Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.
I’m your host coach Myrna Young, as we start 2019 I wanted to spend some time on how to build wealth through the vehicle of, investment property,. As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property,.
So this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth in 2019.
Wealth is the vehicle that you need for any successful venture in your life, whether it’s to give your kids a better life, whether it’s to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with. So building wealth through, real estate investments, investment property, is what we’re going to be focusing on for the next three remaining episodes in our four part series.
So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too! Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio, so you’re not missing any episodes.
In today’s episode I have a re-purposed an interview with Mike Wolfe from back in 2017. I thought it would be a great resource for this series. Mike made his wealth from offering turnkey,
Investment property, services to in the Atlanta area. His system allows his investors to sit back
and collect, passive income, while living a, freedom lifestyle,
Mike Wolfe has been a real estate investor for over 28 years. Over the years he’s gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder. He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he’s created through his, investment properties,. Mike’s company sells, turn-key real estate, and, investment property, in and around Atlanta to investors around the globe. He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property,.
How did you Start your, investment property, business?
I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction. It’s not what most people have when they go to Vegas. It’s was not gambling or drinking. It was actually this addiction to go look at real estate. I noticed that back in those days the prices of, investment property, kept going up and up.
I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn’t be in two places at the same time. I couldn’t go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas. So I reluctantly hired a property manager.
Three phases of, investment property, business cycle.
At first you know what would I find most entrepreneur’s do is we go through three phases if we survive long enough.
- The first phase is where we do everything ourselves, usually because we don’t think anybody else can do what we do as well, and we don’t have the funds to hire help. It’s kind of like for an entrepreneur our business is like a birthing a baby and you don’t trust just anybody with your baby.
- The second page where I had no choice but to get somebody to help me, so I reluctantly hired a property manager; but phase two is what I call the micro manager phase. I needed to about know every little thing that was going on. So I basically told my property manager to keep me in the loop with every repair, every issue with the tenants. I remember there was one week where my property manager called me twice with the same issue, it was about a broken fridge. Two of my properties had a fridge that wasn’t working and in either case I tell the property manager. I don’t think the tenants need a new fridge, just fix it. I realized I gave the exact same answer. Let’s see what it cost to fix it and if it’s over a certain amount then we’ll replace it. I started thinking if I gave him the same answer both times maybe I can systematize this and instead of him having to call me, I can give him the freedom to follow our systems and procedures manual, which is to find out what is the cost to fix and if it’s more than X number dollars let’s just replace it.
- Phase three was where I hired a team and put the right persons on our team. You trust them and they do a good job for you. I started to realize that I could build a whole team like that, where I put the right people in the right position, give them a certain system so that they were following my procedures then it made me feel comfortable to let them do their thing. I would get my time back and so that was kind of the start of the transition to my, freedom lifestyle,. That now has led to a typical work day for me these days is literally. I wake up, I answer some emails and make a few phone calls when Myrna asked me to do a radio interview I do that and then I’m done for the day!
How to become efficient in, investment property, business:
After 28 years in the, investment property, business I still go to seminars. I still open to seeing how other people run their businesses and how they make their money. I’m always looking to be more efficient. I also do a lot of personal development of work on myself. Back in the early days I thought I was too good for all that; but the most successful people I know are all lifelong learners, or at least they’re always trying to strive to be better and get to that next level.
I’m making it sound like it was a very short transition like I just did some deals and I became rich and start traveling the world. There were a lot of ups and downs along the way.
Let’s say that you know someone is listening to this podcast right now and they want to quit their job and go into real estate full-time, because obviously they can make much more money in, investment property, real estate then they can working for a pay check.
How would someone start an, investment property, Business?
If I could go back 28 years and talk to myself, the first thing I would ask myself is, Do I want to have my money work for me, or do I want to work for money?
Take advantage of the benefits of, investing in real estate, to create, passive income,
Investment property, is something you buy once and it generates income forever until you sell it.
You’ve got to be ready for that kind of commitment. You’ve got to treat, investment property, as a career. You don’t dabble in it. If you dabble in it and try and mix it part-time and with your job, I don’t see very many people being successful.
That’s the number one thing. Figure out what type of investors you want to be. You want to be creating, passive income, or you want to get out of your job and make this your career?
Make sure you have a passion for, investment property, don’t get into it just because you see those shows on TV that make it look really easy, flipping this property and that property. These shows make it looks like you can just every day wake up find a property, flip it, make a couple hundred grand and call it a day. It doesn’t work like that.
So number one thing is to figure out what kind of investor you want to be. Then the second thing that I would do is figure out what resources you have. Whichever side of that equation you’re on. Whether you’re the passive investor side or whether you’re an active investor. Figure out what your resources are. How much cash you have available? How much time do you have? How much education do you have?
When I first started I got really lucky on that first deal, otherwise there would have never been a second deal. Then I had some humbling experiences that made me go get educated. I got a mentor, somebody to help me. So I didn’t go winging it.
Joint ventures in, investment Property,
If you were to go do a joint venture with somebody. You have to decide what are you bringing to the table. Are you bringing money? Are you bringing the ability to qualify for the mortgage? Are you bringing education? Or are you’re bringing access to good deals? Figure out what you’re adding and then figure out what you’re lacking and then go find joint venture partners. Find other people that have the pieces that you’re lacking. So if you have a lot of spare time and no money, there’s a lot of people out there with money who can’t create more hours.
I want to be enjoying time with my grandson and my daughter doing a lot of volunteer work and humanitarian things. I don’t want to be door knocking, looking for good deals anymore. So if I find somebody who’s got some time, I have got the money.
If you start off on that track asking yourself those two questions, then you’re going to have a pretty realistic chance of succeeding and going forward in your, investment property, business. A lot of people have really big dreams because they go to some seminar where they make it sound really easy, because they’re trying to sell you some high-end expensive, investment property, coaching program. They fill your mind with all these things you can achieve and probably only about two percent of people who go to those seminars ever end up not even earning their money back that they spent on the seminars!
People come to me after they’ve invested a lot of money in their education and their education is pretty much worthless. So make sure you do your homework and you know what the reputation is of these quote-unquote gurus that are selling stuff. They are professional marketers.
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Biggest Myths in, real estate investment, investment property,
I think I think a lot of myths are perpetuated by the media. We see all these shows about flipping this and flipping that. I feel the biggest myth is that you know, real estate investment, and, investment property, can create, passive income, but it can also become something that takes up a lot of your time. You might be trading your eight-hour day job for a 20 hour a day job. It can be fun it’s exciting because you’re out there and you’re meeting new people but sometimes when you spend so many hours working on your business, you kind of forget about things such as your health, such as your family and other things start to fall apart.
A lot of people get into, real estate investments, investment property, because they think it’s going to change their lifestyle to a, freedom lifestyle, and they actually end up with actually sometimes with a worse lifestyle with no freedom, because, investment property, is something you take home with you every day. You can’t just say oh I’m going to work from 9:00 to 5:00 today on my, real estate investment, business. Because guess what at six o’clock when you’re having dinner with your family, a tenant will call about a leak in the bathroom! And you have to take care of it.
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