JLM Blog |Episode 33: Why Real Estate Investors Should Diversify Their Income Streams

Real Estate News, Updates, and Tips

Real Estate Agency San Diego 

Podcast Episode by Jason Lee – Premiered February 24, 2022

What You’ll Learn in the Podcast:

  • Information on Cody’s background, how he came from Taiwan, moved to Toronto to study engineering and eventually found stock options trading real estate.
  • A look into how Cody trades stock options, which he explains through real estate friendly terms.  How Cody helps others, often real estate investors, to learn about the value within stock option trading.
  • What Cody has done in real estate and what he does to grow his portfolio.
  • What Cody does to find off market deals, especially in the Toronto area, and the importance of offering value upfront to make yourself standout. – A look at Cody’s 1st and 2nd real estate deals.
  • How Cody finds his equity partners, and how he picks his investors, which is so very important. – A look at how Cody converts single family homes into legal second suites, and the advantages of this.
  • A mistake Cody has made in his real estate journey and what he has learned from this experience. 
  • Are stock options riskier than investing in real estate?
  • Words of advice for new investors, whether it’s in real estate or in stocks.

Summary and Highlights:

In this Episode, tips and essential notes on how anyone can easily take on Real Estate investing and diversifying income will be shared.

With Cody Yeh and Jason Lee talk about the success in Real Estate and stock option trading in his program and how multiple streams of income or diversified options for investments are needed.

This Episode will tackle on:

  • The importance of having to invest in housing like in Real Estate Agency San Diego
  • Having to eliminate overtime and multiple jobs yet earning through stock shares and market opportunities offered in Real Estate investing.
  • Higher returns presented in Real Estate investments
  •  How to find equity partners for the investment being planned

Other personal notes or testimonials from Cody Yeh himself like:

  • What he has done in Real Estate
  • How he grew his portfolio for the Toronto Market
  •  What techniques does he do to be able to earn more and get a high return on his investment?
  •  How he planted the 3 important factors to consider in making investments to grow businesses

Some details discussed here are some techniques for owning a property and renting it out for a continuous flow of cash return. Same as in stock options.

With real estate investments, anyone can do this primarily via learning independently and just with the market. Even while on vacation at the beach, it is easy to study this strategy.

Buying your first property is hard, but the reward is worth it in time. To do this, one should focus more on three things.

Money, People, and Deals. Deals make the hardest out of the three. However, you don’t need all three. A combination of two can make everything fall into place, especially in the real estate and stock marketing deals. Money is the driving force of every investment. This can be the way for anyone to continue playing through stocks in a possible market recession vulnerability in the stock trading option. Once this is planted solid, the people can now be the reason on how to grow a portfolio. The testimonials they can bring, more investments to keep close, and so much more.

Though markets are differently placed in trends and business, anyone can still experiment. Take note that real estate investments differ in culture as well. Like in Canada, it is more conservative, unlike in the US or the areas of Real Estate Agency San Diego, they are more adventurous.

Flipping the property or renovating it can make a better investment. The more deals, the better return for anyone.

This can enable the investor to continue cash flow and present a higher return on investment, thus surpassing any 6 figure salary through analyzing the market opportunities and digging deeper for equity shares and investments.

Let the takeaway in this program teach everybody that sticking to a corporate job is not enough for financial literacy and freedom. A diverse option and investment are needed, and what better way there is in the market than Real Estate and Stock trading.

Episode 33: Why Real Estate Investors Should Diversify Their Income Streams

Watch the Podcast | Read the Transcript

Transcript

[Intro]

Welcome to the multifamily millionaire podcast. The show that interviews, multimillionaire real estate investors, and top producers in the real estate industry. If you’re looking to create passive income and achieve financial freedom so that you can do what you want whenever you want, you’re in the right place.

 

Our goal is to simplify and make real estate investing easy for you. For more information, you can find us at www dot JLM dot real estate.

 

Jason Lee: All right, everyone. Welcome back to the show today. We got Cody Yeh. Cody, how you doing today?

 

Cody Yeh: Good. I’m doing well. How are you doing?

 

Jason Lee:  I’m doing fantastic. Had a great conversation with you before we started recording. Super excited to have you on the show. You’ve done a lot of cool things in real estate. You got a lot of momentum. You’ve got a big following. So, I think you have a lot of value to provide to our audience.

Cody Yeh: Well, I hope I live up to the expectation. Now you put me on a pedestal.

 

Jason Lee: Cody. Tell us a little bit about yourself. What’s your story and what are you doing today?

 

Cody Yeh:  Yeah, so I grew up in Taiwan, which is a small country in Asia, besides Hong Kong China came to Canada at the age of 18, which is about 13 years ago, came with a study visa, student visa, went to university for engineering degree because I thought that will be the shortest way to get to a stable job. And right after that, I was working as a project manager, managing a lot of contractors that I kind of a lot of experience in managing contractor and tendering contracts, which is really helpful for real estate investing.

 

By that time, I didn’t know what better way to really save a more money, expedite my wealth building process. So, I was working a lot of overtime. Like 400 to 800 hours of overtime. And meanwhile I was doing that, you know, back in school, second year university, I learned about finance accounting and that spur, give me more inspiration than the engineering itself. 

 

So, I started investing in stocks at that point. And between like 2016 to 2018, I was a day trader. I had a coach who’s in Taiwan you know, nowhere to be found nowhere on social media, very low key, but I was managing a lot of money. So, I learned that from her. But at the same time, I know it’s not very sustainable.

It just takes a lot of mental capacity and it’s not sustainable lifestyle. 

 

So that’s when I was playing with or stabilizing with the strategy I’m teaching hundreds of my alumni right now, which is a stock option strategy. That’s you only have to spend less than 30 minutes per day or less than 30 minutes per week and you make one at 4% per month, basically agreeing to own a stock. You want to own at a discount price. And you get paid a premium, just like the insurance company. 

 

So that’s basically a nutshell what I do now, and I do invest in real estate as well, and I’m waiting to refile a lot of property to go bigger multi-family stuff.

 

Jason Lee: Gotcha. Gotcha. Let’s talk a little bit more about the stock options. I don’t think I’ve had someone on the show Talk about that. Can you dive into kind of more about the details about those options?

 

Cody Yeh: Yeah. So, I like to, since most of your audience are real estate investors, so I’m going to use the real estate investing terminology to explain what we are doing with option strategy. So, we’re not gambling. We’re taking very calculated risks. Now, what I mean by that is we are agreeing we’re like the insurance company. We are like the casino owners. When we sell an insurance contract, we get paid a premium. Just like yourself, you’d be buying a home insurance, auto insurance You pay a premium, you never get the premium back. Whether you make a claim or not. 

 

Now for the first time ever we’re able to be on the other side. So, what does that mean? That means we basically sell a policy and say, hey, we’re agreeing to own a stock. We want to own for the long-term 5, 10 years, which is the same as real state investing, you’re willing to hold on for 5, 10 years and we can generate cashflow by keep selling those policy and say, we agree to own it for cheaper. Once we own it, then we can rent to own it out.

 

Most of your investor probably know what rent it to own it means. Basically, once you own the property, you give your tenant some stake in it for a chance to buy the property and they give you more cashflow. So basically, we agreed to buy a stock we want for the long-term cheaper. Once we own it, we rent it to own it out and receive more premium, basically the simplest way I can explain it. 

 

Jason Lee: Yeah. And how did you get into that?

Cody Yeh: So, you know, I was, I learned about that second year in university, so that was 10 years ago. I learned about all the mechanics. It’s just saying, you know, school talks about the mechanics, but never talk about what kind of impact it can make on my life. Never did I know back then, once you have a sizable account, if you make one to 4% per month, not just say on the low end 12% per year, it’s kind of private lending money, even a million dollar and you only need your phone with you. You spend 30 minutes per day or less than that per week. You can make 12% per year. 

 

You have full control. Don’t have to mash contracts, no contractor, no broker, no lawyer, no accountant, just you and the market. You can sit on the beach and do this, [05:31 inaudible]. So [05:34 inaudible] I know about that. And now I know how that powerful that is. I’ve helped hundreds of my alumni achieve that. You know, they’d give me a really good review on Google review. I have a lot of testimonials interviews and all that. So, it’s not just me. I’ve helped a lot of people achieve it, they are average people, a lot of them, most of them are real estate investors as well.

 

Jason Lee: Got it. Sounds like it’s a good way to diversify If someone like myself was mostly just in real estate.

 

Cody Yeh: You know, like the music has been blamed for a while.

So, you know, I hope the music kept going. Cause I have a sizeable portfolio as well and real estate, but at the same time I have multiple streams of income. I have the coaching side of things, I have the wholesaling flipping side of things, I have the podcast site, which will cover. And then, you know, just, you know, my trading profits, my real estate cashflow, my infinite banking policy. So, I have a lot of it. 

 

But what I found is that most real estate investors are very concentrated in real estate. And I really think most of them know what they’re doing. If they’re cashflow positive or they have a, you know, a 30% buffer in case their rent does drop in case of music stop, a lot of them are, you know, don’t know other ways to make money and they’re too concentrated in my opinion.

 

So, you know, they could start looking at other ways to generating more income just in case one thing to stop the music, [06:59 inaudible] there’s other ones that picking up the slack. So, you have true financial independence and freedom.

 

Jason Lee: Yeah. Yeah, no, I couldn’t agree more. And for your real estate investing strategy what have you done to grow your portfolio?

 

Cody Yeh: Yeah, so the first one was like the boring side was trying to save up for my first property. You know, it was just kind of work my butt off, save it up, buy the first property as it goes up, refinance it out, buy more duplex. And now, you know, I can build a triplex kind of a [07:30 inaudible] we get in the back where I think about, should I just refinance all of them out? I can go bigger. So, to me, I think about a real estate investing there’s two most important things, right? Three, Money, people and deal most, especially in the solid market right now deal is the problem. If you have a deal, fly off the shelf. 

So, if you control the deal, you can either sell it, flip it, hotel it, or built it yourself, or, you know, do the flipping yourself. So that’s why I focus on that. And also, the money side, the people side is you have a good size of following you do what you say you’re going to do and deliver, build those trusts. When there’s a new project come on, it’s a lot easier to raise money and help more people make money. And a lot of them are really busy. Just like a lot of your audience. They, even, when they learn stock option, they don’t want to spend one at 30 minutes per day. A lot of them spent more than less than 30 minutes per week because they are VP of big banks, VP of, you know, a big telecom company. So, for me, it’s always about the highest return on time, but not the overall return. It’s the highest return on time, lowest return on a stress, so we can enjoy life and get the time back.

 

Jason Lee: Yeah. That’s well said. I mean, going back to your point, you don’t need all three, you don’t need deals. I mean, you don’t need money deals and people, if you have at least two of them you can do really well in real estate, right?

 

Cody Yeh: Yeah. But most people only know one, right. So, if you can line up two, Money or the people or the deal with the people, pretty much everything will fall back right. Fall into the funnel. So, I focused on the hardest part. I basically find off market deals and, you know I have a falling soft people as well. So, and I have a track record from teaching hundreds of alumni from stock option you know, quite well known, I want to say, well, known, but quite diversify and, you know but [09:30 inaudible] the real estate investor groups. So, you know, that’s really a lot of leverage there.

 

Jason Lee: Very cool. And how are you finding these off-market deals Cody?

 

Cody Yeh: Used to be a lot easier. I just got to get creative. Again, I don’t mind sharing more, but every market is kind of different, but just think about what other competitors who are trying to find off market deals are not doing yet, and you can try it out. It might be harder. You might need to put in more work, but you need to put in more work, which means less people will be doing it. For example, of like You know, you can do all the typical Google ads kind of thing, like Facebook ads or YouTube ads, all that, but not a lot of people are doing maybe radio, newspaper magazines, might just be those single family or small multi-family sellers are. 

 

Or if you really want to go crazy about it, now there’s ways in US, Canada is a lot more conservative. They’ll give you those kinds of assets [10:27 inaudible] in the U S there’s a lot more ways where you can really track down who’s a multi-family owner. And, you know, contact them and you know, introduce yourself and give them some incentive, right. Just to stay on top of their mind. You know what I’m saying, right?

 

Jason Lee: Yeah, definitely. I mean, we keep it simple. I mean, at our company, we have a database of people who own in San Diego, and we just call them or text them, email them, see if they’re selling or buying, if we can provide value. That’s where the way to do it. I mean, you can market and spend a lot of money, but, you know, talking to people free. So, for someone who’s just looking to get started, I mean, if you just have the will to spend time and talk to people and reach out, I mean, you can make it.

 

Cody Yeh: And provide value or some entertainment value, right. Education and entertainment. And, you know, I always leave on a good note. You can send a gift card or offer them lunch, dinner, whatever that is just offer value up front, build that relationship. 

 

Jason Lee: Definitely. Can you tell us a little bit about your first real estate?

 

Cody Yeh: The first one is boring as a single family.

I bought it. I thought I, I will keep it until I have a family. Cause at that time I was working a corporate job, so I was really saving up. And then that house was $460,000 Canadian, [11:51 inaudible] single family. That’s before I do any duplex, as when I first started learning about real estate stuff, I just bought one. If I stay at the company for 5, 10 years, that’s where I’m going to have my family. 2 bedrooms, buy it for 460 and literally closing it yesterday, I sold it because we were moving yeah, sold it for [12:10 inaudible] four years. So, you know, it’s a crazy number. Of course, we did a good job on renovation. We didn’t over renovate it, but did I see that? I probably didn’t see it, but I thought I was just a principal residence, but that was really the first boring deal. But sometimes the boring deals, almost like a buyer hold deals. And after that, you know, there’s like, duplex, and can do like triplex and all that bigger stuff. Where you can buy [12:34 inaudible] or lower occupancy you know, apartment. And that’s a totally different strategy, but similar, but More things to worry about.

 

Jason Lee: Definitely. Definitely. Then what was your, was your second deal a little more exciting?

 

Cody Yeh: Second deal was a duplex. [12:51 inaudible] duplex. So, we bought it for 405K, we put in about 80K you know that was like in 2019. And now we could have probably sold on market for 950, cashflow positive, probably about thousand right now with all the property management going in, you know, with just 2% appreciation of that running say multiple two digit return really. Cash on cash, you know, you calculate it differently. It’s cash flowing. That’s the first thing I look at. And even if the rent dropped by 20%, still okay.

 

Jason Lee: Yeah. I feel like if you underwrite a property and you’re very conservative unit rents drop, and you’re still cash flowing, you can’t really lose. You’re holding it Long-term.

 

Cody Yeh: Yeah. And then, you know, that’s what I like about real estate a lot is, you know, you don’t, yes, cash flow is what keeps the business running. And what gives you the mortgage paydown and appreciation. And of course, in us, you have the tax right. You know, tax advantage and Canada’s not 1031 is not there, unfortunately, but, you know, we can still write off all the cap ex and all that good stuff, but really cashflow is what keeps the business going. In case of wackadoo downturn, you can hold onto it for the long-term and then mortgage paydown and the appreciation is where you make most of the money because it’s a leverage vehicle.

 

Jason Lee: Exactly. Exactly. How has your investing strategies changed since you first started? What are you

Doing nowadays? 

 

Cody Yeh: Yeah, so nowadays it’s like, there’s, you’ve probably seen as harder to find deals, but there are still deals and Numbers are a lot tighter. So, we’re looking at maybe moving to east coast where market has picked up a lot, but the numbers still make sense per door, or I can just, you know, this is where I’m going to, it’s going to take the business or running, finding off market deals. Use that to make quick money and, you know, to buy more property myself and also with the proven track record I can come up with a fund or a really like joint venture ship to help more people who are busy, but still want to get the return that they want. But they don’t have time where they just don’t want to deal with all the things of a sweat equity partner. 

 

Jason Lee: There you go. And for someone who’s wondering, how do you find your equity partners, your investors?

 

Cody Yeh: Yeah. And that’s, I think that’s the most key question for a lot of people. I have seen, you know real estate coaches, the student just says, okay, now I trust you. Just kind of like me, Cody, you taught us how to make money, 1 to 4% per month. Can we just throw you the money? And you invest for us kind of thing, right? That’s why we’re looking at that. Real estate is the same thing. Do you have a track record? If you help people, make money and they really make money. If you have a track record of yourself, you have a good social media following and you teach people entertain and educate, you know, and you’re a trustworthy person. You do what you say going to do, the money will flow to you. Cause there’s a lot of money as well. Money people deal. 

 

Jason Lee: That is a great answer. So, at Mr. REI, you often convert single family homes to legal second suite. Can you explain to us you know, how this is working for you and how you’re looking at deals when you look at this approach? I think it’s really interesting.

 

Cody Yeh: I thought that’s very popular down where you’re at as well, No?

 

Jason Lee: Here it’s called like ADU, like additional dwelling units. That’s very popular. Your website and kind of your track record, I know what, like a legal second suite is like extra like, Unit you add as an extra bedroom kind of, what is it?

 

Cody Yeh: Yeah. It’s just a fancier way of saying ADU, ADU, just additional. So, it could be the second one or it could be the ADU in the Back, or sometimes ADU could be split, right. It just additional dwelling unit period. Duplexes means two, triplex means three, right? So, there’s some area in Toronto where you can, you know, not only you can turn your house from the single-family into duplex, which we rent out the basement. Some area allows us to build a house in the back, right. Maybe 650 to 800 square feet house in a back. Cost us about 150 to 250 K, but we can bring in an extra 2K per month, number works, right? So those are kind of like if you have a big lot, deep lot, of course you need to do your study, you have to know what city would allow you to do. You might need to do minor variance. I’m not sure if it is called the same thing in US or maybe it just won’t work.

 

So that’s part of the ways that a lot of everyday investors easier to get into, the numbers are really easy, less moving parts. But the profit is there as well. But once you get bigger, you raise more money.

It’s harder to scale because if you have a hundred million to deploy, I have two hundred deals. Whereas a lot of bigger funds, they look at one deal, a thousand unit, done kind of thing. So, but not saying that is more profitable. I just think there’s the benefits of economic of scale. And there’s a more profit margin for smaller stuff.

 

Jason Lee: Well said, well said. Can you tell us a story about one time when you made a mistake in your real estate investing journey and what you learned from that mistake?

 

Cody Yeh: Nothing too major. Fortunately, because I do a lot of due diligence. I have a good power team around me, but I will say this is a small funny story. One of the duplexes I bought, I bought a single family. I convert it into a duplex and owner I bought it from six months later, say he wants to move back in. So, I have a property management company and they were kind of convinced me that, yeah, he’s not the best tenant, but his mom was kind of going on the title, so he should be fine. He will pay rent. Okay, cool. After two years he moved out, I just went to check out the property. I was like, oh my God. Was there like giants were like Hawk like living in my house like there was holes in the wall. There was like, things like that as not and they try to fix and all that, but just like very poor [19:06 inaudible]. 

 

So, I was like, decide, hey, maybe now’s a good time I will just renovate it and sell it. But then I was just thinking, you know, what, the rent still work probably going to spend 20K. After two years, I just renovated two years ago, Now I need to spend another 20K really, the house prices went up like almost half a million. So, it still makes sense. And I would just refi a lot of the money out and then keep it.

 

So again, as a mistake, really, I thought it was a past owner, but really, I should, I should have just, you know, vet them a lot better and really keep a tab on what they’re doing. So, it is not the most horrible stories, but you know and that’s with all the system we have put in the property manager was in like no smoking in the house and all that, but they still kind of do it. And, you know, they kind of like have like friends coming over and kind of stuff. So, I’m surprised no one called the police yet.

 

Jason Lee: wow. That is, that is crazy. After two years, you had to put in another 20K to renovate the full thing. I mean, it’s tough though, because meet someone once or twice when you lease a unit and know what kind of tenant they’re going to be. So, it’s kind of tough to gauge on how they’re going to act in their home besides their credit score and their history, right.

And their background. But it’s kind of tough to read a behavior of someone If they’re going to destroy a unit or not. It’s tough.

 

Cody Yeh: I think it kind of high side I should’ve, you know, now that have that we have the proper management, they have a really good gut feeling. They were telling me that, hey, this is not the best tenant, but you can get him in quick. And he was a previous owner. Little did I know, you know, his mom was probably paying for all his rent and he’s already 40 somewhat years old. So that could have been a red flag for me, but naively I was kind of like, you know what, it’s fine. He’s a previous owner and he probably know the area.

 

He should be fine. But little did I know. And in a high side, you know, and the big picture is a small thing. That’s 20K we got to put in, but the good thing is that we can write those off, right for a capital expenditure down the road. So, you know, real estate investing, you know, comparing with stock option. Stock option, you don’t need to deal with tenants. You don’t need to do a contracting. You don’t need to do a property management. You don’t need to deal with all the other power team. You just, you and the market.

 

The return is not leverage, but still be a really good cashflow, just you and your phone, or real estate is a long-term game where will take more time, especially upfront and more managing. You still need to manage your manager. Don’t think that it’s very hands-off you still need to manage your manager. You need to make sure your bookkeeping is on track and all that. But they both work really well Hand in hand real estate is what gives me the net worth and the appreciation gave me that Generational wealth and the stock option Give me that extra stream of income so I can quit my full-time job or quit my spouse job and you know, have another stream of income and help me save up for next down payment faster. Or just have a totally different stream of income.

 

So, a lot of people who are trying to buy their first property, stock option is good for them. People who already have a lot of, [22:20 inaudible] who have 10 properties plus they still get into this because it’s just like Cody, you know what? I have two properties. I really want to sell. Now you give me a chance to sell it. And the 2 million I just going to put in my trading account, make one to 4% per month, not to work ever again. And that solved that problem for them.

 

Jason Lee: Do you think stock options are riskier than real estate though?

 

Cody Yeh: In the short term, the movement is lot faster. The volatility and stocks, It’s a lot faster. The way I compare is this. You don’t ask the appraiser to go through a property and tell you what’s the price every day. Because if you do that based on different appraisers, I have a big range, one day, maybe 30K off. One day maybe 30k higher. Commercial might not be that big of a difference, but in a residential, they might be, based on how they do their comparison method.

 

But in stock market, if anyone can buy and sell with a swipe of a phone, it will be a lot of fear in there. But if you know what you’re doing and you’re in it for the long-term. In the long-term, the stock price will follow the fundamental, just like in the long-term real estate price will follow the supply and demand of the housing. And that’s the same idea, but just in the short term we’ll move a lot, faster up and down. And a lot of people just don’t have the right mindset. They think like this is a casino, but we don’t treat it as a casino.

 

We invest as Warren buffet. This is one of the modified versions of Warren buffet strategy Really. We always agreed that we want to own the stocks, we want to own for the long-term first, just like when you do a fundamental analysis in your real estate, run your numbers, immigration, jobs, Diversifying and all that good stuff. 

 

Jason Lee: it. I like it. Yeah. I’ll talk to you more about after this show. It’s cool. I’m interested.

 

Cody Yeh: That’s funny because the hosts that don’t know anything about it afterwards, and then they sign up. I’m like, I’m not trying to sell anything, but it is just really interesting.

 

Jason Lee: That is funny. So, kind of switching gears a little bit here. If you were to kind of look back when you first got started. But you put yourself in this market and you were just looking to get into real estate. Do you think you would change your strategy at all? Or would you do the same thing that you did back then fast forward today?

 

Cody Yeh: I mean, hindsight is 2020, but I would say at that time, when I first started, I was going through a lot of real estate meetup. Meetup is a good place to start. The seminar is a good place to start, but give you the width, but not the depth. What gives you, doesn’t give you the accountability of what you really need to get going. It doesn’t give you the, a coach that push you. Say you want to buy four property this year. Okay, what are you doing to get there? At that point, I was just starting, I thought I’m the small potato sitting in the back of a room, right now I’m invited to speak in front of the room, but if I know it better, I was just said, you know what? I’m going to pay for that Coaching, someone please push me. Let me know what I don’t know. I’ll grow a lot further, a lot faster.

 

 

I don’t have to go in circles a lot of times. And if I can start over again, I will do that. A lot of people think that Cody, you’re crazy. Why do I pay multiple five figures for this or for that? But if it’s the right program, of course you do your due diligence, but for the right program will make back 10 times and lot more. And you’re looking at short term, long-term open a door that you’ll never been able to open for yourself. 

 

Jason Lee: I mean, do you want to run, you know, I like to say like, do you want to have a mentor that kind of shortcuts everything? Or do you want to have, do you want to be running around for one or two years with your head cut off, right. Like a chicken, just trying to see what to do, not knowing where to do what, not knowing how to spend your day. Not knowing what tasks actually make you the most money, not knowing how to find a property. I mean, the list goes on and on.

 

And if you pay a coach to teach you these things, I mean, you’ll save so much time in the long run and time is more valuable than money, right? So, if you’re spending all this time wasted on what to do, I mean, a coach is a no brainer in my opinion, or some sort of mentor, some sort of figure that’s done what you’ve already done before.

 

Cody Yeh: Yeah. And I wish I have the same intense. At your age when you’ve started. Of course, I’m not that old, but six years ahead of you. But if I know that six years ago, I’ll go way further. I start hiring coaches and I think in 2015, that’s the time. But I didn’t have the right mindset, you know, I was just like, yeah, see if it works, see if I can copy kind of thing, but I didn’t have a good plan going out. And it seems like you have the right mindset and I’m sure you have a lot of potential.

 

You’re just unlocking a lot of that. And no one’s comparing, we’re not comparing because of age or anything. You’re comparing with yourself. And really, I just cannot thank all my coaches and all that [27:15 inaudible] how they push me, how they let me know what’s possible. And I always put myself on the line and do what I say going to do. And that’s the growth right there. 

 

Jason Lee: Definitely a hundred percent. Kind of closing out the show here at Cody. It’s been a great, great time interviewing you. I wanted to see if you had any last words of advice for the audience before you go.

 

Cody Yeh: Advice for any new investors, whether you want to start in the stock market. What do you want to start in the real estate market? Whatever you think you can try, just think backwards, reverse engineer. So, I know, you know, a lot of people is just Cody, I need to make more money. Then I can do this. But if you think about what’s your end goal, everyone’s end goal is different. Some people just say, Cody, I only need 10 doors I am happy, cause, I don’t need that kind of flashy life. For some people like Cody, I want to keep growing. I just want to keep growing doors. I don’t care how much money I make, but that’s my passion. Cool. Then you work backwards. For me as I, you know, I’m 31, pretty soon I am going to have a family. I’m going to have kids, everything I’m building right now as a business, not as the maximum return, but I’m always in the business.

 

I’m trying to build a team for every business. So that you’re making money running on its own. I focus on the highest and best value of time, which is getting on this kind of podcasts. Talk to thousands, if not five figure people, five digits of people and then, you know, I focus on the key decision thing, the visionary side of things, right. So that’s what I focus on. And I want to have a lifestyle that I can send my kids to school. And I can pick them up after school and between I can go work out me, friends, right. And the future for me, I still want to work. I will never retire, but I only want to work four hours from eight to 12 afternoons golf time, tennis time, or do other fun stuff. And that’s for me. And I work it backwards.

 

 

So, I know a stock option help me do that. Real estate helps me do that, but you know, being in real estate, I’m a real estate agent as well. You have to build a team there’s level one to level seven. You probably heard about that, Keller Williams talking about that. And for me, you know, if I want to build that, it’s always level seven I’m thinking about. Not just, I’m not really going to be hustling and make half a million per year.

 

That is good to talk about it, but I don’t have a life. And so, you know, work it backwards and make sure you’re heading towards the right direction. So, a lot of people was like, Cody, I want to be financial freedom, retire early. But, you know, they’re really good at sales. Keep doing sales, never invest and just put all the money in the bank. And they’re just like Cody, I’ve worked for 10 years now. I still don’t go anywhere. I try to save, save, save, but tax takes half the money or whatever that is. I just, you know, there’s a difference between working hard and working smart. So that’s, that’ll be my takeaway for all your audience. 

 

Jason Lee: That was amazing advice. So, yeah, I mean, I couldn’t agree more with things you said Cody. I think people that just work hard and don’t build a team and just save, save, save don’t invest, or are not using the best use their time in my opinion. So, thank you for that. That was amazing. And to close out the show here, how can more people get in contact with you or learn about?

 

Cody Yeh: Yeah, the easiest way you type in Cody Yeh on Google, the first three page is me. So, Cody is C O D Y space, Y E H, or you know, the Jason will be able to put like the link for my Facebook group where there’s more than 4,000 people. Most of them are real estate investors. Interesting in stock option as well. It’s a free group. I run Facebook live every Sunday at 7:00 PM Eastern time, it is for free. I let people vote about the topics. A lot of value-added entertainment, value added videos in there as well. And yeah, people can feel free to join or just find me on Instagram, Cody Yeh. 

 

Jason Lee: Awesome. Well, thanks for your time, Cody. It was a pleasure getting to know you better and yeah, Thanks for a great show. Great having you on.

Cody Yeh: Thanks for having me. 

Thank you for joining us on the multifamily millionaire podcast. The show that interviews multi-millionaire real estate investors and top producers in the real estate industry. We’re here to help you create passive income and achieve financial freedom so that you can do what you want whenever you want.

We’ll catch you next time on the multifamily millionaire.

 

End of Transcript

 

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