Special BP Podcast: Becoming a Millionaire Real Estate Investor with Best-Selling Author Jay Papasan
Want to get expert investing advice from one of the leading real estate authors in the nation?
Then don't miss out on this awesome, insightful interview with Jay Papasan, co-author of bestsellers The Millionaire Real Estate Investor, The Millionaire Real Estate Agent, The One Thing, and more!
Learn how Jay got his start as a highly read real estate author, the habits he believes successful real estate investors should hold, what led him to the powerful concepts behind The One Thing -- and much, much more!
We're proud of this episode -- and we hope you find a little time to sit back and enjoy this entertaining, information-packed show. Enjoy!
Click here to listen on BiggerPockets or here to listen on iTunes.
Thats great. I can't wait to listen to it. I love all three books The Millionaire Real Estate Investor, Hold, and Flip. Also love The One Thing and will probably love the other books too once I get a chance to listen to them.
Just listened to the episode and it was solid. It was especially interesting how he leveraged his prior publishing experience to succeed with the Keller Williams founder. He was at the right place at the right time and obviously put in a great deal of proactive effort to get to where he is today. It was motivational and educational to hear. Josh and Brandon did a great job of interviewing as usual. It was very evident that Brandon holds Mr. Papasan in high regard.
Can't wait to listen!
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Real Estate Agent Illinois (#471.018287) and Wisconsin (#57846-90)
- http://www.MidwestRESummit.com
- Podcast Guest on Show #132
Also, cannot wait to listen!
Looking forward to this podcast!
Can't wait! As soon as I get a chance I'm gonna listen to it.
Huge fan of this one. Jay has amazing character and integrity. He doesn't brag about himself or his business, really like his style.
Now that we are all counting on appreciation...
Great podcast! Inspirational and motivating! Looking into the1thing.com now
Oh man.. another thing I just HAVE to listen to... Prioritizing things is getting difficult. Ya'll have way too many insights for me to keep up!
One of the best BP podcasts to date!
Great Podcast! Very informative and motivational. I especially took away the part about how successful people get up an average of 3 hours before they have to be up for work in order to get things done. That's really great advice and will allow you to knock out a bunch of important tasks before your hectic work day prevents you from getting those tasks done.
Loved it!
I loved where he talked about real estate agents investing their commission to come up with a bigger down payment. He said that some agents ask for up to a 14% commission to get skin in the game. Does anyone have any experience with that? Investing a standard commission seems straightforward, but I wonder how you get sellers to go for the higher amount - my guess is you just add that money to the purchase price. Sounds like a brilliant strategy, I'd love to hear more!
Originally posted by @RJ Reynolds:
Oh man.. another thing I just HAVE to listen to... Prioritizing things is getting difficult. Ya'll have way too many insights for me to keep up!
Got 3/4ths through before the interruption of higher priority task(s). Good Stuff, gotta finish.
@Skyler Smith this is how we used to do the RE commission thing:
We needed to get creative because we ran out of our cash fast, (it was not much in the first place), so I had asked about 20 realtors in my area if i could borrow their commission (buyer agent's) and just pay them 60 monthly payments out the the rent cash flow, and 19 said no or just laughed at me, but one guy said yes. So with that agent i was able to buy over a dozen or more properties and use his commission borrowed at zero interest to pay the closing cost (3%) so i could buy houses with almost no money down. In the end he was getting close to $1000 per month every moth even when the other agents were starving during bad weather. Now those properties we purchased with no money down had little cash flow($50/mo) tripled in value since the 1998-2000 and the rent almost doubled so we have close to $1000/mo cash flow on many of the properties. "All we had to do" :) is to keep the properties rented. It was a long a not very exiting process with a few Sunday night phone calls but we are getting where we would like to be
Good Luck to you!
Just listened to it. Great story. I'm so driven on my "1"thing.
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
I personally did this as a RE broker back in the mid 80's when interest rates were sky high not sure many remember.. But I talked my sellers into owner financing with 10 or 20% down most would balk because they did not want to pay me 10% cash up front.. I routinely charged 10 to 20% commissions to sell ranch land in N. CA.. I would tell them no problem you take the cash and we will split the monthly payments until I am paid in full.
after a year of this I had a solid cash flow coming in that lasted for years... And some I would split the down payment.. But you ask other agents and it was H&$$ no would not do that. so they starved I thived LOL
@Jay Hinrichs Great Story! Creativity = Financial Success = $$$$$