193: How To Flip A House (with Pro Race Car Driver)

What this episode covers

This is for anyone who LOVES their job, but wants to earn more, like pro race car driver Paul Jourdain who gets paid to race cars, and he loves it! He reached out to me on Instagram to ask some real estate questions... because he knows real estate investing is a profession that has made the most millionairs. Paul gives us a background on being one of the few to make money as a race car driver, and then asks our CEO David Lecko how to flip a house. David has bought 7 properties in 2024 alone and made as much as $125k on a single deal. His portfolio of rentals brings in $33k top line and $12k net per month. Key Talking Points of the Episode 00:00 Introduction 04:50 How did Paul start his racing career? 07:02 What is semi-truck racing? 10:35 How does Paul manage racing in different events? 12:02 How does sponsoring a race team help with marketing? 14:07 What is the difference between racing and real estate investing? 16:31 How does sponsorship work in the racing world? 18:31 What got Paul more interested in real estate investing? 20:03 What different strategies can you use as a real estate investor? 22:03 Why is buying and holding real estate a great way to build wealth? 23:45 How do foreclosure auctions work? 25:00 Why are foreclosure properties not very ideal for newer investors? 26:56 What is the best way to ensure cash flow with rental properties? 29:01 How does location play into the cash flow possibility of a rental property? 30:00 How do we decide which strategy to use for a property? 32:10 What is Paul planning to do to move forward in real estate? Links Instagram: David Lecko https://www.instagram.com/dlecko Instagram: Ryan Haywood https://www.instagram.com/heritage_home_investments Website: Deal Machine https://www.dealmachine.com/pod Website: Heritage Home Investments https://www.heritagehomeinvestments.com/