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August 19, 2022

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You still have the right to hope for the best and move forward even if you face adversity just as you reach the pinnacle of your accomplishments. This 23-year-old entrepreneur is proof that hard work and determination can pay off.

Derek Cheung is a former college student who got into rental arbitrage. He was an intern when he discovered the company that operates short-term rentals for properties it doesn’t own.

In 2018, he began engaging in rent arbitrage by acquiring his first two apartments. Derek’s first steps weren’t smooth sailing. He did a lot and did extensive research to ensure he was following a solid business plan.

Derek learned the legal paperwork and communication skills involved in real estate and rent arbitrage transactions, especially since many landlords have specific preferences for working with such parties — he even went through around a hundred landlord leads.

He also made sure he knew how to service the property, maintain fixtures, decorate it, and approach landlords in negotiations. Since his first deal was with an agent who represents multiple landlords, his career took off from there.

Derek’s first annual leases were signed in February 2019. One-bedroom flats cost $1,215 per month while studios cost $999. He put down a $500 security deposit on each flat, plus the first month’s rent. Short-term rentals were permitted under the terms of his additional contract.

As a result of working part-time while in school, Derek was able to save $8,000. He also had a $5,000 credit card limit, which was sufficient at the time. He spent $5,000 on secondhand items from Facebook Marketplace. He rented U-Haul to move things and asked two friends to help. After he had set them up, he took photos of the units and posted them on Airbnb.

He kept moving forward with the strategy, and soon he was managing and cleaning six apartment blocks. He had reached a terrifying $10,000 in liability and rent expenses, but he was convinced that he had to risk money in order to make a lot.

Unfortunately, the pandemic hampered travel and bookings. At that time, he owed $20,000  in monthly expenses. He began calling builders, corporate movers, and insurance housing agencies weekly to offer his units, and advertised on Zillow, Corporate Housing by Owner, Furnished Finder, and Craigslist. His top priority was serving customers who had booked 60 days in advance.

When the pandemic subsided, he created a new plan to make up for his losses. Derek lowered his prices just enough to break even or make a small profit. He was also keen on securing long-term visitors and started taking reservations from people in the area who were in between leases, evicted from their homes, or were staying in hotels because their insurance wouldn’t cover them.

Derek had 50 properties by the end of 2021, with 44 of them being fully functional. His revenue increased by about 22% this year.

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Image Source: Lifestyle Asia Hong Kong

Blogs, Development, Ideas

Son of Restaurant Owners Now CEO of Multi-Million Dollar Company Casetify Imparts Tips To Successful Entrepreneurship

With a feeling of discontent towards the smartphone case designs available in the market, Hongkong native Wesley Ng co-founded Casetify, a multi-million dollar company that manufactures and produces cool smartphone cases.

The 41-year-old CEO takes his business-mindedness from his parents who own a restaurant in their region.

Ng established the business in 2011 together with his friend Ronald Yeung which has now reached over 15 million phone case sales around the world.

As an entrepreneur-grown man, Ng’s mindset is to make profits. According to him, it’s the most important thing to survive, as quoted in CNBC Make It.

“It comes down to one thing — being profitable. Being profitable was super underrated until recently,” he said in a virtual interview. 

Ng proudly shared that Casetify will be attaining $300 million in returns for this year alone.

Furthermore, he advised others to venture into businesses that make fortune and are cost-effective and to learn from other entrepreneurs just like how he learned from his mom and dad.

With his success in the chosen industry, Ng imparts hints to be a self-made millionaire in business:

1.Bootstrapping. Starting with $200,000 capital, Ng shared that he and Ronald always did things and operated out of the interests of the company and not of the stakeholders.

2. Overshare your problems. Business is a give-and-take process, it’s surprising how we can learn from others. Although it may seem a weakness for others to know your struggles as an entrepreneur, it is still fundamental to share and learn from them.

3. Entrepreneurship ‘not for everyone.’ Ng shared that knowing if “it’s for you” is important and to discover if it really is, you should “work closely with a founder” or link with beginners to know how hard it will be.

The successful CEO said that being a producer of a product he is really fond of is what keeps him on the move.

Image Source: Jonathan Sanchez

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Learning From His Single Mom, Parent Portfolio Co-Founder Jonathan Sanchez Realizes Financial Independence at 37

Now living a financially-stable life, the couple founders of Parent Portfolio, a website that serves families to make progress with their money and helps the younger generations become financially wise, teaches their kids lessons towards a successful life.

Born to a financially precarious environment, Jonathan Sanchez was reared with a thrifty outlook by his single mom, which made him yearn for financial stability.

Sharing the same financial sentiments, or even more, with his mother made him believe that if he would be able to get a degree and land a well-paid career, he would be freed from all his money issues.

However, he then realized that his mindset was not as easy as it seemed as, despite achieving a profession together with his wife, Jacqueline Sanchez, their incomes were just enough for their family’s essential needs. 

The Sanchez couple’s life turned 360 degrees after realizing a $1 million net asset by being economical, able to save, doing part-time jobs, and venturing into real estate.

At 37, Jonathan realized his long-dreamed financial independence and stability. In 2020, he decided to share this with other people by co-founding the Parent Portfolio with his wife.

Aside from helping other people, the couple is also bound in educating their kids with the following five valuable tips they shared on CNBC: 

  1. Always rethink one-time purchases. Living within the means and spending efficiently only on what is needed; 
  2. Budgeting gives you more freedom. Planning your budget is financial freedom which benefits you over and over again; 
  3. Don’t let social media influence your spending. Do not be pressured by what you see in the public network and discipline yourself in using gadgets; 
  4. Know where the money comes in, and where it goes out. The couple exposes their children to their income resources, introduces them to the “real world” and even shows diagrams on how to deal with the people and offices they transact with; and, 
  5. Start saving early, and don’t expect to get rich overnight. Learning from the fable of The Tortoise and The Hare, the couple teaches their children of being wise and patient.

“For now, your mother and I are responsible for providing for your needs and wants. A bank is a safe place to put your money because it allows the funds to grow over time. And when you’re old enough, you can use that money for your own goals,” Jonathan tells his children.

Image Source: Las Vegas Review Journal

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Patricia Lee Sculpts History as First Black Asian American To Succeed Seat F In Nevada Supreme Court

Following her victory over the other two candidates, Patricia Lee made history by becoming the first Black and Asian American attorney to hold the vacant Department F seat on the Nevada Supreme Court.

Lee was chosen by Gov. Sisolak from among the candidates put out by the state Judicial Selection Committee to take the place of Justice Abbi Silver, who resigned from her position due to “unexpected circumstances” and a desire to spend enough time with her family.

Being an attorney in Las Vegas, Lee contended with Washoe County District Judge Scott Freeman and Clark County District Judge Tierra Jones.

The Reno Gazette-Journal cited Sisolak saying, “I am thrilled and honored to appoint Patricia to serve on the Nevada Supreme Court. The breadth and depth of her skill set, as well as her personal and professional experience, make her an excellent addition to the State’s highest court.”

Lee will begin serving her term in January 2025 and must run for reelection in two years in order to preserve her position.

Lee’s mother, a native South Korean, and father, an African-American soldier, brought her up in South Korea. She majored in psychology and communications at the University of Southern California, where she also participated in the Black Students’ Union and had her first political experience.

She started working at Hutchison & Steffan in 2003, concentrating on family law, trademark law, medical claims billing, and business and commercial disputes. She later joined the firm as a partner.

Lee is a skilled attorney with a history of being chosen as the chair of the Nevada Crime Commission by the then-Gov. Jim Gibbons, a volunteer with the Children’s Attorney Project in Las Vegas who advocates for abused and abandoned children, has handled pro bono cases at the Legal Aid Center of Southern Nevada.

Nonetheless, Lee is not just a dedicated lawyer but also a devoted family woman being a mother to Brianna and Devin, and a wife to Ronnie.

Image Source: South China Morning Post

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Bankrupt Chinese Restaurant Owner Bounces Back To Pay $6.4 Million Debt Through Sausage-Selling

“We are born with nothing. Why be scared of starting all over again?” says Chinese Tang Jian after starting up a street food stall in Hangzhou, China following his business bankruptcy which left him with $6.4 million.

At 52, the former millionaire Chinese restaurant proprietor is positive of earning funds to pay his multi-million debt by selling barbecued sausages.

Thus, his optimism put netizens in awe as a person, who despite losing his 16-year-old business venture and everything he had because of the unsuccessful investment in the landscape engineering industry, is still hopeful of being able to recover from the downfall.

Tang was once a successful businessman starting at the age of 36. However, because of the fruitless outlay, he was compelled to sell everything he founded through his business including his restaurants, homes, and cars.

Still unable to pay his debts in full, Tang decided to put up the small-time sausage-selling business.

Tang proudly exclaimed that “Every sausage is genuinely filled with meat, and there is no starch in it. When compared with those sold in amusement parks or markets, ours will make you feel safer,” as quoted in South China Morning Post.

Upon knowing that his story trended in social media, Tang explained that it was because all of us face our own challenges in life, however, we must always have that strong spirit of winning each battle. 

He also said that he is really determined to settle his debts although still uncertain when it would be.

Tang shared that bravery is a key to overcoming hardships and going on in life and that we should always seek strength, especially during hard times.