How Real Estate Investing Can Transform Ordinary Lives and Build Real Wealth
Many people are aware that real estate investing is a good method for building wealth. However, a lot of people don’t realize exactly how life-changing it can really be. In this blog, we are going to discuss the story of Eng Taing, a man who was able to go from living in a refugee camp in Thailand as a child to having over $100 million worth of real estate assets. Taing’s story is a great example of the power of real estate investing to change lives. If he has done it, so can you!
Eng Taing’s Story
Eng Taing was born into a Chinese Cambodian family that was heavily persecuted in Cambodia. Chinese Cambodians were an ethnic group that faced immense difficulties and were some of the primary victims of the Cambodian Genocide in the 1970s, which resulted in the deaths of millions of innocent people. The Cambodian Genocide took place during the rule of the Khmer Rouge under the leadership of the Communist Party of Kampuchea General Secretary Pol Pot.
Taing’s family escaped from their persecutors through the jungles of Cambodia into Thailand. Narrowly escaping death, Taing’s family found relative safety in a refugee camp in Thailand. This is where Eng Taing was born. From this refugee camp, Taing’s family was moved to the Philippines, where they stayed for six months, and then was transferred to America, where they found a permanent home.
After relocating to America, the Taing family was able to attain a level of security, peace, and stability that they had never previously known. Taing’s father was an entrepreneur and a hard worker and he helped to instill this mindset and attitude onto his son.
Eng Taing worked hard in school growing up, and eventually landed a job in the financial services industry. However, he was hit hard by the 2008 financial crisis, and had been heavily involved in the sub-prime mortgage situation.
So, following this crisis, Taing decided to change things up. He bought his first piece of real estate in order to start generating some cash flow. Then, he decided to join the Peace Corps in order to do some soul searching, to help people in need, and to gain a better perspective on life.
When he was in the Peace Corps, he only earned $200 a month. During this time, he was stationed in the Republic of Georgia, a year after the Russian invasion of this country. He helped people who were struggling in the country at this time.
After Taing returned to America, he worked a number of corporate jobs for large companies including Apple. As an immigrant, he had always developed a “scarcity mindset” which gave him a desire to always have a stable job at a large corporation. However, Taing’s mindset began to change once he started getting involved with real estate investing.
Even after landing stable corporate jobs, Taing continued to invest in real estate. This is because he learned to love the freedom that having passive income was starting to provide him. He kept buying and buying and soon his real estate portfolio started to grow. His view of the “American dream” started to shift away from having a good corporate job, a single-family home with a white picket fence, and 2.5 children to having ample cash flow that would enable him to pursue his passions and live life on his terms.
Motivated by this new version of the American dream, Taing founded his own real estate investing company called Touzi Capital. Touzi Capital is a real estate syndicator that invests people’s money into real estate properties. The company also does some private equity investments.
Through his company, Touzi Capital, Taing now has over $100 million in assets under management. Taing has left his traditional corporate jobs behind in order to focus one hundred percent on his real estate investing business. Through Touzi Capital, Taing has been able to achieve complete financial freedom and now lives a life of total financial abundance.
Taing attributes his success in real estate to a few factors including grit, stamina, and flexibility. He notes that there is usually always something that goes wrong at some point in the real estate business including financing falling through, loan problems, construction problems, etc. But he states that it is important to expect challenges along the way and to cultivate a mindset that is anti-fragile and is capable of being flexible and dealing with adversity appropriately.
In addition to these factors, Taing also believes that using data and technology effectively is crucial to getting the most out of a real estate investing business, as do we at my company Blue Lake Capital.
Taing’s life and career are a reflection not only of the incredible power of real estate investing but also of the power of the human spirit. Eng Taing has been able to rise up from extremely difficult beginnings to become a highly successful entrepreneur in the real estate industry. He is an excellent example of how real estate investing really can transform “ordinary” lives.
It is important to note also, that Taing did not start his career in real estate. In fact, he worked in finance, the Peace Corps, and in big tech before really getting started in real estate. So, even if you don’t start your career in real estate, it’s never too late to get started.
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About the Author
Ellie is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don’t have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.