Kenneth Lin, Oak Realty
http://www.OakRealtyNC.com
What was your initial dream for your business or lifestyle (or both!)?
After college, I knew right off the bat I couldn’t work full-time in an office setting, sitting inside a cubicle waiting for the clock to strike 5:00PM everyday. I gave the corporate world a year to gain experience and save as much money as possible. After about 8 months, I purchased my first investment property: a small loft condo in South Park. I got the property rented out within two weeks, and from there, I believed I was on the right path to creating an empire in residential real estate investing. Thus, the creation of Trafalgar Enterprises, LLC was born!
Can you explain the fear and perseverance it took for you to bring your dream to reality?
Starting any kind of business is difficult. It takes a lot of convincing and a lot of desire. For me, I had a greater challenge: my age and experience. At 23, I had to convince investors that my idea was worth a $250,000 investment. I knew if I was able to secure that kind of money, my strategy would work and I could begin growing my company to the next level. The fear running down my spine when I approached these investors was gut-wrenching. But somehow, I was able to convince them of my idea, and the funding was secured.
Now that you are either working on your dream or living your dream, is it the same vision you originally had or has it changed along the way?
My goal has definitely been reached. In a little over 4 years, I now own 14 properties all throughout Charlotte ranging from Ballantyne, South Park, Sedgefield to Uptown Charlotte and NoDa. All of my properties are rented out, and just about all have long-term tenants. Each of my properties has at least 25% equity with several owned free-and-clear. I don’t intend to stop growing. My original goal has definitely been exceeded. Best yet, I’ve decided to open up my own real estate firm as a result of my property investments success.
What has been your biggest challenge in accomplishing your dream?
The biggest challenge in accomplishing my dream has definitely been facing adversity from other fellow investors. One of my biggest challenges was convincing my group to purchase a newly constructed home in NoDa. At the time, the area wasn’t the greatest, and just about all of my investors bailed on me. With an asking price of $230,000, I thought the home was a steal, and I had a feeling that the area would begin to take off. So I took the risk and purchased it myself back in Oct 2005 on a hunch. Now, the home I purchased is now valued at around $379,000!
What motivates you to keep building, growing or pushing for your dream?
For me, this is an easy one. I grew up in a family that wasn’t wealthy, didn’t have much, and had to earn everything we owned. We cherish all we have, even if the item we owned was 20 years old. The fact that I could take something from nothing and turn it into an empire has propelled me to work even harder to get to my goal, which is to be able to retire when I’m 40 and to take care of my family. They invested in me, and it’s about time that I repaid them for the investment they made in me. =)
