Episode 56: Thomas O'Brien - - Former Philly Area Cop Replaces His Income in Less Than One Year

Being a first responder implies a certain level of risk. In fact, this has been the main reason why our guest for today left his job as a police officer due to the dangers he faces almost every day. A day comes when he realizes he has to change gears for his family. 
This show reminds everyone that you need alternative means of income to cover your retirement and that includes both your own and your family's. In order to prepare for the future, it is always best to have a sense of financial security. Listen to today’s episode as our guest and hosts tackle important issues about planning the future. We will discuss wraparound mortgages and the importance of investment knowledge.

Why you have to listen to today’s episode:

• Learn what to do if a contractor does not work for you. What is the best strategy you can follow and do?
• Understand the basic concept of wraparound mortgages. And;
• Know how to locate and manage seller financing deals.

“The freedom that's involved I love that already. You know, just from having my needs met, I'd like to get my wife there too. It's it's ginormous. It really is.” 

- Thomas O'Brien

Topic Covered: 

1:32 - “I clocked in about a little over 15 years with Philly PD. The last I'd say seven as a sergeant. And I got swapped around a few different districts. And long story short, a couple of years back, I guess is probably going on about three years ago, now. We had the riots in Philly, and I got bottles of pistols on me. And I came home and I told my wife, I was like, there's gotta be, there's gotta be a better way to live than this. So that's kind of why I started looking into real estate.”

What made Tom leave the police force and how he became a real estate investor 

14:32 -  “I would suggest that people are doing virtually. there are things that you can do to somewhat protect yourself, right? Go to the state Contractor's License Board. See if there are any types of complaints against them. Use Yelp to see if they're bonded. Ask for a current project they're on a walk, ask if you can go talk to the current homeowner there's a bunch of stuff you can do.” 

Here are some techniques Tyler shares on how to deal with contractors who don't work out.

16:01 - “Depending on the terms that you get from the seller, it could be attractive to turn around and sell the property on a wrap. Means that you're wrapping there, the existing terms that you're getting at a higher interest rate for a greater purchase price.”

Here is an explanation of what a wraparound mortgage is, how it works, and what benefits it could offer.