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602: How to Lower Your Property Tax, Thach Nguyen on Creative RE, ADUs
About this Episode
Keith explains how to increase real estate cash flow by appealing and reducing property taxes.
Then welcomes high‑energy real estate investor and educator Thach Nguyen.
Thach shares his refugee‑to‑multimillionaire story, breaks down his roadmap to retiring with rentals, and explains how ADUs (Accessory Dwelling Units) are transforming both investor returns and affordable housing—especially in Seattle.
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Complete episode transcript:
Keith Weinhold 0:01
Welcome to GRE. I'm your host. Keith Weinhold, talking about how to increase your cash flow by obtaining a successful appeal and reduction in your property taxes. Then real estate personality Thatch Nguyen and I discuss mindset and some creative real estate techniques today on get rich education,
Keith Weinhold 0:23
the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President chailey Ridge personally while it's on your mind, start at Ridge lending group.com that's Ridge lending group.com
Speaker 1 0:57
You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.
Keith Weinhold 1:13
Welcome to GRE from Mount Holly New Jersey to Hollywood, California and across 188 nations worldwide. I'm Keith Weinhold. This is get rich education, and I'm still not wearing Dockers, and I am in Hollywood, California today. More on that later. Among all the major investment classes when it's bought right real estate is the second safest investment class to bonds. Bonds are the safest among them all. Real estate has the highest returns, so it's the second safest and has the highest returns. And that's why it's our focus on this show. But if you want to be in real estate for two years or less, well, then it's likely best to invest elsewhere, at least with long term rentals, because you need time to defray your transaction cost. And for real estate pays five ways to start compounding. Coming up shortly, it's pretty popular real estate personality Thatch Nguyen. He will be here, and I did not know Thatch until recently, when we were introduced by our mutual friend Scott Saunders. And Scott, who I had on the show here a few years ago, is one of the nicest guys you'll ever meet in real estate. Well, besides those high return, low risk real estate attributes. Of course, when you own property directly, you also get a big measure of control if you want it. Now, control comes really with that option A lot of times to get involved and make your real estate investing less passive, just an option, because successful real estate can be as simple as buy and hold, but today we're discussing strategies. If you want to get a little hands on, if you so choose, you can attempt a successful appeal of the amount of property tax that you're paying. And of course, every dollar that you lower your property tax is $1 where you increase your income. And this feels like a germane conversation, since tax day in the USA was just last week. Ah, yes, property tax, hmm, it's like a version of the government charges you rent on your own property in perpetuity. That's what it is. And before I get into how to potentially get your property tax lowered, property taxes are under pressure. Some states are still making their serious push to completely eliminate the property tax, namely in Florida, Texas and Indiana. Those are three of the front running states, probably the big three. And I won't get into all of that again, because I devoted an episode segment to that topic a few months back. Others are considering elimination too, Georgia, North Dakota, Pennsylvania, Ohio, Oklahoma, South Dakota, but it's just more talk than anything in those six states. Now, if a state undertook property tax abolition, it would probably only apply to owner occupied property, homeowners or voters, and those property values would soar. But these new comparables, what they could do, in turn, is lift the value of your out of state rental property as well, because you could always sell your investment property to an owner occupant. But in my opinion, no state is going to eliminate the property tax. I mean, sheesh, it's kind of like trying to eliminate gravity. It's just too hard to replace the revenue from elsewhere. Schools, police and fire and infrastructure heavily rely on property tax, so instead, what's realistic is a tax cap, a ceiling on the amount of property tax that you pay, and with an income producing property of course, your tenant essentially pays the property tax for you now, even before buying a property or for one that you already own, the most accurate way you can check the tax amount for your exact address is on the county assessor's website.
Keith Weinhold 5:38
The next best places are listing websites like Zillow and Redfin. This is all public information. The way to find a county assessor's website for your property is with a simple four word search. What you should google is the county name, and then the words assessor property search, those are the only four words that you need. And then what if you discover that you're paying more than you are for nearby, similar properties? Oh, well, there we go. That's a sign that you're over paying. You can usually file an appeal form at the same website. And before we talk about how to do it, realize that only about 5% of property owners ever file an appeal, and in a bit, I'll tell you what your percent chance for success is at lowering your property tax, your chances of it being lowered. So if you believe that you have a case for lower property taxes, first, it helps to know what you're arguing. And this is important, it's something that can trip you up. You're actually not arguing that taxes are too high. You're arguing my property is overvalued compared to the market. That's it. That's your basis of contention. Yeah, if you walk in talking about things like fairness or inflation or government spending, then you've already lost the county assessor's office isn't the place for your best rant on how fiat currency is garbage or something like that. Now you might not even have to physically walk in anywhere today. Sometimes you can get your appeal rewarded informally. Other times you go before what's called a Board of Equalization in most places and in person, hearings have become less common. Video calls have become quite a bit more common since the pandemic, but you want to review your property details with them. You want to be sure to point out if there's incorrect square footage or the wrong lot size, or missing depreciation, or condition issues or upgrades that are overstated and even small errors can swing your value by 10s of 1000s of dollars and then, and it's whether this is with rental property or with your own home build your comparables Like an investor, not a homeowner, because this is really where you win or lose. You need three to five strong comparable sales in the same neighborhood, or really close ones that sold recently, ideally within the last six months, and they should be of a similar size and age and condition. And then make adjustments. Inferior comps support a lower value. And we don't just want to cherry pick garbage comps. We want to keep it credible, and then for your best chance of getting your property tax lowered, find your angle, and really this is your leverage point. Most winning appeals hinge on one clear argument, either a condition gap, meaning that your property is worse than the comps are, or it's an argument like market timing, and this is if values have softened since the assessment date, or the income approach for rentals. Therefore it's the value based on noi, not emotion. You could take that track or other external issues like noise or location drawbacks or obsolescence, so only pick one of those four primary arguments here, condition, gap, market timing, the income approach or external issues and document everything. This is really where you separate yourself. You want to show photos and have them dated and be clear and honest. Nothing dramatic there repair estimates or contractor bids, inspection reports, rent rolls or income statements. So you're not telling a story. You're presenting evidence this way, and be sure to package it cleanly. This matters more than you think. Assessors see sloppy appeals all day. So you're going to stand out by being organized and concise, like a one to two page summary and some exhibits, and keeping it professional meaning, no emotional language, so you're making it clean and easy for them to agree with you, and this is the place to be. Calm and not combative. It isn't a debate club. It's the right form to be respectful, stick to facts, not interrupt and not get defensive, because the person across from you, they actually did not set your rate, they didn't set your tax rate, they're evaluating your evidence, and then it's helpful for you to know the likely outcome. You don't need a gigantic win, even a five to 10% reduction, that can mean 1000s saved over your life of owning the property. You want to remember that some jurisdictions are more flexible than others, and if you're denied informally, like just doing it online, then you can often escalate your property a tax appeal to a board review. And this is a long game, not every swing is going to end up in a base hit. Investors have an advantage. If you own rentals, you've really got a stronger argument, because you can use that income based verification like cap rate and noi, you can show actual rent versus market rent, and you can highlight your expenses, and assessors often default to sales comps. So this is how you can shift the frame here. The blunt truth is that when people lose appeals, it's usually because they show up unprepared, or they argue emotionally, or they just don't understand valuation. And so this is one of those rare moments where being methodical is actually better than being smart. 40 to 60% of property tax appeals succeed nationwide, and with professional level prep, you can make that 70 to 80% for a success rate, and the typical result if you win is a 10 to 15% reduction in assessed value. So that can be worth doing. And you know, just like buying your first out of state rental property seems to be the hardest. Making your first property tax appeal seems to be the hardest as well. And there you go a way to reduce your expenses and increase your cash flow. Yes, I am in LA today, West Hollywood, California. Though I do expect to produce some real estate media here. That's not the typical Hollywood type filmmaking that I'm doing, I just happen to be staying in Hollywood, although I do plan to run up to the Hollywood sign and do some fun stuff out at Venice Beach. Later next week, I will be in Las Vegas, and will probably even bring you the show from the Bellagio with a view of the Bellagio fountain. As for this week, let's meet our guest.
Keith Weinhold 12:49
This week's guest has an amazingly powerful story. Today. He's quite well known in real estate circles for his high energy in person events, but he came to the United States as a Vietnamese refugee, experienced homelessness early in life, and went on to build a real estate portfolio valued at over $100 million I'm not making light of the fact that he's homeless. Once I started talking about this, he kind of, you know, beat his chest a little bit. He's a high energy, playful guy here, but he's completed more than 1000 real estate projects and transactions through his mentorship program, he's helped 1000s of people build long term Real Estate Wealth with his platform, it's called springboard to wealth, and along the way, he's built a strong audience, with 1.4 million followers on Instagram. Hey, welcome to the show Thatch Nguyen.
Thach Nguyen 13:41
I'm honored to be here, my man, I'm honored
Keith Weinhold 13:43
to hear, Oh, it's so good to do it Thatch. And before we're done, we'll discuss some actionable tactics. But first, that is just an amazing story to have started from homelessness. I guess I'm most interested to know what you would identify as kind of that turning point from destitution to success. Talk to us about that.
Thach Nguyen 14:03
You know, coming from Vietnam, we was a refugee. We left out of the last plane. My dad was a translator for the US Army. Back in the days, military pulled out of South Vietnam during the war, they asked my dad, would you want to leave with us? And so we decided to leave. But of course, my dad, the owner, who actually spoke some bit of English. None of us didn't speak no English. We only had $100 one suitcase for eight of us, gosh, and I was five years old. But if my dad didn't leave, he would have been captured, and then he would have been killed. Because you work for the US government, because it's still, you know, is a communist country, right? And so we left, we came over here, we landed in San Diego, lived in the shelter out there, and then we moved up to Washington State, Seattle, and lived in a shelter there for a few months. And then finally, we lived in a sponsorship house, right, with a guy named Charles Zettler. I graduated from high school in. 88 I went off to fix aviation airplane my two older brother, because they in the aviation business. And then I got a job working for Alaska. But I didn't want to leave to Denver to go work out there, so I decided to stay back. And I went to work at, you know, like, odd job, like at a body shop. I was the dairy manager at a grocery store, like, called Ralph. Was called Safeway, and I was parking car in Chinatown. And I think the pivoting point was, I'm sitting there, and one of my friends says, you know, you would do very well in real estate, yeah, because you have a good energy, you have a good mouthpiece, I think you do well, see, but I didn't hear all that. I heard you get 7% commission checks. Oh, Sign me up. You know what? I think, but I didn't realize quickly, selling real estate, you don't make that kind of money unless you do a lot of volume. I got to real estate. I started doing well in real estate as a agent. But the tipping point, I think, for me, was a mentor named Saul. And Saul said to me, Keith, I know you appreciate this. He said, You can be rich selling real estate for the rest of your life. Yeah, you'll never be wealthy unless you own the real estate, right? And that was the light bulb that came off of me that I need to take the money I make from selling real estate to then Park the money in long term rental. But I didn't quit my real estate. I just bought real estate, rented it, let it ride. And I just kept selling real estate for years. And at the moment I made, the more property I bought. The moment I make, the more property I bought. And then from there, I just start to learn new construction. I start to learn fix and flip. I start to learn about the BRRRR strategy. And then today, you know, we're going to talk more about this. But today, the hot thing is adu and accessory dwelling unit, and that's what I do a lot today is a lot of new construction, a lot of ADUs.
Keith Weinhold 16:49
Oh, that's great to hear about your come up. Fetch, yeah, I find it remarkable, too, the amount of people that are in the real estate industry, and they're doing something adjacent to being an investor, which I think is the best place to be. For example, they're a property manager, or they're a mortgage loan officer or the real estate agent, but yet they don't own rental real estate, right? They're so close. How could you not be doing this?
Thach Nguyen 17:13
And I say today, because I understand this. Now, if you don't take the active income you make from whatever you do, say, as a real estate agent, then you always trading your time for money for the rest of your life, and you're always on that treadmill and that grind, but you can't get off, because the moment you get off, Keith, you got no income, and you got no passive income either. So you're stuck on this wheel like a hamster that you got to keep running until you old and die.
Keith Weinhold 17:40
Well, you know, it's unavoidable to talk about you've got the word mindset on big letters on a hooded sweatshirt that you're wearing right now, so, you know, I think you're touching on it somewhat. But yeah, talk to us more about this mindset and how to break through the barriers. Because most people's connotation with income is merely that they have got to trade their time for dollars.
Thach Nguyen 18:01
Of course, you know, mindset is 80% of the result that we want, that we get. Because someone could have a mindset to go, I'm going to be the top real estate agent, and that mindset would drive them to be the top agent for many, many year. But they always trade their time for money so they never get wealthy. I have that mindset because I was selling 100 homes a year in my early 20s. But when Saul said to me, you know one day that when you get into your 40s and your 50s, do you want to keep trading time for money, or do you want to trade your money for time? And see, that's a mindset shift. And of course, who want to be in their 50 Keith with a gun in their head, always trading time for money. And so when I heard that, it shifted the mindset to, you know what, I'm going to make money selling real estate because I need that money, then I'm going to take that money and park it into a rental. So when I get into my 40s and my 50s, I have the option to work or not work, and that was a mindset shift. So owning rental property is a mindset more than a strategy.
Keith Weinhold 19:08
I and I think a lot of us, came up with the mindset that, oh, you get wealthy by obtaining a high salary, and then no later, you learn you don't get wealthy through high salaries, especially if wealth equals freedom, you get wealthy through owning assets. So Thatch after you know your homelessness, and you're new to the United States, and you've come up like you described, and you realize that real estate is the way in doing it with a relative amount of passivity, rather than actively being in it as a realtor, you sort of get this roadmap for retiring with rental properties, even from starting at zero like you did. So tell us more about that roadmap to retire with rental properties.
Thach Nguyen 19:47
You know, when I started, I had this roadmap where you got to learn what you need to learn about real estate investing, what why do you want to own it? What's the benefit? What would it do for you? At the end of the day, and a lot of that is goals and vision and mindset. For me when I got clear Keith on the knowledge, because I start off with knowledge. And of course, I want to own real estate. But here's the thing I always want to say to people, nobody want to own real estate. Just to own real estate, right? They want to own real estate. So what it would actually do for you. And so for me, I think when I was younger, I was counting the doors, but now I got older and wiser, I count the hours I get to have back. So the mindset for me is that when I got clear what I wanted to do was I wanted, you know, the option of working at work, that I also wanted to retire my mom, my dad, right? And then I also wanted to actually help my kids learn how to do this one day, so that they have the same mindset. So those are the reason I in want to invest in real estate. Of course, have an asset, have a net worth, come along with a secondary so once I understand the knowledge of why I'm doing it, I got this clear vision. I got this horizon. Now I'm inspired to actually go out there and take action. Now the action is, what do I want to buy for me? I started with single family. I started with buying ugly houses and rehabbing and keeping it, and then worked my way into multifamily and apartment building, all doing value add today. So those are my action, right? So I'm inspired. I take the action, I make money doing what I'm doing. But then I asked myself, How many property do I need? But it's not even how many property I need. How much passive income do I need to get out of the rat race? I have the option of working at work. For me, when I was like, 21 years old, I said to myself, I have $30,000 a month in passive income, and I'm debt free. I mean, who couldn't live off 360,000 of you debt free, right? Yeah. So I had to go to go after so many doors based on what the rent is, to accumulate it and then to pay them down so I can be out of the rat race as soon as possible. And once I did that, then I started playing the game accumulation again. So today I have a whole set of properties paid off. That's why I have over 100,000 a month in passive income. But I also got a whole bunch of property paid off yet, which I don't care, because this ought to get paid up by itself anyway. But now I'm playing this game where I'm gonna accumulate more property or trade up at the same time pay down other property I want to pay off, so that when I get into my 60, my 70, a lot of it paid off, and I still got other property. I don't know. I don't mind accumulating, because I love to play the game of real estate. So this is the road map that I you know, that my mentor saw. He's a very wealthy Jewish man that taught me. And today I'm just taking that lived it my own life now I'm just sharing it back to other people
Keith Weinhold 22:42
that you said so many interesting things there. I think the most is how you talked about your metric is more outcome based. I think we all think through how many doors we have, and you know, even how much passive income that translates into, but you talked about how many hours you're able to win back way that you can quantify that.
Thach Nguyen 23:05
If I ask someone, I go, Hey, how much does it cost you to live personally every month? And most American will probably say, 10,15, 20,000, Max. And I said to them, what have you had that much in passive income? How would you feel? And 99.9% of it were like, my god, that will be amazing. But the problem we all go to the seminar, we see people on stage. They got 100 doors, 200 door. They got 1000 doors. And nobody needs that much to get out of the rat race, right? So I say the most American is, look how much it costs you to live. Look at the lifestyle you live. You have that in passive income, and if you choose to keep working in active income, it's just a cherry on top of the cake.
Keith Weinhold 23:47
Yeah, there are so many ways to do it. We talk here about being financially free rather than debt free, and sort of letting leverage and inflation in tenants work to our benefit. But you've got this separate way of doing it. You're listening to get rich education. We're talking with real estate, personality, Thatch Nguyen, more when we come back, including some actionable tactics. I'm your host. Keith Weinhold,
Keith Weinhold 24:09
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Keith Weinhold 25:31
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Caeli Ridge 26:09
this is Ridge lending group's president, Shaylee ridge. Listen to get rich education with Keith Weinhold, and remember, don't quit your Daydream. You Keith, welcome
Keith Weinhold 26:27
back to get rich Education. I'm your host, Keith Weinhold we're talking with Thatch win real estate personality, and you know Thatch, on the way up, you've really employed a lot of methods. You're knowledgeable about House hacking and burrs and small multifamily in ADUs. ADUs is something that we haven't talked about here very much. And for those that don't know what that is, we're talking about an accessory dwelling unit, right? Typically, a secondary housing unit on the same lot as a primary residence. You can sort of think of it like a backyard cottage in a lot of cases. So tell us Thatch, what got you into ADUs,
Thach Nguyen 27:03
well, Seattle, about five years ago, was one of the first city and state to adapt this Adu, because the biggest problem we have across America is affordable housing, yeah, and a shortage of housing, let alone a shortage of affordable housing. So Seattle came up with, Hey, we will let you. Got built an accessory dwelling unit in the backyard, maximum 800 square feet, but you have to live in the front house to build the back house. Okay? People got excited. They built it so they can rent it in the back. They live in the front house. But then that didn't really solve as much affordable housing for you to buy. It helped with rental. And then about a year, you and a half later, they came over stage shoe to go, you know what? We're gonna allow up to 1000 square feet of adu. But you don't have to live in the front to build the back. Now, people got excited. Investors go, Oh my God, let me go buy a property. Let me go build something. Rent both of these out, right? And then if they want, they could sell the whole entire piece, you know, with somebody, and that was great, but it still wasn't enough. And then about a year you'd have, later, they came up with stage three. They go, You know what? We want to help create more housing for you to buy. So now what we're going to deal with, we're going to actually give people separate APN tax number for the house in the front and the adu in the back, so you can sell off any one of the and by doing that, they value the house as a single family, and they value the back as a single family, so they can comp it like a house, not as a duplex. And that blew the lid off. I mean, in Seattle, that was a game changer. I mean, like builders started coming in, they're buying property. They they building and they selling these. They're making a killer on it. And then show you how much crazy it is. Okay in Seattle, if you buy the house in the front, you gotta get the land the back freak, because it came with the house. We could build 1000 square foot all in it cost us about $400,000 but with a separate parcel number, they comp it as a regular house. So regular houses right about 1000 square feet, they sell for about $700,000 so you build for four is worth seven, and you can actually design it in four months. Get permit, because they have a special line for adu. And then you can build this. You can actually have it all done in one year. So you instantly create massive equity in one deal. But here's a beautiful part of it. In Seattle's expensive city, it's hard to get the 1% rule. You know the 1% rule with, you know 1% of what you pay for a property, a $200,000 house, you get $2,000 for rent with Seattle, a $700,000 house, you get 4000 but the Adu, it only cost us 400,000 but it's worth 700 but my mortgage is based on 400,000 I can write it for four grand, and I meet the 1% rule Now
Keith Weinhold 29:52
a way to recent rent to value ratio, right?
Thach Nguyen 29:56
So now Adu, they are all. All across America, because two years ago, all the city planners and all the people for other state they came to Seattle for a private, hush, hush meeting to ask Seattle How you guys doing this, and so they can go and copy. So in the last two year, Adu has spread across America like wildfire.
Keith Weinhold 30:19
This is great. Tell us more. And of course, it's going to depend on a lot of factors, but tell us more about that cash on cash return that you're getting after stabilization with an adu.
Thach Nguyen 30:29
Yeah, it's beautiful. So when you have a property that's worth 700 and it only costs you 400 it has so much equity, the bank will finance 100% of the construction cost, so you don't have to come up with no money. Great. So then if you finance 100% which is 400 right, 400,000 the mortgage only three grand, and you ran for four in Seattle with making positive cash flow with zero down payment. So that's infinite return on your money.
Keith Weinhold 30:56
Yes, that's a really beautiful thing to get the infinite return when you don't have any equity left in That's right?
Thach Nguyen 31:03
And the thing is, people can do that across America now, but most city right now on stage two, they don't have the APN. But right now, a lot of city right now are on the verge of going from two to three. Right now, I've been going out there buying home that you could actually Burr, make the house in the front. Work make a cash flow. Have the backyard sitting there, and then you can build it anytime. You can build it now, just for the cash flow. Or you can build it when you get the separate APN. So you can get two separate parso You can sell one, keep one. But bottom line is, if I was anybody out there, I'll be buying property. Now, make it work like you would already be buying, but just make sure you get a backyard so you have access to the back.
Keith Weinhold 31:46
Okay? So in some situations, using the burr strategy on the primary residence with an adu, burrs, buy, renovate, rent, refinance and repeat, beautiful.
Thach Nguyen 31:55
That's what I call the atomic bomb, the burr. Add the adu to the back. Boom. But I'm gonna give your audience something that they can even look forward to. Seattle in November of 2025 this went into stage four. Now in stage four, single family in the front, if the lot's big enough, you can put instead of one, you can put 234, or five property in the back, if the lot's big enough.
Keith Weinhold 32:23
Yeah, this is great. I mean, it solves the problem of affordable housing, and it increases the density in a lot of these metro areas. Yes, right, Thatch, it sounds like Seattle's having a good deal of success with the ADUs. How is that when you extrapolate it out nationally, and are there regulatory bottlenecks out there.
Thach Nguyen 32:40
The only bottleneck right now is most people right now are in state two, where they can't separate it. So if they buy a burr, they can add the house in the back. They just have to be able to comp it where there's a house and another house in the back. So what they do is they look at two different type of comp. They look at, what does it duplex sell for in the area? They could use that as a comp. Or if this is a 2000 square foot home, and you got another 800 square foot, what's a 2800 square foot home is going for? Because they can be added this to the main house, so they can create the ARV. Does that make sense? Yeah. And the only challenge, challenging is that a city that's new, they have to use comp like duplexes and square foot. It to come up with the ARV.
Keith Weinhold 33:23
That's really good. Okay, so Seattle's had these four phases of ADUs, if you will. And then what's next for ADUs?
Thach Nguyen 33:30
I think what's gonna happen after phase four is that all these single family one day will all go to multifamily. It's already in multifamily. You got a single family in the front. You can build three in a back. They're all three single family. But technically it's multi unit, right? It's called multi unit, but it's still on single family zoning, because, you know, the bulk of the real estate where I still have land, or the residential, because most commercial, you and I know, they built out on all the land on the lot, so the biggest portion left is the single family. So this is why I've been doing the adu. And I think in the future, Phase Five could be those single family that whole area might get up zoned to multifamily, more density.
Keith Weinhold 34:11
Yeah, upzoning, that term for allowing more dense housing term really originated because you're building up vertically, although that doesn't have to be the case every time. And yes, I mean, this is really a great way to solve the affordable housing crunch in the United States. I've seen other cities where single family zoning only was allowed now allows for duplexes. That's a common way to upzone as well and fetch you really often talk about creating affordable housing, like we're discussing here, while you're building wealth. Can you speak to us more about that? You kind of get a give back that way?
Thach Nguyen 34:46
Yeah. This is a mindset thing. There's a mindset that says, right? And some people believe it. Some people don't. I love what Zig Ziglar said, Right? Zig. Zig says, If you help enough people get what they want, you eventually get what you want. Yeah. And so. If you go out, then you make enough difference to the world. Take a look at Bill Gates. One day, he probably saying, You know what, I'm going to figure out how to make a computer to actually help your life better, faster, more efficient. And his goal was to do it worldwide. So he solved that problem, and in return, he has massive financial freedom. So for me, real estate isn't just real estate. Real estate what it would do for me as an outcome, real estate also give me an emotional contribution, which is, if I make a difference out there, creating more housing right, to make it more affordable, to make it most of people gonna buy it. What does it do? For me? It will actually fulfill the hierarchy of life, which is contribution. Because once you have money, the only thing that fulfill human being beyond money is life fulfillment.
Keith Weinhold 35:48
That's right. I mean, hey, it's a little brash, but in the business world, really no one cares about you until they know how much you can help them.
Thach Nguyen 35:56
You got it, brother, you got it right. That's why do you think so many wealthy people do thing in nonprofit world, because at some point it was all about them at the beginning. Now it's about basically giving back. So imagine, on your way going to success, you do both, you make a difference and you benefit also. And it's a more fulfilling journey than a journey just push, push, push and grinding and not taking care of you in the process.
Keith Weinhold 36:23
Well, if that's your events, they give you this mentorship platform. And I think you've actually pointed to how mentorship accelerates your own real estate success, even though you're trying to help others first.
Thach Nguyen 36:34
Yeah, you know for me, I always knew that the more you learn, the more you earn. And so what? 1995 I met my first mentor, Saul and then I met my other mentor, Mike ferry. And if I'm there, I met Wayne Dyer, who became one of my great mentor, Tony Robbins, Deepak, Chopra, Abraham Hicks, I mean, all these great people, right, that I got exposed to. And today I still have multiple different mentor from fitness mentor, spiritual mentor, business mentor, you know, financial mentor, and they I have regular meeting with these folks, because I want to constantly, always feel I'm growing mentally, emotionally and financially, physically, and I know that the more I learn, the more I can actually make a difference to other people coming behind me
Keith Weinhold 37:21
even Michael Jordan had his own team of coaches. Yeah, you see, that's why, that's how we all get better with that, you've really helped so many people with your mentorship, your contribution to the industry. Let our audience know how they can learn more about you.
Thach Nguyen 37:36
Yeah, if you gotta go to my Instagram, it's Thatch Nguyen this my name, and you go to YouTube, I drop YouTube every single week. It's my name. Also that's when. And you can find me there. You can find me on Instagram, tik, Tok, Facebook, everywhere. That's where I inspire and empower people all over the world about real estate and mindset.
Keith Weinhold 37:54
If that's before, I ask you if you have any last thoughts as you look him up, it's spelled T, H, A, C, H N, G, u, y, e n, fetch. Let us know if you have any closing thoughts.
Thach Nguyen 38:04
Yeah, this has been on my mind lately a lot. If you want to be successful at anything, you got to get single minded focus. And I remember when I was in Tony Robbins training, we used to do fire walk a lot. And when you are doing fire walk, you have to get single minded focus. And the only thing that you will focus on is perfect health, perfect health, perfect health. As you walk in across five feet, six feet, seven feet, and you have to really stay focused on perfect health, perfect health, perfect health, perfect health. And if you don't, and I've seen what, people lost their concentration and they burn their feet halfway through. But I also see people so powerful where they can walk halfway stop, bend down, pick up a coal and keep walking. Don't burn because they really focus on single minded focus. So I want to say to everybody, make sure you clear on where you want to buy, what you want to buy, and then once you know where you want to buy, what you want to buy, get focused on your main job is to figure out how to find deals every day, because that's your main job. If you can find deal, you solve all of your personal problem.
Keith Weinhold 39:15
I am so with you on the focus of concentration, because diversification is a word that we're fed, and there's something to be said for that. But if you want greatness in anything, you really need to double down and focus. It's sort of like Andrew Carnegie said, put all your eggs in one basket and then watch that basket. Yeah. Well, that's when this has been great. It's been good to have you here on the show.
Thach Nguyen 39:35
I appreciate everybody we talk to y'all soon. Peace out.
Keith Weinhold 39:44
Yeah, good energy from Thatch Nguyen. He's based in Seattle. When you don't live in an investor advantage area, you have to get creative or scrappy, and he's doing it well, using ADUs and a lot of value add if you're merely investing. Investing on the side, well, then you're probably better off with a turnkey type investment, something that's not quite so hands on, but if you're devoted full time to real estate, then you really have some ideas there that you might want to pick up on. He wore a sweatshirt that says mindset on it during our chat. I like that. I mean, real estate investing isn't all about mindset, but that's surely where it begins for the production team here at GRE that's our sound engineer, bedroom Jampa, who has edited every single episode since 2014 QC and show notes, Brenda Almedares, video lead, brendawali strategy, talimagal, video editor, seroza, KC, and producer me, we'll run it back next week for you. I'm your host. Keith Weinhold, don't quit your Daydream.
Speaker 4 40:50
Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.
Keith Weinhold 41:18
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