me show you one more thing to help those who are stuck trying to figure out 'how I'm going to save enough for an investment' to think a little differently. Sure, put a savings plan in place. Maybe talk to @Scott Trench and ask him for some financial planning advice.
But change your question to - HOW CAN I DELIVER MASSIVE AMOUNTS OF VALUE TO ACTIVE INVESTORS HERE ON BIGGER POCKETS? if you really want to get things kickstarted.
Here are some real examples:
1. I've written over 3,000 Words explaining my due diligence process to various overseas investors. Some of the investors are newbies, and others experienced. I wasn't trying to 'get anything back.' Just paying it forward, in a sense. But by delivering that value, I've now got the basis for a book written that I plan to write on investing overseas.
2. I wrote a 2 page report on internet marketing for an investor that helped lead to one of my partnerships. This came about because he asked my opinion on something.
3. Of course, helping to organize this meetup.
4. I've done due diligence for others using my systems - for 'fun.' It actually is fun but more importantly, it helps to build relationships and I get feedback on my process.
Okay.. enough already about me.. ^^ This really isn't meant to boast about any of my accomplishments, though I'm proud of them. It's more about - let's get creative when it comes to real estate investing. Let's not sit on the sidelines and wait for someone to take us under their wing or for the perfect deal to fall into our laps.
Worried that you can't 'invest' because your credit is terrible or your job isn't stable?
No problems. Focus on the one thing anyone of us can do - deliver value.
I remember I once posted on BP about How to Find a Mentor or something like that.
Then I waited for responses. I think I got a few actually (BP members are soo coool!)
But then, I asked myself, "Would you want to mentor someone who put an ad in the newspaper asking for a mentor?" Maybe.
"Would you want to mentor someone who went out of their way to find ways to help you first?" Absolutely.
I've experienced enough success as an entrepreneur to say what I think most entrepreneurs are thinking when they get asked for help - "Will this be worth my time?"
If you can prove that up front, then I'll be more than willing to invest my time in someone.
Anyways...again, I'm still in the beginning stages of my real estate journey. I have a long ways to go. My networks, though much stronger, can still be improved. My opportunities, though promising, still need time to fully flush themselves out. My knowledge, though light years ahead of when I started, can always be improved and seasoned.
But I feel really confident about the future now. I feel like I 'figured out' some magic secret that makes all opportunities possible. I feel like I can go into any situation now and carve out my own success. I feel like I'll know what to say to anyone I may meet in the future now. Because I'll just be focused on one thing:
And now for the single picture I was able to take during the Happy Hour.. ^^
Thanks to all our meetup members who are also BP members:
Here are a few of the places in the US our members are currently investing in:
Jacksonville, Florida; Illinois; Kansas City; Indianapolis; Las Vegas; Nebraska; California; Yuma, Arizona; Seattle, Washington; Memphis
Busan, Sokcho, Seoul, Gangnam, Samsung
Hong Kong; Ireland; Taiwan; Myanmar; Phillippines
Thanks as always to the BP Community in helping me find my way.
Many congrats to you @Daniel Ryu ! I too believe strongly in giving of your gifts without expectation of reward and you will be rewarded! You have given many helpful suggestions, motivation and inspiration once again. We all have gifts and expertise, whether new or seasoned, RE related or not. Encouraging folks to utilize them is awesome.
Keep up the great work! I enjoy following your story and progress!
Originally posted by @Steve Vaughan :
Many congrats to you @Daniel Ryu! I too believe strongly in giving of your gifts without expectation of reward and you will be rewarded! You have given many helpful suggestions, motivation and inspiration once again. We all have gifts and expertise, whether new or seasoned, RE related or not. Encouraging folks to utilize them is awesome.
Keep up the great work! I enjoy following your story and progress!
Thanks Steve! Great pleasure to meet like-minded value giving folks ^^
It's part of what's made this journey so incredibly rewarding.
The public image of a real estate investor might be some tough nose investor shouting at his or her business partners or someone engage in shady tactics, but I've met so many investors who are truly interested in helping others and it's inspiring to be around.
Hope you had a great weekend!
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