BIO: Sam founded FasterFreedom to teach people like him to quit their jobs, become successful real estate investors, and achieve that same freedom and financial independence.
STORY: Sam and his partner invested in a self-storage. They fixed the property a bit and built a couple more facilities. They didn’t know this space, and the investment has cost them about $500,000 of potential loss and probably more than they could have gained in revenue.
LEARNING: Be intentional about what you invest in. Stick to what you know. Think through every expansion.
“Be intentional about what you invest in. You can’t be good at everything.”
Sam Primm
Guest profile
Sam Primm was born and raised in St. Louis, MO., to a father who was an engineer and a mom who was a teacher. He followed the path you’re told to do and ended up working a corporate job in the area and making a decent enough living. But there were a couple of problems.
Sam was working a stressful 50-hour-a-week job for someone he didn’t like, and most of all, Sam wished he had more time and freedom for himself and his family. They deserved better. His wife deserved him to be around more, and he wanted more time to be around his daughters as they grew up.
Eventually, Sam got into Real Estate, and after trying and failing—several times—he got some wins and started to learn what worked with consistency. This led him to own $45 million in assets, have 150+ single-family rentals, flip over 1,000 properties, and run his own property management company. Sam did it all in under nine years without using his money. But the best part is that it’s given Sam the time and freedom he has always wanted for himself and his family.
Sam founded FasterFreedom to teach people like him to quit their jobs, become successful real estate investors, and achieve that same freedom and financial independence. Sam prides himself in practicing what he preaches, meaning all his lessons and tips are constantly updated and based on the real investing he’s doing right now- so you only learn what works and not through theory or outdated practices!
Worst investment ever
When the idea to add a self-storage facility to their assets was first brought to them, Sam and his partner said no. Then COVID hit, and they said yes. They didn’t know much about storage facilities, but the numbers looked ok, so they took it. They fixed the property and built more facilities because they had open land.
They didn’t know this space, so they didn’t raise enough funds or manage properly because their mind was focused elsewhere. The property is now not generating income nor growing in value like it should. This investment has cost the partners about $500,000 of potential loss and even more in missed revenue.
Lessons learned
- Be intentional about what you invest in.
- Don’t try to be good at everything; you can’t.
- Stick to what you know.
- Have proof of concept in what you want to invest in.
Andrew’s takeaways
- Take good care of your cash flow.
- Focus on minimal investment and maximum cash flow.
- Think through every expansion.
- Don’t think your evidence of the existing success relates to your new idea, even if it seems like it’s the same thing. That’s not proof.
Actionable advice
Don’t just buy something because it’s cheap. Focus on what you’re good at and what’s proven.
Sam’s recommendations
Sam recommends taking advantage of the many available resources, such as his podcast, Professor Freedom. These resources will give you base-level knowledge to create a base-level confidence that allows you to take action.
No.1 goal for the next 12 months
Sam’s number one goal for the next 12 months is to scale his education business to its greatest potential.
Parting words
“You’re not going to be successful without failing. Failure is literally a stepping stone on the path to success. So, figure out how to fail. Just don’t make the same mistake again. Learn from it. So if you avoid failure, you avoid success.”
Sam Primm
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