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

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

Learn more about your ad choices. Visit megaphone.fm/adchoices

283: 18 Houses in the First 18 Months with Paul Thompson