14 April 2009
An Interview with Sung Kim
Recently, I posted the interview that I did for Sung Kim at REIPond.com. Well I asked him to return the favor and answer the same questions for himself. Although he is new at investing, he has taken a great first step. He bought his own first home and now he is planning to take advantage of the government interest-free loan to buy his first true investment property.
- Tell us a little about yourself.
I am 29 y.o. motion graphic artist here in NYC. Been living here for about 10 years. I love to travel and picking up new sports. - How did you get started in real estate?
Bought my first home back in December 2008. - How many properties did you look before your first deal?
Don’t remember exactly, but I knew the area where I wanted to buy my first home. - Tell me about your first real estate investment experience.
None yet. Just casually looking in the states and New Zealand. - In your opinion, what is the most important lesson you’ve learned so far?
Don’t trust anybody without doing your due diligence. I learned from buying my first home how some realtors only think about commissions, so having team you can trust is very important in this business. - Where did you get the down payment for the first rental property?
I’ll be using part of the down payment from the $7,500 tax credit I received and the rest from my savings. - Do have any favorite real estate blogs you read daily
www.jeffnabers.com
www.biggerpockets.com
www.lifeofaninvestor.com (of course) - What is your favorite real estate investment book(s)?
The Millionaire Real Estate Investor
The Complete Guide to Your First Rental Property - Would you ever consider turnkey investment properties? Why or why not?
Yes, but don’t just jump in because you are getting positive cash flow. What I’ve found out so far is that most of these turnkey investment properties are not in an attractive area. For some people that might be fine as long as they receive passive income and don’t need to manage the property. I’m willing to pay little more for better neighborhood. - Any advice for the first time real estate investor?
Do your homework and pay yourself first.
Thanks Sung!
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