How To Pick The Best People To Invest In Real Estate With - Paul Moore

I'm thrilled to share with you some exciting insights from my recent podcast episode with Paul Moore, a seasoned entrepreneur and commercial real estate investor from Wellings Capital. We had an enlightening conversation about his journey, the lessons he's learned, and his unique approach to investing.

1. The Journey from Entrepreneur to Investor: Paul shared his transition from running a staffing firm to becoming a full-time investor. He candidly spoke about his initial misconception of being an investor when he was actually a speculator. His podcast, "How to Lose Money," is a treasure trove of lessons learned from failures and losses.
2. Selling a Business: Paul opened up about the emotional rollercoaster of selling a business. He reminded us that while it may feel like a success, it's essential to remember that money doesn't buy happiness.
3. The Shift to Commercial Real Estate Investing: Paul's journey led him from single-family residential properties to multifamily projects. His book, "The Perfect Investment," is a testament to his experiences and the risks involved in overpaying for properties.
4. The Importance of Focus in Investing: We discussed the significance of investing with people who specialize in a specific area. It's easy to get distracted by shiny objects, but true success lies in developing expertise in one area.
5. Vetting Sponsors: Paul shared his 28-point due diligence checklist for vetting sponsors. It's not just about the numbers; the character and personality of the sponsors are equally important.
6. Considering Downside Risk: We emphasized the need to assess potential losses and analyze debt structure and potential risks. It's crucial to consider unexpected events that can impact investments.
7. Boring Investing: Paul introduced the concept of boring investing, focusing on stability and predictable cash flow. He's even co-writing a book, "Warren Buffett's Rules for Real Estate Investors," exploring this concept further.
8. Advice for New Investors: Paul suggested diversifying risk and shared seven unique paths to getting into commercial real estate. He also emphasized the importance of partnering with experts instead of trying to become one.
9. Staying Focused and Motivated: Paul shared his routine of taking a day off and dedicating an hour every morning to activities like thinking, journaling, meditating, praying, and reading sacred scriptures.

If you're intrigued by these snippets, I invite you to listen to the full podcast episode. You can also reach out to Paul directly through the Wellings Capital website.