Empowering Entrepreneurs Paul David Thompson - WinCore Invest
Our guest hasn't always been the CEO of multiple companies with students from all over the world and properties in various states. Back in 2015, Paul was working a corporate job… the long hours, the commute… and was tired of it. He wanted out. And real estate investing became his escape plan. And in just over a year’s time, he quit that corporate job and hasn’t looked back since!
I wanted to do things that were interesting and learn what it takes to make those interesting decisions. I wanted to make things that are interesting. And I found that growing and building businesses are really interesting and really complicated.
Why real estate?
I could get really low-interest rates at the time. Six percent or less. And that, I feel like, was a very measured and careful approach and not at all throwing caution to the wind. But I was not afraid to make mistakes. My mistake was not trying for 15 years.
Paul talks about his unique experience finding and working with his mentor.
...here's what you got to do first. You have to go by the book The Richest Man in Babylon. I want you to get a physical copy. I want you to read it, highlight it and write a three-page handwritten essay. And then I want you to mail it to my P.O. box. And after you do that, I'll talk to you. So it was his way of testing people if they're serious and if they're coachable and teachable. So I did it, and over the next two years, I probably wrote like six seven eight handwritten, three-page essays on different books that he sent me.
What advantages has Paul seen in working with a CPA that also offers business strategy?
You need that business strategist. It's really handy when they're an accountant and or an attorney as well, so they can give you advice on those aspects of any business that you're in because you have to solve for both of those.
How does Paul see businesses being able to survive over the years?
I knew very early on from being in business for other people that the reality of the world in the business world, is adapt or die. You have to adjust.
Are there any other relationships that have really been imperative to your success throughout your journey?
I did not go into real estate or entrepreneurship for relationships. But I realized that, oh, that's why you go into business in the first place. It's about relationships, it's about service, about creating value to other people. And you're going to need other people in the industry or any other other professionals that you're working with.
Paul helps busy professionals design a real estate investment strategy that fits their needs. Whether that's taking control of investments, reducing taxes, accelerating debt paydown, or leveling up in their investing game. He's guided numerous beginners through the process of doing their first real estate deal. He works with investors from California to New Zealand. The best part of his life is helping others build extra sources of income so they can lead a life of their design. As a full-time real estate investor, he no longer depends on a day job. He shows busy professionals how they can follow a simple plan to build wealth with real estate. If you're looking to get started with real estate investing or an investor who is looking for support, feel free to join his free Facebook group.
Running a business doesn’t have to run your life.
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