How to Go All or Nothing as a Real Estate Investor with Daniel Kong

Daniel Kong got into the real estate investing scene only four years ago, and he’s already left his W-2 job to become a full-time real estate investor. 

As an all-or-nothing guy, whenever he dives into something, whether it's a video game, a sport, or a hobby, Daniel develops an obsession with it. With real estate investing, in particular, he was just hungry to learn and consume as much as he could. 

With a growing real estate portfolio in Indianapolis and Hawaii, Daniel shares some lessons and strategies that have helped set him up for success in such a short period of time.

Use your credit wisely.

Daniel used his five lines of credit to purchase his first property and then applied the BRRRR strategy to build his portfolio. There's no risk in getting other lines of credit until you actually use it. The key is to only use what you need for a particular deal and then put it back. 

Do due diligence.

It’s scary when you have to wire thousands of dollars to make your purchase. Wire fraud is real and anyone can just make a fake website. That’s why it’s critical that you do your own research and due diligence. Whenever you're going to send a wire, be sure to directly call the number on the website to verify the account number. Never use the phone number that's on the paper of the transaction. 

It’s okay to challenge the appraised values (in a nice way.) 

You can win your appraisals if you're able to give your appraisers the correct data and identify which things they could have done wrong without making them feel bad.

 

Make sure you have enough backing for yourself.

Sometimes, it's so important to keep your W-2 because that's what's funding what you're doing in addition to loan portals or lines of credit that you can get. Some new investors make the mistake of leaving their job without any savings. 

Learn as much as you can.

Whether you’re consuming books or podcasts, there’s a ton that you can learn about investing. Meetups are also a great avenue for networking and learning from other people’s successes and failures.  

 

Be very conservative with your numbers. 

Have a second set of eyes on your deal to make sure you're not going to get yourself into trouble. 

You don't need to have multiple degrees to be a successful investor. You just need to follow a plan and be consistent. Make the right moves, make the right connections, and be an asset to other people.

If you want to learn more about how to go all or nothing with real estate investor Daniel Kong, check out www.trustgreene.com/podcast/zen/026.