A Story of Discovery

[Zachary Sit]

Hello BiggerPockets! I'm a brand new real estate agent in California and have decided to give the world of real estate a shot. I came to this choice after trying out the typical W2/9a-5p job and coming to the conclusion that it wasn't for me. Yes, the experience as a retail manager taught me a lot of valuable skills, but at its core, it did not resonate within me. So after two years, I quit, dropped everything and moved to Taipei, Taiwan to teach English. And I can definitively say, that this was the best experience and best two years of my life. The lifestyle, language, food, culture, sights, smells were all different. It was truly living. It was living in a different part of the world where I knew no one and was completely alone. But it didn't last for long. 

Finding a niche in a foreign country is a lot easier than it may seem. You find people that are in the same boat as you and share similar stories of travel and a realization to escape the monotonous grind of Western work culture. You find people who are simply asking more from life. Chasing the thrills of travel and the excitement of the unknown. People who are simply more authentic in their day to day activities because they seem to not be burdened by alement of regularity. Being able to talk to a stranger and then turn them into a friend over a short conversation because you both have seen and found common ground was the most exciting part of living aboard. Regardless if they were a local or a foreigner, being able to see someone for who they are was what made living in a new country so beautiful.

As I now embark on this new journey in the California, Bay Area, I believe that is my motivation of being a real estate agent. Finding beauty in meeting and helping new people. And not just to help them buy or sell a house, but help them to find a home that best fits their needs. Because of this belief, I've come to find different motivations for choosing this career path. Yes, there are success stories of the million dollar real estate agents (Gary Keller ;) ) but the money isn't my motivator. It's the people. Taking a client out to open houses, doing the homework of a potential area to farm all excite me. The paperwork and legal contracts... not so much. But I understand that it is all part of the game. Perhaps I am too new to this field and am filled with too many wafty ideals, but until a pending reality tackles me down, I'll chase this motivation until it turns into a success story.    

So what I want to know and discuss with all of you is what have you found as alternative motivations in this career? Were these motivations establish early on or was it a slow realization after a seasoned career? At what point in your career did you find your motivation? Did mentorship help? 

Looking forward to your creativity and excited to hear your thoughts. -Zack 

[Account Closed]

Zack,

Welcome back to the Bay. It's great that you came to this realization early in your life. The reality is that money is the most precious commodity that money can buy. Having money allows you to own your time. How do we get there in the shortest amount of time is the question. After all, we only have a finite time on this planet. We just have to make our stay as pleasantly and enjoyable as possible.

When I was at my W2 job, a CFA from Merrill Lynch came to our firm to show us how to become a millionaire. Put $11k into our 401k for 30 years. At an average 8.25% annual return, we'll have $1M in our retirement account in 30 years. I saw that formula and a light bulb went off. Backed out of inflation, that $1M would be equivalent to $250k or less in 30 years. I told my co-workers that we need at least $5M to have a decent golden years. They looked at me like I was an idiot.

This exercise steered me back to my passion for real estate investment. My goal was how could I control $5M worth of real estate in 10 years? If history is any indication, this $5M worth of real estate in the Bay Area would worth $10M in 15 years and $20M in 30 years. This would allow for a comfortable retirement.

I spent years analyzing deals from different markets across our country looking for my honey pot. After checking out several markets, I determined the Bay Area was one of the most lucrative real estate markets out there. Came back home with a pocket full of hopes and dreams, I continued to monitor our market and waited for wave to come.

2008 came followed by the housing crash, it seems like all the stars lined up based on historical data, I seeked for family support to quit my W2 job. The results were less than impressive from both sides of the family. Everyone shook their head and thought I was crazy. Remember this was 2009 in the midst of the Global Financial Crisis, and everyone was getting laid off or working their rear off in fear of getting canned. Thanks to my wife unconditional support and trust, I quit my W2 in late 2009 to pursue real estate full-time.

I made a lot of mistakes and learned a lot along the way. I found a mentor for the trustee sale niche. I developed new niches along the way and was able to return the favor to my mentor. When your back is up against the wall, you tend to become more creative than you could have ever imagined.

I've made a lot of new friends along the way. Have a lot more free time than I could ever had with a W2. Just one right decision that has changed the course of my life, my family's lives, several of my siblings and her siblings' lives forever. Just one right decision.

I wish your real estate career a big success.