My father past away recently and I started managing my widowed mother's estate. I just finished their taxes with their CPA and I can say from first hand knowledge that real estate is the most effective way for immigrants to obtain the American dream.

My parents immigrated to California in their 20's from Asia with no money, and could not speak English. My father studied to become a plumber and my mother worked in a dry cleaning shop. They purchased their first home in 1985 after saving 10 years for a down payment. Every 4-5 years they would use the equity in their existing home to get a HELOC/refinance mortgage to purchase another house. We ended up moving several times around Southern California while growing up as my parents employed what we now call the BRRR method. They did this a couple of times after I left for college and in total amassed a total of 6 rental units in California. They self managed these single family homes but also used a property management company for the ones that were further away. They did this while they continued to work in plumbing and dry cleaning until they retired at age 62. They never took foodstamps or government aid. They were members of a Christian church when my father was alive.

Their real estate portoflio to include their primary home is worth 6.2 million, and their passive income rental brings in over $240,000/year. After accounting for social security and other investment income like IRA/Lifeinsurance/Stocks (of which was made possible because of real estate cash flow) my mother would be classified as part of the1% and earns a corrsponding Passive income. They shopped at Ross/Marshalls even when they were multimillionaires ,and you would never know how wealthy they were if you saw them walking by. They were like that couple in the "The Millionaire Next Door" book by T.Stanley. I'm thankful that my parents were able to live the American dream before my father passed away, and that my mother has a secure financial future during her remaining years.

Its difficult to get ahead even if you can speak English and are educated but how much more so if you are a poor immigrant. For those starting out in real estate who wonder if real estate really works, I'm a witness who can attest that it does. It equalizes the playing field allows anyone with grit a real shot at the American dream.

Here's to your success!

Los Angeles County, California

13 Votes