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All Forum Posts by: Vi Lai

Vi Lai has started 3 posts and replied 21 times.

Post: I JUST QUIT MY (SOON TO BE) $100K FULL TIME GIG TO BECOME A REAL ESTATE SALESPERSON

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16

Hi fellow BPers!

I know you're probably confused why I put this post in the success stories category. Hear me out friends! This is a HUGE personal success to me.

I just wanted to share the biggest life-changing (some call it inspiring) decision I've made in my (almost) 24 years of life. I decided to quit my job last week on 3/4 after a year at a consulting company. It will be a long story so please be warned!

Let me rewind a little bit so that you could get some context to help you better understand where I am right now and why I did what I did. I started my full time job as an consulting analyst over a year ago in February 2014. At the time, I thought it was one of the best things that had happened to me. I could not be happier with my colleagues, my bosses, and the salary! Well... The excitement lasted for about...3 months. Three months into the job, I pretty much knew it was not for me. I'm not just referring to the job, I'm talking about the concept of working for others and more importantly the idea of trading my time simply for money was not doing well for me (mentally). I remember coming home from work one day being completely exhausted with dissatisfaction, I told my father it wasn't working and that I needed an alternative. I told him I wanted to be in real estate! Being the caring father he was, my father told me to give this job a chance and warned me about all the cons in the real estate business. He told me not to trade security for uncertainty, so I listened to him.

Fast forward to about a year later, I found myself growing sicker of my job and more passionate about real estate. I networked, networked and networked some more to get me the best resources to jump start my career. I passed my exam, got my license and affiliated with Coldwell Banker all in a week. I went out and and put my hustling to work. Initially I thought that I should juggle between two jobs until I could get my real estate business to a steady place. After all I still need my full-time income to support my family because unfortunately you don't make money right away in real estate. It does take a while and those of you who have been broke (like myself), a while seems like an eternity! Here's a rule in life, if it seems too good to be true, it is probably too good to be true! I overestimated myself thinking that I could focus on both jobs. However I find myself being completely 100% consumed with real estate pretty much every waking second. I have not been able to focus at work and my productivity at work is....let's just say, non-existent. To be fair to my company and to keep my mental being in check, I decided to do the inevitable.

On March 4, 2015, I came to work with a very heavy heart (partly because of caffeine overdose). I knew I was doing it for the best but I couldn't overcome my nervousness. How could I not be nervous? This is a life-changing decision! It didn't help when my boss did not get in until noon. My heart was pretty much racing with my thoughts the entire morning. I grabbed my boss as soon as he appeared. Below is my best account of how our conversation went, well the bulk of it. The whole conversation was too long to recall.

Myself = V ; My boss = R

5 minutes of *Weather talk, small life talk, work talk*

V: "Well I just wanted to catch up since we haven't talked in a while. As you might have heard, I'm in real estate now."

R: "yeah what's up with that?"

V: "To be honest, it's been my passion and it's what I enjoy doing. I think I'm going to focus 100% of my time in real estate."

R: "No, no, no, no, no" (5 times - frowning and shaking his head)

V: "R, listen. I've slept on this for almost a year. This is not working for me anymore. I can't focus at work. All I could think about is real estate. It's not fair for you and it's not healthy for me."

R: "Talk to me, what makes you think it's not working for you?" (concerned face)

V: "Just the fact that I'm not performing to the best of my ability. I feel very guilty for even being here. I just completely lost focus and interest in this job. I'm sorry to say that but that's how I feel."

R: "Listen, you've been a hustler since day one. Why can't you juggle both jobs and wait for the right time to make your decision? I guess what I'm saying is, what makes you think you have to make the decision today?"

V: "Yes I could do both job, but I'll just be average in both. I don't want to be average. I want to be great, and be great at something I'm passionate about."

R: "Do you think we hire average here? I think you don't give yourself enough credit."

V: "Listen, I could stay for the income, but that's not who I am. If I'm going to do something, I don't ever want to half *** it. I have not been engaged and productive at work lately because my mind is consumed with real estate. I feel very guilty for being here and I would rather leave now before it gets to me."

R: "But why do you have to do this now? Why don't you wait until you gain some traction in real estate? Listen, I want the best for you and want you to be happy. Talk to me."

V: "R, I really appreciate you looking out for me, but I know I'm going to be successful in this business. I just need time and I'm not getting that working here. I have a big goal for my first year and..."

R: "I know you'll be successful at whatever you do. What is your goal? How are you compensated?" (Here goes R playing his money card)

V: "My goal for my first year is to earn as much as what I currently earn at this job"

R: "Which is about to increase because you're getting a pay increase plus if everything goes right, you'll be getting a mid-year promotion and another huge increase *took out his calculator*, so by the end of this year, you could be making close to $100,000."

V: "Please don't. I've made up my mind. I've learned so much here but it's time for me to really follow my passion."

Sure enough an hour later, I did get the announcement that I got a raise. I am very happy to say that I felt nothing! The money did not convince me and I have never been more relieved and happier with my decision. There is a difference between being poor and being broke. Being broke is only temporary but being poor is eternal. The last thing you want to do is depriving yourself of doing what you love because I don't care how much money you have, you'll still be poor!

______


It has been a week since then and GUESS WHAT guys? I just got 2 listings this week alone! I am super excited for the future. There you have it, this is my very first success story in real estate! THERE WILL BE MORE TO COME!

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16

wow I'm overwhelmed by all the great responses and advices! Thank you everyone! 

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Originally posted by @Peter Mckernan:

@Vi Lai 

I would say if you have the money to pay off the debt right now, do that. I believe that if the debt is paid off right away and you have no other debt that is slowing you down you will be able to save for the flip with a lot more momentum. 

If you are able to pay it off right away and start throwing money in your savings account for the flip project in the near future, you will be able to build cash that much quicker to put that money down and it will free up cash to help you pay for holding costs of the flip if you need it. 

That is just my two cents. 

Good luck,

Peter 

@peter mckernan thanks Peter! That was my thought as well. I want to be debt free very badly but at the same time, I just want to take a chance with real estate. It is after all my passion. I have met investors who took a chance with credit card debts (not saying it is good/bad) and became very successful. 

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Originally posted by @Sean Moen:

Vi,

I am - more or less - in that situation. Now my student loan debt is a bit larger than that and we've got a bit of a plan to handle it. We're taking care of 2 of the 3 loans I have to improve our cash flow position and make sure to stay our of consumer debt. After that, it's all about the game. On the heels of reading 2 epic "Ramsey/Kiyosaki" posts; we're going to play the responsible leverage game. When we have the cash, we plan to take the money and earn 20% CCR instead of paying the 6.5% interest on the loans. Short term it make sense and long term it does as well.

If you haven't read the posts below; take a read.  Decent sized discussion but amazing content as always.

http://www.biggerpockets.com/forums/311/topics/170...

http://www.biggerpockets.com/forums/48/topics/9025...

Thank you so much for the reads Sean! I have been following both of these guys. I'm very excited to see what everyone has to say. I hope we both make the smart decisions at the end :) 

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Originally posted by @Aaron Junck:

Being debt free is great for a personal financial standpoint. However, having no money at all and having no debt or assets,IMO, s*cks. Been there before and I rather have a good amount of cash in my safe than 0 debt. 

By no means have a ton of debt and a ton of cash , that is just throwing away money. But, you should have some sort of cash reserves always. You will have to be the one that decides how much that is. It may be $200 or it may be $100,000 . Whatever it is that lets you sleep well at night . If your a high risk individual (like myself) then I would rather use cash to acquire assets that pay for my toys. Need something to pay for depreciating assets other than me going to a JOB. 

Aaron, I really appreciate your input. You are absolutely right. The answer really comes down to my own risk profile. I guess I already knew what I really wanted but needed to hear something like this to be 110% sure :). Thanks again! 

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Hi Aaron and Jayme, I knew I wanted to invest, however coming from a "financially conservative" family who convinced me otherwise, I was starting to doubt my initial decision. I guess I have to surround myself with like minded individual like you guys more often :). Thanks for your replies! Vi

Post: BEWARE WHEN SHOWING PROPERTY!! ARKANSAS AGENT MISSING!

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Not sure if this has been mentioned but agent should schedule an appointment with buyer in the office so colleagues can identify buyer before leaving for showings. If he/she is a shady buyer, he/she wouldn't show up for the meeting.
I was hoping to win this book via the weekly Trivia game but looks like the competition is tough! Brandon inspired me to be creative with my money in acquiring assets so I can't fail him :)

Post: Pay back student loans or flip a house?

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Hi all, I have a hypothetical question for you all. If you were a 20-something who was fresh out of college and buried in student loans (oh the perks of being young, not). You managed to save up some pretty decent money from your first job, say $20k. Would you use this money to pay off your loans or invest in real estate, specifically flipping a house? Thanks for your input in advance! Vi L.

Post: New Investor in the Boston Area

Vi LaiPosted
  • Involved In Real Estate
  • Worcester, MA
  • Posts 21
  • Votes 16
Welcome Michael Zack ! Just like you, I'm in the process of learning as well. BP is a wonderful resource like everyone has said. I just wanted to reiterate a few things. First, take a listen at the podcasts! I am addicted to them! Josh and Brandon make them both fun, newby-friendly, and super informative. And second, join Black Diamond. The next meeting is next Tuesday 4/22 in Waltham. I went to my first one this Tuesday and it was awesome how many people I met were from BP. You'll not only learn but meet and connect with lots of people (VERY savvy people :). It's no different than a live version of BP. Hope to see you at one of the meetings soon! And cheers to taking action towards our goal! :)