Australia, United States, Erica discussed on Real Wealth Real Health
Into evaluating market trends and how to shift investor expectations for impending economic contractions high read. Thank you so much for joining us today. Thanks for having me on the show. Yeah it was. It was really fun when we were getting started with podcasts. In I thought who are people from a mine network especially this network that I built up over the past few years in the real estate space that I wanted to reach out to you and as I was going through my list your email came through my inbox about this book that you were launching and I thought Gosh I haven't talked to read in years so here we are in. I'm so excited to talk to you about this journey because we met back in like I want to say Twenty fifteen twenty sixteen and a has changed in the past four years for all of us in the space. And I'm really excited to hear all about what you've been up to and share your knowledge in your wisdom with our listeners will thank you very much in very flattering introduction. Know you'll you'll be fine so then I would love to start with is like I know you but let's hear from you a little bit about who you are your experience and you know what our listeners can can look forward to hearing from you. Wow good big one who am I? I think it's the the the question was asked ourselves each and every day. I guess I'm a self self loving down to Earth Guy who love surfing in investing in real estate and finding financial freedom and really. I think the crux of who I am as a person is someone who likes uncertainty but also Fees REGRET IN. My story is that. I moved to the United States. Back in two thousand twelve. I quit my job in Australia. And we can get into that a little bit but avoids being. I've always thought to myself of A. Don't give this a crack. Don't give something a A. I'm GONNA wake up when I'm seventy eight and regret it. And Molly Studies now back lost ten years and been really proud of what shave tonight and that means the next ten years. I don't have to stress as much because I know my to my left to mind devices. Clearly I know what L. figure it out somehow and that's really who I am as a person is just understanding that don't put as much stress on what's going to happen next ten years but just look at the doors that are in front of you right now open them. See what. Walk through those doors and and let the future figure itself out Along the way. So does that answer the question of who I am I eat. Oh it's such a hard question to you know to to answer because we're so nuanced and they're so much to to talk about one of the reasons why. I really wanted you on. The show was because you have this deep financial or rather real estate experience mean. It's both financial and real estate as an entrepreneur. You're doing a nine to five life. You've read a book it you in you took the action to change your life. It's not like Oh. This book changed my life but wrong rather than you did something about it and like you said you're opening doors going through them probably closing other doors and so what does that. What has that look like for you as an entrepreneur getting into real estate and obviously everyone can hear your accent. You're not from America so you've also done this as an ex pat. So let's just talk a little bit about the professional side to start with especially as it relates to the real estate. Yes so the professional saw the bug was planted. You You alluded to the Rich Dad. Poor Dad and that really came off a couple years of traveling abroad of Rwanda clock even further. I graduate knows two thousand and seven from University of Queensland Australia as structural engineer Two Thousand and night when abroad to London to work on the two thousand twelve Olympic Games but in two thousand night on infrastructure development two dozen nine was in the south of France. Talk In Green Room before he presser code and in two thousand nine is where I met my my then girlfriend now WAAS Erica. Who's American At the end of two thousand and I moved back to Australia. And that's when I really realized about I want to. I want someone pay me to live my life right I want to. I just enjoy this incredible. Two years being embroiled all these event adventures I crossed the Atlantic Ocean on a soupy. All had these incredible eye-opening experiences but I was still working. Ended up being back in a cubicle. And this is not what I signed up for. This is not what I want to life and I really felt like that Star athlete sitting on the bench. And just watching my life go by in mid mid Mid to mid twenties like twenty s and I really. I didn't know what would entrepreneurship men. And when I picked up that Book Rich Dad Poor Dad it sort of ignited. The spark within meet to cyanide is mole he had two loss. I E financial freedom. Then what I was told right. What else told us a growing up. Go to school. You're going to get a job. You got to be in his cubicle. You Know Punch the clock and then at sixty five years of age somehow then you or you get these golden ticket to living now the rest you loss and I didn't really subscribe to that so the whole idea around. The book was just rich. Dad planted a seed. That Sade was enough to challenge the status quo which had been brought up to believe and so then the next since two thousand nine over decades lighter at quest towards financial freedom to woods figuring it out towards opening doors and and and the rest of it ice. Yeah I didn't realize it was two thousand nine. That's actually when I also started my own entrepreneurial journey I was at a hedge fund in Switzerland. Actually I was living in Europe at the time and We're coming off the tail end of the you know the almost near destruction of the fund with with everything that started happening in September of two thousand eight and various personal reasons. I I laughed. I left the funding. I started entrepreneur. That really started my entrepreneurial path In two thousand nine as well so I didn't realize that that was that for you. What what made you choose real estate? Was it specifically what was said in the book or were you already kind of familiar with it from being familiar enough that the fact that I was a structural engineer working on infrastructure projects on some developments in my early career as an engineer. But also my dad had you know he was a hostile take. Nothing can be very humble upbringings. Nothing fancy but he had credit a little nest egg for himself through investing in real estate and really. Australians have been taught over the years you buy something can hopefully be w money you'll double the value of an asset in ten years. You doing pretty well right. That's the mindset. I've come from of slow and steady wins the rice and he had cried not not necessary financial freedom but some comfortable living where now he's at sixty five years of age and he doesn't he doesn't he doesn't have any lines on these on these houses and he is in debt free which is pretty incredible full person who had a a easily but Not a great income as hostile takeover growing up so being really smart with with money An investing in assets was sort of. I could have chosen. The stocks bonds are out but I chose the tangible physical asset because of my ability to build stuff and that sort of engineering me but also the fact that I had an upbringing where My Dad had invested a little bit of real estate along the wife is right and what was the first product you invested in was not in the US. Yeah so the First Project. So you sort of summarizing. The two thousand and on to to to moving to the United States was two thousand and I had the epiphany of I needed him with my life. Shed pod started in educating myself about the benefits of real estate attending local real estate investment clubs. In Australia Erica moves out to stray off Mazdas granted eleven. She does after twelve months and at the end of that. Two thousand eleven was like all right. We come to a fork in the road. Do I want to go and live abroad again? being ex PAT and that was a real desire within the older one Stein stryer and do do something and all play plight sites and the uncertainty in. May wanted to go you know. Throw throw caution to the wind. Let's give it a crack so quit the job at the end of two thousand eleven Erica we moved to New York City and I had a tourist visa and I had to get a job pretty quickly and I'd to get a visa pretty quickly. Because I need three months to be in the country Eric Hand is an American citizens is completely different. kettle of fish. And Yeah I think within two weeks of being fresh off the boat. I was at my at the at the real estate He is a real estate investments in New York City and I thought Australia had some pretty awesome networking events. This was you know. It's the big apple it's network on steroids and it's the foss toss talking Americans coming at me with all this lingo. That I wasn't necessarily. We didn't use the same lingo because of the different invest in climate. Mock in Stra really. I spent the first six months. Readjusting recalibrating my mind on on how to invest in real estate in the United States but also realize that the barriers to entry here saw much law than they are in Australia. And you know what Rich Dad Poor Dad said. I found these markets within a four hour drive of New York City. Icq's in upstate. New York where you can buy fifty thousand dollar properties and not just wouldn't exist in Austria so I'd side a little bit of money. And my first deal was thirty. Eight Thousand Dollar. Triplex in Syracuse New Yorkers. Because I could get on the Greyhound bus and truck to and from a market that I could afford and when I moved here wanted to lend anyway even that I did have a job was to the fact that I just credit. I didn't know what a credit school was made to you. So that would. My first deal was just within six months. Moving here was was about getting the cash flow or cash flow saved cachefly but had a very quick lesson in section eight housing and Investing in in the slums so you know had had had a drive by shooting at one of my properties. But but you know you shake your head. It's I wouldn't have got to where I am today without doing that. I deal I deal meant it was my in cash was my risk. It was my money I was willing to put it on the line because just because I was sick of having my nose in a book on the subway learning about something it was more getting out and taking action in the only way going. GonNa Learn and that point out of is that I've been learning since two thousand and nine so it's sort of like over two years two and a half years of Learning and then coming to the United States and is needed to get something done so that was more the raisin But but I deal don and that rolled into the second little deal and then Old Like multifamily little multifamily deals and then look to do some. I did a flip in Philadelphia. Which didn't go great but it's still going going and then really got to. The end to attain and friend of mine came down from Canada who actually studied with the university Queensland and I was telling him about a little portfolio of probably less than two hundred thousand dollars worth of property but wasn't financially free and and boasting to him about what. I'm doing so slots him the back in weld on good on. Ya He He's close on seventy unit deal and I said You know. Six seven zero seven zero. How the Hell did you do that? Need Talk to me about getting a mentor about rising on people's money and Silkair backs on ants and all that sort of stuff and that was the first to get me thinking about like I I need to scale and at that sort of that was the second opinion in my life which was the first one was breached. I pulled up. This was the second conversation IRA couple of years and I kind of had the sense that I was getting to the end of my tether already with three little deals full deals under my belt like of the banks went really lending me that much. Because I wasn't credit worthy income wasn't going up enough to get more light loans so I really needed to change.