Olivier & Christine - Real Life, Real Estate Success Story
Hi Real Life Traders! This article came to us as a result of an email I sent out to all of you asking you to share how YOU have added real estate to your investment portfolios. If you remember last year during Real Estate month at RLT, I taught a class on this topic and offered suggestions to get you started. My goal this year was to circle back around and present you with some Real Life Real Estate Success Stories, and here's one!
Olivier Rigon and Christine Kwon are a dynamic husband and wife team who've been a part of the RLT Family since day ONE! They are working and living their dreams, and were delighted to share their personal success story with all of you. Enjoy!
Olivier & Christine ~ We were invited to give a presentation on our success story to Seattle Investors Club in August, and here is the presentation Christine gave to the club. It's a nice summary of who we are and what we have and our principle to guide our business.
Christine and I own a real-estate investment company, and we:
Purchase, rehab, and sell for profit (People call it "Flip homes") We typically shoot for over $40k minimum
Work with sellers who are having hard time selling their home because of the condition is bad and they don't have money to repair. We have a contract with sellers where we give them a fixed sale amount when closed in the future after we rehab and market the home with our own money. We take the profit, basically the net profit from the sale price - agreed amount to the seller - rehab cost - closing cost. We typically make minimum of $30k after 3 to 4 weeks of rehab.
Work with investors who want to buy a rental homes, but do not want to maintain them. We help investors to purchase discounted property, rehab, and provide property management service. We make money (buyer's agent commission) when we purchase the property for the investor and also for the property management fee.
We recently started getting requests from buyers who want to find a distressed home in the area they want and we help them to rehab before they move in. This is because they don't have the budget to purchase the dream home in the dream location and this will also help them to not have to compete against other buyers.
Christine still has a full-time job and her dream is to be able to quit her full-time job and do our business 100% by next fall. She has a real-estate license, so we can also work for other investors who need an access to MLS listed properties. Our ultimate goal is to have multi-family properties in major cities while flipping on the side. We are talking about apartment complexes with commercial at the bottom of the building and now small fourplexes. To reach our goal, we have a written business plan, vision board in our home office as well as continuing to educate and to motive ourselves to reach the next level. Currently we are working on accumulating 1 million dollars of working capital by next summer to purchase a couple of small multi-family properties in Washington state. We utilize our own and equity investors' fund to continue to rehab homes to build cash. Equity investor's funds play a big role on our business and we pay them well! They are consistent with people who want to diversify their investment portfolio, people who want to be in real-estate business but have no time to do so, and of course family and friends who believe in what we do!
We started this after we moved to Seattle from Atlanta last year. We unexpectedly had to sell the home in Atlanta, which we had just purchased, due to Christine's job relocation to Seattle. We got a really good deal on the house when we purchased the property because the seller had to move out of state fast and Christine has a license, which also helped to get 3% commission. When we found out we had one month to move, we decide to upgrade the house before we put it on the market. I (Olivier) did some of the work and also hired different contractors for different jobs. Long story short, we made close to $45k on the house within less than 7 months since we purchased the home. We also enjoyed the whole process and when we moved to Seattle, we wanted to try it out.
There are a lot of people who do what we do and a lot of them leave this business in less than two years. Just like trading, many people start, but not a lot of people make it. We made it work! Christine and I have different roles in our company and we work really well together. We are very selective at picking our projects, and do a lot of due diligence before we decide to get in. We also have very competitive rate for our equity investors. We give 12% annual which is a lot more than what other real estate investors give around here. We provide a promissory note to all investors and depending on the type of contract we also provide deed of trust (recorded during closing by an escrow company) and add them to the beneficiary on rehab insurance.
Thanks you for letting us share our story with the Real Life Trading Family! We get very excited when we talk about our business!
Olivier & Christine
ROCK Property Investment
"There is no Such Thing As Failure, Only Feedback. "Failures' are feedback that we need to correct our way towards a desired outcome" ~NLP - Motivational
"If you only do what you know you can do - you never do very much." ~ Tom Krause
Should you have any questions for Olivier and Christine, feel free to email them at email@example.com or reach out to me here: firstname.lastname@example.org