10 Sep Use Other People’s Money to Create Wealth
Sam Primm is the perfect example of how to use Other People’s Money (OPM) to build your real estate empire. You can’t build wealth by saving money; you have to take action and do something. Using Other People’s Money can enable you to build your real estate investing business faster and bigger.
Video replay of my interview with Sam Primm about Using Other People’s Money to Create Wealth:
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More about Sam Primm and Using Other People’s Money to Create Wealth:
Sam was born and raised in St. Louis, Missouri. He had a pretty normal childhood growing up playing sports and hanging out with friends and family. His Dad was an engineer and Mom was a teacher. He went to college and got his MBA in Marketing. After college he got a job working for a local Cat Construction Equipment dealer and got married to his amazing wife shortly after that. He enjoyed his job and was making very good money but the challenge and potential impact were not enough for him. He always had an entrepreneurial itch and was looking to scratch it! He started to invest in real estate on the side with a buddy, Lucas. The goal was to create something special but they did not know exactly what… yet!
Eventually they built up enough of a rental portfolio and enough contacts to both quit their job and go full time into real estate investing. Over the next few years, their rental portfolio grew as did their companies. Flash forward to today and here are their real estate companies:
FasterHouse-Flips over 200 houses a year
FasterFreedom-Premiere real estate investing education company
Rental Portfolio-20-million-dollar market value-single family rentals, small apartments, and storage facilities
Greater STL Rentals/ Midwest Property Group-Property management companies
Greater Giving-501(c)(3) is dedicated to the awareness education and advocacy of mental health in our community.
Nowadays, Sam’s main focus is growing the FasterFreedom education brand by being very active on social media and offering mentorships to teach people how to achieve financial freedom and create wealth through real estate investing through his proven methods.
Most importantly he loves to spend time with his wife and beautiful daughter, Maisie
More about Sam Primm: https://www.youtube.com/c/samfasterfreedom
sam@fasterfreedom.com
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Takeaways on Using Other People’s Money to Create Wealth:
- BRRR – Buy, Rehab, Rent, Refinance, and Repeat
- Property management is a hurdle in BRRRR.
- BRRRR and rentals thrive in the Midwest.
- Depreciation and Cash-out Refi are excellent tax-saving and money-earning strategies.
- Local connections and mentorship are the keys to success
- Understanding the seller’s pain points is vital in sales.
- Establish a reputable brand through reviews and social media.
- TikTok is great for starters who need traction in social media.
- Other people’s money:
- Short-term – private lenders, hard-money lenders, money lines of credit.
- Get the property purchased at a discount. Initial purchase and rehab.
- CASH
- Long-term – banks
- Refinancing
- Short-term – private lenders, hard-money lenders, money lines of credit.
- If you work hard and smart, you’ll find the money.
- To partner is to complement one another.
- Share your learnings.
- Don’t be afraid of debt. Just know how to properly leverage it.
Helpful Links
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Real Estate Resources:
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About Steve Trang
Steve Trang (https://www.stevetrang.com) is the founder of the Real Estate Disruptors. He started his podcast in the middle of 2018 to inspire wholesalers and real estate agents to double their incomes by adding a 2nd leg to their business. The podcast has now grown to tens of thousands followers with new members of the community sharing their success story every week.
Steve also created the OfferFast Homes app. The purpose of the app is to help wholesalers jump start their career faster by putting all of the buyers in one place. The hope is to minimize the challenge of building a buyer list when getting started in wholesaling.
Steve’s legacy will be to create 100 Millionaires. One of his favorite quotes is from the great Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.” He heard this quote when he first got into real estate, and it has stuck with him throughout his entire career. In fact, it’s essentially one of the core values Steve lives by.
Since starting the Stunning Homes Realty in 2013, the brokerage has over 130 agents. In the greater Phoenix area, SRH has almost 1% market share. One out of every 137 homes in Phoenix metro is sold by Stunning Homes Realty (https://www.stunninghomesrealty.com).
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