From $250k/year to Financial Independence thru Real Estate with Sam Primm

Sam Primm, the co-owner of Faster Freedom, shares his story of achieving financial independence through real estate investing. Sam emphasizes the importance of being true to oneself instead of trying to emulate others, treating real estate investing like a business, partnering with trustworthy individuals, and hiring the right team. Throughout this conversation, Sam discusses the difference between those who apply their education and take action versus those who do not. He highlights the importance of taking action and being okay with failure to succeed. There is no one-size-fits-all approach; listeners are advised to get involved in their local community to gain knowledge and experience. The first step's challenges include fear and lack of knowledge; however, taking small steps toward goals is encouraged. 

 

Join us as we learn from Sam Primm's story of achieving financial independence through real estate investment.

 

[00:01 - 05:36] Opening Segment

• Sam Primm shares his story of achieving financial independence through real estate investing using goal setting, hard work, and determination
• Scaling in real estate requires treating it like a business, having a trusted partner, hiring the right team, and being open to education and coaching
• Seminar junkies who don't take action won't succeed in real estate investing

 

[05:37 - 11:33] The Importance of Taking Action and Embracing Failure to Achieve Success

• Learning by doing is vital, not just listening and watching
• Being okay with failure is crucial to success
• Starting small and scaling up with systems and employees helped grow Sam's business

 

[11:34 - 18:20] Achieving Financial Freedom in Two Years

• Quitting a job making $50k was more manageable than quitting a job making $250k
• Financial freedom is not just about sitting on the beach; it's about drive, growth, impact, competitiveness, and overcoming challenges
• Creating generational impact through growing rental portfolios and a team of 38 people

 

[18:21 - 26:28] Setting Audacious Goals

• Developing into generational impact and billion-dollar real estate
• Bringing an NBA team to St. Louis
• The importance of understanding oneself and personal risk tolerance in real estate investing
• Everyone has a different path to financial freedom
• Getting involved in local communities for successful investing

 

[26:29 - 33:33] Closing Segment

• Best investment: 42 packs of houses bought for $83k per door, appraised at $5.8m
• Worst investment: self-storage facility with indoor boat and RV storage that blew over multiple times
• Most important lesson: properly leveraging debt is crucial for creating wealth in real estate investing

Quotes:

 

"You can't walk the same path. Trying to be somebody else will never work. As soon as you're who you are, then you're going to be successful in anything." - Sam Primm

 

"You're going to learn a vast majority by actually doing it. So going on and taking action is key." - Sam Primm

 

"It's about the drive. It's about the grind, it's about the growth, it's about the challenge, it's about the competitiveness. It's about overcoming." - Sam Primm

Connect with Sam!

Website: www.FasterFreedom.com 

Podcast: The FasterFreedom Show

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

 

Track your rental property's finances with Stessa, go to www.escapingwallstreet.com.

 

Join our Passive Investor Club to access passive commercial real estate investment opportunities.

 

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