Newbie from Charlotte, NC

[Kuan Jengniang]

Hello Everyone,

My name is Kuan Jengniang. Briefly about myself to break the ice… I graduated in finance/economics. Currently working full time as Investment Accountant in Private Equity. Several months ago I had the opportunity to help out with Commercial Mortgages accounting because the team was undergoing with transition/changes. Part of my job was to review new loans and make sure all the documents are available then set up a disbursement. Stack of papers I glance through includes appraisal, market analysis, property’s financial statements, and even borrower’s (either individual or institution) bottom line net profit after extensive list of expenses and debt services. It blew my mind.

Then coincidently a friend suggested I should read Rich Dad Poor Dad. I did. Then I caught the bug… been wondering why I never paid attention to Real Estate until recently.

I had some experience on the public side through several internships (dealing with stocks and bonds)… In college I took grant/loans and re-invested in stocks & bonds (probably shouldn’t say this here J).

But Real Estate seems fun. Sky is the limit. Most of all, I can actually see an opportunity to make a positive difference to families & local communities.

My girlfriend and I been dating for over 5 years, since I was 19. I was thinking of buying our first property (possibly duplex) where we can live in then flip. I think this is a good idea. But is it better, instead of buying a property, I use the money that could have been for mortgage down payment, and invest that to build my wholesaling system? Because it seems like everybody is saying wholesaling single family is a good start. Ultimately my goal down the years is get into commercial. Realistically what is a reasonable amount to invest in setting up a wholesaling system? I’m thinking of system because I’m at my day job 9-10 hours a day, there’s no way I’ll have time to pick up phone calls.

Some expenses I’m considering: legal docs, website, 1-800 #, business cards, logo, advertising, call center to pick up leads?, especially Marketing, and etc.

Glad Bigger Pockets exists. Look forward to learning, connecting, and giving.

-Kuan Jengniang

[Jeremiah B.]

Welcome @Kuan Jengniang !

There's a big difference between wholesaling (a job) and buy/holding (an investment). I highlight this for two reasons: one is that wholesaling will take time and energy today to set up (even with systems) - and even longer to be successful. And two, it will need even more time and resources to scale properly. These are not good or bad things, but would likely lead you down a very different career path than your current role within a private equity firm. If you already have a good paying job that you can tolerate, I personally wouldn't consider leaving it for another job where the pay is unknown.

With that said, I love your idea of buying/holding a small multi-unit and living in one of the units. If I had it to do over again, I start exactly like that. And Charlotte is an awesome place to invest - so you're already off on the right foot.

As a next step, I would recommend thinking about your long-term RE goals as that will likely help you with your next step.

Also, if you decide to buy in Charlotte, let me know. I have a RE agent who I love love love and would highly recommend (Ronda Copp) - and no, I don't get a dime from referring her.