Mike Jake has been in real estate since 2003 and he typically does around 70-90 deals per year. Mike has been able to grow his rental portfolio to slightly over 100 doors with the use of creative financing and an eye for asset growth. On today’s show, Mike shares the strategies he's used to achieve the lifestyle he’s always wanted, how you can build a rental portfolio without having a large stack of cash sitting around, and so much more!
Key Takeaways:
- How do you become recession-proof?
- Mike does about 70-90 deals per year. However, he's also focusing on other strategies to put him in the best position possible — no matter what state the market is in.
- Who is Mike and how did he get started?
- Mike shares what kind of deals he does and how he builds his rental portfolio.
- What does Mike’s marketing process look like?
- How does Mike reduce his tax liabilities and fully leverage the IRS?
- Mike right now has just a little over 100 rental properties with a total asset value of $20 million.
- A big portion of Mike’s portfolio is from creative financing.
- What was a typical house Mike bought during the recession?
- Mike likes investing in assets that go up! He’ll forgo cash flow if he knows the property has growth potential.
- You have to think long-term when it comes to real estate.
- Mike recommends a couple of the ways you can build a rental portfolio.
- Mike sat down and determined what he wanted his ideal lifestyle to look like and he planned it out!
- Remember, sometimes, you'll just end up buying the wrong house and you won’t know until years later.
- The longer you do this, the more experience you’ll get, and the more chances you’ll have to get it right.
- Where does Mike see the market going in the next few years?
- Position yourself so you don’t have to say ‘yes’ if you don't want to.
- There’s a lot of peace of mind that comes with knowing you’ll be okay when the market turns.
- Just start! Get out there and buy your first rental property!
- It’s important to pick and choose all the good things your mentors have to offer, but be aware we’re all human and everyone has flaws, too.
- It’s not that complicated: Buy a good asset, manage it well, and keep living!
- You have to have thick skin and realize you are going to make bad decisions, but the good news is, you’ll learn from them!
Mentioned in This Episode:
Mike’s Website
Connect with Mike on Facebook
Colorado Springs Real Estate Investing Club on Meetup
Book Recommendation: Building Wealth One House at a Time, by John Schaub
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
If you are interested in joining our team, you can Apply Here: Flipempire.com/teammember
Tweetables:
“I was dedicated to working hard so that I could be lazy!”
“It's crazy. For every $10,000 you make, the IRS putting their hand in your pocket and taking 30-40% of that.”
“Sometimes, you just buy the wrong house and you don't realize you bought the wrong house until hindsight.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
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Alex discusses how to close on those tough deals that all investors face. What do you do when the seller doesn’t like your cash offer? There are other ways to structure deals and to help your homeowners than just a straight up “as is” cash offer. Alex dives into it in detail on this episode!
Key Takeaways:
- Do your sellers trust you?
- Need help with deal structuring? Check out episode 92.
- You can’t help every seller that walks through your door.
- If you can’t meet a seller eye-to-eye, maybe offering seller financing can help you get over that hump.
- Sometimes your cash offer just isn’t the solution. What else can you do?
- Ask your seller more in-depth questions to understand the reasons why they’re selling.
- It’s important to go into an appointment with a little bit of an open mind.
- You want to craft a customized solution for your seller. It’s not always a one-size-fits-all approach.
- Always ask yourself, “How can I help these people?”
- Get your sellers to do ‘reverse math.’
- The tools are out there! Leverage them!
Mentioned in This Episode:
Feel free to connect with Alex about doing a JV! Email him at alex@flipempire.com
Check out the Holiday Mastermind (in Bimini) Video Trailer Here.
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
Interested in joining Alex's team as an Acquisitions Specialist (outside sales)? Apply Here
Episode 92: “Rob Swanson on Why Creative Deal Structuring Is What’s Missing in Your Secret Sauce”
Tweetables:
“Seller financing is another tool in your tool belt that you can offer the seller.”
“Most people go and they try to beat the seller up with a bat on a cash price and if that doesn’t work, they walk out without the deal.”
“When you ask questions, just shut up and listen.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex is a little under the weather and is losing his voice, so please bear with him during this big milestone 250th episode! In this solo episode, Alex explains the sales process to help uncover pain and motivation from your sellers. If there is no pain, then it’s very hard to find a solution for your customers!
Key Takeaways:
- Alex can’t believe he’s 250 episodes in!
- Alex loves John Martinez’s sales training course and has taken his team through it.
- It’s so important to focus on the seller and build rapport with them.
- Remember, without pain, there is no sale!
- Ask the seller why they decided to reach out to you.
- Sometimes the solution you bring to the table isn’t something the seller will need right now.
- What are some examples of impact questions?
- You then want to ask picture-perfect questions. Alex shares some examples!
- Are you using the sales process consciously or are you just winging it?
- You don’t want to beat your sellers into ‘submission.’ That’s a big ‘no-no’ and there’s a better way to approach it.
Mentioned in This Episode:
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
If you are interested in joining our team, you can Apply Here: Flipempire.com/teammember
Episode 78: “John Martinez on How To Get More Contracts and Close More Deals (Part 1)”
Episode 80: “John Martinez On Crushing It At The Homeowners House (Part 2)”
Episode 186: “Greg Helbeck Breaks Down The Sales Process (So You Can Help More People, Close More Deals, and Make More Money!)”
Episode 188: “Greg Helbeck & Alex Pardo Role Play a Face-to-Face Seller Appointment, and Then We Break It Down So You Can Understand the Sales Process (and Leverage the Same Proven Framework To Drive More Revenue) — Part 2"
Take Action Now on John Martinez's REI Sales Academy. I have personally gone through this training, and have invested for my entire team to go through. I HIGHLY recommend it!
Tweetables:
“The doorway to pain is by asking the seller ‘problem questions,’ which zero in on the seller’s problem.”
“If the seller has no pain, chances are you can’t really help them.”
“Essentially picture-perfect questions are building a bridge between where the prospect is and where you want to be.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex shares why he is building up his cash reserves and getting smarter with his money. As everyone knows, real estate has cycles and the last thing you want to do is be thrown in with the sharks when the market turns.
Key Takeaways:
- Where are we in the real estate cycle right now?
- Don’t try to time the market.
- Get smart with your cash and build up reserves, so that you don’t get hurt when the market turns.
- The market will correct itself, it’s just a matter of ‘when.’
- Always build relationships with lenders and potential JV partners.
- Know your market and be careful with the types of rehabs you’re getting into.
- Make sure you’re paying yourself first.
- Amazon keeps 3% of their market cap in cash reserves.
- NVR Inc. keeps about 20% of their worth in cash.
- If you have a risky business model, you should have more cash reserves on hand.
Mentioned in This Episode:
Feel free to connect with Alex about doing a JV! Email him at alex@flipempire.com
Check out the Holiday Mastermind (in Bimini) Video Trailer Here.
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
Interested in joining Alex's team as an Acquisitions Specialist (outside sales)? Apply Here
Book Recommendation
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz
Tweetables:
“It’s very difficult to try and time the market.”
“History is a predictor of what’s to come to the future.”
“If you guys have a lot of cash tied up in fix-and-flips… be careful.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex is back with another solo episode to wrap up Part 2 of how you can make a long-lasting impression and close that deal with your sellers. Building rapport during the face-to-face appointment is critical. People do business with people they know, like, and trust! So, spend some time building that trust.
Key Takeaways:
- When you first walk into the seller’s house, don’t talk about the house!
- Sellers aren’t going to work with you if they don’t feel comfortable.
- Try to connect with the seller on a personal level.
- Get the seller to say in their own words how much it would cost to fix the house to retail condition.
- How much does the seller think their property is worth?
- You always want to get your seller to say a number first, and then ‘price anchor’ them.
- People are more likely to believe something they came up with as opposed to your ‘influencing’ them or selling them on that belief/idea.
- Be aware of how you price anchor people. Do you always jump up in even numbers? Give them more odd (smaller) increments.
- Please consider leaving a review on iTunes.
Mentioned in This Episode:
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
If you are interested in joining our team, you can Apply Here: Flipempire.com/teammember
Episode 246: “How To Increase Your Sales Conversions (and Get The Most Out of Your Appointments with Sellers) - Part 1”
Episode 78: “John Martinez on How To Get More Contracts and Close More Deals (Part 1)”
Episode 80: “John Martinez On Crushing It At The Homeowners House (Part 2)”
Take Action Now on John Martinez's REI Sales Academy. I have personally gone through this training, and have invested for my entire team to go through. I HIGHLY recommend it!
Tweetables:
“Sellers aren’t going to work with you if they don’t feel comfortable.”
“People do business with people they know, like, and trust.”
“Without pain, there is no sale.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex recently got back from a trip to Disneyworld with his family. Wow! What an experience. Walt Disney was visionary in more ways than one and Alex shares some of his takeaways from what he saw (and felt) at the park. The customer experience is so important and it’s one of the main reasons why your customers turn into raving fans.
Key Takeaways:
- How can you create raving fans?
- Alex just got back from Disneyworld with his family.
- Walt Disney was an incredible visionary.
- If you’ve ever been to Disney, you’re going to notice how clean it is… and that’s by design!
- Disney’s theme parks bring in from between 40,000-50,000 people a day! Think about how much revenue that is.
- Two people have recommended to Alex that he go on a Disney cruise just for the customer service experience alone.
- What’s the standard you have in your business?
- How do you create an unforgettable, going above and beyond, experience for your clients?
- Let Alex know your thoughts on the subject and reach out to him!
Mentioned in This Episode:
Feel free to connect with Alex about doing a JV! Email him at alex@flipempire.com
Check out the Holiday Mastermind (in Bimini) Video Trailer Here.
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
Interested in joining Alex's team as an Acquisitions Specialist (outside sales)? Apply Here
Tweetables:
“How do we create an experience, an unforgettable memory, in people's mind so that they continue to come back to you over and over?”
“Somewhere between 40,000 to 50,000 people visit these parks on a daily basis. Wrap your head around the revenue that’s generated just on a daily basis.”
“What kind of experience do your customers and clients have when dealing with you, and how do you take that to another level?”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex does a two-part solo episode about making a long-lasting impression with your sellers while you or your acquisition team are on appointments. If you don’t know how your team is treating them on the phone or even at appointments, you’re going in blind and not bringing the best service you can to your customers. Alex offers tips on how to better improve your process and get that deal.
Key Takeaways:
- How do you get the most out of your appointments with sellers?
- Have you noticed that most people are really awful listeners?
- How are you treating people on the phone? Are you engaged? Are you listening?
- If your state allows it, get your calls recorded for internal training purposes.
- When you listen to a recording, you really pick up on some of the subtleties that you missed in the beginning.
- Might sound obvious, but prepare, prepare, prepare before your appointment!
- It’s never one-size-fits-all with sellers.
- Have you ever shaken someone’s hand only for it to get crushed by Godzilla?
- The more info you have, the better equipped you are to offer customized solutions for them.
- Focus on them first!
- Sellers always receive a text and email confirmation with info about the company once an appointment has been set.
- Bring a printed package with you so that sellers have something physical to hold onto and to see physically.
- Stay tuned for Part 2!
- Use the search bar to find podcast episodes and topics Alex and his guests have covered in the past!
The Flip Empire Inner Circle
Want to close more deals and generate more revenue? Have questions you want to ask me? Interested in generating more leads, creating systems, automating your business, or just growing as an Entrepreneur? This isn’t your typical coaching program that charges you b/w $5,000 - $50,000. This is a small community of experienced, like-minded, successful Real Estate Investors. Click To Apply, and let’s talk!
Mentioned in This Episode:
Flip Empire Private Facebook Group
The Flip Empire Show on iTunes
Email Alex: Alex@FlipEmpire.com
Interested in joining The Flip Empire Inner Circle (Small Group Consulting Program), apply here: Flipempire.com/application
Take Action Now on John Martinez's REI Sales Academy. I have personally gone through this training, and have invested for my entire team to go through. I HIGHLY recommend it!
Tweetables:
“In a competitive landscape, there are certain things you have to do to go above and beyond and it starts the moment somebody walks through your door.”
“Being a good listener is an extremely critical skill to have, especially when you’re dealing with sellers or any type of sales environment.”
“One of the things I'm constantly preaching to the acquisition guys is preparation, preparation.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page and record your question. We’ve made it super easy for you, so let us know what challenges you are having and Alex will answer it personally!
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Alex was presented with a really good money-making opportunity, but he had to stop himself before he could take it on. Why? Because money isn’t everything and it shouldn’t distract you from your bigger picture, from your vision. Alex shares examples of why you need to slow down, practice patience, and really — THINK — things through before jumping on the money.
Key Takeaways:
- Do you make decisions based on how much money you’re going to make?
- Alex shares an example of choosing your opportunities based on the amount of money you think it might generate.
- Today, Alex filters his opportunities through a different decision-making process.
- What’s the headache factor going to look like?
- Are you going in a million different directions?
- Alex found himself almost making a bad decision based on seeing a new ‘opportunity’ come up on his horizon. Bad idea!
- We want the microwave result, but what we really need is patience.
- There are some cases where you need to go slow. Jogging or running isn’t the ideal pace to handle certain things.
Mentioned in This Episode:
Feel free to connect with Alex about doing a JV! Email him at alex@flipempire.com
Check out the Holiday Mastermind (in Bimini) Video Trailer Here.
To apply for our next Holiday Mastermind in (Exotic Location TBD), please go here: Flipempire.com/holidaymastermind
Interested in joining Alex's team as an Acquisitions Specialist (outside sales)? Apply Here
Tweetables:
“Does this fit my vision? Is this alignment with what my goals are?”
“If you’re jumping at every opportunity that gets in front of you, my guess is you’re not focused.”
“Why walk when you can run or jog? But sometimes, that’s not the best pace.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Kevin Bupp is a mobile home expert and owns several mobile home parks. He is also the host of Real Estate Investing for Cash Flow and The Mobile Home Park Investing podcast. On today’s show, Kevin explains why he’s passionate about owning mobile homes, some of the reasons why he prefers it over single and multi-family properties, and he also shares his 2008 story where he found himself broke and nearly homeless.
Key Takeaways:
- Kevin had hit some really hard struggles with his business during 2008.
- In his single-family homes, Kevin lost about 18% occupancy within 6 months.
- Kevin was faced with foreclosure on his primary residence, his credit score dropped down to the 500s, and the lawsuits were coming in.
- However, the silver lining was that Kevin met his now wife while he was defaulting on everything.
- If you’re struggling financially, there is a way out. Hopefully, Kevin’s story inspires you!
- What was Kevin’s mindset like while he was going through the downturn?
- Kevin tried to focus on the things he could control, which were his health and fitness.
- In 2011, Kevin made the decision to jump back into real estate.
- How did Kevin get into mobile homes?
- New mobile homes just aren’t being built due to the stigma.
- Most tenants who move into a mobile home will stay there forever!
- What are some of the challenges of owning and running a mobile home park?
- However, it can be tricky finding mobile home park owners who want to sell.
- Curious to know more? Reach out to Kevin!
- What’s the biggest lesson Kevin has learned so far?
Mentioned in This Episode:
Connect with Kevin: kevinbupp.com and Sunrisecapitalinvestors.com
Real Estate Investing for Cash Flow Podcast
The Mobile Home Park Investing Podcast
Tweetables:
“I went from having hundreds of thousands of dollars line of credit to tons of foreclosures and lawsuits.”
“It’s really difficult to step out of the bubble you’re in and realize there are opportunities when literally there’s your blood in the street.”
“Chances of getting approval to build a new mobile home park, you’ll maybe get 1 out of that 100 you’d get approval, and it would have to be high-end.”
Ask Alex A Question:
Have a question you want featured on an upcoming Flip Empire Show?
Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally!
Did you get your FREE Online Course?
Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course.
Subscribe To The Flip Empire Show, and Leave a Rating & Review!