Paul transitioned in real estate from flipping to building modular homes, to building stick-built homes, to selling waterfront lots, to selling leads to Realtors, to multifamily syndication

Paul's Big Breakthrough was after failures in local real estate and oil, in a multifamily property in North Dakota

Real Estate Development can often be a double-or-nothing roll of the dice - Paul doesn't want to swing for the fences, he focuses on singles and doubles and making reasonable profits on every deal

Each 1% drop of home ownership in the US means 1,000,000 new people in the rental pool

Demographics for Multifamily:

• Millennials are the largest demographic group in US history - 80,000,000 people, don't generally tend toward home ownership
• Baby Boomers are the fastest-growing renter pool with approximately 77,000,000 people. When they start renting, they will likely stay renting
• Immigrants - rent more often and for longer than US-born people

Wellings Capital looked at 190 deals in the first half of 2018 and didn't find anything they could acquire

5 reasons people might invest in multifamily now:

• Inexperienced syndicator who's overpaying
• International money (some willing to just break even to be in the US dollar instead of their currency)
• 1031 exchange money
• Self-directed IRA money
• Some syndicators who know better are over-paying just to get into a deal

7 Paths to get into multifamily:

• Invest in small multifamily (duplex/fourplex), improve, trade up, repeat
• If you have access to capital, syndicate deals on your own
• Deal finder for multifamily company
• Be a capital finder (bring money to other peoples' deals)
• Be a passive investor (completely passive or active-passive)
• Get a multifamily job (real estate broker, asset manager, property manager, etc)
• Find a mentor

Good investing is like watching paint dry or like watching grass grow

During the Great Recession, Paul went from having $2 million in the bank to being $2.5 million in debt (tied to real estate). He and his family started giving generously and after a chance meeting in a Subway restaurant they turned around a real estate project and 13 months later they were completely debt-free

The mindset of Risk and Return: Low risk typically yields low return, but high risk has the potential for high return or no return. If you take risks, do so with a low amount of your capital so if it doesn't work out, you're not completely sunk

Routine: Get up, listen to audio, journal/meditate/scripture