All Forum Posts by: Frank Wong

Join a team. How can you run a brokerage and help your agents if you don't know how to generate business and make sales?  

Most people who want to start a brokerage think. All I gotta do is hire a bunch of agents and take my cut and my firm will grow.  Doesn't work that way.  Way more money being a solo agent in my opinion.  Yes at some point as a solo agent you will cap out but that cap is pretty damn high.  Join a team learn the game, make money and once you proved to yourself you can last go solo. 

There is sure a ton of new apartments being built for this declining birth rate if that article is true. Follow the money it's never wrong. Bullish on multi-family. 

Hi Matt,

Keep doing what you are doing if it's working. You don't need to BRRRR to get rich you need to manage risk and continue to buy properly. I am with @Caleb Heimsoth it's way overhyped. Great in theory bc it makes people believe that you can get rich with little money.  All you gotta do is buy one refi keep repeating and stacking. Seriously?  The debt load and risk will blow you up eventually. 

I never understood why you would keep refinancing out killing your cash flow to buy more to take on more debt. As some point, you need fresh money into a deal.  Keep it simple. Buy 25-30% down. Work hard to save your money and buy again when you have savings and ready to pull the trigger.  

Yes, BRRR does allow you to get to a lower price point and higher returns if you are willing to put in the work and find the deals. The cash out and max leverage is the part I have an issue with. It works for some but just not my cup of tea. I rather keep the equity in the property get a high net and focus on making more money and buying my next deal. For me its all about time and risk management.

Hi Dominique,
Slow down. I know you want to jump-start your real estate investments but it's way too premature at the moment.  Getting an investment property does nothing for you at the moment.

Your main focus should be getting a job to create income for yourself. Your 2nd main focus is to increase that income. 3rd is to increase your skillset to make more money. Nothing else matters. Focus on those 3 things and handle your business. Good luck 

Hi Jeff,

Have your daughter get her pre-requisite courses done online. It's the fastest and cheapest way. As for an investor-friendly brokerage, there is really no such thing. She needs to find a brokerage that has good training and will be able to train her. Keller Williams has a very reputation for that. 

The reason why they say location, location, location in real estate.

More is not better Quality vs Quantity every time.

The only thing that feels like 2007 is that price had appreciated and moved rapidly up. To me, today and 2007 do not resemble anything similar other than price.  If I were to compare today's economy to one of the past this one resembles the dot com era of 2001.  You guys can discuss which one it is, it really doesn't matter. 

This is how data is skewed. 2016 is a different market place what do flippers making 80%+ at that time do for me today?   I know for me if there is an article on Fortune magazine talking about 2016 and it's 2019 it's over for those returns.  As the old saying in stock investing, you don't look at the front page on the WallStreet Journal for the next big idea you look at the back pages. 

Hi Bill,

I don't wholesale but when I write my business plan for real estate or other ventures I break things down weekly and daily.  It's good to have an overall goal. Like in 90 days I want wholesale X or in 1yr I want to make Y. The problem with just having those is that its just so general. Nothing is actionable that will hold you accountable. 

For example. What you need to add to this formula is. If I call X number of people which has a success rate Y% then I need to call # of clients to yield me the results.  Then you can break it down systematically by the day and by the week.  Once you do that hitting your goal becomes much more attainable bc you now have a formula.  This is the secret sauce to the recipe.  Every business needs the formula to get results. 

This is always the $10m question. The reality is no one knows. Bears will say top and keep calling tops because they have no money on the line.  They will say soon or near with no exact range of dates so if they get lucky they can say "Told YOU".  Told me?  Did you make money? Did you short?  If you didn't who cares.

I think more important is to have a process so you know your risk and can withstand a downturn should there be one. Like Russell mentioned at all points in history prices always look high.