Lets get you to build a real estate empire with Sam Primm! Real Estate is amongst the best investments with robust long-term returns and is easy to start. Unlike what most people think, you do not have to accumulate huge sums of money to invest in real estate. You can leverage other people’s money, conserve the little you have, and increase your borrowing capacity.
In today’s episode, we speak to Sam Primm, the Faster freedom real estate owner and co-owner of Greater STL rentals. He shares his journey from growing up as an entrepreneur quitting his established 9-5 grind, venturing it full-time real estate, accumulating over a $25 million portfolio in real estate without investing his actual money, utilizing the buzz method to leverage people’s money, his funny moments as a landlord as well as building his brand to 1.5 million followers on TikTok in less than two years. Besides, he expounds on investing in self-storage facilities, doing your market research, and making sure you break even. If you are wondering where to start in your real estate journey, this episode is for you!
Sam’s Real Estate Journey
Most people break from the 9-5 grind because they are not making enough money and are looking for multiple income streams. However, Sam was making $250,000 per year, had a very established career, but still decided to go on his own and venture into entrepreneurship.
Although Sam was still in real estate as a side hustle, he explains getting control of his life, financial freedom, and building generational wealth as the main drivers to venturing full-time in real estate.
“I was making great money, but I was making someone else great money.”
Investing in real estate using leverage
Investing in real estate is not hard as most people assume. You do not need a credit score or social security number. You can invest in real estate no matter what your situation is.
“You can invest in real estate from jail if you’re able to sneak a phone.”
Sam has accumulated over $25 million with a real estate portfolio by putting $0 of his actual money. You can buy rental properties or flip houses by basically leveraging other people’s money.
“Everybody borrows money. That’s how the world works. If you borrow money, invest in something that grows cash and produces value.”
Where to start if you have $200
You wouldn’t have to spend a dime of it. In case you have your $200 ready, use the utilizing buzz method.
Leverage other people’s money and reserve your $200 to use if something goes wrong.
Setting specific goals on what you need to invest in per year
While setting your specific goals on what you need to invest in per year, evaluate the short-term cash position-what do you have now? This tells you whether you need wholesale, fix and flip, or you just go straight to buying rentals.
In addition, what are you looking into? Do you want to get out of your job? If not, then you do not have to set crazy goals. You can make a goal to buy ten rental properties in the next five years. Let’s say you have ten rentals in the next twenty years. It’s going to be $3 or $4 million of equity and will be worth more than what you got them at.
How much time do you need to allocate if you’re in corporate to do ten rentals over five years?
If you are efficient and willing to learn from other people, connect with your local network, go to meet-ups, and get smartly involved in the community, it will take 10-15 hours a month.
“You got to be involved with the local community no matter where you are.”
You have to find a title company, contractors, and insurance agencies that deal with real estate and investors in real estate.
Mentorship through Online Coaching
Every single investor I know has two things in common. They wish they had started earlier, and two, they all pay for some type of subscription or coaching service.
“ I spend $100,000 annually on furthering myself professionally and personally, and it’s way more than I get in return.”
Having the right mentorship just keeps you out of the gutters. It’s going to save you time, money, and headaches.
The first step to self-storage without experience
When engaging in self-storage facilities, the first step is to reach out to people in that space. Get involved with the community.
Secondly, is to work on your funding. A bank is more likely to do it since the industry is kind of recession-proof.
Finally, get out there, look for deals, and analyze them.
How to determine whether a self-storage facility will perform
Do market research on the radius of the storage facilities around you to determine whether they will be full.
In addition, find a place that has a limited supply of storage facilities for you to break even.
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