EPISODE 038: JOINT VENTURING ON FIX & FLIPS… BRINGING DOWN THE COST OF LIVING THOUGH HOUSE HACKING… AND CREATING WEALTH AS A REAL ESTATE AGENT With tom tran

Masters Of Real Estate Podcast
Masters Of Real Estate Podcast
EPISODE 038: JOINT VENTURING ON FIX & FLIPS… BRINGING DOWN THE COST OF LIVING THOUGH HOUSE HACKING… AND CREATING WEALTH AS A REAL ESTATE AGENT With tom tran
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What’s the secret to creating wealth as a real estate agent (or any type of profession or business for that matter)?  

We think it’s embodied in the quote… “It’s not your resources that determine your success, it’s your resourcefulness”.  In other words, it’s having an ‘entrepreneurial mindset’.    

Your mindset and psychology totally shifts.  And so does your vocabulary.  

You no longer say things like “I can’t afford it”, “I don’t have the down payment”, “There’s not enough time”, or “I don’t know enough”, etc.

You instead start asking yourself different questions, like… “How can I afford it?”, “How can I raise the money?”, “What skills do I need to learn so I can do ___”, “Who can I get to help me?”, etc.

Get the difference?  

It’s a total game changer… which is why we’re so excited to talk with Tom Tran, a real estate agent/investor operating in one of the most expensive markets in the country, and whose story so far (he’s a young buck just getting started!) truly epitomizes the essence of being ‘resourceful’!

Here’s a sample of what we discuss…

  • Why Tom had to live on $2,000 (total!)… for two whole years.
  • How to become one of the top REO Brokers in your area (these are real estate agents who sell bank-owned foreclosure properties)… and how Tom and his brothers grew their brokerage to selling 40-50 properties per month!
  • The good, bad, and ugly of being an REO Broker.
  • What you must do when times get tough (or someone moves your cheese!) – if you want to survive and thrive.
  • The right way to use a student loan. 😉
  • Cultivating an ‘entrepreneurial mindset’… and why it’s the ultimate secret to handling any type of crisis or challenge.
  • Tom’s nightmare fix & flip deal that he thought was a sure-fire winner… and the fatal mistake he made that compromised the project from Day 1.
  • How to not get ripped off by your contractor.
  • How Tom created a powerful platform (at no cost) to quickly and easily find contractors and tradespeople to work on his projects.
  • House Hacking Secrets: How Tom pays only $500 – $1,000 per month… while living in one of the most expensive housing markets in the country.  
  • Tom’s little-known business model that’s allowed him to explode his rehab business… in a market where many investors are having a tough time finding deals that make sense.  
  • Much, much more!

More about Tom Tran:

As a seasoned real estate agent and investor for the past 12 years, Tom Huong Tran has been involved in over 900+ transactions from traditional sales, REOs, Short-sales to buying FLIPS at Auctions. Tom began his Real Estate career at the age of 20 and starting working and managing a Century 21 Office in Sacramento with his two brothers Eric and David Tran. Currently, Tom is a Real Estate broker associate with eXp Realty one of the fastest growing real estate firms that is also traded publicly on the Stock exchange. 

He’s successfully ‘House Hacked’ 5 properties in the Bay Area and has helped 4 clients identify and purchase their own House Hack.  Started flipping houses in Sacramento at the age of 25 and expanded to the Bay Area flipping over 33+ properties since 2012.

Co-founded Bay Area flipping Company called Stronger Moms Properties.  Founded the largest Facebook group for contractors/vendors in the Bay Area with 8,200+ members.

Has over 20,000 views on YouTube Channel sharing How to Flip Houses + House Hacking in the Bay Area.

Tom’s passion is to teach more homeowners to find ways to House Hack a million dollar home and have the rental income to cover most or even all of their mortgage while living there, to make homeownership affordable again in the Bay Area. 

Tom loves to work on the remodel for his Fix & Flips ‘hands on’ with his crew, and enjoys finding ways to cost-effectively remodel to get maximum returns for himself and his seller clients. 

You can connect with Tom at: https://www.instagram.com/bayarea.flipdeals/

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