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
Learn more about your ad choices. Visit megaphone.fm/adchoices
Available Results
Generated results are saved to your library for reuse and search.
Choose Template
Pick the result you want. You can review provider and model before generating.
A concise first-pass summary for understanding the episode quickly.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Explicit actions, next steps, habits, recommendations, and things to avoid.
Repeatable methods, frameworks, mental models, processes, and systems.
A dedicated inventory of concrete resources named in the episode.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Explicit actions, next steps, habits, recommendations, and things to avoid.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Scientific findings, mechanisms, studies, hypotheses, and the limits of the evidence discussed.
Technologies, AI models, technical methods, capabilities, limitations, and adoption implications.
Investment theses, assets, catalysts, valuation reasoning, time horizons, and risks.
Chronologies, actors, causes, consequences, turning points, and competing historical interpretations.
Policies, proposals, stakeholders, arguments, implementation constraints, and predicted effects.
Career paths, skills, hiring signals, workplace decisions, transitions, and limitations of the advice.
Behavioral mechanisms, biases, motivation, habits, emotions, interventions, and evidence limitations.
Economic mechanisms, incentives, indicators, market structure, forecasts, and uncertainty.
Leadership principles, team systems, organizational design, culture, feedback, and failure modes.
Audience, positioning, messaging, acquisition, retention, experiments, metrics, and failed approaches.
Teaching methods, learning strategies, practice, feedback, assessment, and effectiveness evidence.
Theses, premises, arguments, objections, values, thought experiments, and unresolved questions.
Communication patterns, conflict, boundaries, expectations, repair methods, and contextual limitations.
Books, papers, authors, courses, and other learning resources mentioned in the episode.
Repeatable methods, frameworks, mental models, processes, and systems.
Explicit actions, next steps, habits, recommendations, and things to avoid.
Memorable statements and important claims with attribution and source context.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.