Ready Investor One

  Learn. Invest. Enrich   When I lie down at night I ask myself "What did I learn today?" "Did I invest in my future?" "How did I enrich the life of someone else?"   A daily philosophy I keep to continuously improve and establish better relationships.   https://www.pauldavidthompson.com/webinar https://www.pauldavidthompson.com/free-webinar https://www.eventbrite.com/e/campfi-south-2018-sep-07-10-2018-tickets-43467206585

Steps to hone in our your niche   Decide to invest Choose your investment vehicle (Real estate, stocks, start a business) Select your niche (single family, small multifamily, apartments, RV parks, etc) Select your geographic market (where you live, nearby cities, cash flowing markets) Filter down to specific neighborhoods and property types Market to your target  Monetize your deals     https://www.pauldavidthompson.com/webinar

Choose Your Long Term "Exit" Strategy  Rental Lease Option (AKA Rent-to-Own) Owner Financing   https://www.pauldavidthompson.com/mastermind/

8 Step Process to Building a Rental Portfolio Identify a source of capital (yours or someone else's) Find deals Buy at a discount Rehab Rent Refinance Repeat at scale Retire https://www.pauldavidthompson.com/mastermind/

The power of networking is immeasurable. The greatest benefit from my time as an investor has been the people I've met and the relationships I've made.   Learn how a shy, wallflower like me with a speech impediment can land a guest spot on the biggest real estate podcast in the world. The secret is networking with an attitude of service.    Level Up Your Life Mastermind CampFI South https://flytofi.com/

Negotiating is communicating with a specific outcome in mind.   This episode breaks down some simple techniques to get the other party to negotiate with themselves.   I also break down a specific offer formula on how to set a "low anchor".   These are the phases I'm working my way through as I talk to a seller.   getting permission fact gathering rapport building confronting anchoring presenting getting consent

How the art of carefully crafted paperwork can help build rapport and an extra ally on your deal. It starts with the Purchase and Sale Agreement   You can use your local State Form or use your own form. Craft by design and not by default.

I am making the assumption you want financial freedom. What is the amount of income you need per month so that you don't have to work? Is it $3k, $10K, $15K/mo. Now, what will it take to generate that much passive income?   I call it your freedom number. That's the amount you need so that you no longer need a day job to earn income. I suggest taking the planning exercise one step further and think about why you want freedom.   What do you plan to do with all that extra time? Always start with the end in mind. Don't lose sight of what you really wanted at the beginning.   Make sure as you invest your time and energy in learning how to create your freedom number that you are staying consistent with your values.   With that in mind and your desired outcome committed to paper, then decide what you need to do next.

Listen in on an investing strategy session with my friend, agent, and investor Jamie Taylor   Jamie opens up about her limiting beliefs about money and accepts the challenge to take her investing to the next level.   Jamie is a rock star agent and jumps in the hot seat as she opens up about her limiting belief about money. She was raised in an environment of scarcity and was programmed with a fixed money mindset. Knowing this amazing woman you would never suspect this was a hang-up of hers. We all have something we're working. Jamie admits she hasn't made offers on property she knows without a doubt have tons of equity and can be rehabbed with her extensive network. She didn't make an offer because she didn't believe she had the money. She may not have the money but her network has money and would fall over themselves to lend, joint venture, or start a business venture with Jamie.    Jamie is hitting an Upper Limit Problem regarding money. That's a concept introduced in the book by Gay Hendricks called The Bi

You Always Have Plenty of money, time, energy, resources for all of the things you truly want or you'll die trying   Do you believe this sentence?   "I always have plenty of money for all of the things I truly want"   Few things are impossible or out of your reach if you want them badly enough. The challenge most of us face is we don't know what we truly want. Or we aren't willing to do whatever it takes to make it happen.

The 4 Phases of the Real Estate Cycle   Recovery Expansion Hyper Supply Recession   The market cycles through these phases and it can be difficult to know what phase you are currently in. I suggest always invest based on the fundamentals of cash flow. If you flip houses then buy with plenty of equity. Know what is happening locally in your market.   The national reports can be used as a general trend but each local area is a market all its own. So you need to be tracking the local market where you invest.   This podcast is sponsored by my mastermind group and I invite you to learn more about the Level Up Your Life Mastermind where you can join a small group of like-minded investors that will level up your life.   Go to levelupmastermind.info, learn more and apply.

Why real estate makes such good collateral and the various types of money you can use that isn't your own cash Bank Financing Soft Money Hard Money Private Money Personal Financing Creative Financing Owner Financing Announcing my Level Up Your Life Mastermind. Go to levelupmastermind.info and learn more and apply

Seasons of Life in Investing www.pauldavidthompson.com Income building Capital appreciation Wealth preservation Wealth transfer Personal Financial Statement Sample  

I interview one of my best friends in the world I met through real estate investing. Rachel quit her job when she was 23 and became a full-time investor before she ever had any properties. That's what I call Burn the ships! Listen to find out why it was such a good plan. "My worst case scenario is everyone else's everyday scenario" Joel FI180.com

www.pauldavidthompson.com   Avoid the competition by finding off-market deals with little to no money   My recommended plan to find real estate deals when you're first getting started is two-fold Determine your monthly marketing budget Choose a marketing method - Your budget will help determine what marketing method you can afford   Low-Cost Marketing Methods Networking Driving For Dollars Door Knocking Work with Wholesalers Making Cold Calls   Basic Script/Framework "Hi My name is [Name], I saw your ad. Is your property still available?" If yes continue "Okay great your property is still available. Did I catch you at a bad time?" If no continue "Good Deal, I saw the pics online or I'm familiar with that area. It's a fantastic neighborhood. I'm so curious .. why are you selling such a nice house anyway?" Shush....be quiet... Listen with your ears, not your mouth. Is there motivation? "What can you tell me about the place?" An open-ended question to keep the conversation going "Oh I see, I understand.

Download Episode Running the Numbers for buy and hold rentals 1% Rule - The gross monthly rent is 1% of acquisition and repair costs 2% Rule - The gross monthly rent is 2% of acquisition and repair costs 50% Rule - 50% of gross monthly rent should be allocated to operating expenses www.pauldavidthompson.com

Download Episode Running the numbers MAO formula MAO = (ARV * .7) - repair costs - assignment fee Formula used by house flippers and wholesalers www.pauldavidthompson.com

Build Wealth by Housing Hacking Have roommates Airbnb an extra bedroom Airbnb your house while you travel Live in one unit of a small multifamily - duplex/triplex/quadplex Rent out of other features of your house - storage facility, pool house, RV pad, parking spaces Roll your equity from primary residence every 2 years Do Live-in Flips every year or so Do a Live-in Flip then Rent www.pauldavidthompson.com

We've all heard it before... "Your home is your biggest investment!" Er... nope, sorry it's actually your biggest expense. But don't feel bad because of it. Just recognize the fact so you aren't convinced to buy a bigger house because it's an investment. And maybe, consider some alternatives to turn your house into a profit center or at least reduce your expenses. Total Cost of Home Ownership

So now let me give you specific use case of someone I know and they are using real estate investments to invest in their future and create financial independence A young couple fresh out of college with $35K of debt, a big car payment, and 2 jobs they don't like and looking to become financially independent and retire early by age 30. (What could they do) Well, they're young and have time and energy on their side. They don't have any assets to speak of, make decent money but have limited credit They should cut their expenses to the bone and live hyper frugally They should sell their very expensive car and make do with one car They are interested in real estate already so should actively network at local meetup groups and their local REIA They should actively seek out someone who is willing to take them under the wing and show them the ropes They should advertise as house buyers using cheapest methods possible (bandit signs, doorknocking, business cards, networking, social media, and direct mail once th