Sam Primm, a multi-millionaire from Missouri, shares insights from his real estate journey...
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Connect with Sam!
Instagram - https://www.instagram.com/samfasterfreedom/
Podcast - https://podcasts.apple.com/us/podcast/the-fasterfreedom-show-real-estate-business-life-finance/id1638026588
Sam, despite his normal background, achieved wealth through real estate, owning 285 rental properties. Contrary to common belief, he states that rentals, focusing on cash flow, might not enable quitting a job, and flipping houses is more lucrative for active income.
Starting with the BRRR method for rentals, Sam shifted to wholesaling after realizing its potential to help him quit his job. Community involvement and networking, half through wholesaling and the rest via real estate agents, led to him quitting his job and establishing Faster Houses.
Sam attributes part of his success to a long-time friend and business partner whose skills complement his own. Despite market uncertainties, Sam plans to continue buying and investing in real estate, trusting in its historical doubling in value every fifteen years.
For markets sensitive to interest rates, Sam advises wholesaling or flipping, focusing on entry-level properties with multiple exit strategies. He encourages investing in the Midwest due to safety and stability.
To build confidence, Sam suggests starting with five single-family units before venturing into apartment buildings. The discussion delves into Sam's acquisition of a neighborhood during the early days of COVID, emphasizing creative financing and proper leveraging.
Sam, with $25 million in debt, prioritizes keeping the debt to start more ventures than paying it back. The conversation extends to investor reserves, emphasizing the importance of a retainer account based on property numbers and risk aversion.
Regarding mindset, Sam advocates embracing abundance, focusing on impact, working hard, and reading books on real estate and personal development. Religion provides perspective, emphasizing that money isn't inherently good or bad but comes when providing solutions.
Sam defines a good leader as one who prioritizes their team, pushing and driving them while adhering to core values in hiring and firing. The conversation concludes with efficient communication and setting clear expectations for employees to avoid terminations.
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If you would like to work with Brian on flips, wholesales, or coaching, check out this page - https://www.briandavila.co/home-7863
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