Episode 80 with Justin Chung
Imagine it’s 2008 – the height of the global financial and economic crisis. Real estate and stock prices crashing, and the unemployment rate is through the roof.
That was the climate when Dreamer, Justin Chung, ventured into real estate.
Fast forward to today, Justin owns a portfolio of over 20 real estate units. Today, he shares how he built his real estate portfolio while working full-time starting with a $48,000 loan from his father (with interest!).
Listen as Justin talks about his journey as a real estate investor, as well as key takeaways to get started on building generational wealth.
We can learn many lessons from Justin’s story, especially in these current uncertain financial times
In this episode, Justin Chung discusses:
- His advice to get started in real estate
- Building equity and leveraging credit on real estate properties you own to continue to build your portfolio
- Investing in starter and family homes vs. luxury properties
- How to raise money-smart kids that will become financial grownups
- Purchasing positive cash flow properties that protect the investor in case of a downturn
- Using a hybrid approach to property management
- Building up a network of people that can help support you on your wealth-building journey
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Dreamers’ Wealth of Wisdom:
- My father taught me to have a strong work ethic, be ambitious, and go for my goals. — Justin Chung
- The key to scaling your portfolio is really figuring out how you can leverage your time. — Justin Chung
- For areas that for areas where you’re not an expert and you don’t have the time and patience to figure out, go and hire people who are well qualified to do them for you. — Justin Chung
- A lot of times we put a lot of emphasis on how much we’re spending, but not necessarily taking into account how much time we’re saving and how much our time is worth. – Anne-Lyse Wealth
- I’ve always focused on buying positive cash flow properties: buying property where the rents cover all operating expenses as well as the financing and you still have some income left over. What that does is protect you against the downside risk in the event of a downturn or market correction because you’re not necessarily just speculating. — Justin Chung
Mentioned on the Show:
About the Guest:
Justin Chung is a father to two kids, a husband, and a real estate investor who turned a $48,000 loan into over 20 real estate units. He has won multiple awards including Real Estate Investment Network’s Top Player of the Year for two consecutive years and Joint Venture of the Year, as well as the recipient of Canadian Real Estate Wealth’s Joint Venture of the Year. Through joint ventures, Justin helps others build long-term wealth through the acquisition and management of positive cash-flowing residential real estate.
Justin is a Chartered Professional Accountant and an Asset Management professional with expertise within the Canadian multi-residential industry. He is also the producer and host of the MoneyDad Podcast, which is a podcast dedicated to helping parents raise money-smart kids
Connect with Justin Chung:
Connect with Anne-Lyse:
Other Episodes You Might Like:
- How Real Estate Investing Helped Rob And Reshawn Lee To Pay Off Over $300k In Debt And Buy Back Freedom To Travel The World In One Year
- How To Build Wealth Through Real Estate Syndication With Keishia Kennedy
- How Erika Brown Quit Her Corporate Job To Pursue Real Estate And Purchased 38 Doors In Five Years
- Real Estate As A Path To Wealth: From Wholesaling To Owning Hundreds Of Doors With Jessica Myers