The Military Millionaire Podcast

Episode: 109

Paul Thompson

Join David Pere and Alexander Felice with Paul Thompson as they talk about getting out of the rat race through real estate and some cool strategies to reduce your tax burden through self-directed IRAs.

Paul is an investor, real estate expert, podcaster and coach. His real estate journey began with a strong desire to leave his day job and have more control over his life. He saw the potential in the real estate space as a way to achieve financial independence.

He is now a successful full-time real estate investor who no longer depends on a day job. His podcast show, “Ready Investor One” touches on topics about the mindset and mechanics of investing to help others who also want to become financially independent and gain control of their life.

In this episode, Paul generously shares his tried and tested tricks in the business. You don’t want to miss this!

About Paul David Thompson:

My name is Paul David Thompson, and I’m a full-time real estate investor that no longer depends on a day job. I show busy professionals how they can follow a simple plan to build wealth with real estate.

Outline of the Episode:

• [02:28] Getting out of the rat race and gaining more control over your life through real estate investing.
• [08:07] Why being a wage earner is like a modern version of wage slavery? Be careful not to get trapped!
• [09:06] What are the three most harmful addictions in the world?
• [13:02] The difference between a real estate entrepreneur and a classic buy and hold investor.
• [16:17] Don't go cheap with your contractor! Always choose quality over price.
• [22:04] Connecting with like-minded people through conferences.
• [23:47] How to limit your taxes through self-directed IRAs.
• [26:03] Buying low-end properties, then using somebody else's IRA to take title.
• [35:19] To get a solo 401k, you have to have earned income somehow with your business.
• [40:10] Keeping a significant amount of capital in something that you can't mess up. Always have an emergency fund!
• [45:00] Buying properties at a discount, then making improvements to force appreciation.
• [47:00] Inbound marketing versus outbound marketing
• [50:43] Getting good at finding leads and powering through the pandemic.
• [53:39] Paul Thompson's book recommendations

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Advice to an 18-20-year old:

Read everything you can get your hands on!

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Recommended resource(s):

Awareness by Anthony De Mello https://amzn.to/2GQyxQv

The Millionaire Fastlane by MJ DeMarco https://amzn.to/35rC16e

ABC’s of real estate by Ken McAlroy https://amzn.to/35rylBC

Building Wealth One Home at a Time by John Schaub https://amzn.to/2Finyil

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Resources:

• Website - https://www.pauldavidthompson.com/
• Facebook - https://www.facebook.com/pauldavidthompson180/
• Instagram - https://www.instagram.com/pauldavidthompson/
• "Awareness" by Anthony DeMello - https://www.demellospirituality.com/book-shop/
• “The Millionaire Fastlane” by MJ DeMarco - http://www.themillionairefastlane.com/
• "Building Wealth, One House at a Time" by John Schaub- http://www.johnschaub.com/johns-books/
• “The ABCs of Real Estate Investing” by Ken McElroy - https://kenmcelroy.com/books/

Follow our journey!

• Blog - https://www.frommilitarytomillionaire.com/
• YouTube - https://www.youtube.com/c/Frommilitarytomillionaire/
• Facebook - https://www.facebook.com/groups/1735593999901619/
• Instagram - https://www.instagram.com/frommilitarytomillionaire/

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Advice to an 18-20-year old:

Read everything you can get your hands on!

-

Recommended resource(s):

Awareness by Anthony De Mello https://amzn.to/2GQyxQv

The Millionaire Fastlane by MJ DeMarco https://amzn.to/35rC16e

ABC’s of real estate by Ken McAlroy https://amzn.to/35rylBC

Building Wealth One Home at a Time by John Schaub https://amzn.to/2Finyil

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Sponsors:

Investor Carrot https://www.frommilitarytomillionaire.com/carrot

Audible: https://www.frommilitarytomillionaire.com/audible

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Real Estate Investing Course: https://www.frommilitarytomillionaire.com/teachable-rei

Recommended books and tools: https://www.frommilitarytomillionaire.com/kit/

Become an investor: https://www.frommilitarytomillionaire.com/investor/

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SUBSCRIBE: https://bit.ly/2Q3EvfE

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Website: https://www.frommilitarytomillionaire.com/start-here/

Instagram: https://www.instagram.com/frommilitarytomillionaire/

Facebook: https://www.facebook.com/groups/militarymillionaire/

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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom! - Click here to SUBSCRIBE: https://bit.ly/2Q3EvfE to the channel for more awesome videos!

THIS SITE IS INDEPENDENTLY OWNED AND OPERATED. ALL OPINIONS EXPRESSED HEREIN ARE MY OWN. THE VIEWS EXPRESSED ON THIS SITE ARE THOSE OF THE AUTHOR OR THE AUTHOR’S INVITED GUEST POSTERS, AND MAY NOT REFLECT THE VIEWS OF THE US GOVERNMENT, THE DEPARTMENT OF DEFENSE, OR THE UNITED STATES MARINE CORPS.