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The Rich Somers Report

What to Know Before Buying Retail & Office Buildings in the Midwest | Daniel Kong E101

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5910 Ratings

🗓️ 26 October 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

Rich sits down with Daniel Kong - a real estate investor flipping houses out in Hawaii. He was able to retire from his W2 after just 3 years using the BRRRR strategy. By acquiring rentals with no money out of pocket, he was able to replace his salary as a software engineer with passive income. Now he is a full-time investor - Flipping, running AirBnBs, and buying commercial properties in the Midwest. Rich and Daniel discuss the next Beers & Deals real estate meetup host by Some...

Transcript

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0:00.0

As an entrepreneur or as a business man, you're trying to see where is the best return on your time, right?

0:04.6

So we always have so many opportunities that are pitched to us and so many opportunities available.

0:08.8

But now it's like our job is business owners is where is the best use of our time where we're going to get the biggest

0:14.2

return right so like everything is going to make you money is just like how much is it going to make

0:17.2

you right?

0:18.2

Yeah I fill you with that man and I think as you grow it's like you are presented with more and more opportunities and so you

0:25.0

got to be more and more selective.

0:28.0

Welcome to the Rich Shummers Report where we talk real estate, business and wealth building all

0:32.0

while keeping it real. No fluff, no

0:34.2

BS. I hope that you enjoy the show.

0:37.0

All right guys, welcome to another episode of the report today. We are back in the studio here in downtown San Diego and we got another beers and deals meetup after this podcast and I got a guess who is visiting from Hawaii who has a fixed and flipped business and is actually buying commercial properties out in Kansas City right now.

0:59.0

I got my man Daniel Kong. Daniel, welcome to the show.

1:02.0

Thank you man. Super, Daniel, welcome to the show. Thank you, man.

1:03.2

Super, I'm still here, yeah.

1:05.2

Yeah, man.

1:06.1

So what part of Hawaii do you live in?

1:08.5

In Oahu, the Island Oahu in Honolulu.

1:10.7

Okay.

1:11.8

What part of Oahu?

1:13.0

Like it's called Kalihi, I'm not sure if you're familiar with, like it's kind of like in the middle of

1:17.2

Honolulu, like right there in the middle, yeah.

1:20.2

In the middle of the island, so it's not on the coast or anything like that.

...

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