Elijah Iung - Farming & Apartment Investing

Elijah Iung has a very diverse background being a serial entrepreneur. He's started 4 different small businesses, each bringing great experience to help him with the next business. Hailing from Michigan, Elijah currently owns a farm and multiple apartment buildings. In addition, he's currently serving on a mission in Seattle for 2 years. Hear Elijah share his amazing story and all the great lessons he's learned along the way.

In this episode, you will be able to:

• Discover the power of investing in multifamily real estate and how it can accelerate your wealth-building journey.
• Uncover the game-changing benefits of syndication in real estate and how it can supercharge your investment potential.
• Explore essential real estate investment strategies for beginners to kick-start your journey with confidence and knowledge.
• Uncover the tax advantages of real estate investing and how they can significantly impact your financial growth.
• Learn the secrets of transitioning from active to passive income in real estate and unlock a more flexible and lucrative investment approach.

The key moments in this episode are:
00:00:00 - The Benefits of Syndication
00:03:50 - Elijah's Real Estate Journey
00:10:17 - The Power of Syndication
00:13:38 - Investment Preferences: Triple Net and Multifamily
00:18:51 - Balancing Real Estate and Mission Work
00:20:24 - Addressing Common Questions about Real Estate Investment
00:24:49 - Tax Efficiency in Investments
00:28:30 - Connecting with Elijah

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Full transcript here:

Elijah Iung
The thing that syndication does is it allows people to invest a smaller amount and get started. And that's sort of why I want to do this, is to give other entrepreneurs the opportunity to put a little bit of capital at risk and make a real return in a private market. That's where all the money's made.

Mike Swenson
Welcome to the Real Freedom show, where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together. Hello, everybody. Welcome to another episode of Real Freedom, where we talk about building time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. If you want to get started on your real estate investing journey, check out our website, Freedom Through Real Estate Dot Com. That's Freedom Through Real Estate Dot com. We've got lots of great content, our podcast, episodes, blogs, really, with telling different stories, trying to help you find a path to get you started in your journey in real estate. We know there's a lot of different ways to do it, and so we'd like to tell different stories of different people, how they got into real estate, what they're doing, to be able to inspire you to take action and feel confident in what you're doing. And today's guest, we have Elijah Iung. Lot of stuff. I'm excited to get in and talk to you. You've done a few different things in addition to real estate. Working on growing your real estate from Michigan, now in Washington, Legacy Way Holdings. And we're excited to, to kind of dig in and hear your story. So welcome to the show, Elijah.

Elijah Iung
Thank you. It's a pleasure to be here.

Mike Swenson
Well, why don't you just give us, give us a little bit about your background to get started.

Elijah Iung
Sure. I started out in actually waste management and agriculture and owned a business for 11 years and sold that a year ago. And I've been buying investment properties for the last, like, eight years, mostly just by myself, me and my wife, we start out buying farmland and we, we've, we've done the Airbnb thing and the duplex in our local town thing. And, you know, starting, I don't know, four or five years ago, the dream started to, to change to multifamily. And so, you know, you know how that is. There's so much content online about, about multifamily, from the Grant Cardone's of the world to the Rod Khalifs and whatever, you can consume content all day. And so I started watching all Kinds of stuff, reading books. I'm kind of a podcast guy so I anytime I hear a book recommendation on a podcast I just order it on Amazon right away and sort of devouring books about it. Started, started looking into the syndication space as a, as a way to get into it and so as of today I've. I've bought a bunch of investment properties on my own. Bought and sold, done a co GP and a syndication. That's what legacy withholdings. That's what that company is going to become is a syndication company. Done a joint venture and it's kind of funny actually recently I've been working on a finding invest working as a broker or as a salesperson rather for just a buddy of mine. He needs an investment property and it's like that's not really. Wasn't really going to be my wheelhouse but apparently we got roped into that. So yeah, a few things going on in real estate. Experiment with a lot of things. I have a lot of different LP investments just just to experiment with different operators. But the goal is to, is to syndicate to build up legacy way holdings into a lead sponsor. A legacy company that outlives me. So yeah, that's the, that's the rundown I guess.

Mike Swenson
And I see a gas station. Is that part of.

Elijah Iung
Yeah so after I sold the business I had a tax problem and those triple net gas station deals with a corporate guarantee are sweet deals for that. You know my. I think it probably knocked half a million dollars off my tax bill from last year and, and actually it was more than I was 6, 6, 7, 9 I think was the number knocked off my tax bill and ended up doing it with a partner. And yeah, really excited about that one. It's kind of looking like the returns are going to be comparative to you know, your value add multifamily deal. And it's a triple net. Like there's. You don't have to do anything, you just cash checks, you know. So that's a sweet deal.

Mike Swenson
Now I know for some people that are, you know, looking to get into real estate or newer, they're like oh my gosh, Elijah, you just named off like five things that you're doing. Like feel like I have to do this shotgun approach of like a little here, a little here, a little here. Then you've got some people that are like pick one asset class and go really deep in it. Talk a little bit about how these deals have come to be for you kind of how much of it is, you know, you actively pursuing a certain Thing how much of it is something kind of coming across your desk, maybe a relationship you have? And kind of where I'm going with this is like, for me, it's, you don't necessarily know where you're going to land or what you're going to like unless you try a few different things. Some work, some don't, but it's kind of that journey that's going to help you hone in to help you go faster and more strategic later on down the road.

Elijah Iung
Yeah, absolutely. That's actually, that's a really good question or several questions in one.

Mike Swenson
Loaded. I'm a detail guy, so.

Elijah Iung
Yeah, well, you know. Yeah, I think the, the sooner you can focus on one thing and really dial in and get educated and just know everything there is to know about one thing, the better you, the better off you are. And, and the farther you, the better you can scale that. You also need to find, you know, you kind of need to find something you like to do. And so if you, if you focus on something a little too soon and you find out like I did that waste management, I really didn't enjoy it. The last 10 years of waste management wasn't that fun. You know, that's one, one thing about a business that, you know, my primary reason to go into it was nobody else wants to do this. If I get into it and get really good at it, I can charge what I want. Well, the, the caveat with that is nobody else wants to do it for a reason. And so I'm very, very thankful for that, for that time in my life. But what I'm getting to is you have to, I think you need to focus, I really do. But you have to figure out what you like to do. And how are you going to figure out what you want, you know, want to do or like to do for the rest of your life if, if you don't try anything? I mean, you know, it's so easy to follow the, you know, you don't want to get distracted. You don't want to follow the, you don't want to do the greener pastures thing or the greener, greener grass on the other side of the fence thing. But, I mean, I've tried a few things and I'm, I'm, you know, I'm dialing in on what I, what I want to do. And yeah, I think it's really important to be passionate about what you do. The numbers have to make sense, but I think you need to like what you, what you do. So I, I'm a, I'm a big advocate for trying. You got to try some stuff and you got to throw some stuff at the wall, see what sticks.

Mike Swenson
You know, some of that waste management background. Right, Throw that at the wall.

Elijah Iung
Yeah, that's right.

Mike Swenson
Yeah. Well, I mean, for, for me, what really pushed me into multifamily was the real estate team that I was on. We, we tried to do a flip together because I've had background in flipping and rentals of single family homes. Before I got into real estate full time, some of my partners hadn't. And so like, okay, let's do a flip together. And what ended up happening, kind of the short story is I spent nights and weekends away from my family and we made no money on the flip. And I was like, okay. The way I rationalized this was I'm doing this for my family, right? I'm, I'm doing this because I want to, you know, earn some additional income in addition to my real estate sales job. And so it was all the nights and weekends, and I ended up with nothing to show for it that time. Now, I did have a lot of learning. What my learning was is I had a background. I did construction for a couple years in college, so I liked doing some of the work on the house. And what I realized is I'm getting sucked in to do that because I kind of like doing it, but it's really impeding my growth in the future. So I need to move to multifamily where I can't even try to get involved in the fixing up or renovations or anything like that. And then I heard a story of another podcaster talking about he had like a four unit building and he took a weekend away from his family to turn over a unit in the summer. And he's like, I just realized that I took one of the, you know, 12 weekends of my kids summer without school away from them and I never want to do that again. And so then it really helped me realize what's important. So it's trying some things, realizing what doesn't work, which will then hopefully steer you towards what does work or what you do.

Elijah Iung
Like, there's a. Jim Collins has a concept that he talks about in his book Beyond Entrepreneurship. Super good read. There's parts of it that are a little bit of a slog, I suppose, but if you're, if you're in entrepreneurship, read it. He talks about bullets, then cannonballs. And what he's saying is try things like these. These a great company tries things with a small, with a small Amount of risk. Like, like, you know, they put a small amount of money at risk to just try a couple things and they find the thing that works and then they lie. They put everything into it. So that's, that's, I would say that's my approach is I've taken some risks with my own money. You know, as a syndicator. I, I'm planning to do this for the next 30 years. And so if I'm taking, you know, if I'm taking investment Money, I want 100% success rate. I don't ever want to lose investor money. So I'll take, I'll take some of my own money. That was, that was the thing the waste management company that I sold gave me was the advantage of having a little bit of my own capital to put at risk into some different syndications. And somebody asked me the other day what my, what my unit count was, and it's such a BS, BS metric. It was like 900 or something. You know, it's because I've got like 50,000, a hundred thousand, you know, a couple, some of these little investments in different deals. It's like, yeah, I'm not going to put that on my resume that I've got 900 units. This is baloney. But, but anyways, I don't know if that answers your question, but that was one thing that came to mind there.

Mike Swenson
So let's dig in a little bit kind of to the syndication side. So for people that maybe don't know what it is, we've, we've had quite a few guests that do syndication. But the short answer is you can kind of put your money into bigger, you know, with people who have had more experience operating, you don't have to find your own deals. And so it's kind of this joint partnership where really it's kind of the best of both worlds. You know, the people that do this full time get to do it full time. And you putting in your money, you get to invest with people that know what they're doing, so you don't have to kind of figure it out on yourself. And it's just through relationships, obviously, you've got to vet people out, do your due diligence and all that. But kind of talk about syndication as your strategy that now you're landing on and you're kind of growing with. Why syndication for, for you and your future.

Elijah Iung
Yeah, great question. You know, really, to be totally honest with you, I like the joint venture structure better. It's simpler. It's, you know, less moving parts it's just, you don't have to, you don't have to blast out a newsletter every, every month, whatever. But I think the thing that syndication does is it allows people to invest a smaller amount and get started. And that's sort of why I want to do this, is to give other entrepreneurs opportunity to put a little bit of capital at risk and make a real return in a private market. That's where all the money's made. All the money is made in private markets. And when I had my head down trying to build up a business, I didn't think about that stuff. I bought farmlands. That's what I knew. And like, farmland's not super high cash flow. It's solid investment. Like, it's super, super low risk, low management, whatever. I love farmland. Don't ever plan to sell any, mind. But I did what I, what was in front of me at the time. But like, I didn't know. I had no idea there was syndications out there. I didn't know that. You know, I, I eventually put together a retirement plan for myself, my wife and my employees. But it's just most. I, I don't know, I don't like generalizing statements. But like, a lot of business owners have their head down building a business, trying to make, you know, pay the bills. And they need access to, to investment vehicles like this where they can, they can make a small investment and, and build a future for themselves. I mean, your, your income can't all be active. He's like, you, you have to make money while you sleep or you'll be, or you'll. What is that Warren Buffett quote? If you don't learn to make money.

Mike Swenson
While you sleep till the day you.

Elijah Iung
Die, you'll work till the day you die.

Mike Swenson
Yeah. Work to the day die. Yep.

Elijah Iung
And, and so that's, you know, I, I think about that quite often like this, this has to, this has to work. You know, you have, you have to have some passive streams of income. And, and the more we can educate people about it and, you know, you don't have to invest in my syndication, but you should invest, you should put some capital at risk. I mean, anybody that's running a business with a little bit of money in the bank, you should put some, some money into some real estate. I mean, you need to do something. So I think it's just a matter of, you know, making this available to my friends and neighbors, my, you know, you know, other business owners out there. That's, that's who I want to help.

Mike Swenson
So so you know, once, once people kind of have that decision of this is something I want to pursue for, for you, then it kind of comes down, you know, one of the questions is where do I start to look? Where, where do so talk about that process for you of identifying what is going to be the stuff you're excited to invest in and want to move forward with.

Elijah Iung
So I like triple net stuff. It's super simple, super easy. But multifamily I think has a ton of potential as well. You know, I think multifamily is kind of going through a crisis right now. I just found out the other day, I think yesterday I was on the phone with an investor relations person from a big, a big syndicator that probably most of your listeners know. He's had 100% success rate for the last 25 years, never lost money and he just lost money for the first time on a multifamily deal that he bought in 21, you know, and with floating rate debt. And it's like, did he get greedy or was the market or whatever? I don't know. I mean, kind of the market kind of kind of changed a lot in the last few years. But I think the overall multifamily, there might be some short term pain yet to come. There has been for the last year or so here. But I think the long term outlook is very bright. I think we still have a housing shortage, so unless Trump deports half the country, we're still going to have a housing shortage. And even if interest rates stay flat, I think there's going to be a lot of money in multifamily coming up here. So I'm pretty bullish on multifamily. You know, I think what fires me up about, about real estate and about cynic, about, about any, any real estate asset class, anytime you can, you can buy a project and get to the point where you can refi out of it and be playing with house money. I mean that's just, that's the, that's the, that's the ticket, you know. So that's, yeah, I want to, that's the opportunity I want to provide to more people.

Mike Swenson
Is there certain states you're looking at kind of certain sub markets or what are your thoughts on where you want to go?

Elijah Iung
So I'm from Michigan originally and I would like to invest there. Michigan's a little bit of a, it's not a super exciting market, but I think any market you look at, if you have intimate market knowledge and know where the good areas are and know what's happening. There's, there's great deals. There's great deals to be had everywhere. I think Detroit's maybe having a little bit of a comeback. I'm not, I don't have any investments in Detroit at this point, but I've invested across the, the Sun Belt, mostly passively. I'm a co GP on a deal in Savannah and of the Savannah market. But I think for me primarily it's probably going to be Michigan and Florida, kind of the west coast of Florida. That's where I like to spend time. I like the market. It's growing like crazy. So that's, that's where I'll primarily be investing. I say that in the future tense because as we talked about before the call, we're currently serving as, as missionaries through our church here in Seattle. So I'm building up my investor base before we go home. But the, you know, Legacy Way holdings is going to be sort of on hold until acquisitions, I should say is sort of on hold until we get home. Until we go home. I got to focus on what's important right now, but that's what the future holds.

Mike Swenson
Well, and I mean, I'm assuming kind of the entrepreneurship, the stuff you've done leading up to today has provided you that opportunity. And so, you know, being able to, to make the choice and do something like that is a spot that not a lot of people get to be in. And so, you know, the decisions that you've made have given you this opportunity, which is awesome.

Elijah Iung
I think everybody should get the opportunity at some point in their life to just spend some time just looking for ways to serve other people without, you know, we're kind of, we're supported by our church here. And I wouldn't have done this if I didn't hadn't built up a foundation, financial foundation beforehand. But there is something really special about being able to spend this time, you know, you know, looking for ways to serve others. Like, it just like I, I hope we bless some people here, but also like, this has been so good for us. You know, I've always been kind of a pusher. I've always been told my whole life that my, my ideas are too big and that I work too much, whatever. And so we felt like the Lord led us to this and yeah, we're just. Yeah, it's just been really good for me to kind of be forced to take a, you know, downshift a little bit and, and spend a limited amount of time, you know, growing my real estate company, really focusing on, on the mission here. So can't recommend it enough.

Mike Swenson
I know for some people, yeah, it's being able to balance, right. Like if you think about it like a pitcher of water, right. Times where you're, you're pouring over into other people and sometimes, you know, you're, you're getting poured into and filling back up and, and kind of getting re energized and ready to go for your next stretch. And so it's these kind of sometimes constant little sprints, you know, back and forth in different areas. And so this is a chance to be able to kind of refuel and refocus and set you up for, for your next spot.

Elijah Iung
Yeah. And really, I mean it's an advantage to me because real estate's all about timing the game. Right. And you know, even when you're talking to investors, they want to know what your track record is. So like taking this couple of years, like I'm not totally inactive in real estate for these two years, but taking these two years to, to let the track record season a little bit is not going to hurt me at all. And, and being able to have the experience of the ups and downs of, of some deals that have a few years under, under their belt, it's just, it's just going to be a good thing.

Mike Swenson
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Mike Swenson
Oh, man, I've had, I've had all the questions. One big one is, yes, you can invest your, you know, through a 401k or self directed Iraq. I think, I think the biggest thing, you know, I've had, I've had people call me and they're like, yeah, my widowed mother has 50,000 and we want to, we'd like to put it in a deal. I'm like, syndication is not the right vehicle for you. Like, I would not take your last 50,000. I would just tell people, put a, put a small amount that you can afford to lose into a deal and see how you like it. You know, typically, I think, I think a big question would be like, you know, why should I invest in something that makes 3% cash flow the first year when I can leave it in? You can get like 5% at the bank. Right now. I've got some money in the bank, 5%. And I would just say at the end of that, say you leave it in that account for five years. At the end of it, you have your money plus your 5% with, with real estate. It's a, it's an equity, it's an equity investment. And so it's, it's a, it's a, you're giving your money a shot to, a shot at multiplying rather than just, just adding. So, you know, those would be some of the, some of the questions I've gotten. It's tough. I mean, everybody's, every situation is so different. It needs to work for you and you need to be, you need to understand it. So that's a lot of what my job has been, is just, you Know, helping people to understand how syndication works. You know, it's quite a complex structure. It really is. You know, I think the biggest thing, the biggest thing to think about is the people. The sponsorship team is really the biggest, the biggest thing. I mean, it all boils down to people. It just, that's just the way it is. I don't know how, how, how to stress that enough. This is just a people game.

Mike Swenson
Yeah. One of the ways that I kind of talk to people about it is I say, think of it like there's quite a few different buckets. And in real estate, you know, let's say it's okay, you've got tenants paying rent, you've got, because of that, your mortgage getting paid down every month, you've got, you know, rental increases over time, kind of that appreciation that happens. Tax benefits and all those little buckets may not always be in your favor, but because there's quite a few different buckets over time, they generally tend to work in your favor. And so like a stock, it's. It's either it went up or it went down. Maybe you have a dividend or something like that, but you're not dependent on some board of some company making the decision that changes that stock price or affects you. Because I think what people, people that like real estate, like the fact that, like, I could drive by it, I may not live close to it, but if I really wanted to, I could drive by and touch it. It's a tangible thing versus a piece of paper or. Doesn't mean you can't invest in those other things. But I think the people that it works well for see that value of it. It's not going anywhere short of natural disasters, which unfortunately has happened quite a bit.

Elijah Iung
Yeah, right.

Mike Swenson
Exactly.

Elijah Iung
Well, and another thing that a lot of people you mentioned, tax advantages. Like, man, the tax advantages in real estate. I mean, it is. There are some sweet deals when it comes to tax savings, deferrals, whatever. You know, if you can. If you can make a 15 return in the stock market, but you're paying 30% on your money, but you can invest in a real estate deal and you're making 15, but you can defer the entirety of the taxes till you die. Like, are you making more money with the 15% you pay tax on or the 15% you didn't pay tax on? Well, it's like it's. It's pretty clear what's. What, what, what, what's a better investment? But it kind of has to fit into somebody's overall strategy. Too, Right. Like, you know, I don't know, it's just there's so many ways to look at it. Right. The, the, the amount of ways to look at it are as varied as the, the people. Yeah. Investing.

Mike Swenson
So the liquidity is a valid issue. Right. Like, you know, if you're investing in something, it's typically at best one to two years, most likely three to five or seven or buy and hold for longer. So if that, you know, hey, come a rainy day, I need to be able to pull out. This really isn't the fit. That's why going back to the, you know, the 401ks and setting up self directed IRAs can make a lot of sense because it's money you're not planning on touching till much, much later, so you're okay to let it grow. But yeah, it's, it's all about finding that right fit with people and, and you know, finding a win. I tell people my goal isn't to strong arm you or convince you, it's just, can I give you a little bit more education so you feel a little bit more comfortable? And hey, if not this deal, maybe you look at the next one, not the next one. Eventually there's going to be a time where you maybe kind of see how this can work for you or you've got the funds to be able to do so. But I'm not going to try to like hoodwink you into doing something you don't want to do. It's, it's about you making a good, solid decision for yourself and what you want.

Elijah Iung
One thing that I'm kind of excited about or I think there's an opportunity right now in the market is I think Grant Cardone is doing this. I'm not a huge Grant Cardone fan, just putting that out there. But he is, I think he's really smart in some of the stuff he's doing. One of the things he's doing is he's buying, he's buying property. He's got such an enormous capacity to raise money that he, he's buying properties with cash and then refinancing down the road. And what that does is like it wipes out all the complexity up front. Most of your risk, like most your risk and complexity comes from financing with interest rates as high as they are with, you know, if you have a property that's in a great location. But the, it's a, it's a negative cap rate because the interest rate's so high. Like if you can buy that with cash and refinance out later and get your, get your investors 80 of their money and then just hold it till the cows come home. Like, man, I, I don't know. I think, I think the returns aren't as good because, you know, obviously debt is cheaper than equity and you can, you can definitely pump those returns up with, with debt. But I don't know. I love that, I love that model, but it's, it's there again. It's like, yeah, it's not the right fit for every investor. So it's, it's, it's a matter of like, are there, are there investors out there that want that investment vehicle, the no debt multi family syndication? And if they are, you know, where are they and who are they? And yeah, there's so many different ways to do everything that I mean, I can't, I can't tell you that I'm going to do one, one method for the rest of my life. But that's one thing I'm hoping to do at some point is I want to buy, my goal is to buy institutional quality assets with cash just to eliminate that risk up front. But I don't know, that's, that's one of the things I've talked to different people about and they're like, well, yeah, you could, but nobody does it. It's like, just because nobody does it doesn't mean it's, it's a bad idea. But anyway, yeah, we'll see if anything, you know, see what comes of that.

Mike Swenson
But for sure, yeah. And yeah, that's the thing. You're finding the people that that particular strategy is a fit for. And if not, that's okay, right? And yeah, maybe you find different types of deals or whatever, but yeah, you're just, you're just trying to find the people that, that resonates with. That's the thing. So thank you so much, Elijah, for coming on and sharing and talking more about what you're doing. If people want to reach out to you, how can they do that?

Elijah Iung
The best thing you could possibly do? Well, you can find me on LinkedIn. I'm on Facebook and Instagram, but I don't, I don't use Facebook or Instagram. I use LinkedIn. The best thing you can do is sign up for my newsletter. I don't have anything to pitch. Every month we, we highlight a tool that we like. This month was Roboform. You know, just different articles, education about, about what we're doing. And yeah, look for some, some deal alerts in the next maybe year and a half or so, but nothing. Nothing.

Mike Swenson
Right now.

Elijah Iung
I got nothing to pitch. So join the newsletter, though.

Mike Swenson
Awesome. Yeah. And for people listening. So, Elijah Iung L I J A H. And your last name is. Is Young. Pronounced Young, but it's I U N G. So look up Elijah, connect with him, and best of luck in the future as you continue to grow and. And excited for you and kind of seeing what you do here.

Elijah Iung
Thanks, Mike. Appreciate.