When working backward, I’m not telling people to stop flipping houses. So, when a deal comes to me, I can quickly analyze it and go, “BRRRR or new construction or flip.” It doesn’t mean you’re going to stop flipping. Here’s the thing though, just because you think long-term doesn’t mean you’re going to stop wholesaling. But being able to do that, you start seeing so many other exit strategies. And it’s really challenging for me-still. I thought six months out forever only the last few years of my life I’m actually thinking 10 years out. So, I hope you guys get that and think long-term. Now, I do believe that at some point you’ve got to niche yourself, but Thach chose to do so at the top and then work back down. Related: 8 Ways to Use Rental Properties to Create Retirement Income When I was a wholesaler, all I found was wholesale. I found a ton of flips, and all I would do is flip. “I need to flip houses,” and that’s all I found.
To sum up what Thach said, I only thought six months out all the time. This is something I struggled with for many, many years. So, when I go out there and door knock and find property, the Law of Attraction will give me what I think about. So, the key for me now is that I stand from-every day I stand from-I’m an investor who wants to create passive income. And so what happened, is if you started up, you just stop wherever your mind can extend. If I can’t do that, can I just list it for the owner?īack then, I started from the bottom up.If it doesn’t meet a flip, can I assign it?.If it isn’t something to build on, can it meet a flip?.If it doesn’t meet a BRRRR, can I build on it?.Now, when I do this, I start my day thinking: So, the tip I will tell people is if you want to find a better margin deal or deal like this, you’ve got to think like a long-term passive income investor. You can never find a flip that gives you these types of return, because your mindset is thinking flip. You think flip, you find a house that might flip. If you think wholesale, you find deals to match wholesale. How much money do you have coming in every single month? How many doors do you need?įrom there, if you’re thinking long-term, when you think passive income, you find deals that match passive income. So, my tip for you guys is you have to start with 10, 20 years out and ask yourself what your lifestyle looks like. A builder would think about tearing down. If you’re a wholesaler, what would you think? The farthest you can think is you can wholesale or maybe you can flip it later. As a real estate agent, when you look down the road, the farthest you can think is listing this property. When I was starting, I started as a real estate agent. Related: 3 Ways to Develop a Winning Mindset “How do you get focused on only one type of deal, and how do you broaden your mind to start looking at every possibility?” “If you were to simplify it-give me advice for any investor right now-tell me how do you look at deals differently?” I asked Thach. The Mindset of a Big-Time Real Estate Investor So, what’s the key to generating profits like Thach? Having the correct mindset. He’s doing so well, in fact, we’re standing in front of a deal that he anticipates will positively cash flow around $240,000 a year-and that’s just one property he purchased from one single owner.
In the video below, investor Thach Nguyen reveals how he has successfully made a career of investing in real estate.
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