All Forum Posts by: Frank Wong

Money is not made predicting the future because no one can do that. Money is made finding your edge exploiting your edge over and over again. Focus on now and focus on your process. Then understand leverage and risk and be properly funded. These are the only things you can control. Control these things and you will be fine and actually be in a position to capitalize on something that may or may not happen. 

When you meet your broker for an interview.  Nice fitted dress shirt, nice fitted dress slacks (navy blue), brown shoes, brown belt. Bam you are ready.

Now when you meet with your client's clothes matter even more. In real estate first impressions are everything.  You are in an image business and unfortunately, some people judge you by your image. The sharper you look the better.  I can't tell you how many times when I first started and I just looked like some 23yr old kid but people gave me a chance because of how I looked and more importantly how I carried myself.  But they never would have given me an opportunity to impress them if I didn't dress the part. 

As your income grows and you make sales always upgrade your wardrobe. Success breeds success. My ROI on my clothes probably 5000%+. It's a no brainer.

Think more like a min 5,000 a month for 6 months straight. 

@Jay Hinrichs

Many cities in the Bay Area now require a sewer lateral inspection and certificate by the city before the close of escrow or an extension and deposit held for after COE repair.  Yup, your brother in law is certainly killing it.  These guys are always booked up. 

I don't think I would ever just go "all in" and focus on real estate investing. If I do it defeats the whole purpose of why I started it to begin with.  I want multiple streams of income and if I quit my day job then I basically picked up another job managing my portfolio. Each person is different and I still love what I do.  Only so much golf you can play a week. I tried doing that and it gets boring. 

$289k and have it sit again. I drop it to $279k and lets really draw some attention to this thing and get it sold asap. Lots of things are important in selling a property but the bottom line most important is Price nothing else matters. 

Take your time and not rush the process.  Real estate is a slow-moving capital intensive investment. The people who lose money or blow up always try to rush the process. 

Warren Buffet says "everyone wants to get rich fast no ones wants to get rich slowly"  There is a lesson to this quote.

Don't worry about how many agents there are, don't worry about your competition. Worry about how you will excel and shine and add value and everything will take care of itself.  Winners worry about winning nothing else.  Just do it and make it happen good luck.

No one knows how the real estate market will react to a recession that may or may not come. The recession could be 2yrs from now. People then will have to lose their jobs and then miss payments and then have foreclosures. So you are going to wait for 3-4yrs then buy?  What if the recession does not affect housing? Just because there is a recession does not mean housing prices go down. 

So if you are wrong then you wasted 3-4yrs waiting on nothing and then have to buy at even worst prices.  I am not saying to buy everything now. What I am saying is no one knows what prices will do.  What I do is buy when markets are going up which confirms my hypothesis, buy when it's flat, and buy when it goes down. The key is to know your risk and have enough reserves for each property and savings to take advantage of the given opportunities. 

Invest in rentals in your local area. Buy then spend time-saving for a down payment then buy again. Do this for 10yrs. Boom there you go. No one wants to get rich the slow way everyone is trying to speed the process. Slow and methodical is the way to win the game.  For me, index vs real estate comes down to control. I have zero control in stocks.  I have much more control with real estate.