1 00:00:00,510 --> 00:00:01,530 Glenn Harper: Hello, everybody. 2 00:00:01,560 --> 00:00:04,920 This is the Harper Plus podcast, I'm making entrepreneurs 3 00:00:04,920 --> 00:00:06,300 great, Glenn Harper. 4 00:00:06,390 --> 00:00:07,350 Julie Smith: This is Julie Smith, 5 00:00:07,440 --> 00:00:10,740 Glenn Harper: And our guest today is Paul Thompson, a real estate 6 00:00:10,740 --> 00:00:12,540 investor. A fellow entrepreneur. 7 00:00:12,930 --> 00:00:14,340 Another podcast host. 8 00:00:14,340 --> 00:00:15,840 And just an all around good guy. 9 00:00:15,900 --> 00:00:18,570 Our paths crossed, and we thought he'd be a fantastic 10 00:00:18,570 --> 00:00:20,220 guest. So welcome, Paul. How are you? 11 00:00:21,360 --> 00:00:24,690 Paul Thompson: I'm amazing. I'm really excited to figure out what we're 12 00:00:24,690 --> 00:00:25,410 talking about today. 13 00:00:25,650 --> 00:00:28,320 Glenn Harper: Well, I can tell you this the first thing we have to get out 14 00:00:28,320 --> 00:00:30,510 of the way, we got this elephant in the room and and 15 00:00:30,810 --> 00:00:33,750 looking at your bio, the rumor has it you used to be an 16 00:00:33,750 --> 00:00:36,510 engineer or do you still have those tendencies? 17 00:00:36,540 --> 00:00:37,860 I got to get that out. No. 18 00:00:38,760 --> 00:00:42,960 Paul Thompson: No. I needed a job at a college that paid money. 19 00:00:42,960 --> 00:00:45,780 So and I happened to be good at math and science when I was 20 00:00:45,780 --> 00:00:49,200 in high school. So I found myself an engineering school and 21 00:00:49,200 --> 00:00:54,300 ended up working as an engineer for 15 years, 17 years, I 22 00:00:54,300 --> 00:00:55,350 guess in the corporate world. 23 00:00:55,350 --> 00:00:57,300 Before I realized that that wasn't my calling, 24 00:00:57,420 --> 00:00:58,740 Glenn Harper: That had to be horrible. 25 00:01:00,180 --> 00:01:01,860 Paul Thompson: It had good spots and bad spots. 26 00:01:02,580 --> 00:01:08,280 Corporate America can just they just ring ring you out and 27 00:01:08,280 --> 00:01:12,210 just leave you out to dry whenever they decide it's not. 28 00:01:12,210 --> 00:01:13,110 You're not worth it anymore. 29 00:01:13,560 --> 00:01:16,530 Glenn Harper: Is that, you know, as you start in the corporate America, is 30 00:01:16,530 --> 00:01:20,040 that kind of when, you know, usually an engineer is the, 31 00:01:20,370 --> 00:01:23,160 you know, the smartest person in the room and then but at 32 00:01:23,160 --> 00:01:26,820 some point you recognize you've got to kind of get other 33 00:01:26,820 --> 00:01:29,090 relationships and teammates and that kind of thing. 34 00:01:29,100 --> 00:01:33,000 Did you have that consensus consensus when you were in 35 00:01:33,000 --> 00:01:34,410 corporate America and realize that? 36 00:01:34,410 --> 00:01:37,020 Or is that when you went on in your own that you decided 37 00:01:37,020 --> 00:01:38,640 that that's how it has to work? 38 00:01:39,840 --> 00:01:43,080 Paul Thompson: Well, it's interesting, I when I was in the corporate world, 39 00:01:43,230 --> 00:01:46,110 I was an engineer for several several years, an actual, you 40 00:01:46,110 --> 00:01:48,310 know, individual contributor that would refer to it as. 41 00:01:48,330 --> 00:01:50,940 But then I realized I wanted to be in the rooms where 42 00:01:50,940 --> 00:01:53,400 they're making decisions. So I went into management and I 43 00:01:53,550 --> 00:01:55,250 kind of kept climbing the ladder. 44 00:01:55,260 --> 00:01:58,140 And I liked being in the rooms where they kept making 45 00:01:58,140 --> 00:02:03,030 decisions. But I realized the more doors that I went into 46 00:02:03,030 --> 00:02:05,220 there was always another door that I wasn't in. 47 00:02:05,370 --> 00:02:08,370 So until you're the CEO of the company, then you're not 48 00:02:08,370 --> 00:02:10,410 going to always be in the decision, the ultimate decision 49 00:02:10,410 --> 00:02:13,500 maker. I finally realized, you know, let's just go do my 50 00:02:13,500 --> 00:02:16,500 own thing where I'm always, I'm the one who decides where 51 00:02:16,500 --> 00:02:17,640 the room is in the first place. 52 00:02:18,900 --> 00:02:23,310 Glenn Harper: So that was that aha moment was because you wanted to be the 53 00:02:23,310 --> 00:02:25,620 guy making the decisions or you wanted to do something 54 00:02:25,620 --> 00:02:26,730 great on your own. 55 00:02:27,780 --> 00:02:32,340 Paul Thompson: Good question. I wanted to do things that were interesting 56 00:02:32,340 --> 00:02:36,060 and learn what it takes to make those interesting 57 00:02:36,060 --> 00:02:39,630 decisions. So part of that maybe is the engineer background 58 00:02:39,630 --> 00:02:40,830 is I want to build things. 59 00:02:40,830 --> 00:02:42,280 I want to make things that are interesting. 60 00:02:42,300 --> 00:02:46,290 And I found that that growing and building businesses is 61 00:02:46,290 --> 00:02:49,470 really interesting and really complicated, and there is no 62 00:02:49,470 --> 00:02:50,550 one right answer. 63 00:02:50,580 --> 00:02:56,310 And so that really is the drive to for me is to to grow as 64 00:02:56,310 --> 00:03:00,360 a person is what would it take to where I could control my 65 00:03:00,360 --> 00:03:02,700 lifestyle? It was more of a lifestyle design than it was 66 00:03:02,700 --> 00:03:07,500 like. I had to be a maker of some amazing invention. 67 00:03:07,500 --> 00:03:09,570 I don't have any new ideas about being an engineer. 68 00:03:09,580 --> 00:03:15,600 I'm more of a, I would say, a visionary, but I want to come 69 00:03:15,600 --> 00:03:17,930 up with an idea and I want to hire people around me to go 70 00:03:17,970 --> 00:03:20,010 make this stuff because I'm not actually the engineer. 71 00:03:20,730 --> 00:03:26,010 Glenn Harper: So that is so, such an interesting track because, you know, 72 00:03:26,010 --> 00:03:29,310 I would say the majority of clients and colleagues that I 73 00:03:29,310 --> 00:03:33,480 come across, they are they're trade in corporate America. 74 00:03:33,480 --> 00:03:35,820 Whatever it is, they do this thing like you being an 75 00:03:35,820 --> 00:03:38,370 engineer and like, OK, I'm going to I can be a better 76 00:03:38,370 --> 00:03:39,450 engineer somewhere else. 77 00:03:39,450 --> 00:03:40,680 I don't want to deal with all this BS. 78 00:03:40,680 --> 00:03:43,680 I want to go do it on my own and they go, Do that job. 79 00:03:43,710 --> 00:03:47,340 As an engineer, self-employed, you bypass that and you 80 00:03:47,340 --> 00:03:50,370 went. Instead of just doing business, you decided you were 81 00:03:50,370 --> 00:03:51,630 going to build a business. 82 00:03:51,630 --> 00:03:55,650 And it's a talk about balls of steel to be able to just go 83 00:03:55,650 --> 00:03:58,500 out there and just say, I'm going to pick real estate like 84 00:03:58,500 --> 00:04:00,570 something random that you never did before. 85 00:04:00,600 --> 00:04:02,250 How did you settle on that? 86 00:04:02,250 --> 00:04:03,850 I mean, that's a that's a big ask. 87 00:04:03,870 --> 00:04:05,430 I mean, that's a very complicated industry. 88 00:04:05,460 --> 00:04:07,260 How do you just go? That's the one I'm going to do. 89 00:04:08,310 --> 00:04:10,470 Paul Thompson: It's funny. I think I chose it because it was the least 90 00:04:10,470 --> 00:04:14,070 complicated and specifically by real estate. 91 00:04:14,070 --> 00:04:15,310 It can mean some different things. 92 00:04:15,330 --> 00:04:19,290 I specifically started buying rental property just very 93 00:04:19,290 --> 00:04:22,590 simple single family residential rental property. 94 00:04:22,620 --> 00:04:26,370 And as the conflict, the level of complexity goes, that's 95 00:04:26,370 --> 00:04:27,470 actually quite simple. 96 00:04:27,480 --> 00:04:31,230 And as as an employee, I could go and buy one rental 97 00:04:31,230 --> 00:04:34,380 property and just see if it worked because I really wanted 98 00:04:34,530 --> 00:04:38,400 the impetus for all of this is really I wanted to control 99 00:04:38,400 --> 00:04:41,700 my lifestyle. I wanted to change the script where I was not 100 00:04:41,700 --> 00:04:44,790 having to ask permission from my boss to spend time with my 101 00:04:44,790 --> 00:04:47,730 family. Instead, I wanted to spend time with my family, so 102 00:04:47,730 --> 00:04:49,170 I would then ask them permission. 103 00:04:49,170 --> 00:04:52,050 Could I go and spend this weekend a conference learning 104 00:04:52,050 --> 00:04:54,180 about something? Did that make sense with our life values 105 00:04:54,180 --> 00:04:57,120 at the time? So I really changed the order of operations 106 00:04:57,120 --> 00:05:00,270 and when I looked at the things and so I was like, How what 107 00:05:00,270 --> 00:05:04,440 can I do? Or that is that order of operation works and 108 00:05:04,440 --> 00:05:06,810 doing something on my own was one of them, and I wanted to 109 00:05:06,810 --> 00:05:09,630 do something where I wasn't buying myself another job. 110 00:05:09,930 --> 00:05:11,730 I looked into doing insurance. 111 00:05:11,730 --> 00:05:13,560 I looked into starting a franchise. 112 00:05:13,590 --> 00:05:15,990 All those things felt like I was just buying a job. 113 00:05:16,410 --> 00:05:19,950 So what could I do that just created passive residual 114 00:05:19,950 --> 00:05:22,470 income, but I could do some work on the front end. 115 00:05:22,500 --> 00:05:24,630 I thought, Well, real estate seems like something that fits 116 00:05:24,630 --> 00:05:27,960 that category. I started buying a few properties, and I 117 00:05:27,960 --> 00:05:30,960 don't know what. 18 months later I had a I had purchased 18 118 00:05:30,960 --> 00:05:33,630 properties and I realized this was my thing, and that's 119 00:05:33,630 --> 00:05:35,640 when I realized I didn't need the corporate job anymore. 120 00:05:36,090 --> 00:05:40,020 Glenn Harper: So you were able to keep your real job and do the 121 00:05:40,020 --> 00:05:42,720 entrepreneur thing on the side for 18 months. 122 00:05:43,260 --> 00:05:45,270 You know, one would say that that's pretty. 123 00:05:45,810 --> 00:05:47,310 That's a bold strategy. 124 00:05:47,310 --> 00:05:51,120 Cotton like how do you how do you keep a real job? 125 00:05:51,120 --> 00:05:55,200 Do your family and take that leap of faith and say, I'm 126 00:05:55,200 --> 00:05:57,750 going to do this and you didn't just buy one like you said, 127 00:05:57,750 --> 00:05:59,100 you bought 18 of them. 128 00:05:59,400 --> 00:06:01,740 I mean, you've got to get your head examined, Mike, who 129 00:06:01,740 --> 00:06:06,540 does that? So, so so that's the I think the impetus for me 130 00:06:06,540 --> 00:06:09,240 on this or the takeaway is that any entrepreneur out there 131 00:06:09,240 --> 00:06:12,630 listening to this is that you just have to go do it. 132 00:06:12,660 --> 00:06:14,430 You can't think about failing. 133 00:06:14,430 --> 00:06:15,930 You can't think about those things. 134 00:06:15,960 --> 00:06:18,120 Did that even come into your mind that it wasn't going to 135 00:06:18,120 --> 00:06:19,920 work? Or do you just said, I'm just going full speed? 136 00:06:19,920 --> 00:06:20,790 This is what I'm doing. 137 00:06:22,020 --> 00:06:23,130 Paul Thompson: So a really good question. 138 00:06:23,130 --> 00:06:25,230 I think this really gets to the nugget of the 139 00:06:25,230 --> 00:06:27,210 entrepreneurial spirit. 140 00:06:27,240 --> 00:06:31,860 It's I sit on the sidelines for 15 years of my corporate 141 00:06:31,860 --> 00:06:34,410 life, kind of wishing and hoping and dreaming that I would 142 00:06:34,410 --> 00:06:38,460 go and do something else, but I stuck with a security. 143 00:06:38,720 --> 00:06:42,470 Are the the appearance of security that you have with a 144 00:06:42,470 --> 00:06:44,780 corporate job and the consistency of the paycheck, right? 145 00:06:45,710 --> 00:06:48,830 And I realized that I had to get out on the field. 146 00:06:49,040 --> 00:06:52,340 That's the analogy that I often use is I want I had the 147 00:06:52,340 --> 00:06:56,180 vision of playing on the field and but but I wouldn't do it 148 00:06:56,180 --> 00:06:59,840 right. I was afraid of failing, and our culture kind of 149 00:07:00,470 --> 00:07:01,700 changed that into us. 150 00:07:01,790 --> 00:07:04,370 Our educational system, for sure, trains into us that 151 00:07:04,370 --> 00:07:06,100 you're not supposed to be ever be wrong. 152 00:07:06,110 --> 00:07:07,860 And that's not how business works. 153 00:07:07,880 --> 00:07:10,020 You have to go out and do experiments. 154 00:07:10,040 --> 00:07:12,080 Now you're not silly and foolish about it, right? 155 00:07:12,110 --> 00:07:14,950 I didn't just throw caution to the wind. 156 00:07:14,960 --> 00:07:18,200 I took a very careful and measured approach. 157 00:07:18,740 --> 00:07:20,140 Let me go buy a property. 158 00:07:20,150 --> 00:07:23,710 And when I bought a property, I was able to refi and oh, 159 00:07:23,720 --> 00:07:25,460 this doesn't work. Let me go, buy some more. 160 00:07:25,580 --> 00:07:27,140 And then I did the next one. 161 00:07:27,140 --> 00:07:28,700 I did the next one, and I happened to be doing that in 162 00:07:28,700 --> 00:07:31,790 2015, when it was easier to buy properties and it is now. 163 00:07:32,510 --> 00:07:34,130 But it still wasn't 2012. 164 00:07:34,130 --> 00:07:36,350 I mean, it was harder than it was just three or four years 165 00:07:36,350 --> 00:07:39,140 prior to that. But I realized that was the opportunity that 166 00:07:39,140 --> 00:07:41,740 you could find deals at discounts. 167 00:07:41,750 --> 00:07:44,960 And I really got into the game of finding that gem of a 168 00:07:44,960 --> 00:07:48,200 property that I was buying at 30 percent below what the 169 00:07:48,200 --> 00:07:50,480 market value of the property was and at cash flow. 170 00:07:50,600 --> 00:07:54,050 And I could get really low interest rates at the time. 171 00:07:54,050 --> 00:07:56,120 There real interest rates now because higher interest 172 00:07:56,120 --> 00:07:58,330 rates. But still six percent or less. 173 00:07:58,340 --> 00:08:03,080 And that, I feel like, was a very measured and careful 174 00:08:03,080 --> 00:08:06,920 approach and not at all throwing caution to the wind. 175 00:08:06,920 --> 00:08:08,810 But I was not afraid to make mistakes. 176 00:08:09,050 --> 00:08:11,450 My mistake was not trying for 15 years. 177 00:08:11,900 --> 00:08:14,320 Glenn Harper: You know, it's funny, though timing is everything. 178 00:08:14,330 --> 00:08:19,010 If you'd have started this in 2005, six seven eight when 179 00:08:19,010 --> 00:08:21,590 everything blew up. Who knows what could have happened? 180 00:08:21,590 --> 00:08:24,350 You could have still had the same great strategy and 181 00:08:24,350 --> 00:08:26,180 weathered the storm, and you'd have even greater 182 00:08:26,180 --> 00:08:28,460 opportunities. But everything happens for a reason, right? 183 00:08:28,460 --> 00:08:32,750 But would you would you when you made the jump out on your 184 00:08:32,750 --> 00:08:37,280 own? Did you have like a mentor or somebody that was 185 00:08:37,280 --> 00:08:38,390 coaching you through this? 186 00:08:38,390 --> 00:08:40,520 Or did you just say, Well, I got to figure this out on my 187 00:08:40,520 --> 00:08:41,000 own? 188 00:08:42,590 --> 00:08:47,960 Paul Thompson: Good question. So I very early learned or heard the advice. 189 00:08:47,960 --> 00:08:49,040 Find a mentor fundamentally. 190 00:08:49,550 --> 00:08:52,490 And you know, like finding a mentor is actually not as easy 191 00:08:52,490 --> 00:08:54,920 as people make it out to be because the people who are 192 00:08:54,920 --> 00:08:58,640 offering their services to you, usually it's a paid 193 00:08:58,640 --> 00:09:01,580 transaction or it's a paid experience, and you just don't 194 00:09:01,580 --> 00:09:03,050 know if they know what they're talking about or not. 195 00:09:03,710 --> 00:09:07,370 But I was very lucky, and I went and found I did some sort 196 00:09:07,370 --> 00:09:11,600 of Google search and I found somebody that was in a market 197 00:09:11,600 --> 00:09:13,910 about an hour from me, so probably not considered 198 00:09:13,910 --> 00:09:16,940 competition. And I emailed them and said, This is what I'm 199 00:09:16,940 --> 00:09:19,550 doing and I'm interested in mentorship. 200 00:09:19,550 --> 00:09:22,220 I'm willing to exchange my time, my energy, anything to 201 00:09:22,220 --> 00:09:25,250 help you in your business as an exchange for me learning 202 00:09:25,250 --> 00:09:28,640 the business. And he is a very interesting story. 203 00:09:29,210 --> 00:09:31,580 So two or three weeks later, he called me up and said, Hey, 204 00:09:31,580 --> 00:09:34,460 I got your email, I like to talk to you. 205 00:09:34,490 --> 00:09:38,750 And he was kind of a mercurial, interesting kind of odd 206 00:09:38,750 --> 00:09:42,200 cat. He said, I'll mentor you, but here's what you got to 207 00:09:42,200 --> 00:09:45,170 do first. You have to go by the book The Richest Man in 208 00:09:45,170 --> 00:09:47,720 Babylon. I want you to get a physical copy. 209 00:09:47,720 --> 00:09:50,900 I want you to read it, highlight it and write a three page 210 00:09:50,900 --> 00:09:52,520 handwritten essay. 211 00:09:52,970 --> 00:09:54,350 And then I want you to mail it to my P.O. 212 00:09:54,350 --> 00:09:56,600 box. And after you do that, I'll talk to you. 213 00:09:56,690 --> 00:09:59,740 So it was his way of testing people if they're serious and 214 00:09:59,740 --> 00:10:01,080 if they're coachable and teachable. 215 00:10:01,100 --> 00:10:03,950 So I did it, and over the next two years, I probably wrote 216 00:10:03,950 --> 00:10:07,370 like six seven eight handwritten, three page essays on 217 00:10:07,370 --> 00:10:10,040 different books that he sent me. And then what he did, 218 00:10:10,040 --> 00:10:13,550 probably better than anything else, is he sent me to, he 219 00:10:13,550 --> 00:10:16,160 said. Here's a conference coming up from Pete Fortunato. 220 00:10:16,250 --> 00:10:19,210 Here's a conference coming up from Spotify. 221 00:10:19,580 --> 00:10:23,510 Go to these are like the grand old men of real estate. 222 00:10:23,990 --> 00:10:25,820 They've been doing it forever. They're not into it for like 223 00:10:25,820 --> 00:10:29,030 this mentorship $50000 service in the back of the room kind 224 00:10:29,030 --> 00:10:31,670 of thing. They're just these guys have been doing it for 30 225 00:10:31,670 --> 00:10:34,280 plus years. They have these courses on the weekend, and 226 00:10:34,280 --> 00:10:36,170 that's it. There's no more upsell. 227 00:10:36,280 --> 00:10:39,110 And I went to those I went to over about three year period. 228 00:10:39,110 --> 00:10:41,530 I probably went to like, I don't know, 20 plus of those, 229 00:10:41,540 --> 00:10:45,680 and I got a master's level degree in real estate in a 230 00:10:45,680 --> 00:10:46,430 couple of years. 231 00:10:47,690 --> 00:10:51,410 Glenn Harper: I am just absolutely intrigued that. 232 00:10:52,270 --> 00:10:56,210 You. When you ask for somebody to mentor you and they give 233 00:10:56,210 --> 00:11:00,980 you back a test, not many people would have said, Screw 234 00:11:00,980 --> 00:11:02,270 this, I'm not doing that. 235 00:11:02,810 --> 00:11:06,560 That is what there had to be something. 236 00:11:06,830 --> 00:11:09,410 And again, you you probably you don't know it consciously, 237 00:11:09,410 --> 00:11:11,950 but subconsciously there had to be something that in you. 238 00:11:11,990 --> 00:11:15,920 That said, I just have to do this because that is opposite 239 00:11:15,920 --> 00:11:17,060 of everything else you were trying to do. 240 00:11:17,090 --> 00:11:18,290 So what was that? 241 00:11:18,290 --> 00:11:20,120 What was that calling? How did you know 242 00:11:20,570 --> 00:11:22,520 Paul Thompson: It felt like a Mr Miyagi moment? 243 00:11:22,550 --> 00:11:25,910 It's like, Oh man, this is some like real live wax on wax 244 00:11:25,910 --> 00:11:28,720 off shit and like, like, like, I've got to like this. 245 00:11:28,730 --> 00:11:30,650 I'm not sure if he actually knows what he's talking about 246 00:11:30,650 --> 00:11:32,060 or not, but I checked him out. 247 00:11:32,060 --> 00:11:35,450 He seemed like he was legitimate, like, Let's, let's do it. 248 00:11:35,480 --> 00:11:37,460 What was it? What was the cost to that? 249 00:11:37,460 --> 00:11:39,860 Really, it was reading a book that I probably would have 250 00:11:40,310 --> 00:11:43,670 been happy to read anyway, setting up a good practice of 251 00:11:43,670 --> 00:11:45,620 highlighting and taking notes of a book you should be doing 252 00:11:45,620 --> 00:11:50,540 anyway, and then writing a three page essay, which I did 253 00:11:50,540 --> 00:11:52,610 not enjoy the handwritten part of the essays. 254 00:11:52,610 --> 00:11:54,740 That was horrible, but that was a test for him. 255 00:11:54,830 --> 00:11:57,500 That was like, I've been further, further into it. 256 00:11:57,510 --> 00:11:59,360 I kept asking him like, OK, well, you know, I've done these 257 00:11:59,360 --> 00:12:01,940 handwritten ones. Are you ready for me to just send you a 258 00:12:01,940 --> 00:12:03,440 report? You know, I want them all handwritten 259 00:12:04,310 --> 00:12:05,630 Glenn Harper: In cursive or print it? 260 00:12:06,060 --> 00:12:08,740 Paul Thompson: He didn't. That was not part of the specification. 261 00:12:09,530 --> 00:12:11,270 Glenn Harper: I was like, if his cursive would be over, 262 00:12:13,040 --> 00:12:14,900 Julie Smith: No one could read. Glenn's handwriting is why. 263 00:12:14,900 --> 00:12:17,270 So he would have had this three page essay and no one would 264 00:12:17,270 --> 00:12:19,050 have had any idea what was even on that. 265 00:12:19,070 --> 00:12:20,450 Paul Thompson: And these hieroglyphics? What are you doing? 266 00:12:21,230 --> 00:12:24,230 Glenn Harper: I'm using me Egyptian hieroglyphics because I can understand 267 00:12:24,230 --> 00:12:30,140 pictures. So when you you know the ability, you know what 268 00:12:30,140 --> 00:12:32,330 we see sometimes in entrepreneurs, you know, they have this 269 00:12:32,330 --> 00:12:34,430 idea. They want to go do a thing. 270 00:12:34,790 --> 00:12:40,670 But the point when it becomes real is either when, in your 271 00:12:40,670 --> 00:12:43,400 case, the realness is you had a desire, you already had 272 00:12:43,400 --> 00:12:45,980 bought a property, perhaps before you talk to this guy. 273 00:12:45,980 --> 00:12:48,980 But then when you had to write that dissertation back to 274 00:12:48,980 --> 00:12:52,010 him, you were literally kind of made your manifesto, if you 275 00:12:52,010 --> 00:12:55,700 will, right? And why you want to do that pretty much turned 276 00:12:55,700 --> 00:12:58,290 it from a dream to a goal, right? 277 00:12:58,310 --> 00:13:00,950 Is that was that the kind of the thing that made it happen 278 00:13:00,950 --> 00:13:01,220 for you? 279 00:13:01,220 --> 00:13:08,870 Paul Thompson: Then that is and I actually came out of one of those essays. 280 00:13:08,870 --> 00:13:12,830 It was something to do with I forget exactly the book, but 281 00:13:12,830 --> 00:13:15,230 it was a book by Jim Roan that he had me read. 282 00:13:15,380 --> 00:13:20,300 And as I was writing it, I realized there was some ego in 283 00:13:20,300 --> 00:13:28,100 what I was writing. I was for some reason was had this as I 284 00:13:28,100 --> 00:13:30,680 was writing it, like I had typed it all out and as I was 285 00:13:30,680 --> 00:13:36,500 handwriting it, I just kind of realized, Damn, I'm I think 286 00:13:36,500 --> 00:13:37,880 I'm something else. 287 00:13:37,880 --> 00:13:42,920 Like, I'm I'm putting myself out there as this successful 288 00:13:43,190 --> 00:13:46,430 corporate middle manager and I've done all these things. 289 00:13:47,150 --> 00:13:48,800 That's all. That's irrelevant. 290 00:13:48,830 --> 00:13:50,720 Those are good lessons. There are principles I took from 291 00:13:50,720 --> 00:13:55,370 it, but I was I had to let go of my ego and be vulnerable 292 00:13:55,370 --> 00:13:59,120 and be willing to not know what I'm talking about in this 293 00:13:59,120 --> 00:14:03,980 new world. And part of that exercise helped me consciously 294 00:14:03,980 --> 00:14:05,000 come to that realization, 295 00:14:05,270 --> 00:14:06,490 Glenn Harper: Literally as an engineer. 296 00:14:06,500 --> 00:14:09,680 That was your aha moment, literally when you realize that 297 00:14:09,680 --> 00:14:13,130 you didn't have to know it all and you could, you have to 298 00:14:13,190 --> 00:14:16,130 put yourself with a team around you and hire your experts. 299 00:14:16,280 --> 00:14:19,880 How after that with this guy started mentoring you? 300 00:14:19,880 --> 00:14:23,690 Did you did you like, you know, the trifecta of a business 301 00:14:23,690 --> 00:14:26,990 owner is, you know, or an entrepreneur, you want your CPA, 302 00:14:26,990 --> 00:14:30,380 you want your attorney, you want your banker, you want your 303 00:14:30,380 --> 00:14:33,560 appraiser. You know, in your case, you probably want some 304 00:14:33,560 --> 00:14:37,760 kind of motivation or or, you know, counselor of some sort. 305 00:14:38,210 --> 00:14:40,400 When did you start putting that team together? 306 00:14:41,340 --> 00:14:44,660 Paul Thompson: Hmm, that's a good question, especially on the the attorney 307 00:14:44,660 --> 00:14:45,830 and CPA front. 308 00:14:45,830 --> 00:14:50,860 So that that's I know you probably resonate with this. 309 00:14:50,870 --> 00:14:51,890 That's a kind. 310 00:14:51,890 --> 00:14:55,220 It can be a very difficult thing to figure out when you 311 00:14:55,220 --> 00:14:58,010 need it and at what level you need those services. 312 00:14:58,040 --> 00:15:01,930 So I found the banker and I found the letter. 313 00:15:02,140 --> 00:15:07,190 See, which would you say? I found the appraiser appraisals 314 00:15:07,190 --> 00:15:10,640 and I found the realtors, but I didn't deal with the 315 00:15:10,640 --> 00:15:14,570 attorneys or the CPAs too much earlier, because when you 316 00:15:14,570 --> 00:15:16,280 first getting started, you don't actually need those 317 00:15:16,280 --> 00:15:18,560 services that much because you're not making money. 318 00:15:19,700 --> 00:15:22,490 It's not until you start making money that you realize, OK, 319 00:15:22,640 --> 00:15:24,380 now I've actually done some things. 320 00:15:24,380 --> 00:15:26,000 I've actually had some expenses but actually bought some 321 00:15:26,000 --> 00:15:28,100 properties. Now I need to file taxes. 322 00:15:28,510 --> 00:15:31,340 That's when the CPA comes in and with with the attorney. 323 00:15:31,910 --> 00:15:33,980 Unless you're doing, you're messing something up. 324 00:15:33,980 --> 00:15:36,620 I mean, like a lot of the state contracts, we're just using 325 00:15:36,620 --> 00:15:37,820 state contracts anyway, right? 326 00:15:37,820 --> 00:15:39,710 So it's not even that that complicated from a real estate 327 00:15:39,710 --> 00:15:45,560 perspective. It's when you start having multiple entities, 328 00:15:46,250 --> 00:15:51,200 that's when you pull in your accountants and attorneys. 329 00:15:51,200 --> 00:15:53,030 And it's very interesting dynamic. 330 00:15:53,530 --> 00:15:56,590 As a business owner, I have a difficult time talking to 331 00:15:56,590 --> 00:15:59,920 attorneys and accountants because you can't get your 332 00:15:59,920 --> 00:16:02,020 attorney an accountant in the same room together, and so 333 00:16:02,020 --> 00:16:05,620 they tell you opposite things by looking at your situation 334 00:16:05,620 --> 00:16:06,650 through a different lens. 335 00:16:06,670 --> 00:16:11,590 And it's really hard to find a a business oriented 336 00:16:11,590 --> 00:16:14,140 accountant or attorney that can kind of see the bigger 337 00:16:14,140 --> 00:16:17,250 picture and kind of nudge you along the right ways. 338 00:16:17,260 --> 00:16:18,520 And that's really not their function. 339 00:16:18,520 --> 00:16:19,930 They're not there to be a business coach. 340 00:16:19,930 --> 00:16:24,310 So you have to kind of take aspects of the legal entity 341 00:16:24,310 --> 00:16:28,240 structures you get to aspects of tax, you know, legal tax 342 00:16:28,300 --> 00:16:32,110 avoidance, right? Our tax optimization strategies and you 343 00:16:32,110 --> 00:16:35,530 take the like, what do you want to accomplish as a business 344 00:16:35,530 --> 00:16:37,930 and kind of gather these, these these three things 345 00:16:37,930 --> 00:16:41,200 together. And I found the first couple of years that was 346 00:16:41,200 --> 00:16:43,870 the most difficult part of the business, not the real 347 00:16:43,870 --> 00:16:45,790 estate part. Doing real estate turned out to be kind of 348 00:16:45,790 --> 00:16:49,720 easy. It was being the the business owner and knowing what 349 00:16:49,720 --> 00:16:52,320 kind of lever to pull at the right time was what was. 350 00:16:52,330 --> 00:16:54,490 I had the hardest time understanding because there's very 351 00:16:54,490 --> 00:16:55,690 little that's taught about that. 352 00:16:56,170 --> 00:17:01,420 Glenn Harper: Well, I think that just, you know, really, really pisses me 353 00:17:01,420 --> 00:17:06,430 off. And the reason why it does is because the perception 354 00:17:06,430 --> 00:17:09,130 on everybody's industry and I was I was busting a little 355 00:17:09,130 --> 00:17:11,710 bit on being an engineer. But you know, the same thing goes 356 00:17:11,710 --> 00:17:13,810 through as being an attorney, being a CPA. 357 00:17:14,110 --> 00:17:17,030 People think this is what you do. 358 00:17:17,050 --> 00:17:19,450 And a lot of times that is what you do, but it's not really 359 00:17:19,450 --> 00:17:20,950 what you do and you are. 360 00:17:20,980 --> 00:17:24,040 Your experience with the CPAs or accountants were 361 00:17:24,040 --> 00:17:27,130 transactional and just regurgitating data and putting out a 362 00:17:27,130 --> 00:17:32,230 form. You never had an advisor, a business advisor as a CPA 363 00:17:32,230 --> 00:17:34,810 to kind of coach you through that because, you know, in the 364 00:17:34,810 --> 00:17:38,380 old days, it was all about, Hey, we'll we can ask for 365 00:17:38,380 --> 00:17:40,990 forgiveness and fix this and go back and undo this and make 366 00:17:40,990 --> 00:17:43,390 it right. But now you kind of got us for permission with 367 00:17:43,390 --> 00:17:47,350 the new code, right? So that architecture of setting that 368 00:17:47,350 --> 00:17:51,040 up and working on it, that is what you know we're trying to 369 00:17:51,040 --> 00:17:53,860 do in the industry is to help clients and other 370 00:17:53,860 --> 00:17:57,250 entrepreneurs recognize that you need to have those deep, 371 00:17:57,250 --> 00:18:01,240 high level conversations right away because that's going to 372 00:18:01,240 --> 00:18:06,010 start putting the entrepreneur in a position to kind of 373 00:18:06,010 --> 00:18:09,490 understand their space what they should or shouldn't be 374 00:18:09,490 --> 00:18:11,830 doing, how they got to monetize it, how they got to account 375 00:18:11,830 --> 00:18:16,330 for it, you know, how do they make money in that before 376 00:18:16,360 --> 00:18:18,910 they go and fall on their face and figure it out later? 377 00:18:18,910 --> 00:18:21,010 And you're just picking, you're just doing transactions. 378 00:18:21,020 --> 00:18:24,070 So it's unfortunate that you didn't get that at the 379 00:18:24,070 --> 00:18:27,070 beginning because it would have been a life changing. 380 00:18:27,070 --> 00:18:29,650 We say that that's the shortcut that saves somebody, you 381 00:18:29,650 --> 00:18:32,320 know, five, seven, 10 years of anarchy. 382 00:18:32,800 --> 00:18:34,600 Paul Thompson: I so agree with that. 383 00:18:36,190 --> 00:18:38,860 If anybody is listening to this, you need that business 384 00:18:38,860 --> 00:18:42,040 strategist and it's really handy when they're a an 385 00:18:42,040 --> 00:18:44,380 accountant and or an attorney as well, so they can give you 386 00:18:44,380 --> 00:18:47,950 advice on those aspects of any business that you're in as 387 00:18:47,950 --> 00:18:50,590 well, because you have to solve for both of those. 388 00:18:50,590 --> 00:18:53,440 And if you try and just talk to an attorney about legal 389 00:18:53,440 --> 00:18:56,890 matters and just talk to an accountant about tax matters 390 00:18:56,890 --> 00:19:00,940 and then try and like take the information because an 391 00:19:00,940 --> 00:19:02,630 attorney will tell you to never do anything because it's 392 00:19:02,650 --> 00:19:04,930 it's risky, right? An accountant will say, Well, it just 393 00:19:04,930 --> 00:19:06,520 depends what you want to do. Just tell me, just tell me, 394 00:19:06,520 --> 00:19:08,050 and I'll file it for you. 395 00:19:08,740 --> 00:19:10,270 Well, what should I be doing? Well, that's what the 396 00:19:10,270 --> 00:19:12,670 business as a business owner is, which you need to figure 397 00:19:12,670 --> 00:19:16,440 out, and you need that business strategy on the front end 398 00:19:16,450 --> 00:19:20,140 that and then have a legal and tax strategy that aligns 399 00:19:20,140 --> 00:19:20,530 with that. 400 00:19:20,920 --> 00:19:24,010 Glenn Harper: Yeah, we see that, you know, the order that we like to see 401 00:19:24,010 --> 00:19:27,250 it. And when we talk to the most, you know, I don't want to 402 00:19:27,250 --> 00:19:29,260 say the most successful because it's not about the money, 403 00:19:29,260 --> 00:19:30,610 right? It's about the process. 404 00:19:30,610 --> 00:19:31,990 It's about having fun. It's the journey. 405 00:19:31,990 --> 00:19:35,140 It's all those things. But it it ends up being that you 406 00:19:35,140 --> 00:19:38,110 kind of build what you're trying to do and kind of map that 407 00:19:38,110 --> 00:19:40,480 out. And then you go to the attorney and say, How do I 408 00:19:40,480 --> 00:19:41,680 protect myself legally? 409 00:19:41,710 --> 00:19:44,260 People want to do it backwards, so go to the attorney, but 410 00:19:44,260 --> 00:19:45,820 they don't even know what they're trying to build yet. 411 00:19:45,820 --> 00:19:48,070 And the attorney just doesn't know what that means then. 412 00:19:48,070 --> 00:19:48,640 So it 413 00:19:48,640 --> 00:19:49,690 Paul Thompson: Depends. It depends. 414 00:19:49,720 --> 00:19:50,140 I've always been 415 00:19:50,260 --> 00:19:51,880 Glenn Harper: An attorney is like, Oh, you can't do this? 416 00:19:52,000 --> 00:19:54,820 And it's like, Wait a second, no, let's define what it is 417 00:19:54,820 --> 00:19:58,300 we want to do and what that makes sense financially tax 418 00:19:58,300 --> 00:20:00,910 wise. And all those things then execute that with the 419 00:20:00,910 --> 00:20:04,540 attorney. Then the entrepreneur can go, Oh, well, we can 420 00:20:04,540 --> 00:20:08,650 turn them loose. The the entrepreneur like for you, you 421 00:20:08,650 --> 00:20:12,130 know, in real estate or anything that you might be in, it's 422 00:20:12,130 --> 00:20:15,910 trying to find that price point, the margin, the return on 423 00:20:15,910 --> 00:20:17,520 your investment, all those things. 424 00:20:17,530 --> 00:20:22,120 When did you determine as an entrepreneur that was at a 425 00:20:22,120 --> 00:20:24,070 return on investment on on your rent roll? 426 00:20:24,070 --> 00:20:25,660 Was it on flipping a property? 427 00:20:25,660 --> 00:20:27,820 What what were your matrix is that you were trying to 428 00:20:27,820 --> 00:20:30,580 determine to decide if that property was worth it? 429 00:20:30,610 --> 00:20:33,280 How did you come up and figure out those calculations? 430 00:20:34,360 --> 00:20:38,650 Paul Thompson: Ok, so when you're looking just like you said, when you're 431 00:20:38,650 --> 00:20:41,860 looking at running a business like you want to figure out 432 00:20:41,860 --> 00:20:44,500 what your angle is like, like where are you adding value 433 00:20:44,500 --> 00:20:46,720 and where is the margin? Where is the profit opportunity 434 00:20:46,720 --> 00:20:50,860 right? And so I wanted to replace my income first, like a 435 00:20:50,950 --> 00:20:53,380 building. Wealth was nice, but I wanted to be able to. 436 00:20:53,520 --> 00:20:56,400 I my freedom back by my time back so that I had the freedom 437 00:20:56,400 --> 00:20:58,290 to go, figure and do the things that it took to build 438 00:20:58,290 --> 00:21:00,280 wealth. So for me, it was cash flow. 439 00:21:00,300 --> 00:21:03,420 I wanted to buy properties that had a certain amount of 440 00:21:03,420 --> 00:21:06,510 cash flow. I want to have a little cash in those properties 441 00:21:06,840 --> 00:21:08,850 as I could, so I could turn my money. 442 00:21:08,880 --> 00:21:13,070 So I would buy a property and then I would want to get a do 443 00:21:13,210 --> 00:21:15,560 do the BR method or buy and refi. 444 00:21:15,570 --> 00:21:19,890 And I wanted to get the refinance and get most, if not all, 445 00:21:19,890 --> 00:21:21,180 of my money back. 446 00:21:21,210 --> 00:21:25,170 And so I was into it for zero dollars, which you know is a 447 00:21:26,070 --> 00:21:27,900 great believer. Yeah, right? 448 00:21:27,990 --> 00:21:29,400 Infinite cash return. 449 00:21:29,430 --> 00:21:31,740 But I wanted it to cash flow when I did that, so I didn't 450 00:21:31,740 --> 00:21:34,170 want to borrow so much that I was just breaking even was 451 00:21:34,170 --> 00:21:39,240 the point in that. So I wanted to have, you know, $200 of 452 00:21:39,240 --> 00:21:42,840 true net net net cash flow per day or per unit that I that 453 00:21:42,840 --> 00:21:45,510 I purchased so that every time I was buying something, I 454 00:21:45,510 --> 00:21:48,630 was adding a cash cow into my portfolio of at least two 455 00:21:48,630 --> 00:21:49,500 hundred dollars per month. 456 00:21:50,130 --> 00:21:56,760 Glenn Harper: Yeah. How long did it take you to build the model so you 457 00:21:56,760 --> 00:21:58,800 could scale this thing? I mean, you obviously had to figure 458 00:21:58,800 --> 00:22:00,900 that out within the first, probably three or four deals 459 00:22:00,900 --> 00:22:02,010 before you got to 18. 460 00:22:02,010 --> 00:22:04,170 But how many did you have to go? 461 00:22:04,200 --> 00:22:06,450 Oh, son of a gun, I missed that one up. 462 00:22:06,450 --> 00:22:08,940 And how many times you have to fall forward? 463 00:22:09,390 --> 00:22:11,400 Paul Thompson: Yeah, I definitely made some mistakes. 464 00:22:11,790 --> 00:22:16,530 Surprisingly, when you buy properties that you know are are 465 00:22:16,650 --> 00:22:19,190 30 percent below the value of what? 466 00:22:19,740 --> 00:22:22,890 Again, this is you're buying a property that there is some 467 00:22:22,890 --> 00:22:26,310 sort of underlying motivation from the seller that they 468 00:22:26,310 --> 00:22:31,020 need to sell, and time and ease is more important for them 469 00:22:31,020 --> 00:22:32,400 maximizing the seller return. 470 00:22:32,820 --> 00:22:34,890 That's the fundamental aspect of my business, so I'm trying 471 00:22:34,890 --> 00:22:36,210 to buy things at a discount. 472 00:22:36,300 --> 00:22:40,980 And when you do that, it's really hard to mess up because 473 00:22:40,980 --> 00:22:45,600 you're buying things at such a discount so you can have 474 00:22:45,600 --> 00:22:48,180 some rounding errors have makes them a erroneous 475 00:22:48,180 --> 00:22:53,220 assumptions. Have some prices come come up and still not be 476 00:22:53,220 --> 00:22:56,640 hurt that badly provided that you are truly buying the 477 00:22:56,640 --> 00:23:01,860 property at, at, at a big enough, a discount that gives you 478 00:23:01,860 --> 00:23:04,540 a margin for error. That's the fundamental part of that. 479 00:23:04,560 --> 00:23:08,070 Now, as I got further along, I got more aggressive because 480 00:23:08,070 --> 00:23:10,920 I had the financial means to be more aggressive because I 481 00:23:10,920 --> 00:23:13,800 would then buy properties that are more valuable, that had 482 00:23:13,800 --> 00:23:15,960 less cash flow. But they had the potential for higher 483 00:23:15,960 --> 00:23:17,850 appreciation. And I made some mistakes. 484 00:23:17,850 --> 00:23:20,430 I mean, I've bought properties that I intended to flip. 485 00:23:20,460 --> 00:23:22,770 Did the rehab spent $50000 in rehab? 486 00:23:23,310 --> 00:23:28,290 Did the flip? The rehab cost more than I thought, and then 487 00:23:28,290 --> 00:23:30,720 I'm stuck with, Oh, I did all. 488 00:23:30,750 --> 00:23:33,330 I did all of that, and I lost $2000. 489 00:23:33,330 --> 00:23:36,390 Why? What lesson did I learn there? 490 00:23:36,390 --> 00:23:39,270 And usually I'm buying an odd property, and I'm not 491 00:23:39,270 --> 00:23:41,280 sticking to the fundamentals of buying a property that you 492 00:23:41,280 --> 00:23:44,370 know, that is very marketable to to the marketplace. 493 00:23:45,090 --> 00:23:48,930 Glenn Harper: Is that probably a fair statement to say that as an 494 00:23:48,930 --> 00:23:52,290 entrepreneur, whether you start out or you've been in 495 00:23:52,290 --> 00:23:55,860 business for five years, 10 years, 20 years, you have to be 496 00:23:55,860 --> 00:23:57,740 willing to pivot and change. 497 00:23:57,750 --> 00:23:59,370 You've got to adapt right. 498 00:23:59,370 --> 00:24:02,910 And some people fear that and they get all nervous. 499 00:24:02,910 --> 00:24:04,470 And oh my god, I can't believe that happened. 500 00:24:04,470 --> 00:24:07,200 And they go in the doldrums and other people go, Aha, I'll 501 00:24:07,200 --> 00:24:08,550 just do it different this time. 502 00:24:08,670 --> 00:24:10,980 It sounds like you were. That are I'll do it this way the 503 00:24:10,980 --> 00:24:12,560 next time, right? Yes. 504 00:24:12,570 --> 00:24:14,640 When? How long did it take you to? 505 00:24:14,670 --> 00:24:17,620 Did you ever feel like, Oh my god, what have I done? 506 00:24:17,640 --> 00:24:19,560 Or was it always, Oh, I got this? 507 00:24:19,560 --> 00:24:20,400 No problem? 508 00:24:20,790 --> 00:24:23,220 Paul Thompson: Yeah, so far I haven't felt like, what have I done? 509 00:24:23,750 --> 00:24:26,250 You know, time will tell if that ever happens. 510 00:24:26,250 --> 00:24:35,010 But I knew very early on from being in business for other 511 00:24:35,010 --> 00:24:39,090 people that the reality of the world is is in the business 512 00:24:39,090 --> 00:24:40,800 world, is is adapt or die. 513 00:24:40,920 --> 00:24:42,140 You have to adjust. 514 00:24:42,150 --> 00:24:44,330 You will not be in, especially in real estate. 515 00:24:44,340 --> 00:24:46,800 You will not be in one aspect of the real estate business 516 00:24:46,800 --> 00:24:50,070 for your entire career and just not worry about anything, 517 00:24:50,190 --> 00:24:52,170 the environment not changing on you. 518 00:24:52,740 --> 00:24:55,330 What worked 10 years ago doesn't work as well now, right? 519 00:24:55,350 --> 00:24:56,880 So you're going to have to always adapt to the current 520 00:24:56,880 --> 00:25:01,500 circumstances. I mean, in now, things are changing faster 521 00:25:01,500 --> 00:25:05,250 than they ever have. Like who would have predicted COVID 522 00:25:05,400 --> 00:25:08,130 and who would have predicted how COVID affected the housing 523 00:25:08,130 --> 00:25:12,720 market? It ended up being a net boom for us during the 524 00:25:12,720 --> 00:25:14,340 time, and it still happening right now. 525 00:25:14,370 --> 00:25:16,550 What's to happen in the next three years? 526 00:25:16,560 --> 00:25:18,000 I mean, who really knows? 527 00:25:18,030 --> 00:25:22,050 Like, we have a lot of prognosticators, but my crystal ball 528 00:25:22,050 --> 00:25:24,750 is just opaque and I have no idea what's going to happen. 529 00:25:24,750 --> 00:25:28,830 So I'm keeping my options very open and I'm being very 530 00:25:28,830 --> 00:25:31,770 careful about not overextending myself over the next couple 531 00:25:31,770 --> 00:25:32,940 of years because of that. 532 00:25:33,330 --> 00:25:37,140 I recently read it, read a fact that, like a couple of days 533 00:25:37,140 --> 00:25:41,180 ago, the last BlackBerry, the BlackBerry service, it was 534 00:25:41,190 --> 00:25:45,330 shut down. In 2012, there were 80 million BlackBerry users. 535 00:25:45,780 --> 00:25:49,680 That's correct. So in nine years, what was an institution 536 00:25:49,680 --> 00:25:53,160 now is a relic, and that is happening every. 537 00:25:53,790 --> 00:25:57,930 So as an entrepreneur, you have to kind of keep your your 538 00:25:57,960 --> 00:26:00,600 finger on the pulse of what's happening and what's working 539 00:26:00,600 --> 00:26:04,200 and be willing to adjust to something that is that is 540 00:26:04,200 --> 00:26:06,060 working, that wasn't working a few years ago. 541 00:26:06,690 --> 00:26:09,390 Julie Smith: Now, Paul, we've talked about, you know, just a pivot here a 542 00:26:09,390 --> 00:26:12,600 little bit. You've talked about your driving passion, being 543 00:26:12,600 --> 00:26:15,420 your family and having the ability to make those decisions 544 00:26:15,420 --> 00:26:18,150 with those relationships and what that means to you. 545 00:26:18,360 --> 00:26:21,510 And you talked about this close mentor throughout your 546 00:26:21,510 --> 00:26:25,260 career. Are there any other relationships that have really 547 00:26:25,260 --> 00:26:29,430 been imperative to your success throughout your, you know, 548 00:26:29,430 --> 00:26:30,450 your journey? 549 00:26:31,530 --> 00:26:35,130 Paul Thompson: That is a great question, and I think that ends up being the 550 00:26:35,130 --> 00:26:39,090 question. I did not go into real estate or entrepreneurship 551 00:26:39,090 --> 00:26:45,300 for relationships, but I realized that, oh, that's why you 552 00:26:45,300 --> 00:26:46,740 go into business in the first place. 553 00:26:46,740 --> 00:26:48,720 It's about relationships, it's about service, about 554 00:26:48,810 --> 00:26:50,220 creating value to other people. 555 00:26:50,220 --> 00:26:53,940 And you're going to need other people in the industry or 556 00:26:53,940 --> 00:26:56,130 any other other professionals that you're working with. 557 00:26:56,160 --> 00:27:01,530 And the greatest reward, after buying my time back and 558 00:27:01,530 --> 00:27:05,130 being with my family is the new relationships that are 559 00:27:05,130 --> 00:27:09,180 forged through being parts of masterminds and going to 560 00:27:09,180 --> 00:27:15,600 conferences. So I now am in a new business entirely, so I'm 561 00:27:15,600 --> 00:27:17,820 in a business that I call dirt to curb. 562 00:27:18,030 --> 00:27:21,720 I'm brand new and I am like way over my head and like, I'm 563 00:27:21,720 --> 00:27:22,830 the absolute greenhorn. 564 00:27:22,950 --> 00:27:25,860 So we're buying basically raw land and we're converting it 565 00:27:25,860 --> 00:27:27,210 to residential development. 566 00:27:27,480 --> 00:27:30,420 So that is not a business that I know very much about. 567 00:27:32,010 --> 00:27:36,600 I joined a mastermind a year ago and a little over a year 568 00:27:36,600 --> 00:27:40,110 ago, and I went to a conference, an event that's hosted by 569 00:27:40,110 --> 00:27:42,090 the mastermind and met one of the people part of the 570 00:27:42,090 --> 00:27:43,200 mastermind there. 571 00:27:43,230 --> 00:27:45,720 And while I was there, there was someone talking about this 572 00:27:45,720 --> 00:27:47,910 business and I thought, Oh, that's interesting. 573 00:27:47,910 --> 00:27:51,810 So I actually purchased a course that was had to do with 574 00:27:51,810 --> 00:27:54,600 land development and took the course. 575 00:27:54,600 --> 00:27:57,960 And me and this buddy that I met there, we kind of sunk up 576 00:27:57,960 --> 00:27:59,570 and started a new business. 577 00:27:59,580 --> 00:28:05,040 And last November, like three months ago, we purchased a 578 00:28:05,040 --> 00:28:08,850 new tract of land in the DFW area, which is not was not in 579 00:28:08,850 --> 00:28:11,490 my plan for 2021 at all was to be in the land business or 580 00:28:11,490 --> 00:28:12,630 to buy land whatsoever. 581 00:28:12,780 --> 00:28:17,460 But I feel like it's a blue ocean strategy and I'm 582 00:28:17,460 --> 00:28:21,450 currently in in a very transaction heavy red ocean strategy 583 00:28:21,990 --> 00:28:23,490 where I'm trying to find a discount. 584 00:28:23,490 --> 00:28:25,980 And it's so hard to find discounts now, and it's so hard to 585 00:28:26,520 --> 00:28:28,770 deal with single family situations, and it's so much more 586 00:28:28,770 --> 00:28:33,330 difficult. This raw land scenario is just a completely 587 00:28:33,330 --> 00:28:36,480 different level of conversation, and I would never have 588 00:28:36,480 --> 00:28:40,380 been able to even be aware of that business or have access 589 00:28:40,380 --> 00:28:42,900 to the kind of professionals that I needed to work with. 590 00:28:42,930 --> 00:28:45,390 Had I not been a part of that mastermind to begin with? 591 00:28:46,380 --> 00:28:49,950 Glenn Harper: You know, it's funny about that, as somebody who is not an 592 00:28:49,950 --> 00:28:53,550 entrepreneur is probably breaking out in a sweat right now. 593 00:28:53,700 --> 00:28:57,690 Let's talk because they just could not comprehend that you 594 00:28:57,690 --> 00:29:00,900 would do something on top of what you're doing something 595 00:29:00,900 --> 00:29:04,260 totally new and not only doing it, but excited. 596 00:29:04,470 --> 00:29:09,600 It's fun, and it's just it's looked at as an opportunity, 597 00:29:09,600 --> 00:29:11,340 not as a stressful situation. 598 00:29:11,340 --> 00:29:14,940 That mindset is so hard for people to tap into for 599 00:29:14,940 --> 00:29:16,590 themselves, like. 600 00:29:16,620 --> 00:29:19,200 And it sounds like you probably always already had that in 601 00:29:19,200 --> 00:29:22,710 your your program that way, way back in the day, it just 602 00:29:22,710 --> 00:29:25,260 took a while for it to come out because your obligations 603 00:29:25,260 --> 00:29:27,510 and your responsibilities and the right timing. 604 00:29:27,630 --> 00:29:28,770 Is that a fair statement? 605 00:29:29,430 --> 00:29:32,340 Paul Thompson: Yeah. But I would not characterize myself as the classic 606 00:29:32,340 --> 00:29:34,860 entrepreneur that had that sold candy when I was, you know, 607 00:29:34,860 --> 00:29:38,610 in fifth grade or something, you know, I was extremely shy. 608 00:29:38,640 --> 00:29:42,150 I was it took me a while to kind of come in, come out of my 609 00:29:42,150 --> 00:29:48,120 shell, and I never had like a business drive or a potential 610 00:29:48,120 --> 00:29:50,760 acumen for or interest in business. 611 00:29:52,220 --> 00:29:56,760 My initial motivations was I was broke and I didn't have a 612 00:29:56,760 --> 00:30:00,450 lot of money and I needed. 613 00:30:00,450 --> 00:30:06,930 I wanted a path towards a means of getting a respectable 614 00:30:07,080 --> 00:30:11,730 working wage that allowed me to have a basically upgrade my 615 00:30:11,730 --> 00:30:13,920 socioeconomic status from where I grew up. 616 00:30:15,090 --> 00:30:18,780 And it wasn't until I got into that that job that I 617 00:30:18,780 --> 00:30:22,230 realized that I had some, some some talents and skills, 618 00:30:22,230 --> 00:30:23,820 some things that I could go do in the world. 619 00:30:24,300 --> 00:30:26,120 And I kind of took me a while to develop. 620 00:30:26,130 --> 00:30:27,870 But no, I would say I. 621 00:30:27,870 --> 00:30:31,050 I am not the kind of person who would jump in and do what 622 00:30:31,050 --> 00:30:33,660 you just described as far as, you know, getting into a land 623 00:30:33,660 --> 00:30:36,540 business that I wasn't familiar with until recently until I 624 00:30:36,540 --> 00:30:41,940 realized that I had to build that mindset that if you want 625 00:30:41,940 --> 00:30:44,780 to realize your dreams, you're going to have to go into it. 626 00:30:44,790 --> 00:30:51,660 And if you are making decisions based on fear, you're 627 00:30:51,660 --> 00:30:53,220 always going to find yourself lacking at. 628 00:30:53,900 --> 00:30:59,090 Right, so finding a way to overcome those inherent fears 629 00:30:59,090 --> 00:31:01,880 that we have that just your your primitive mind trying to 630 00:31:01,880 --> 00:31:04,850 protect you is something that I have I've had to overcome 631 00:31:04,850 --> 00:31:08,090 because I would characterize myself as a risk averse person 632 00:31:08,090 --> 00:31:10,550 when I was in the corporate world and realized that was 633 00:31:10,550 --> 00:31:14,330 just like another phrase for I was afraid to fail. 634 00:31:15,080 --> 00:31:18,890 Glenn Harper: But I think a fair statement would be is that, you know, 635 00:31:19,430 --> 00:31:24,080 taking a chance, getting a success, failing forward. 636 00:31:24,560 --> 00:31:29,570 It builds and you you develop this shell or this, I don't 637 00:31:29,570 --> 00:31:32,480 know a safety net or something in you that just says it's 638 00:31:32,480 --> 00:31:34,040 going to be OK, no matter what happens. 639 00:31:34,040 --> 00:31:35,810 I mean, because if not, you would. 640 00:31:35,810 --> 00:31:38,000 You wouldn't have bought the second one you had. 641 00:31:38,210 --> 00:31:39,590 There has to be that trigger. 642 00:31:39,590 --> 00:31:42,140 And again, this is a for all the people listening. 643 00:31:42,620 --> 00:31:44,330 I'm not saying you can go. 644 00:31:45,320 --> 00:31:48,140 You either have it or you don't, but you've got to. 645 00:31:48,140 --> 00:31:50,360 You've got to feed it, you've got to nurture it and you've 646 00:31:50,360 --> 00:31:53,960 got to work through that and you can't give up at the first 647 00:31:53,960 --> 00:31:56,270 sign of adversity. You have to keep grinding through. 648 00:31:56,270 --> 00:31:59,090 And I and I think this attributes to that because at no 649 00:31:59,090 --> 00:32:01,100 time in this conversation, you wanted to have a comfortable 650 00:32:01,100 --> 00:32:03,680 lifestyle. But at no time if you mentioned that you want to 651 00:32:03,680 --> 00:32:06,090 make a gazillion dollars and you're going to end it. 652 00:32:06,110 --> 00:32:08,090 Right, right. You have no end game. 653 00:32:08,090 --> 00:32:09,830 That's the trick with entrepreneurism. 654 00:32:10,040 --> 00:32:11,360 There is no endgame. 655 00:32:11,360 --> 00:32:13,190 It's the journey. It's the fun. 656 00:32:13,190 --> 00:32:14,450 It's the new things. 657 00:32:14,450 --> 00:32:17,120 It's it's it's acquiring knowledge, meeting people, doing 658 00:32:17,120 --> 00:32:20,930 the deal. I'm excited for your land deal because one of my 659 00:32:20,930 --> 00:32:23,780 favorite questions to ask entrepreneurs is, you know, what 660 00:32:23,780 --> 00:32:25,100 is your dream deal? 661 00:32:25,280 --> 00:32:28,640 I don't know if this land deal is a dream deal per say, but 662 00:32:28,640 --> 00:32:31,700 it certainly is something that's going to probably after 663 00:32:31,700 --> 00:32:33,830 you do this one and you're successful at it. 664 00:32:34,220 --> 00:32:35,960 What do you think is the next deal? 665 00:32:35,960 --> 00:32:38,450 Is it going to be assuming that this will be successful 666 00:32:38,450 --> 00:32:41,360 because it will be? Is it going to be a bigger development? 667 00:32:41,360 --> 00:32:42,770 Is it going to be a commercial development? 668 00:32:42,770 --> 00:32:45,510 Is it the special property in downtown Manhattan? 669 00:32:45,530 --> 00:32:46,870 Is it a south beach property? 670 00:32:46,880 --> 00:32:49,430 What what is your dream deal that if you could just do 671 00:32:49,430 --> 00:32:52,550 that, you'd be like, Wow, I just hit the peak. 672 00:32:53,510 --> 00:32:54,530 Paul Thompson: So great question. 673 00:32:54,530 --> 00:32:57,750 So I'm going to answer this in two ways. 674 00:32:57,770 --> 00:33:05,450 So one is that my my dream deal is developing a property 675 00:33:05,450 --> 00:33:13,520 that kind of creates community and allows me to host events 676 00:33:13,520 --> 00:33:14,930 there. And it has. 677 00:33:17,780 --> 00:33:20,810 Sufficient space to have recreation and have people come 678 00:33:20,810 --> 00:33:23,180 and stay. Kind of like an event center kind of thing, but 679 00:33:23,180 --> 00:33:26,990 but I live there that's like my inn in state place that I 680 00:33:26,990 --> 00:33:28,460 want to be in five 10 years. 681 00:33:29,390 --> 00:33:32,840 In order to get there, I need to learn to develop and 682 00:33:33,110 --> 00:33:35,420 develop myself personally, but learn how to also develop 683 00:33:35,420 --> 00:33:37,830 land and develop and get into this land game. 684 00:33:37,850 --> 00:33:41,340 That's just it just adds zeros to what I'm used to doing. 685 00:33:41,360 --> 00:33:44,330 It's like the the principles are all the same. 686 00:33:44,330 --> 00:33:45,860 There's some new aspects to learn. 687 00:33:46,370 --> 00:33:50,030 But right now, like my near-term goals are taking this one 688 00:33:50,030 --> 00:33:52,070 deal that I'm working on now and. 689 00:33:53,770 --> 00:33:57,670 Using that as a proof of concept to become a land developer 690 00:33:57,670 --> 00:34:03,940 and make the significantly more income and wealth building 691 00:34:03,940 --> 00:34:07,150 so that I'm in the position to basically give it all away. 692 00:34:08,410 --> 00:34:10,180 Glenn Harper: That's fantastic. Do you have? 693 00:34:10,510 --> 00:34:13,690 Is your family involved in the business with you or do you 694 00:34:13,690 --> 00:34:17,350 keep that separate and or do you have like extended family 695 00:34:17,350 --> 00:34:20,650 or is it buddies or is it everybody is strictly, you know, 696 00:34:20,650 --> 00:34:21,880 a separate type of deal? 697 00:34:22,750 --> 00:34:23,920 Paul Thompson: Good, good. Good question. 698 00:34:23,920 --> 00:34:27,100 So I like to do joint ventures and I like to have business 699 00:34:27,100 --> 00:34:29,350 partners because I think doing business with people you 700 00:34:29,350 --> 00:34:30,490 really enjoy is fun. 701 00:34:31,180 --> 00:34:34,570 My wife is somewhat involved in the business. 702 00:34:34,570 --> 00:34:39,300 She has little aspects of it, but she she is not the the 703 00:34:39,310 --> 00:34:41,980 grand big thinker she likes to like. 704 00:34:41,980 --> 00:34:43,930 We're doing this thing where we're working on mid-term 705 00:34:43,930 --> 00:34:46,390 rentals, where we're taking our existing rental portfolio 706 00:34:46,390 --> 00:34:48,580 and renting them out to traveling nurses. 707 00:34:48,610 --> 00:34:51,700 And so she's really enjoying working on those properties, 708 00:34:51,700 --> 00:34:54,490 getting them furnished and decorating them and having them 709 00:34:54,610 --> 00:34:57,520 a nice place for a traveling professional to come and stay 710 00:34:57,520 --> 00:35:00,550 at one of our properties for a three month to six month 711 00:35:02,590 --> 00:35:05,710 work cycle. That's something that she's interested in. 712 00:35:05,980 --> 00:35:09,430 But she does not want to be in like the details of the land 713 00:35:09,430 --> 00:35:11,110 deals and raising money. 714 00:35:11,260 --> 00:35:12,850 She has no part of us, no part of that. 715 00:35:13,630 --> 00:35:16,480 But I have business partners on these others other 716 00:35:16,480 --> 00:35:21,880 activities, and I really enjoy the kind of like the iOS 717 00:35:22,480 --> 00:35:27,130 system of looking at a business, creating the business in 718 00:35:27,130 --> 00:35:28,990 the meeting structure and the business structure and the 719 00:35:28,990 --> 00:35:33,640 entity structure so that we have a single clear focus goal. 720 00:35:33,640 --> 00:35:37,600 And working on that and doing that with a with a team and a 721 00:35:37,600 --> 00:35:39,910 team member that has equity in the business, it's something 722 00:35:39,910 --> 00:35:42,580 I really enjoy. So that's typically how I structure things. 723 00:35:42,880 --> 00:35:47,980 Glenn Harper: How long ago did you implement like that iOS and what the 724 00:35:47,980 --> 00:35:50,680 strategic partnerships was that something you did on the 725 00:35:50,680 --> 00:35:53,230 10th deal, the 20th deal, the 50th deal? 726 00:35:53,260 --> 00:35:56,110 What did you say? Oh my gosh, this is definitely way easier 727 00:35:56,110 --> 00:35:58,990 that my partners are bringing me value versus giving me 728 00:35:58,990 --> 00:36:00,490 money. When did that happen? 729 00:36:01,030 --> 00:36:05,080 Paul Thompson: So probably about three or four years into it, I started 730 00:36:05,080 --> 00:36:10,180 implementing the like a small company's version of iOS. 731 00:36:11,020 --> 00:36:13,840 That operating system where you have this, you know, the 732 00:36:13,840 --> 00:36:17,530 the daily huddles and you're like, you have a focused 733 00:36:17,530 --> 00:36:19,930 purpose for every meeting and meetings are actually fun to 734 00:36:19,930 --> 00:36:22,660 attend versus these like long, drawn out things that don't 735 00:36:22,660 --> 00:36:28,300 make sense. And then using a profit first like system for 736 00:36:28,300 --> 00:36:32,410 the accounting is was very helpful so that as an 737 00:36:32,410 --> 00:36:34,360 entrepreneur, I was I. 738 00:36:34,390 --> 00:36:38,740 I fight the the if I see cash in a bank account, I want to 739 00:36:38,740 --> 00:36:40,900 go, I want to go invest it, and I got to realize that 740 00:36:40,900 --> 00:36:42,820 that's a good portion of that money. 741 00:36:43,960 --> 00:36:48,220 A good portion, a good portion of that money is is not 742 00:36:48,700 --> 00:36:49,840 investable right now, right? 743 00:36:50,110 --> 00:36:54,430 So be careful because you get yourself in a cash cash 744 00:36:54,430 --> 00:36:57,340 crunch too quickly or very easily and then very quickly. 745 00:36:57,340 --> 00:36:59,470 You can find yourself in bankruptcy if you're not careful. 746 00:36:59,980 --> 00:37:04,360 Glenn Harper: Do you do you not just sometimes just sit back and wish you 747 00:37:04,360 --> 00:37:08,980 had have back in corporate America and have a meeting to 748 00:37:08,980 --> 00:37:11,080 determine if we're going to have a meeting and then have 749 00:37:11,080 --> 00:37:12,490 another meeting to determine what that meeting is going to 750 00:37:12,490 --> 00:37:14,500 be about? And we're going to another meeting and then you 751 00:37:14,550 --> 00:37:15,940 go to the meeting and never have the meeting. 752 00:37:15,940 --> 00:37:18,640 And then I mean, don't you miss those days a little bit? 753 00:37:20,090 --> 00:37:23,240 Paul Thompson: Hmm. I don't miss that aspect of the business at all, and 754 00:37:23,240 --> 00:37:25,790 that is I mean, anybody who's lived in the corporate world 755 00:37:25,850 --> 00:37:30,920 resonates with that. So, so clearly I do miss the 756 00:37:30,920 --> 00:37:34,700 camaraderie of the people in the larger teams. 757 00:37:34,880 --> 00:37:39,020 My teams are very small and we're super tactical and we 758 00:37:39,020 --> 00:37:42,170 live in a COVID world now and we don't. 759 00:37:42,170 --> 00:37:43,250 Everything's on Zoom, right? 760 00:37:43,250 --> 00:37:45,470 So which has its benefits. 761 00:37:45,470 --> 00:37:52,310 But I miss having those intimate like business structures 762 00:37:52,310 --> 00:37:55,730 where where you have this common goal, you're going to work 763 00:37:55,730 --> 00:37:58,430 on it. And so to help solve for that, I actually host 764 00:37:58,430 --> 00:38:01,250 events now. I did my first one last fall where I host 765 00:38:01,250 --> 00:38:03,920 events. People who are in my mastermind and people in my 766 00:38:03,920 --> 00:38:07,130 community can come and we actually work on our business 767 00:38:07,130 --> 00:38:09,870 strategies. We go through the iOS system, we go through our 768 00:38:09,890 --> 00:38:14,270 our nine day goals and we plan out our five year vision and 769 00:38:14,270 --> 00:38:15,650 kind of work our way back into it. 770 00:38:15,920 --> 00:38:17,180 I find that very rewarding. 771 00:38:17,180 --> 00:38:20,540 That's a part of the business environment that I liked was 772 00:38:20,540 --> 00:38:22,840 being that strategic thinker and putting together a plan. 773 00:38:22,850 --> 00:38:25,370 So I just helped build the people do that now in their 774 00:38:25,370 --> 00:38:28,130 businesses, and I get that that feeds that part of the 775 00:38:28,130 --> 00:38:30,530 business of the world that I that I miss from the corporate 776 00:38:30,710 --> 00:38:31,100 life 777 00:38:31,400 --> 00:38:34,540 Glenn Harper: Is that is that more of a a fee for service? 778 00:38:34,550 --> 00:38:36,170 Is that more you mentoring people? 779 00:38:36,890 --> 00:38:41,750 Paul Thompson: I guess I am serving as a mentor in that sense, but it's 780 00:38:41,750 --> 00:38:45,110 really just the mastermind people who are part of the 781 00:38:45,110 --> 00:38:48,860 mastermind. It's a monthly membership, but the event is 782 00:38:48,860 --> 00:38:51,500 open to anybody who wants to come, and there's a lot of 783 00:38:51,500 --> 00:38:52,610 people from the mastermind there. 784 00:38:52,610 --> 00:38:55,550 And so you see this very close group of people who are kind 785 00:38:55,550 --> 00:38:58,010 of going through business together in our individual ways. 786 00:38:58,010 --> 00:38:59,960 But we all know each other's businesses and we help each 787 00:38:59,960 --> 00:39:05,150 other. And so just going to the event is just the price of 788 00:39:05,150 --> 00:39:05,600 the event. 789 00:39:06,260 --> 00:39:12,890 Glenn Harper: You know, it's so hard to find like minded people and not 790 00:39:12,890 --> 00:39:15,950 have the paranoid schizophrenia that somebody is going to 791 00:39:15,950 --> 00:39:17,450 steal your idea, right? 792 00:39:17,660 --> 00:39:20,960 You know, you have a unique superpower that makes you who 793 00:39:20,990 --> 00:39:26,150 you are, and helping others is kind of a cool thing to do 794 00:39:26,150 --> 00:39:27,770 because you wouldn't have got where you got without 795 00:39:27,770 --> 00:39:28,940 somebody helping you. 796 00:39:28,970 --> 00:39:32,240 That ability to want to pay it forward and help out. 797 00:39:32,330 --> 00:39:35,180 And you know, we've found, you know, I found out in my 798 00:39:35,180 --> 00:39:37,880 world that, you know, it is actually kind of I know it 799 00:39:37,880 --> 00:39:40,760 doesn't sound fun, but talking to other CPA firms is is 800 00:39:40,760 --> 00:39:43,550 kind of fun because you just kind of see how other people 801 00:39:43,550 --> 00:39:45,590 are doing it. You're not going to take their clients, 802 00:39:45,590 --> 00:39:47,230 you're not going to steal their ideas, but you're 803 00:39:47,290 --> 00:39:49,340 everybody's kind of leaning on each other and helping them 804 00:39:49,340 --> 00:39:52,130 and and commiserating with the pros and the cons and the 805 00:39:52,130 --> 00:39:54,830 ups and the downs. And I think that's probably what you're 806 00:39:54,830 --> 00:39:55,980 trying to do as well. 807 00:39:56,000 --> 00:39:59,750 It's the the network in your community that you work with 808 00:39:59,960 --> 00:40:02,750 being able to share that knowledge and help somebody. 809 00:40:02,750 --> 00:40:04,730 You just you're not doing it because you want something in 810 00:40:04,730 --> 00:40:06,200 return. You just doing because it's fun. 811 00:40:06,200 --> 00:40:08,870 Is that? Is that something that you find very rewarding? 812 00:40:08,900 --> 00:40:11,750 I'm almost as much as doing in the next deal, right? 813 00:40:12,290 --> 00:40:15,320 Paul Thompson: Yes. To me, it feels like the next deal because I very much 814 00:40:15,320 --> 00:40:18,780 am a deal junkie and I like to chase like some sort of land 815 00:40:18,800 --> 00:40:20,420 deal or deep discount somewhere. 816 00:40:21,080 --> 00:40:27,290 But no, I I do the events because it it feeds something in 817 00:40:27,290 --> 00:40:28,610 me that I that I need to do. 818 00:40:28,610 --> 00:40:31,010 It's my mindset the way I contribute. 819 00:40:31,790 --> 00:40:36,890 And it also has a unintended consequence of. 820 00:40:37,930 --> 00:40:41,350 Creating something new that I would never have planned for. 821 00:40:41,380 --> 00:40:43,270 So sometimes it has nothing to do with me. 822 00:40:43,360 --> 00:40:46,720 I just see other people come to the event they meet and 823 00:40:46,720 --> 00:40:48,700 they become really good friends or they start a business 824 00:40:48,760 --> 00:40:51,610 deal together or they do some sort of transaction together, 825 00:40:51,610 --> 00:40:54,470 right? Sometimes I'm involved in that transaction. 826 00:40:54,490 --> 00:40:56,360 Sometimes I'm not. It just doesn't matter to me. 827 00:40:56,380 --> 00:41:00,430 But building that those relationships and those that kind 828 00:41:00,430 --> 00:41:05,140 of web of connections just creates really interesting 829 00:41:05,140 --> 00:41:08,190 things that you would can't you cannot truly predict. 830 00:41:08,200 --> 00:41:09,940 But I just like to create that environment to see what 831 00:41:09,940 --> 00:41:10,450 happens. 832 00:41:10,660 --> 00:41:13,240 Glenn Harper: I think that's that's one of my favorite words is the 833 00:41:13,240 --> 00:41:16,480 unintended consequence because we intend to do something. 834 00:41:16,480 --> 00:41:20,290 And when something else comes out, that's so much more good 835 00:41:20,290 --> 00:41:23,910 or for lack of a better term, it's it's the best because 836 00:41:23,920 --> 00:41:25,300 but that could never happen. 837 00:41:25,300 --> 00:41:27,640 If you're scared to say yes, if you're scared to do the 838 00:41:27,640 --> 00:41:29,110 deal, you're scared to meet somebody. 839 00:41:29,110 --> 00:41:30,970 You always say yes and figure it out later. 840 00:41:30,970 --> 00:41:33,550 And I think that's your mindset that you've had, and that's 841 00:41:33,550 --> 00:41:35,320 probably what's giving you the success. 842 00:41:35,560 --> 00:41:39,370 Do you can you do you have like a a plug or a website or 843 00:41:39,370 --> 00:41:41,650 something that we can put to our listeners that they, you 844 00:41:41,650 --> 00:41:43,900 know, may want to reach out and contact you for any of 845 00:41:43,900 --> 00:41:45,190 those things that you want to do? 846 00:41:45,580 --> 00:41:49,030 Paul Thompson: Sure. So the best way to find me is on my website at Paul 847 00:41:49,030 --> 00:41:52,570 David Thompson and all those names are spelled about the 848 00:41:52,570 --> 00:41:53,650 way you would expect. 849 00:41:53,770 --> 00:41:57,910 I have the pleasure or the curse of having a common name. 850 00:41:57,910 --> 00:41:59,440 So it's Paul David Thompson. 851 00:42:00,760 --> 00:42:03,280 Glenn Harper: Excellent. Well, I appreciate you taking some time with us 852 00:42:03,280 --> 00:42:07,420 today and wish you continued success and I know it that 853 00:42:07,420 --> 00:42:09,490 you'll be just fine. And the Landale. 854 00:42:09,490 --> 00:42:11,710 I'd love to check back in with you in a few months and see 855 00:42:11,710 --> 00:42:14,740 how that's going, because that just makes me grin when 856 00:42:14,740 --> 00:42:16,840 somebody takes a really, really big chance and gets out of 857 00:42:16,840 --> 00:42:20,480 their comfort zone because that gets the juices flowing. 858 00:42:20,500 --> 00:42:22,330 That's where the action is. That's the fun. 859 00:42:23,980 --> 00:42:26,440 Paul Thompson: Yeah. Also, I will do is I'll let you know if I if I drowned 860 00:42:26,440 --> 00:42:30,730 or if I kind of found my pace and kept my, I kept my head 861 00:42:30,730 --> 00:42:31,240 above water. 862 00:42:31,300 --> 00:42:32,410 Glenn Harper: Just put your aqualung on. 863 00:42:32,440 --> 00:42:33,820 You won't drown. You'll be fine. 864 00:42:34,490 --> 00:42:36,700 Well, there you go. Thanks again for coming and spend some 865 00:42:36,700 --> 00:42:38,200 time with us again. 866 00:42:38,200 --> 00:42:40,450 Paul Thompson. Thank you very much. 867 00:42:40,750 --> 00:42:42,700 This is Glen Harper signing off. 868 00:42:42,850 --> 00:42:43,930 Julie Smith: This is Julie Smith.