Good morning! I’m thrilled to share an inspiring journey with you today. Daniel here from Propelio TV, and I’ve got Corey Thompson from GBT Investments in the studio. If you’re familiar with Corey, you know we’re in for an exciting story.
Meet Corey Thompson
Corey Thompson, a name that resonates with grit and determination, joined us to share his extraordinary path from living in an RV park to owning over a hundred doors in real estate. Growing up in a mobile home with particle board flooring, Corey learned early on the challenges and opportunities within the mobile home niche.
Tackling the Real Estate Market
Corey got his start in real estate with almost zero knowledge about buying houses or how transactions work at title companies. His persistence and willingness to dive into the unknown played a crucial role in his success. Here’s a quick rundown of how he and his business partner, Jacob, began their journey:
- Networking: Their first meetup was a game-changer. It gave them the knowledge they needed to proceed with their first deal.
- Finding Deals: They used online garage sales and real estate groups to find undervalued properties.
- Taking Risks: Corey didn’t shy away from putting everything on the line, even borrowing money when he was down to his last dollar.
Building a Team
As their business grew, Corey and Jacob realized the importance of having a solid team. They brought in Tyler Albertson and Stuart Miller, who brought unique skills and experiences to the table. This team became the backbone of their real estate ventures, allowing them to expand from single-family homes to mobile home parks.
The Mobile Home Advantage
Corey emphasized the financial benefits of investing in mobile homes:
- Lower Cost: Acquiring and setting up mobile homes costs significantly less than traditional homes.
- High Cash Flow: These properties often provide a better cash-on-cash return.
By focusing on these low-cost, high-yield investments, Corey managed to create steady income streams and build substantial wealth.
Overcoming Challenges
Every real estate journey comes with its set of challenges. For Corey, managing vacancies and maintaining older mobile homes were significant hurdles. Yet, he always found ways to adapt and learn from each experience. Even during tough times, like when they were broke, Corey’s team stuck together, leveraging their collective skills and knowledge to turn things around.
Purpose-Driven Success
One crucial element Corey highlighted was purpose. For him, the drive to succeed was fueled not just by personal gain but by a sense of responsibility towards his friends and business partners. Helping them achieve financial freedom became a powerful motivator.
Key Takeaways
- Network Relentlessly: Building relationships is crucial in real estate. Every contact can lead to new opportunities.
- Take Calculated Risks: Don’t hesitate to invest your own money and take risks, but do so with a plan in mind.
- Build a Strong Team: Surround yourself with people who complement your skills and can help you grow.
- Stay Resilient: Every setback is a learning opportunity. Keep pushing forward regardless of the obstacles.
Final Thoughts
Corey Thompson’s story is a testament to the power of resilience, networking, and strategic risk-taking. From humble beginnings in an RV park to managing a vast portfolio of real estate properties, Corey’s journey is a powerful inspiration for aspiring real estate investors. His success underscores the importance of building strong relationships, taking calculated risks, and forming a cohesive team.
By focusing on low-cost, high-yield investments like mobile homes, Corey has created substantial wealth while maintaining a purpose-driven approach to success. His message is clear: with determination, adaptability, and a supportive team, anyone can overcome challenges and achieve financial freedom in the real estate market.
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