Start and Stay Started!
Most people who work with me know that I work fast. I tell them to “start and stay started, but just start”! My guest Eric Promm, an investor who lives in Germany, believes the same about the importance of taking action and then keep taking action. He and I share a lot of commonalities though we are geographically far apart. That doesn’t stop us from working together. He wants to invest more in U.S. properties. AWESOME! I would be happy to oblige. In fact, it’s my pleasure.
Eric invests in properties in Germany, but prefers to invest outside his homeland for smart reasons. Germany’s rules governing tenants are different from those in the U.S. where we as investors have certain protections in place if someone doesn’t pay his rent. Not so in Germany. As an investor you will find Eric’s interview on our Cash Flow Diary™ podcast in iTunes eye opening. He’s an interesting fella, and really down to earth. You will like him and maybe even want to work with him!
Eric’s background is similar to mine, though he jumped into the real estate investing pool just three years ago. That hasn’t stopped him from helping more than 120 clients invest their money into real estate. Eric controls several properties of his own, too. He deals in single- and multi-family dwellings and, well, you’ll just have to listen to the interview to learn everything he does! Let’s just say he brings a lot of diversity to the table.
I really enjoyed chatting with Eric about topics that are near and dear to both our hearts: raising private capital, wholesaling and weaving real estate into one’s legacy planning. We agreed on everything! First and foremost, no matter where you are in the world, one thing’s for sure. You will need a place to live, work, lay and play. Guess what that’s called? You got it. REAL ESTATE! And in each area, you can create cash flow so you no longer have to work a 9-to-5 job. For Eric that meant being able to quit his job as a bank teller, though he says he passes it frequently on the way to something more interesting. He says he is much happier now that he doesn’t have to punch a clock. He gets to travel to visit properties in Europe, the U.K. and now the U.S.
Another thing Eric and I discussed is that real estate is a common language. I don’t have to speak German and he doesn’t have to speak English to get transactions done between us. However, he happens to speak English, so whew! That’s good news for me. I don’t have to learn German. I should learn other languages, because that can only be a bonus when dealing with people in other countries. It’s not necessary, however, because there are translators. (There are people for that!)
I sincerely hope you’ll give this special episode a listen, because you will hear of Eric’s exact path to success as a real estate investor, the mistakes he made and how he works with others and creates teams across borders to help him facilitate deals. This is a highly educational episode of Cash Flow Diary™ podcast. I feel extremely fortunate to know and now be working with foreign investor Eric Promm.
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CFD 594 – Short Term Rental Math and Your Magic Number
CFD 593 – The Key Short Term Rental Systems That Allow You To Scale Your Business To Six Figures
CFD 592 – Cashflow Diary Roadmap Q&A
CFD 591 – Getting Landlords To Say Yes
CFD 590 – The Secret To Raising Capital From Investors
CFD 589 – Why Short Term Rentals?
CFD 588 – The 10 Things I Wish I Knew Before I Got Started In Real Estate