Today we’d like to introduce you to Derrick Ho.
Hi Derrick, so excited to have you with us today. What can you tell us about your story?
I started my real estate endeavors when I was 19 this was 2017. I was adamant about living on my own after a newfound freedom of living at the dorms with my roommates and didn’t have my parents on my case 24/7. Even though my parents lived 20 minutes from the University, I had taken my orientation leader’s advice to stay at a dorm the first year, not only for ease of access to class but also to events and socials that could come about.
After my first year like many I suppose, I didn’t want to move back home to my parents as I found not just the ease of access to classes and the social aspect but also the independence of living alone. I tried to work the ins and outs of how to afford to rent on my own so that I didn’t have to accept the fact that I am a poor college student and I could live on my own.
My parents then had the idea that I should buy a condo. And they would help with the down payment. They would treat it as a rental property for them, and I would pay rent as I would anywhere else. But at least I had my own property that would earn equity. Not long into my second year of college at 19, I put in an offer on a condo, and about a month later I was a homeowner.
The absolute joy of being on my own once again. I did something called house hacking and some of you know what that might be so I will give a short description. I owned a 2 bedroom 2 bath condo at the time and not long after I closed on the property I got a roommate who signed a contract to rent the other room out. Voila, what a $1200 mortgage/”rent” payment would have been being now $600.
Fast forward 3 years and it’s Covid 19. Everyone is buying toilet paper (for some reason) and the economy is at a literate standstill like in New York when everyone gets off work at 5 pm. Interest rates have dropped from 3% to 2.5% but surprisingly, home prices haven’t caught up yet. I quickly sold my condo in Oct of 2020 and put a 3-bedroom townhome under contract.
I practically stole that house at a 2.75% monthly payment. $1400. I had added $200 from my original mortgage yet I went from an 800 sq ft 2 bedroom 2 bath condo that was built in the 80s to a 2400 sq ft townhome that was built in 2013. The punch line, I also had a renter not long after I got bought the property, and I couldn’t afford the mortgage since no one was hiring during covid, and someone was willing to pay the market rate which was much more than my monthly mortgage still today.
Now, my parents had encouraged me to become a realtor and not just for them (so they can also have someone buy investment properties for them & I of course an only son would cut them some slack on the commission) but for people who are willing and interested in building wealth and becoming a homeowner themselves. I became a realtor so that I can help first-time home buyers, investors, and many others to give my knowledge that grows every day on the best ways to make money while you sleep.
Take that vacation because you own enough property that you are no longer obligated to your 9-5. Spend time with family and have the financial freedom that many thought is not possible. Dare I say, even retire early. That will be my goal for myself but not just for me I want everyone I encounter and help to achieve what they dream about.
Would you say it’s been a smooth road, and if not what are some of the biggest challenges you’ve faced along the way?
Nothing worth doing is ever easy. It hasn’t been a smooth road. As a matter of fact, I tried studying for my license 3 times before I finally passed and got my state-issued license. It wasn’t because of poor knowledge. I believe it was more poor timing and poor time management. The first time I tried, I was still in college. I worked so I can afford my mortgage, and I studied what little time I had left between studying for school, work, and golf.
The first time I went through the course I finished the school test but it took me a year to schedule the state test to get licensed (and they only give you a year after to pass your school test to take it or you got to start from square 1) Second time, I didn’t even finish the course in time.
This was the 3rd time where I really was like “ok, there aren’t any more excuses I can give myself for not pursuing this” I’m done with school I have a steady job what more do I need to be convinced. So, I signed up once more and put my head to the ground. And to tell you what, this was just the beginning. For some, general public’s misconception on becoming a realtor, your rocky road isn’t getting your license. your rocky road is getting your first sale. After you get your license.
Many believe once you get your license everyone will flock to you know you have your license and you will get your first sale within days like you just first start a new job you are already thinking when is your paycheck? Once you get your license, you own your own business now. And you don’t have a boss you have many bosses and your job is to find those bosses who are you client in order to become successful.
Alright, so let’s switch gears a bit and talk business. What should we know?
I specialize in real estate wealth. real estate should be everyone’s business and it should be treated like one. Robert Kiyosaki author of Rich Dad Poor Dad (a book everyone should read) once said, If an investment doesn’t earn you any money, it is a liability. Everyone who is paying a mortgage right now; who is working to pay that mortgage, your house is a liability against popular belief.
Until you have rentors, or Airbnb, or anything that will pay you money for the property you own. it will be considered a liability and not an asset. I want to teach and give back to people and help them realize their goals through real estate. What sets me apart from others is that I am not chasing to be the top-earning realtor. I am not chasing the money, I don’t really care about that.
What I truly care about is helping others realize their endeavors and how they can become financially free and live a good life. That is why I had named my business Endeavor Realty. I offer representation on both the buyer and seller side of the real estate transaction. I also offer experts on other parts of the business like lending, title, escrow and all the other parts that is necessary to complete the transaction.
What matters most to you? Why?
What matters to me the most is that I help the people who are willing to be helped. Those who are excited about what I have learned and what I can give them. It matters to me that my clients and I become a team where we both go through the journey of becoming wealthy.
It matters to me because if I am the only one who is successful it is a lonely journey but when you have people who are just as enthusiastic and come up with you, it makes the journey that much more memorable.
Contact Info:
- Website: www.derrickho.com
- Instagram: @therealderrickho
- Linkedin: https://www.linkedin.com/in/derrick-h0/
