[Replay] CFD 513 – Paul Thompson On Consistency Beats Intensity, Finding Abundance With Real Estate Investing

In 2015, Paul Thompson wanted out. His corporate office had become a suffocating cell. Paul decided to start buying rental houses, build passive income and break the chains of Corporate America. He was so successful, he secured 20 deals in his first 18 months of investing. Since that time he has acquired more than 2 dozen rentals without bank financing.

Now he teaches others how to raise money from regular people that have some funds to invest. In addition to coaching others and still investing himself, Paul hosts a podcast to educate others. Ready Investor One offers tips, hacks, insights and more for listeners interested in creating opportunities for passive income. “Level Up Your Life Through Real Estate Investing.”

Podcast Highlights

• Who is Paul Thompson?

Paul was a normal average person working in corporate America trying to climb the corporate ladder. Eventually he realized that the ladder he was climbing was against the wrong wall and needed to find a way out. He started looking for way to replace his income and considered a lot of opportunities including a new job and buying a franchise, but he decided to go down the path of real estate investing. He purchased 18 properties in the first 18 months, but took the process one step at the time.

Real estate investing can be uncertain but it can be done with less risk than starting a business.

Neural science has proven that to make any lasting change, you have to have one of three things: you have some sort of an epiphany, you change your environment, or you take baby steps. For most people they need the epiphany which is what happened with Paul. He realized that the freedom to choose what he does with his time was what he really wanted and had to do something to make that a reality.

• Teaching Children

Kids do what they see, not what they hear. Paul wants to be an example for his children and for them to remember the time he spent with them. Kids don’t really care about what you’re doing for income, they care about how much time you spend with them.

• Real Estate Investing Day One

Paul was actually laid off from his job which is usually quite a rough event in someone’s life, but for Paul it was the fourth happiest day of his life after his wedding and his kids birthdays. He had already been planning for the day when he would put in his resignation so he was quite ready by that time.

One of the very first influencers that Paul had found was J Massey and one of the things that J talks about a lot was private money, so that’s what Paul focused on at first. He met a local wholesaler and a private money lender and managed to put a deal together that made sense for everyone involved.

As Paul has expanded and gotten more savvy his criteria has gotten more strict but finding the right kinds of properties has actually gotten easier.

• New Ways Of Thinking

Paul has codified his mindset around money. Most of the things that we’re taught about money is wrong. You’re taught to be an order taker and to finance all your consumer activities. We hear the cliche all the time that time is money, but only people who are not entrepreneurs think that way.

You have to switch your mindset and recognize that the money isn’t in the time, you use your time to set up systems that scale and separating your time from your money. When people ask Paul how he makes money he tells them he doesn’t make money, his money makes him money.

Paul has found his zone of genius is in taking information and breaking it into smaller pieces that allow other people to make transformations in their lives.

• Ready Investor One

Real estate investing is a game and Paul teaches listeners how to take the individual approach and how to invest in themselves and in things that pay for their lifestyle. Paul is also a child of the 80’s so the all the references in the book really resonate with him.

Investing in more than money, you should always be investing in yourself. The more you put in to your own skill set, the more you will get out of it.

You also have to develop strong relationships and upgrade your friends. They are probably following the same mindset that doesn’t work, get around other people that are on the same path as you and have some interesting conversations.

Paul’s default behaviour is to spend the first few hours of each day investing in himself and sculpting his internal monologue and the story he tells himself. Reading more and meditation are big components of upgrading yourself. The final piece of the puzzle is exercise, even a little bit of exercise can allow you to be more present in your life.

• Paul’s Takeaway

Choose your path, either investing in the stock market, buying property or starting a business. Those are the fundamental three paths to freedom. Then start small with the most fundamental baby steps towards that. Measure one thing only: how many offers you are making. Everything that is in your way is your task. Track for 100 days one step that you are doing consistently. Consistency beats intensity. When you take a step, give yourself a checkmark. If you never miss twice, you will find yourself at a place of abundance in five to ten years.

Links:

pauldavidthompson.com/cashflowdiary

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The post [Replay] CFD 513 – Paul Thompson On Consistency Beats Intensity, Finding Abundance With Real Estate Investing appeared first on Cashflow Diary.