loader from loading.io

047: Vee Khuu | Into The Real Estate Lab

Healthy Wealth

Release Date: 01/30/2020

052: Change Is Coming show art 052: Change Is Coming

Healthy Wealth

Erik shares the changes with the show in the coming month such as a name change. His purpose is to provide you with the tools that are going to help you the most which is why some changes to the show are coming. There will be a new name which will be announced soon. 

info_outline
051: Dr. Lindsey Marvel | Our Vision Reflects What We See or Don’t See  show art 051: Dr. Lindsey Marvel | Our Vision Reflects What We See or Don’t See

Healthy Wealth

Dr. Lindsey Marvel, optometrist describes getting into the field which was not widely accepted by her family even though she is a doctor. The focus she had growing up was on sports, especially tennis as she was a highly ranked tennis played that led to a collegiate career and school was secondary.

info_outline
050: Not All Financial Education is Created Equally  show art 050: Not All Financial Education is Created Equally

Healthy Wealth

Erik Smith shares a story of a conversation he recently had with an individual who studied finance and daily trades in the market. It was interesting to find that the individual was not aware of different financial concepts.

info_outline
049: Kristi Lee Cronin | Curing Heartache Literally & Figuratively  show art 049: Kristi Lee Cronin | Curing Heartache Literally & Figuratively

Healthy Wealth

In this episode of Fitness & Finance, Kristi Lee Cronin, Cardiology Nurse Practitioner shares how she got into the field of nursing and the challenges that came along the way. Her story is inspiring because it shows that persistence pays and we cannot avoid the things that are on our hearts. 

info_outline
048: Take Advantage of Every Moment in Life show art 048: Take Advantage of Every Moment in Life

Healthy Wealth

Erik talks about the news of Kobe Bryant’s death and what it means to him and the lessons learned from the tragedy. Unfortunately it takes tragedy to bring people together and appreciate one another as we need to tell people how we feel about them always because we do not know how long we are going to live. 

info_outline
047: Vee Khuu | Into The Real Estate Lab show art 047: Vee Khuu | Into The Real Estate Lab

Healthy Wealth

In this episode of Fitness & Finance, real estate investor Vee Khuu shares his experiences getting into real estate investing as an immigrant from Vietnam in the midst of the 2008 financial crisis, the benefits of investing out-of-state, tax liens & more. 

info_outline
046: The Winning Stages-Magic Mirror show art 046: The Winning Stages-Magic Mirror

Healthy Wealth

Erik shares a story about a mentor of his who shared the stages of why people are successful and also why they fail. Most people become successful and do not know why, which keeps them from having continued success. Others also do not understand why they fail. Erik shares a personal story relating to his health and fitness journey of success and failure.

info_outline
045: Aimee Carlson | Terminating the Toxins in Our Lives show art 045: Aimee Carlson | Terminating the Toxins in Our Lives

Healthy Wealth

In this episode of Fitness & Finance, Aimee Carlson, entrepreneur and host of podcast, The Toxin Terminator, shares how she began her journey of eliminating toxins from her life, some useful first steps you can take today and more.

info_outline
044: Taking Action Before It’s Too Late  show art 044: Taking Action Before It’s Too Late

Healthy Wealth

Erik shares stories that have impacted him in his career, whether good or bad. He discusses a time when he was in a situation with a client and could help them but was not able to. 

info_outline
043: Jason Priest | Transforming the Dad Bod show art 043: Jason Priest | Transforming the Dad Bod

Healthy Wealth

In this episode of Fitness & Finance, Jason Priest, Founder of Dad Bod Health and a Registered Nurse, shares how he chose to change his pattern of bad health decisions, how nursing school led to his entrepreneurial journey, the importance of stepping outside your comfort zone and more. 

info_outline
 
More Episodes

OVERVIEW:

In this episode of Fitness & Finance, real estate investor Vee Khuu shares his experiences getting into real estate investing as an immigrant from Vietnam in the midst of the 2008 financial crisis, the benefits of investing out-of-state, tax liens & more. 

EPISODE HIGHLIGHTS:

  • What was Vees upbringing like, especially as an immigrant from Vietnam? 
  • Vee grew up playing volleyball and has become a volleyball coach here in the US. 
  • Vee read Rich Dad, Poor Dad by Robert Kiyosaki, which led him to workshops and coaching in real estate. 
  • When Vee got involved in real estate it was in the middle of the 2008-2009 financial crisis, with tons of foreclosures, so he was interested in buying wholesale from foreclosures. 
  • He found a coach and bought his first property in only three months, and that was only five years after he came to the US. 
  • As someone new to the country, Vee developed the confidence to pursue this line of work after he invested so much money into the coaching that he had nothing left to lose. 
  • Vee learned that he didnt need any liquid cash in order to make an offer to buy a property, he only needed to put earnest money down once an offer is accepted and contracts are signed, at which point Vee had time to flip the contract and sell the property to turn a profit. 
  • After his second-ever deal went badly and he pulled out of it, Vee and his business partner bought a house to flip themselves. 
  • Ten years later, Vee is interested in out-of-state investing. 
  • Looking ahead, Vee wants to get into commercial investing, maybe with an apartment complex. 
  • To build a team in a new market, Vee suggests doing a lot of research about job growth, population growth, and other data about the area to identify where to search for properties. 
  • You can determine comparable rent in the area by asking other property managers in the area, going to Zillow.com, or RentOMeter.com.  
  • Another option for getting to know an area is to do mystery shopping, by calling numbers on for sale signs and saying youre an out of town buyer looking to move to the area. 
  • People who are interested in investing in real estate but who dont have a lot of time to wait on the market or shop around because theyre nearing retirement, Vee suggests finding a business partner. 
  • Another option is a tax lien certificate where the government is your debt collector, but it requires a property where someone has defaulted on their property tax. 
  • Vees podcast, Real Estate Lab, aims to give you the information you need about real estate investing to earn enough to quit your job. 

3 KEY POINTS:

  1. Vee met his coach and others who helped him in his careerincluding Erikthrough networking alone. 
  2. Out-of-state investing is great because if you make a mistake, it is potentially a smaller financial risk. 
  3. Figure out how much cash flow you need and profit you need to make from a property as your baseline so you can determine what deals are a good fit for you. 

TWEETABLE QUOTES:

  • I was young at that point. I was young and stupid. I didnt care. I didnt have anything in the back of mind that this was not going to work. I knew it was gonna work because we bought it cheap, we knew the number, we had our mentor, there was no way that I could be wrong.” –Vee Khuu

  • “You can live in SoCal and invest elsewhere. You can go to Detroit, buy a $20-30,000 house and get in $800-900 rent per month. Or you can go to Memphis, same thing. Those are towns you may not want to go in, but people live there. People have jobs there and they need to rent somewhere.” –Vee Khuu

  • “If you want to invest in real estate, I would say invest for cash flow and be an investor not a speculator. You do not want to speculate because you will lose a lot faster than you will win.” –Vee Khuu

RESOURCES MENTIONED: