We caught up with the brilliant and insightful AUSTIN YEH a few weeks ago and have shared our conversation below.

AUSTIN , looking forward to hearing all of your stories today. What did your parents do right and how has that impacted you in your life and career?

Growing up in a household where my Chinese immigrant parents, who had faced poverty in India, instilled invaluable lessons that continue to shape my life. Despite their humble beginnings, my parents exemplified the virtues of hard work and resilience, traits that have become the cornerstones of my own journey.

In the pursuit of a better life in Canada, my parents worked tirelessly, clocking in over 80 hours a week in multiple minimum-wage jobs. Their unwavering commitment stemmed from a powerful “Why” – the desire to provide a better life for my sister and me. Through life’s challenges, they remained steadfast, fueled by the strength of their purpose. This commitment left a profound impact on me, teaching me that with a compelling goal and a powerful “Why,” one can overcome any obstacle.

Financial prudence was another crucial lesson woven into the fabric of our family. Faced with financial constraints, we meticulously planned road trips, seeking out the most economical gas stations, scouring flyers for coupons, and adopting a frugal approach. The constant awareness of budgeting and the value of money became ingrained in me. Today, I maintain a minimal lifestyle, reflecting the frugality I learned from my parents. This mindset not only keeps me grounded but has also fueled my dedication to saving and investing.

My parents’ teachings on the significance of a strong work ethic, a compelling purpose, and financial prudence have profoundly influenced my approach to life and career. These lessons have become the guiding principles that empower me to pursue my goals with determination, resilience, and a mindful approach to financial decisions.

AUSTIN , before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

In 2017, fresh out of university, I landed my first gig as a commercial banker at RBC Canada, earning a decent $70,000 per year. Sounds like a dream, right? Well, it wasn’t. Despite the financial security, I felt a void. The conventional path of a high-paying job didn’t equate to happiness for me. I was stuck in the rat race mentality, thinking you grind for decades and retire.

Everything took a turn in August 2018 when a friend recommended a game-changing book: Rich Dad, Poor Dad. The book preached about creating passive income streams for early retirement. It hit me – it wasn’t about the money; it was about the freedom to dictate how I spent my time.

Embarking on a journey of financial education, I started with the stock market, learning the hard way by losing $4,000. The realization dawned that stocks were a long-term game, and I wanted money now. Cue the YouTube research. A video on real estate investing caught my eye.

Living in Toronto, the real estate market seemed out of reach, but a lightbulb moment had me exploring smaller towns around Toronto. Enter Windsor. In 2018, I took the plunge, buying my first property for $130,000. Little did I know the challenges ahead – renovations, unexpected costs, and lessons on vetting contractors.

But adversity breeds growth. Instead of selling, I refinanced the property, recycling my money for another venture. Rinse and repeat. I expanded my portfolio, sometimes partnering for joint ventureships. Through the highs and lows, I documented my journey on Instagram, sharing insights and lessons.

As my portfolio grew, so did my desire to build a community. Starting with small meetups, I documented everything – the good, the bad, the learning curve. From there, the RISE Network was born. What started as a small group on Facebook has now blossomed to 7.4k members, a testament to the power of community building and leading with value first.

Simultaneously, the RISE Real Estate Investing podcast emerged, reaching 290k downloads. Through interviews with other fellow investors, I aimed to inspire and educate, sharing stories and insights on taking control of financial futures.

In my quest to aid others on their journey, I secured my mortgage license. It’s not just about finances; it’s using my experience to navigate the complexities of real estate investments. My aim is to become a seasoned voice in a field often lacking investor-savvy professionals. As a real estate investor scaling portfolios and connecting across the province, I’ve noticed the common pitfalls in navigating finances. Now, equipped with insights, I’m prepared to guide people from their first to tenth purchase. This marks the next phase of my journey, where I can offer the most value.

So here I am, a 28-year-old living, owning multiple rental properties, and sharing my experiences through the RISE Network and through providing other investors with help on their mortgage needs. I’ve learned, I’ve grown, and I’m passionate about helping others take control of their financial destinies.

Have you ever had to pivot?

In 2019, I was riding the wave of success, scaling aggressively in the real estate realm. Despite minor hiccups and obstacles in my journey, overall my investments were thriving, and the market continued its upward trend.

Enter 2020, the year of the COVID-19 pandemic, marking a turning point in my real estate journey. Despite my focus on cash-flowing properties, the year threw me into a liquidity crisis, challenging the very core of my long-term investment strategy. The demand for a deep understanding of market dynamics and effective money management became glaringly apparent.

While my paper net worth soared with each acquisition, my bank account suffered due to ongoing renovations and other costs incurred in my aggressive property purchases. The illusion of success, fueled by inflated property appraisals, came crashing down with the pandemic.

Having committed to three property purchases just before the COVID storm, the real estate market froze, values plummeted, and financial uncertainty loomed large. I found myself scrambling for funds and financing to close the deals, highlighting the pitfalls of overleveraging and poor cash flow management.

Despite the challenges, lessons emerged from the experience—responsible scaling, humility, and a cautious approach to leverage. The market’s swift recovery allowed me to profitably refinance and sell properties, emphasizing the importance of practical reality over paper equity.

Amidst the turmoil, the pandemic brought another layer of challenge as tenants faced difficulties in paying rent. Proactively reaching out to them, I worked collaboratively on solutions, offering lowered rents and devising payment plans to alleviate their financial strain.

This dual experience underscored the essence of managing real estate wisely, learning the importance of humility, responsible scaling, and the true nature of the industry. Aspiring investors, take note—don’t let the illusion of success blind you to the fundamentals.

Are there any books, videos or other content that you feel have meaningfully impacted your thinking?

Embarking on the dynamic journey of real estate investing, I’ve sought wisdom and guidance from a curated collection of books that have profoundly shaped my financial philosophy and entrepreneurial thinking. Each of these volumes has played a distinctive role in my understanding, providing valuable insights and practical knowledge.

“The Millionaire Next Door” by Dr. Stanley and William Danko:
This book was a revelation, challenging conventional notions about wealth. It emphasized the significance of frugality, revealing that many millionaires lead unassuming lives. The key takeaway to live below my means became a foundational principle in my financial strategy. It shifted my focus from mere earning to effective money management.

“The Book on Rental Property Investing” by Brandon Turner:
For a novice in real estate, this book served as a comprehensive guide to the fundamentals. From understanding cash flow and return on investment to navigating strategic renovations and financing, Turner’s insights were instrumental. It demystified complex concepts and provided a roadmap for successful property investment.

“The Book on Estimating Rehab Costs” by J. Scott:
The technicalities of estimating rehab costs were initially daunting. J. Scott’s book, despite its U.S. focus, offered a practical framework for understanding relative renovation expenses. This resource became a trusted companion, helping me make informed decisions about property renovations and avoid potential pitfalls.

“Fix and Flip” by Mark Loeffler:
Complementing Scott’s insights, Loeffler’s Canadian perspective on fixing and flipping provided practical strategies for renovating properties intelligently. The book equipped me with knowledge on how to save costs without compromising quality, a crucial aspect in the competitive world of real estate.

“Rich Dad Poor Dad” by Robert Kiyosaki:
Beyond technical know-how, success in real estate requires a robust mindset. “Rich Dad Poor Dad” served as a catalyst, transforming my perspective on money and investing. It instilled the importance of financial education and entrepreneurial thinking, shaping my approach to overcoming challenges and embracing opportunities.

In summary, these books have been my mentors, offering a blend of practical advice, strategic insights, and mindset shifts. They’ve collectively empowered me to navigate the intricate landscape of real estate, learn from the experiences of successful investors, and forge my path towards financial independence.

Contact Info:

• Instagram: https://www.instagram.com/austinyeh6/
• Linkedin: https://www.linkedin.com/in/austinyeh/
• Youtube: https://www.youtube.com/@risenetwork6278
• Other: Podcast: https://podcasts.apple.com/ca/podcast/rise-real-estate-investing-podcast/id1536063113 https://open.spotify.com/show/1Dcdkez5XLaqugg4Xs39kY Facebook – RISE Network: https://www.facebook.com/groups/340680876607406