This is a continuation of “The Great Escape” audio podcast reality show with Eric Thiele. Eric has been given assignments each week to help him get his wholesaling business started. In this episode, Eric catches us up on the challenges he has faced and the successes he has achieved over the last few months.
Sean: So, let’s wrap this up. Let’s bring it back to people listening right now. They have the same issues. They’re working a job. Around their job they only have 60 hours a week, they only have a certain amount of time. What could they leave with that you could given them advice about? What advice would you give them to kind of break out of that procrastination to move forward into action?
Eric: Well, to get past procrastination, the motivation for me was looking at the fact that what I do for a living prior to discounting real estate, it’s not scalable. The only way I make money is an hour of my life working for somebody else. It’s just not scalable. It’s not like I’m going to get more hours to make more money. It’s fixed.
At the end of the day I’m pretty beat; it’s all consuming. It’s exhausting to deal with people who have nothing but problems all day long. And, you know, multimillion dollar issues that, well it gets your attention when you’re trying to solve a problem to avoid a $20 million dollar fine for example. You know?
Eric: Whereas with real estate, I mean yes. You never get away from dealing with problems. It doesn’t matter what you do. There are problems in everything. But at least with real estate, it’s like problems acquiring the property, problems selling it, but pretty much once you have that property under contract, or you own it, or you’re renting it, it kind of takes care of itself. Once every few months there’s an issue; a new toilet, the window, whatever, and you hire somebody and they go deal with it.
And it’s scalable. You can do 10, 100, 1000 of these at the same time. My goal is, hopefully in five years, I’ll be a multimillionaire and I don’t need to worry about any of this anymore. I’ll have cash flow that I’ll just laugh at all the money. That’s where I’m heading to. And I can be generous and help other people.
Sean: Yeah, and that’s the mission of the Flip2Freedom Academy. The whole podcast is going through the four phases of freedom, which is getting your first check, getting one years worth of cash in the bank, getting out of your job, and then being able to scale it to where you have cash stick. Then the last phase which is building your cash flow portfolio, using seller financing strategies to where you don’t have to use all your capital or cash, but to be able to leverage it without any risk to credit, with minimal risk to cash, and be able to generate cash flow whether you wake out of bed.
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