From a Refugee Camp to Teaching Real Estate Agents How to Build Wealth - Hung Chuy #128

Hung Chuy was born in a Thai refugee camp and arrived in Australia at six months old. At 19 he was earning three to four hundred thousand a year running poker tournaments. He then took a $49,000 front desk job at a bank on purpose, because he wanted to learn lending properly.

Hung Chuy runs a Sydney broking business with 65 staff, and a large share of his client book is real estate agents.

What you will learn:

- Why he tells everyone to ask a broker or adviser whether they have personally bought what they are recommending

- What happened when he tried to source his own investment properties, and why three and a half months of work convinced him to use a buyers agent instead

- Why agents on big commissions so often end up with income and no assets, and what he changed in those conversations

- His maths on a Sydney house he puts at a 2 percent yield and a 100,000 a year holding cost, against a Perth house at 600 a week

- What a subdivision actually costs while you wait on council, including the private lender bill he puts at over 42,000 a month

Chapters

00:00 From a refugee camp to a brokerage heading for a billion

02:12 Cambodia, the Killing Fields, and how the family got out

05:26 Towed back out to sea and left there

07:35 Why his father tried the crossing a second time

08:39 Fairfield, one house, and a factory job with no English

09:44 Sewing at night, and a scarcity habit he still has

11:51 Running a 65 person business like a family

14:01 Building infrastructure while everyone else chased business

15:03 Losing his mother at nine

18:18 A new school, the wrong crowd, and where the EQ came from

22:33 Why EQ beats IQ in a people business

26:46 Poker at 19, and buying the franchise a year later

32:03 A $30,000 broking franchise and nine loans in two years

35:18 Taking a $49,000 front desk job on purpose

40:38 Only take advice from someone with skin in the game

42:47 Ten houses in twelve months, and the subdivision bill

47:44 Why he hires a buyers agent rather than doing it himself

51:17 How he ended up with a book full of real estate agents

57:38 Owner occupier, rentvest, or move the money

1:09:51 Hire on values, not on the CV

Hung Chuy learned lending from the inside before he used it. Property should be bought the same way.

Most properties only make money if the market does. The ones that pay for themselves from the day you settle are bought differently, and it comes down to four points.

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General information only. Not financial, tax, legal or credit advice. Bothsides is not a mortgage broker or credit provider.