BiggerPockets Real Estate Podcast

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

• Paul’s BiggerPockets Profile
• Paul’s Website

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