How To Pick The Best People To Invest In Real Estate With - Paul Moore
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I'm thrilled to share with you some exciting insights from my recent podcast episode with Paul Moore, a seasoned entrepreneur and commercial real estate investor from Wellings Capital. We had an enlightening conversation about his journey, the lessons he's learned, and his unique approach to investing.
- The Journey from Entrepreneur to Investor: Paul shared his transition from running a staffing firm to becoming a full-time investor. He candidly spoke about his initial misconception of being an investor when he was actually a speculator. His podcast, "How to Lose Money," is a treasure trove of lessons learned from failures and losses.
- Selling a Business: Paul opened up about the emotional rollercoaster of selling a business. He reminded us that while it may feel like a success, it's essential to remember that money doesn't buy happiness.
- The Shift to Commercial Real Estate Investing: Paul's journey led him from single-family residential properties to multifamily projects. His book, "The Perfect Investment," is a testament to his experiences and the risks involved in overpaying for properties.
- The Importance of Focus in Investing: We discussed the significance of investing with people who specialize in a specific area. It's easy to get distracted by shiny objects, but true success lies in developing expertise in one area.
- Vetting Sponsors: Paul shared his 28-point due diligence checklist for vetting sponsors. It's not just about the numbers; the character and personality of the sponsors are equally important.
- Considering Downside Risk: We emphasized the need to assess potential losses and analyze debt structure and potential risks. It's crucial to consider unexpected events that can impact investments.
- Boring Investing: Paul introduced the concept of boring investing, focusing on stability and predictable cash flow. He's even co-writing a book, "Warren Buffett's Rules for Real Estate Investors," exploring this concept further.
- Advice for New Investors: Paul suggested diversifying risk and shared seven unique paths to getting into commercial real estate. He also emphasized the importance of partnering with experts instead of trying to become one.
- Staying Focused and Motivated: Paul shared his routine of taking a day off and dedicating an hour every morning to activities like thinking, journaling, meditating, praying, and reading sacred scriptures.
If you're intrigued by these snippets, I invite you to listen to the full podcast episode. You can also reach out to Paul directly through the Wellings Capital website.
34 episode