283: 18 Houses in the First 18 Months with Paul Thompson
Start slow—or take off like a rocket? When it comes to real estate investing, the choice isn’t the same for all. This week, our guest Paul Thompson made a clear choice: Rocket! After realizing the fragile nature of his six-figure salary, he set out to replace his salary with passive income—as quickly as possible. This led him to average a new home purchase every month for the first year and a half, and soon he had true financial freedom and quit his 9–5. This show is packed full of actionable tips, including some never-before-heard-on-this-podcast strategies for finding deals with the use of virtual assistants, Craigslist, and cold calling! This is one episode for which you’ll need to take some notes, so grab a notebook and let’s get into it!
In This Episode We Cover:
- Paul’s backstory prior to real estate investing
- His first deal doing the BRRRR method
- What is escape velocity?
- P.I.L.E. (Passive Income greater than your Living Expenses)
- How he manages his properties
- Finding private money lenders through BiggerPockets
- His system in making offers
- Things he looks for in each deal
- How to negotiate for seller financing
- Subject-to explained
- Why does he L.I.E. every day?
- His interesting thoughts about money
- How he balances his time
- The third-party catalyst
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Webinar
- David Greene’s Twitter Profile
- David Greene’s Instagram
- Brandon’s Twitter Profile
- Brandon’s Instagram
- BiggerPockets Twitter Profile
- BiggerPockets Instagram
- BiggerPockets New Member Introduction Forums
- Upwork
- Screen-O-Matic
- Zillow
- Craigslist
- CallRail
- Podio
- Zapier
- Google Duplex
- GoBundance
- How I Analyzed a Deal in 5 Minutes (& Bought it Before Anyone Else Could)
- Uber
- Turo
- BiggerPockets Podcast Guest Form
Books Mentioned in this Show
- Long-Distance Real Estate Investing by David Greene
- The Book on Investing with No and Low Money Down by Brandon Turner
- Building Wealth One House at a Time by John Schaub
- The Richest Man in Babylon by George S. Clason
- The Pumpkin Plan by Mike Michalowicz
- Profit First by Mike Michalowicz
- The Big Leap by Gay Hendricks
Fire Round Questions
- How detailed of a plan for financing do I need before I start actively hunting for deals?
- What niche/strategy will yield the most results, direct mail for subject to and owner financing or finding partners/private money?
Tweetable Topics:
- “How many deals do you have is the wrong question to ask. It’s how much cashflow are you generating?” (Tweet This!)
- “Never assume that what is important to you is important to the other party.” (Tweet This!)
- “There is plenty of money for the things you really want.” (Tweet This!)
- “You don’t want cash, you want what cash can give you.” (Tweet This!)
Connect with Paul
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