Critical Care Nurse Gets Laid Off And Launches A Successful Real Estate Investing Business

Alvin Wong got into his dream job as a critical care nurse. When he got laid off, he started to realize how vulnerable he is if he doesn’t take action.
He started investing in real estate. After just two years in the business, he already has 7 properties and 18 doors on his portfolio and is still growing.
Join us in this episode of The Freedom Chasers podcast where Alvin Wong shares his experiences and his drive to continue growing to achieve the freedom that we are all chasing.

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Don’t Forget To Reach Out To Alvin Wong
Instagram: https://www.instagram.com/thisisalvinwong/?hl=en
Linkedin: https://ca.linkedin.com/in/alvin-wong-5340ab194

Quotes
“During my move, I found a book left on my bookshelf, and a lot of people are familiar with this, the Rich Dad Poor Dad book, it just teaches you what liability and assets are. Sounds simple but it just gives you that understanding of how much risk you’re carrying in your life and you gotta do something about it.”

“My grandmother told me I really support you in this real estate because I see the potential in real estate. It can give you that Financial Freedom and then you can use that to help your family.”

“When someone sees that you’re very empathetic and you’re really trying to do your best to help them, they actually want to work with you.”

“I’m still in nursing but not in critical care where I always wanted, but I now pivot into a different passion of mine. I created a new passion and now that’s real estate. In my opinion, the real estate saved me.”

“I may consider looking into purchasing a retirement home, residential or create or build something and make it into a nursing home or create charities and give back to my nursing community.”

“We can go back to my story in nursing, I lost my job, and I have no more cash flow so I have to look for another job. And who knows when I’ll get a good job because the job I might get might not be something I like doing, so not only are you risking your finances but also you’re emotionally risking everything as well.”

“As you scale, your system has to catch up to the growth that you’re creating. So to give you an example, when I bought four properties in less than over a year, I realized that my general contractor wasn’t able to keep up with all the properties I purchased so I had to hire more general contractors.”

Concepts
Analysis paralysis is an inability to make a decision due to overthinking a problem. An individual or a group can have too much data. The result is endless wrangling over the upsides and downsides of each option, and an inability to pick one.
Finding a good coach before diving into real estate is very helpful, especially at the start. There are a lot of terms and terminologies in real estate and you can get overwhelmed at the start so a good coach can help you find your way.
Looking for the right market to invest in is the first step in real estate. Look for a market where the property values are not that high to sustain a rental income if you’re looking to rent the property out.
Learning to multitask, prioritize, and be organized are great skills to learn and have in real estate as you can use these when problems arise in your properties.
Finding someone who supports you with your passion can help gain confidence and get you over your fears.
Leaving your traditional job to start investing in real estate can be very scary. But with the right mindset, learning and researching thoroughly, and having a good support system can help you succeed in real estate.
Be conservative when doing your calculations. You should always take into account that disasters might and will happen so are prepared when these happen.
Being flexible and implementing different strategies that fit the scenarios that you find yourself in will aid you in growing your portfolio.

Time Stamps
0:00 Introduction
4:45 Getting into real estate after being laid off
8:55 Strategies you learned from your coach that helped you
12:15 How did you feel when you first committed to investing in real estate
15:25 Lessons you’ve learned as a nurse that help you in real estate
18:20 Getting inspiration from loved ones
20:30 How did your experiences as a nurse impact your life
21:50 Getting through anxiety
25:20 Helping and serving people through real estate
27:50 How someone supporting you in your decisions has helped you in investing
31:10 Is investing less risky than not investing
34:45 What’s in your portfolio, and how did you grow it in 2 years
37:15 Lessons going from 0 doors to 18
39:20 What are your plans for the next 12 to 18 months
41:55 What advice would you give to your fellow nurses

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