The differentiator between good investors and great investors is the ability to spot opportunity in places others may not be looking. This applies in traditional real estate and in the PropTech space.
There are no easy answers, but if you’re willing to work hard and think outside the box, you can reach extraordinary levels of success.
In this episode, Paul Wakim joins us to talk about how he entered into real estate investing and ultimately co-founded TwnSqr, a PropTech company. He discusses his entrepreneurial journey from starting a successful real estate photography company to developing a tech start-up that is disrupting the $226bn real estate sales and brokerage industry.
Here are some power takeaways from today’s conversation:
[06:30] Why People Sell
Real estate would not exist if people did not want to sell their homes. So Paul learned how to code and built an algorithm to interpret the reasons people want to sell and how to find motivated sellers.
[09:15] Defining “Wholetailing”
Retail real estate is the traditional act of buying and selling real estate. Wholesale real estate is selling the contract to purchase before you purchase it. Wholetailing involves finding motivated sellers, purchasing the property, and then selling it to a buyer for a profit immediately after purchasing it.
[17:05] Exploring the Benefits of TwnSqr
TwnSqr is a marketplace for real estate investors and sellers to buy and sell properties themselves. They also have tools to support investors.
One of the defining tools of TwnSqr is that real estate investors can bring a property to the platform as well as their buyers list. Users are also able to share assets with each other. That allows investors to make connections and collaborate. TwnSqr is aiming to own the off-market inventory space in PropTech.
[26:09] What Drives Paul
He simply wants to have freedom of choice - to do exactly what he wants to do whenever he wants to do it. And the only way to get there and achieve that pure freedom is through hard work. He is now working remotely and can travel freely.
[8:01] “There is no such thing as real estate if somebody doesn’t want to sell their house.”
[21:23] “The guys that transact in high volume that keep their buyers continuously happy, they’re the ones that are getting the most value from the platform.”
[27:29] “I want to be able to do exactly what I want to do whenever I want to do it. And the only thing that I’ve known to get me there is just brutally hard, hard work.”
Paul Wakim: LinkedIn
Connect with Paul on LinkedIn.