151: 28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 26 January 2022

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Rookie Podcast 55: Combining House Hacking and Live in Flips with Tyler Madden Tyler Madden's Instagram Sara's Instagram Brandon Turner's BiggerPockets Account BiggerPockets Podcast Dave Ramsey's Podcast Grant Cardone's Podcast BiggerPockets Money Podcast Scott Trench's BiggerPockets Account Mindy Jensen's BiggerPockets Account BiggerPockets BiggerPockets Forums Rookie Podcast 29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson Tiktok The Real Estate Robinson's Tiktok Account Check the full show notes here: https://www.biggerpockets.com/rookie151 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, before we get into the show, I wanted to mention bigger pockets is hiring a full-time
0:05.6	supervising producer for our podcast network. This is a remote position and a chance to work
0:11.0	with an amazing team if we do say so ourselves. We're looking for someone with at least a couple
0:15.6	of years experience managing production teams and someone who will feel confident taking the lead
0:20.8	when launching new podcasts. So, would you or someone you know be a great fit? You can find the
0:26.1	full job description at biggerpockets.com forward slash jobs. Again, that's biggerpockets.com
0:33.3	forward slash jobs to apply for an open podcast producer job. Now enjoy the show.
0:56.1	That's when I was like, okay, so what do I have to do to kind of put myself on a path toward
0:59.8	freedom and for me, that was personal finance and getting into real estate?
1:05.3	My name is Ashley Care and I am here with my co-host, Tony Robinson. Tony, it has been like a month
1:12.8	since we have recorded. So, why don't you just give an overview to everybody of what the real
1:17.5	estate Ricky podcast is? The real estate Ricky podcast is here to inspire, to educate, to motivate,
1:24.5	all of those new investors who want to get started in the world of real estate investing,
1:27.8	but aren't sure where to start. So, we break it down, give you the basics and help you
1:32.0	get off on the right foot. When we were recording today, we have a great guest, Daniel,
1:36.8	and we were recording. We had to like go through our checklist because it's been so long
1:40.6	that we were recording. Okay, what do we do to touch out? What do we have to do?
1:44.2	Kind of review before we got started. But you guys will notice one thing different. My background,
1:49.7	if you're watching on YouTube, I am not in my closet. So, I recently, this past week,
1:56.9	I went snowboarding in Colorado and I hit a couple trees.
2:05.5	Real nice and casual about it. Yeah, so I ping-ponged off some trees going in a wood
2:09.7	trail and I am now sitting here on the couch and my leg elevated with some ice, knee brace,
	...

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