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 investingHis first deal doing the BRRRR methodWhat is escape velocity?P.I.L.E. (Passive Income greater than your Living Expenses)How he manages his propertiesFinding private money lenders through BiggerPocketsHis system in making offersThings he looks for in each dealHow to negotiate for seller financingSubject-to explainedWhy does he L.I.E. every day?His interesting thoughts about moneyHow he balances his timeThe third-party catalystAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets WebinarDavid Greene’s Twitter ProfileDavid Greene’s InstagramBrandon’s Twitter ProfileBrandon’s InstagramBiggerPockets Twitter ProfileBiggerPockets InstagramBiggerPockets New Member Introduction ForumsUpworkScreen-O-MaticZillowCraigslistCallRailPodioZapierGoogle DuplexGoBundanceHow I Analyzed a Deal in 5 Minutes (& Bought it Before Anyone Else Could)UberTuroBiggerPockets Podcast Guest FormBooks Mentioned in this ShowLong-Distance Real Estate Investing by David GreeneThe Book on Investing with No and Low Money Down by Brandon TurnerBuilding Wealth One House at a Time by John SchaubThe Richest Man in Babylon by George S. ClasonThe Pumpkin Plan by Mike MichalowiczProfit First by Mike MichalowiczThe Big Leap by Gay HendricksFire Round QuestionsHow 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 PaulPaul’s BiggerPockets ProfilePaul’s Website