Are you tired of the 9-to-5 grind and ready to take control of your financial future? In this blog post, special guest Paul Myers shares his journey from an average salary to becoming a self-made millionaire through real estate wholesaling. Paul's story is an inspiring example of how determination, hard work, and a strategic approach can lead to financial freedom.
Getting Started in Real Estate Investing
As a sophomore in college, Paul read the book "Rich Dad, Poor Dad," which sparked his interest in real estate investing as a means of achieving financial independence. He made a conscious decision to focus exclusively on real estate and avoid other asset classes like stocks, bonds, and mutual funds. After graduating college, Paul bought his first home and began flipping properties. In 2009, during the recession, he took advantage of the low-interest rates and bought multiple rental properties, gradually building his real estate portfolio.
Paul's approach was simple but effective: work hard, save 50% of his take-home pay, live on a budget, and invest the money in down payments, renovations, and closing costs for properties. He primarily bought VA and Fannie Mae foreclosures, taking advantage of the market conditions and timing to build wealth. Over time, he acquired 15 rental properties, generating a steady income and building equity.
Becoming Financially Free
After 13 years of careful investing, Paul reached a point where the passive income from his rentals exceeded his living expenses. In 2017, he made the decision to resign from his last job and become financially free. This milestone allowed him to support his family without relying on a traditional job.
However, Paul stresses that his financial success was not solely due to luck or market conditions. It was the result of persistence, discipline, and strategic planning.
Wholesaling Real Estate
Paul's success in real estate investing led him to explore different strategies, including wholesaling. Wholesaling allows investors to get a property under contract without using their own money and assign the contract to an investor for a fee. For a deep dive into the process of wholesaling, contracts, and more check out our other blogs.
Paul successfully wholesaled his first deal, making a profit of $10,500, despite facing some challenges during the closing process. He emphasizes the importance of learning the ropes, building relationships, and constantly improving one's skills in this niche.
Doubling Business by Building Relationships with Real Estate Agents
Paul's business expanded exponentially when he shifted his focus to building relationships with real estate agents. He recognized the mutual benefits of working together and devised a unique approach that allowed him to win the trust and respect of agents. He introduced the concept of the "Triple Dip," where agents can earn commissions from both sides of a transaction while representing Myers House Buyers.
Paul takes an active role in the real estate agent community, hosting monthly meetups, speaking at brokerages, and providing valuable training on various aspects of real estate investing. He also sponsors sales meetings and builds partnerships with instructors at real estate institutes. These initiatives have not only helped him increase his deal flow but also create lasting relationships with agents who refer him deals.
Networking is a crucial piece in real estate investing. Not only networking with other investors but also networking with those in the community. You never know if your next deal will come from a connection you've made.
Advice for Beginners
Reflecting on his journey, Paul advises beginners to live on a budget, save as much as possible, and invest their savings wisely. He emphasizes the importance of being financially disciplined and building a solid foundation to support future real estate investments. Moreover, Paul encourages investors to learn the language of real estate agents and establish relationships with them. By demonstrating their value and offering win-win opportunities, investors can build a network of trusted agents who can refer deals and provide ongoing support.
In conclusion, Paul Myers' success story demonstrates the power of determination, discipline, and building relationships in the real estate investing world. With the right strategy, it is possible to achieve financial freedom and create a thriving real estate business. Whether through wholesaling, buy-and-hold investing, or fix-and-flip projects, Paul's journey serves as a valuable guide for aspiring investors.
