About this episode: In this episode, Thach debunks ten common myths about investing in real estate. He explains that real estate is not as risky as people think, as there is always a demand for rental properties. Thach also advises against waiting for the market to come down before buying, as there are fewer buyers and less competition when rates are high. He emphasizes the importance of proper tenant screening and the potential for wealth creation through owning rental properties. Thach also discusses the significance of location and the value of buying fixer-upper properties. Contrary to popular belief, he explains that you don't need to be wealthy to invest in real estate.
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Thach Nguyen has come a long way since arriving in America at age 4 with his parents, four brothers, and sister in 1975. Focus, drive, determination, and great mentors paved the way for him to go from a homeless refugee to a multi-millionaire.
Thach is the CEO & Founder of Thach Real Estate Group and principal of Springboard to Wealth. He is not only a seasoned realtor, investor, coach, author, and speaker, but also a proud ambassador of the American Dream. During his 30 years in the real estate industry, he has built more than 300 homes, townhouses, multifamily units and completed over 100 flips, and owns over 100 rental properties giving him over $100,000 a month in passive income. Thach and his team have assisted more than 1,500 families to create their own American Dream of home ownership, ranking him in the Top 1% of all real estate professionals nationwide.
Timestamps: 0:00:00 Introduction to debunking real estate myths 0:00:59 Myth #1: Real estate is very risky 0:01:28 Myth #2: Wait for the market to come down before buying 0:02:27 Myth #3: Dealing with tenants is a nightmare 0:03:39 Myth #4: Renovating doesn't always increase value 0:04:06 Myth #5: Being a landlord is hard work 0:04:59 Myth #6: Real estate is a get-rich-quick scheme 0:06:18 Myth #7: Home inspection is a waste of money 0:07:09 Myth #8: Real estate always goes up in value 0:08:33 Myth #9: Never buy a fixer 0:09:04 Myth #10: You need to be wealthy to invest in real estate 0:09:35 You can put down as minimum three and a half percent down. 0:10:23 Repeat the strategy to accumulate more units. 0:10:23 Own real estate without a lot of money. 0:10:49 Don't let myths stop you from owning real estate.
