219: From Y2K to Giving Your Way out of Debt w/ Paul Moore of Wellings Capital

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Background on Paul Moore of Wellings Capital:

Paul Moore is the Founder and Managing Partner of Wellings Capital. After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They scaled and sold the company to a publicly traded firm five years later. After a brief “retirement” in his early 30s, Paul began investing in real estate in 2000 to protect and grow his own wealth.

He completed over 85 real estate investments and exits, appeared on HGTV’s House Hunters, rehabbed and managed dozens of rental properties, and developed a subdivision. After completing three successful real estate developments, including assisting with the development of a Hyatt hotel and a very successful multifamily project, Paul narrowed his focus on commercial real estate in 2011. Paul is married with four children and lives in Central Virginia.

Paul was a finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997). Contributor to BiggerPockets and Fox Business. Paul is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016) and has a forthcoming book on self-storage investing. Paul also co-hosted a wealth-building podcast called How to Lose Money and he’s been a featured guest on 200+ podcasts.

Time-Stamped Show Notes:

  • [1:56] Paul Moore, 57 years old from Virginia, is the founding director of Wellings Capital, a commercial real estate investment fund.
  • [4:07] Providing a great investment experience is one of the ways that Wellings Capital gets paid.
  • [5:17] In 2010, during the oil boom, Paul and his business partner were in North Dakota. Having no place to stay gave them the idea to go into the real estate business.
  • [6:44] After graduating from High School, Paul decided to take Petroleum Engineer. He later found out that engineering is not for him because his passion lies in marketing, communication, copywriting, and sales.
  • [9:57] Paul worked in Ford Motors but he felt that he didn’t really fit in the corporate setting. He started looking into how he can become an entrepreneur.
  • [14:08] It wasn’t hard for Paul to quit his job in Ford because his team had a bad reputation within the company.
  • [20:52] Paul left his job because he firmly believes that being an entrepreneur is what he is supposed to do.
  • [23:37] The first business that Paul started was an HR company or staffing firm called Professional Employer Organization (PEO).
  • [25:44] Paul’s staffing firm was sold for an outrageous amount of money.
  • [29:30] After selling the company, moving to Virginia, and being semi-retired, Paul found out that he was miserable and he didn’t enjoy this new relaxing lifestyle.
  • [33:32] During his time in the mountains, Paul had some misunderstandings with his neighbors.
  • [40:06] In 2007, Paul had a debt costing up to $2.5 million and the greatest financial crisis in modern history was already looming.
  • [44:43]One of Paul’s heroes was George Muller, who became a saint in England and cared for thousands of orphans in the 1800s. This is where he got his idea of giving his way out of debt, which means giving money aggressively to charities, churches, and nonprofits.
  • [49:30] This one crazy and unique idea was able to get Paul out of debt.
  • [55:04] Paul talks about the Family Exemption and how he was able to find a loophole in the law.
  • [1:02:32] Back in 2004, Paul got a phone call from the senior vice president of Freddie Mac. He earned $16 thousand in commission for a 15-hour work.
  • [1:08:35] According to Paul, investing should be boring.
  • [1:12:02] Another lesson that Paul learned is hiring expensive coaches and mentors. He also recommends partnering with people who are smarter than you.
  • [1:16:25] In 2008, a local bank gave Paul a loan of $1.2 million to buy land with a value of only $800 thousand.
  • [1:23:20] His son has a huge talent in figuring out the value of mountain land and buying it for a fair price.

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Fabulous 4 Questions:

  1. 📖📚 Favorite Books? Shattered Dreams by Larry Crabb, The One Thing by Gary Keller & Jay Papasan
  2. 🙌😎 Favorite Amazon.com purchase? Bose Headphones
  3. 🌱💸 Favorite Tool that's GROWN your Business? Hubspot
  4. 💭💡 BIGGEST Challenge keeping your Business from GROWING? Dealing with the stair step nature of growing a small fast business

Key Point from the Interview:

  • “The best way to building long term wealth, in my opinion, is being a giver first and actually investing, which is boring, and not speculating. It’s fine to speculate, as long as you know you’re doing that and you’re doing that with a small part of your income, or small part assets I should say. But true wealth is having assets that produce cash flow. And true wealth is not in gold or silver or bitcoin, those things can be part of the portfolio, but the true wealth is having assets that produce cash flow while you sleep because Warren Buffet said if you don’t learn to make money while you sleep, you’ll have to work until you die”

 

Resources Mentioned:

 

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