Seoul Korea Meetup October 11th
We had our first major meetup in Itaewon, Seoul, South Korea today. I am just so re-energized after talking to and meeting so many great people.
This meeting turned out, better than even I could have expected.
We had a total of 12 people (plus 2 babies I am comfortable saying we had 14 people at the meetup) showed up to attend this meetup. I didn't think that it would be so many for our first advertised meetup.
We talked for nearly 3 hours, about real estate. What we had done, what we want to do, and our long term goals.
A special thanks to @Daniel Ryu (in the red hat) for taking notes and emailing a summary of what we discussed.
"It's awesome that we were able to get such a diverse group together! Hearing stories about buying low when Hong Kong markets were more affordable; buying $15,000 houses in Jacksonville, FL and renting them out; buying officetels in Gangnam (Korea) and then using strategies like Airbnb to rent them out for potentially 3x's the normal rent; using other people's Key Money to purchase properties for as low as $5,000 in Korea; wholesaling houses and reselling them for a profit without ever paying a penny; finding $5,000 properties on Facebook and finding a buyer for $12,000 before even purchasing...I mean, wow.. so many ways to earn money in real estate."
Also most of us learned some interesting things about how Korean real estate is different than what we are used to dealing with Thanks to @Jacob Michaels and his wife Victoria with helping to explain the differences.
Interesting facts about Korean Real Estate (mentioned by different people in the group)
* Insurance is not a major concern for investors in Korea
* When signing a housing contract, a tenant or owner can add in stipulations re: who's responsible for paying for what
* Only 20,000 Licensed Hotel Rooms in Seoul - Indicates a shortage of rooms
* Korean real estate prices seem to be at 7-8 year cyclical low
* After earnest money has been placed by the buyer(at least 10%), an owner must repay 2x's the earnest money if he wants to back out of the deal
We will be planning another meetup for early December. This was a lot of fun talking, getting to know one another, and networking.