All Forum Posts by: Vic Liang

Investment Info:

Single-family residence buy & hold investment in Chicago.

Purchase price: $135,000
Cash invested: $30,000

Oxford House #1 - Buy and Hold Forever

 IBEW yes, it's nationwide. I'm an electrician.

 You don't need college to accomplish the same thing. You could buy a textbook and self study or just run your own business.

 I spoke with my employer a couple of months ago that I'd be taking time off for personal reasons, they did not have a big problem especially since everything happening with COVID. Since then I've been really working on building out a real estate investing course and enjoying some time off while all the crazy stuff in the world is happening.

Because of the structure of how Union work is done, I can fully quit and not work for as long as I want, and then go back to the hiring hall and literally pick from a list of jobs. I know that may be hard to comprehend it took me a while to get used to.

Example: If you look up IBEW 48 Dispatch - you'll get a google search result of of the Dispatchers page (I don't think BiggerPockets likes posting links), and you can see a literally list of jobs I could choose from.

@Nathan Smith As a college dropout myself who's already retired from Real Estate. I can firmly say HELLLLLL NO~! Take what I say with a grain of salt because I am extremely biased AGAINST college. I understand there is a time and a place for it. BUT if you don't know what you want to do and you are on a forum asking strangers for advice on whether to go to college it's safe to say you SHOULDN'T go to college.

I'm 25 and I wish I had started working in the Trades earlier and making 6 figures within 4 years of doing an apprenticeship. AND owning a bunch of real estate. Right now I can take as much time off as I want to travel because of my union, and I return back to work with little to no push back. And I can do it financially because of my real estate.

This may not be what you want to get out of real estate, but with a little creativity and a personal touch to your situation I know you can achieve your goals without college!

Edit: Made quite a few typos, but that's a testament to how a dummy like me can be financially free from real estate!

 Hi Gabby, I'm sorry you feel this way and that those people took advantage of you. But I really strongly encourage you that out of state investing doesn't need to be filled with scamsters. I think the unfortunately part is that these people leveraged the name of BiggerPockets and nothing but that. 

Out of State investing CAN work and has worked for me personally. I have two duplexes in Chattanooga, and a Single Family in Knoxville, and another single family here in Portland and the cash flow from all of them is paying for my whole lifestyle.

Properly vetting your Dream Team, Core Four, or whatever you call your trusted members in your real estate mission is key.  And there is no substitute for properly interviewing every member, from your agent, to your property manager, and contractors. Don't rely solely on them posting here to give them credibility.

I hope you will give Out of State investing another shot as it can yield wonderful results!

Makes me really glad I have my tenants through Oxford House no worries about eviction with them! I don't even care about eviction bans.

Honestly I love one of my mentors, but THE worst advice he keeps giving people is don't leverage USE ALL CASH! This is coming from someone who leveraged all 6 of his houses and is benefiting from said leverage, and has ridden the housing bull run of 2011-2020. Since he bought most of his properties before then, and some during. 

Again love the man, and provides a lot of wisdom but that one in particular is insulting as house prices skyrocket. And I'm trying to explain to him the hypocritical nature of his advice, and how out of touch it comes off.

Hey Dave!

What part of the country are you house hacking in? This is very similar to the strategies I used to get started in real estate investing. House Hacking has it's challenges I'm not gonna lie so be sure to network with local property managers to get an idea of the landlord tenant laws in your part of town. When you're ready to look out of state I've got a guy out in the Midwest who'd help you out!

 This is SPOT ON! I mean look at the new "Newbies" podcast. It's literally BP Podcast light. They've hosted nothing BUT past guests who are doing 200/deals a year because they've set up the system. Where's all the newbies? Lure them in with a podcast called newbies podcast and then get inundated with professionals doing hundreds of deals, and then they just buy into any syndication deals the big guys are doing.