How Greg Cullen Raised His Income From 42k a Year to 350k a Year

How Greg Cullen Raised His Income from 42k a year to 350k a Year

Are you tired of your regular 9-5 job with a capped income? Are you ready to take the leap into real estate investing? In this podcast interview, real estate investor Greg Cullen shares his experiences in the industry and how he achieved financial independence through real estate investing.

Cullen emphasizes the importance of focusing on the 20% of efforts that bring in 80% of income. He honed his craft in the sales game from the age of 22 to his current age of 30. He chose to go into sales which, although stressful, has the potential for higher income. He talks about the rare combination of being analytical and a lover of sales, which gives a competitive edge in sales. He also emphasizes the importance of being able to speak the language of ROI and connect with people on a deeper business level.

Cullen shares his experience with a partnership deal for a duplex. He found an under-market property that he was able to purchase and change the rent from $1,000 to $2,000 due to market rent, which the tenants agreed to. However, he later discovered peculiar situations with the tenant, such as the husband firing a gun in the backyard of the residential property. This led to a strained relationship with the tenants and eventually an eviction process.

Despite the stress and difficulties of the eviction process, Cullen was able to successfully evict the tenants within a short period of 16 days, which he notes is possible due to landlord laws being in favor of the landlord in Florida. He also mentions that he does not hire property managers and does everything himself, including being present for the eviction process and meeting with the sheriff. Overall, this experience taught Cullen the importance of thoroughly vetting partners and understanding potential issues that could arise in real estate investments.

Cullen also shares his secret to making serious commissions on off-market deals: the hybrid wholesale model. This is a strategy that combines the traditional wholesaling model with direct-to-seller marketing. The traditional wholesaling model involves finding a property at a discount and then selling the contract to another investor who will renovate the property and sell it for a profit. Direct-to-seller marketing involves finding motivated sellers who are willing to sell their property quickly and at a discount. By combining these two strategies, investors can find even more off-market deals and make even higher commissions.

Cullen advises that even if you have a contract in place, you need to be on the same page as your partner, and any issues they face will likely affect your investment too. He also mentions that there are many challenges in real estate investing, such as dealing with evictions, bad partners, and renovations that go over budget. However, he views these challenges as opportunities to learn and grow as an investor.

In conclusion, if you are considering real estate investing, it is important to thoroughly vet partners, understands potential issues that could arise, and focus on the 20% of efforts that bring in 80% of income. The hybrid wholesale model is a great strategy to make serious commissions on off-market deals. Don't be afraid of the challenges that may arise – view them as opportunities to learn and grow as an investor. With dedication and perseverance, you can achieve financial independence through real estate investing.

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