28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
Most people assume they’ll achieve financial freedom after they make their dream salary, but what they don’t realize is you can’t out-earn your toxic money habits. Today’s guest, Daniel Shin, learned this quickly when he started making his full-time surgeon salary.
As a child, Daniel was fortunate enough to live the ideal suburban lifestyle, but when his dad got laid off during a recession, things quickly changed for the worse. After seeing his parents struggle to put food on the table, young Daniel decided he would do everything he could to prevent himself from being in a similar situation financially. Once Daniel started making his surgeon salary he assumed he’d be financially stable, but he began to expand his lifestyle to his salary and started drowning financially. It was at this point he decided to turn to real estate investing.
He started by listening to BiggerPockets and decided investing was for him once he realized he could reach financial freedom faster through real estate. The first couple properties he invested in were turnkey properties. With less risk, Daniel felt it was a comfortable start to his investing journey, but after a while he wanted more of the action. Over the last three years, he has acquired about twenty-eight units including four duplexes and two small apartment buildings. Daniel is now focused on building his “real estate empire” while becoming financially free.
In This Episode We Cover
How to balance your salary and spending habits (and live below your means)
The benefits of investing in turnkey properties and how to find a turnkey operator
How to deal with a “bad” property and how to prevent investing in any more future headache rentals
How to show possible investors, mentors, or partners that you’re committed
The importance of getting thorough inspections and the consequences of skipping them
And So Much More!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/rookie151