On this segment of HyperFast Wealth, host Dan Lesniak speaks with Mike Wolf, a former realtor, now real estate investor from Canada. Mike has built a diverse portfolio in real estate that allows him to live on passive income, while teaching others to do the same!
Episode Highlights:
- Mike is from Canada, invests in the United States, and is currently “wintering” in Mexico.
- Like most high schoolers, Mike had no idea what he wanted to do with his life, going into college to gather a massive amount of debt.
- After buying his second property, the market took off and Mike quit his job to become a real estate investor and agent.
- Mike recommends that all real estate agents learn basic investing skills to be able to help more people.
- Completely dropping his real estate license helped Mike speed up his investment game.
- Dan and Mike compare the time investments between becoming an agent and an investor.
- Mike’s other real estate business in Atlanta is completely automated, but it took time to get there.
- Not all people want the same things for their houses and that’s where being an investor comes into play.
- Present multiple options so that you can always do what is in the best interest of your client.
- COVID is going to put a time limit on homeowners that find themselves in financial troubles.
- Mike is able to live off the passive income from his turnkey business and rental properties that he has gathered over the last 20 years.
- During COVID, Mike has focused on his online-training services to teach others how to get started in real estate.
- Just because someone can benefit from providing a solution to someone in trouble doesn’t mean they are evil.
- Back in 2007, Mike created a business that helped people who were facing foreclosure by lending them money in a time of need.
- By helping people who lost their jobs, Mike was able to help people in their networks who also lost their jobs.
- People that are using all this extra time presented by COVID to learn and grow are going to come out the other side way ahead.
- Let go of the responsibilities that you don’t want so that you are maximizing your time.
- Mike used a line of credit as his downpayment for his first house, letting the amount season in his bank account for 90 days.
- Mike teaches his students how to buy properties with or without their own resources by building their networks.
- Assisting people financially helps them in so many other areas of their life that you don’t know about.
- People need to learn how to find great deals and turn them into a paycheck, then it will be easy to find partners.
- Money is not going to disappear as we go deeper into the pandemic, but it will be transferring hands.
- Even without COVID and the instability of the government, there will always be opportunity in the future.
- The most important thing in real estate investing is to get started; don’t let money stop you.
- Mike’s ego presented many challenges early on in his career, but now he focuses on personal development to continue growing.
- Email Mike about his event and say you heard him on this show to get the discount.
3 Key Points:
- It would behoove real estate agents to gain investing skills because it allows them to help more people, open more doors, and attract other investors.
- Mike has diversified his portfolio with multiple revenue streams including rental properties, training sessions, and his turnkey business.
- Too many people think that because they don’t have a lot of money, they can’t invest in real estate. You don’t need to use your own money to get into real estate investing.
Tweetable Quotes:
- “The best deals aren’t usually on the MLS. The best deals are private deals.” - Mike Wolf
- “When you’re doing a flip, you’re kind of your own boss...Once you get a good team, your only job is going and finding the deals.” - Mike Wolf
- “It’s really a matter of giving the people what they need and what they want, and it’s not always more money.” - Mike Wolf
- “Whenever there are people in trouble, there’s always an opportunity to be the solution for them.” - Mike Wolf
- “The bigger my bank account is, the more people I can help.” - Mike Wolf
Resources Mentioned:
