biden tax changes impact on real estate investors

Mike Morawski had it all: family, career success, a vast real estate portfolio. Then he ran afoul of financial regulations and went to prison, losing everything in the process.

After being released, he had to start over from scratch in his 50s, without a penny to his name. In less than two years, he’s already built a thriving real estate business and the foundation for a vast new portfolio of properties.

Anyone who thinks it’s “too late” to start real estate investing needs to hear Mike’s story. It’s one of perseverance, of hard lessons, and rebuilding later in life.

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What short-term fix-and-flip loan options are available nowadays?

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We compare several buy-and-rehab lenders and several long-term landlord loans on LTV, interest rates, closing costs, income requirements and more.

live off rents podcast transcript

 

Brian: Brian Davis here, founder of Spark Rental, and I’m super excited to be with you today, we have a special guest, Mike Murawski, from mycoreintentions. Mike, thank you so much for joining us.

 

Mike: Hey, thanks, Brian, for having me. It’s an honor to join you today.

 

Brian: Absolutely. So, we have a kind of unique conversation today. Mike’s career trajectory has taken a very unique path, and I think you guys will get a lot out of it. He’s made a lot of money in real estate; he’s lost a lot of money in real estate, and he has started over from scratch later in his career in real estate. So, Mike, let’s rewind the clock to the very beginning of your real estate career and talk about how you got started, how you were funding your deals and some of the mistakes you made. And, you know, just the very beginning. Let’s rewind to year one in Mike Morales’s career.

 

Mike: Yeah. So, I love this conversation, especially this part of it, because it just kind of goes to show I think who I am at the core, and it’s somebody who doesn’t give up, right? And I think that in real estate, real estate is one of those professions you can’t give up in. I think right now we’re looking at a housing market that’s probably going to fall out here pretty soon and don’t give up, keep going after it because there’s going to be great opportunities. So, you know, I got in real estate, I came from a construction background, and it was funny because I had a very successful construction company and I woke up one morning, looked at my wife at the time and I said, I can’t do this anymore. I was still banging nails. I was going to bid. I was bidding projects. I was pricing projects. I was doing bookkeeping. I was marketing, I was scheduling. I was done. I was cooked and so sold the company. And thank God, I had somebody knocking at the door who wanted to buy my company. And so, they bought my company, and I took a year off. And during that year, my wife and I, we house hacked a couple of houses. Now, Brian, this is long before and you said it earlier middle age. Go ahead and do that. But you know, long before it was the sexy thing to do. Now everybody does it right. So, I house hacked a couple of houses and I come from a space.

 

Brian: Go ahead. Just for a moment, because there’s there are a lot of different ways to house hack. How did you go about house hacking?

 

Mike: Yeah. So, I bought a two-flat and we lived in one unit and renovated the other one and then moved, moved into the other one and renovated that one. So, we did that twice over a year. And you know, I thought I took a year off, but I really didn’t, you know, kind of fun, but I come from the school. That success leaves clues. I heard Jim Rohn say years ago, if you follow successful people, it’ll cut your learning curve and it’ll help you be more successful in a shorter period of time. So, I met a real estate agent along the way who was extremely successful at the time, and I went to him, and I said, hey, Todd, I think I’d like to go in the real estate business, he said. I think you’d be great at it. And he encouraged me to do it. So again, success leaves clues. I go to him, and I say, hey, could I shadow you in your team? And he says, no. He said, I’m going to do better than that, OK? He said, I’ll make a cassette tape for you. And he made me this cassette tape. It was forty-five minutes long and I devoured it. I listened to it over and over and over again. It became my core. It became part of my DNA and who I was. And I went into the business and just initiated those fundamentals. He taught me on a daily basis, simple daily fundamentals. And my first nine months in the business, I sold 78 houses. I was Remax. The year I went on to build a successful team, we were selling one hundred and twenty-five listings a year. And did that for about 10 years consecutive.

 

Brian: Ok, now, were you investing during this time as well or sticking with just being a real estate agent?

 

Mike: Yeah, it was a real estate agent. I followed a coach trainer back then who one of his mantras was buy your best listing once a quarter. And I probably bought my best listing twice a year. So, I was doing a little bit of investing, but not at the scale that I did down the road. Yeah, so and I want people to take that comment to heat, because if you’re in the real estate business, you should be your best client. You really should be buying your listings or finding properties to buy. You need to be your best client in the real estate business. Here’s the other thing he also said is if you if you’re broken, you need money. Go buy a piece of real estate anyway.

 

Brian:

 

Brian: I like it so, so how did you make the transition to investing more frequently and eventually and I don’t want to get ahead of ourselves here, but you eventually managed a fund, right? So how did how did that transition take place in your career?

 

Mike: So, you know, 10 years, I, you know, built a team. We were very successful. I had seven people working for me, two thousand five rolls around and I see the market starting to shift. I see that the housing market getting really out of proportion very distorted, similar to what I’m seeing today. And I just want people to understand that I see a lot of shades today of what I saw back in 2007 and 2008 and walk cautiously. Don’t invest. Don’t be in real estate, just walk cautiously. That’s all. So, you know, as the market started to unravel a little bit, I was like, I need to go do something different. I’d always wanted to be in the apartment business. When I was in the construction business, I did a lot of work for a couple of large apartment REITs in Chicago, and I understood the model. I understood you raise private equity; you marry it with the great real estate deal. You stay in the middle. As long as everything goes well, everybody makes money. So, two thousand and five, I syndicate my first apartment deal, that’s where you find a great real estate deal and bring private capital to that deal, that’s indicating it where you’re bringing a bunch of partners to a deal. And I did my first one in two thousand five and I thought, this is great. I’m going to be able to raise a ton of money and build a business. And this was

 

Brian: An apartment complex.

 

Mike: Yeah, it was a small 11 unit deal outside of Chicago, and I knew that Chicago wasn’t a market that I was going to make money. So, what I did was I didn’t know anything. I came from the residential side into the apartment side. I didn’t know anything. I didn’t know anything about the business. I didn’t understand underwriting. I didn’t understand the traps. I didn’t understand due diligence and didn’t understand exit planning. So, I needed to learn everything. And I learned it by some of the mistakes I made, right? But along the way. So, I buy this first deal and, you know, I raised capital to do it. I put a little ad in the newspaper that said real estate investors wanted. And when people called me, I said, hey, here’s what I’m doing. I wound up raising from there. Forty-five dollars ad, about six hundred thousand over the next seven, seven or eight months. It was the best investment I ever made. So, but yeah, I did. That first deal learned that I wasn’t going to make any money in Chicago, that the fundamentals weren’t sound enough. I went to my broker or that I was working with at the time. We crafted a buying strategy, a buying plan. And I went off into other markets. I wound up buying four thousand apartments. It was four thousand apartments. I raised $18 million. It was $60 million worth of real estate, and we did that in about 30 months.

 

Brian: And how many buildings was that?

 

Mike: Oh, it was thirty-eight different properties, you know, I couldn’t even begin to tell you how many buildings.

 

Brian: So, thirty-eight properties, though?

 

Mike: Yes, Thirty-eight properties. Five markets. And then I also scaled a property management company where we are managing seven thousand five hundred units at the time. And, you know, built that out. So, Brian had built a company pretty close to about $100 million in value.

 

Brian: That’s incredible. So, you were syndicating those thirty-eight deals individually, or did you start pooling funds?

 

Mike: Yeah, I had a couple of small funds where we were paying a higher interest rate in those, but that was for fix and flips and and some, you know, short term capital that we needed. But those apartment deals were all standalone LLC offerings.

 

Brian: All right. so, it sounds like everything’s going great up to this point. So what? What happened?

 

Mike: Two thousand eight happened. Lehman Brothers by the droves, and I look at my CFO and I go, we’re screwed, aren’t we? And he goes, Yeah, we’re in big trouble. And I did not understand the magnitude of that comment at that point at that moment. You know, I thought, hey, listen, this is a recession. Recessions last 17 or 18 months. There’s a 10 or 12 percent correction in the market. The markets bounce back. We’ll be back to normal in a few months. Right. 2010 rolls around and we’re still upset. We’re more upside down than we were during that conversation. So, I wind up coming off the rails. And here’s what happened is I had companies. I had 38 companies. Some were very profitable somewhere not. And what I started to do was move money from profitable companies to non-profitable companies. Again, I thought this reception had bounced back. My attorney, my accountant, they both said, hey, you can move money. Just put it back when the when the markets change. Leave a paper trail so that you do it legally. We did that. We left a paper trail. Here’s what I didn’t do. I didn’t tell my investors that I was moving money. So as a result of non-disclosure, I wind up getting charged on wire fraud and mail fraud charges and sentenced to 10 years in federal prison. And you know, I had a company that I was trying to save that turned upside down, that I didn’t want any of my investors to get hurt. And you actually

 

Brian: You did go to prison, right?

 

Mike: I did. I went to prison in 2013, and it was for non-disclosure, right? So, because I didn’t tell my investors, I was moving the money and I was trying to save the company. I always tell people, I say, hey, I never flew private. I didn’t have a big boat. I didn’t have a fancy car. I was the neighborhood baseball coach. I was the father who went on the field trips with the kids from school. You know, I was home every night for dinner. My wife and I had a great marriage. We were best friends and I got ripped from that life to live in a room, a 12 by 12 room with three men I didn’t know, nor did I like and had three green outfits and five pairs of underpants, wondering what the hell happened to my life? And so, I was in prison about 17 days thinking my life was over and what was I going to do? And my wife decided she was going to divorce me. And when that happened, it wrecked me and I walked around wondering, how am I going to get through today, much less 10 years of this? And you know, we all have these defining moments, right? So, I was in prison about six weeks, and I walk in the gym and here’s what I always tell people. I say I was just window shopping. I wasn’t looking to buy anything. I’d gone from running marathons to being thirty-five pounds overweight and hating myself. And I walk in a gym and this guy walks up to me and he says, hey, don’t let these people beat you.

 

Mike: All they want to do is take from you everything you’ve ever known. They can take your money, they can take your real estate, they can take your business, they can destroy your family. But what they can’t take is who you are. So, get those 10 years back, come to the gym, start working out, start losing weight, you’ll start feeling better about yourself. And I did that and before I knew it, I’m losing weight. I’m feeling better. I wind up going to college. I get a bachelor’s degree in theology. I write two books. One is exit plan. That’s your complete guide to multifamily investing and why you need an exit plan before you buy it. Love to give all your listeners a copy at the end of the show. Um, and I wrote a book on property management, I also wrote an ethics course I taught real estate investing, property management and ethics in prison for six years. I was at an outreach program, went to the community, told my story 40 times to local businesses and small business owners. I met a professor from the University of Minnesota and he and I coauthored a paper in the Business Journal of Ethics to get it got published this year in the Business Journal of Ethics. It was an ethics case study, and it gets taught today at the collegiate level, so it really made some changes and some shifts. Today, I’m in the coaching and training space, teaching multifamily investors how to scale their business but live a quality lifestyle.

 

Brian: So, when did you leave prison?

 

Mike: I came home the week they closed the world down for the pandemic.

 

Brian: Oh wow. Let’s talk about timing. So, so you got out and your real estate portfolio. Was that taken away?

 

Mike: We had actually done prior to being indicted. We had done what’s called a voluntary receivership. So, it’s similar to going bankrupt, but you don’t go bankrupt. We voluntarily turned all of the assets over to a receiver that typically would get appointed by a court, but we didn’t go through the court process. We just did it on our own. I often tell people I say, hey, you want to go into business, go into the receivership business. It’s legal theft because what you pay your receiver and what a receiver gets paid for managing real estate, man, you can work your way out of a hole for what you pay them. So.

 

Brian: But you also had some personal properties, too, right beyond the syndication deals that you had done. So, did those stay with you, or did you lose those along the way?

 

Mike: So, what’s interesting is, you know, kind of I always say hindsight’s 20 20, but I’d always thought about asset protection and protecting my personal wealth, right? Like the personal house, I live in my personal assets trying to keep two or three arm’s lengths away from my business operations. And I did pretty good at setting that up over the years. And so, my ex-wife, you know? Still has some of that real estate today, and I built a property management company before I went to prison the day I got indicted. You know, I looked at my wife and I said, hey, you know, I’m going to go to prison. We don’t know for how long. And we have two choices. I can either build a small company for you that you can run and keep you and the kids in the house. Or I can give you an envelope with some money in it and you’re going to wind up having to have to go get a job. So, I built a property management company that she actually still runs and manages today. Ok, yeah. Small residential property. When I went to prison, we managed about two hundred and twenty units, 220 doors and it was pretty lucrative. You know, scattered site housing deal, so.

 

Brian: All right, so but your wife ended up taking most of your personally owned properties? Yeah, so. So, you got out of prison, and you were basically starting completely from scratch, real estate wise and. So how have you been investing since getting out of prison?

 

Mike: Great question, Brian. So, since I’ve been out, you know, I talk about this redemption piece, right? I did all this stuff while I was in prison. I came out since I’ve been out, I started my company. I’ve done a number of live events. I published a book; I am in the coaching business. I coach people got approved by the Illinois Real Estate Board to go back and get my real estate license. I chose not to because I don’t need it for what I do. I just wanted to know that I could get approved if I wanted to. I also got approved by the SEC to go back and be a sponsor and an issuer of deals. So, we had

 

Brian: A syndication deals.

 

Mike: Yes, absolutely. So, I partner with some of the coaching clients that I work with when I find a coaching client who is similar and thought process and core values and that wants to move the ball forward, we’re getting ready to close the deal right now. I also went back into the property management business with the coaching client, so really have kind of started to evolve and move the whole thing around again. So yeah, life’s a different place today and I want here’s what I want people to understand. There’s hope and there’s hope in this story. There’s inspiration in this story. I had all this success. I lost everything and I’m I didn’t. I’m not letting my past define me. I could lay down and not do anything right. A lot of people do. Absolutely. I was in prison with guys that did listen. There were a lot of guys in prison that took my real estate class that are home doing real estate today. I had a leading gang member from a big national gang come up to me the night before he went home and said, hey man, if I didn’t know and I could have made this much money in real estate, I’d have never sold drugs, right?

 

Brian: It’s a great point.

 

Mike: You know, and so it, you know, it’s just those types of things, you know, where I, you know, as crappy as it was and going away and my family being fractured and my business is being lost and all the all the investors that got hurt, I did a lot of good to, you know, and today I’m back. You know, my goal today is just to help people learn how to scale a business but not lose sight of what’s important. Brian, I’m sure you know, as well as I do that in the real estate business, it’s really easy to lose perspective and to lose what’s important, right? And.

 

Brian: No question. And, you know, one of the things I love about your story is that sometimes the most expensive lessons are the ones that you learn the best. Right? So, I mean, I lost a ton of money in real estate after the housing crash in 2008, and I turned around and for a long time after that, I wondered, you know, why should anyone listen to me, you know, talk about real estate investing when I lost all this money? And I realize I just paid a ton of tuition for free for my real estate investing education. And I learned firsthand, you know, a whole wide range of mistakes that I have not made since, and my investments have been way better since then. So, there is an enormous value in these past mistakes when you turn around and actually learn from them and keep investing, you know, to circle back around to your point at the very beginning of the episode. Real estate investing is really a game of perseverance.

 

Mike: Hey, you know, I think so many people, Brian, talk about their success, right? But they don’t talk about the failure, right? And there’s a big message in the mistakes that we make

 

Brian: No question, you know, question. So, Christina asked here what advice you would give someone who’s interested in getting started in real estate syndication, putting together syndication deals?

 

Mike: Great question, Christina. And what I think that there’s a couple of different things I’d look at, first of all, I’d be very I’d walk cautiously today. I see a lot of shades of two thousand seven, two thousand eight. We are going to have a housing crisis in this country. It will not be as drastic as it was, but the bottom is going to fall out. There’s going to be a burst to this bubble. We can’t go on, you know, a long time like this, so just watch it. Will it affect the commercial industry? I don’t think as much as it did last time now. I’m not an economist, but I just want people to pay attention. Listen to everything you can listen to right now. Make your own choices and decisions. If you’re going into syndication business, I would go into the syndication business in markets that have high rent growth and have high population migration right now. I wouldn’t be investing in markets that are average or anywhere below average trying to speculate on the come because I don’t think it’s going to come. You need to be in markets like I’m heavily vested in Tampa, South Central Florida right now. I’m heavily we’re heavily looking at Dallas, Houston right now. Markets that we have, you know, why are people moving to those markets? Quality of life. They’re moving their taxes, lower taxes, right? You know, red versus blue in some cases.

 

Mike: So, you know, they’re you know, so just pay attention to where you’re investing. Make sure you underwrite conservatively. You know, I said, you know, five mistakes I made, right? I grew too fast. I was undercapitalized. I was overleveraged. I didn’t pay attention to the details, and I didn’t listen to people around me when they said, I don’t trust your partner. Not that it was all his fault because I broke the law. I made my own choices and decisions. But there were other things that happen, and I just don’t go into those because I don’t need to throw anybody under the bus. So, underwrite cautiously. I’m underwriting differently today. I’m looking at deals at sixty-five percent loan to value versus seventy-five percent. I’m looking at an increase in interest rates, I’m looking at low rent growth, I’m looking at higher terminal cap rates. So, you know, what are your standards? What are you? What’s negotiable and non-negotiable for you? Take a close look at that. If you don’t have standards in place, I would sit down and say, you know, what are my buying standards? What are my exit standards? You know, build an exit plan. You know, I think there’s a lot there. To that answer, I don’t think it’s just one thing, you know, but it’s a lot to think about, so.

 

Brian: And how did you go about raising capital from people? Because that’s a huge part of syndicating deals, right? Is raising money from people that are not necessarily your best friends or family members or I mean, they’re in many cases, strangers. So, you put an ad out originally. But you know, how else have you gone about raising money from people that you don’t necessarily know very well?

 

Mike: So, I used to run that ad all the time. It was just a small, little classified ad, and what I did was I funneled people to a seminar that I did twice a week, so I would bring investors to my office. I’d put 20 new faces on Tuesday and Thursday night in my office at dinnertime for a 40-minute presentation. I taught from the principals, and I taught out of Gary Keller’s book The Millionaire Real Estate Investor, and I taught those fundamental principles. And at the end of my forty-five-minute presentation, I’d go, oh, by the way, we have this deal we’re doing. And that’s how I raised money. I also did some events. So, there was a very large networking event that happened once a month in my market. It was a, you know, 500 people would show up on a Sunday night to go to a real estate investment seminar event. It was an exchange and I’d have a table there, and I talked to people about property management, and I talked to people about syndications. And also, during that time, Donald Trump used to have these events, they were real estate events, he only did it for a couple of years.

 

Mike: They were weekend events. He did them in L.A., Dallas, Chicago and New York. And we did the L.A. and Dallas and Chicago events twice one year, one each one the next year. Cost me about $30000 for each one of those events, but I raised $18 million in 30 months, and I think most of my people came from those events. So, here’s the short. The short is that we are in a relationship business. You have to be out there every single day building relationships with people. You can’t go to people and say, hey, Brian, you know, I got this great deal. Do you want to invest in it? You have to go to Brian and say, hey, Brian, listen, how do I add value to your life? What can I do to help lift you up, to build your world, to help you grow? And I say that, and I don’t want it to come across as like a sales thing, right? That’s who I am.

 

Brian: I used to give first. Yeah, if you want to win people’s trust and respect.

 

Mike: And that’s a core value of mine. I’ve always been like that, but I’m more like that today than I ever was before. But that’s always been a core value of mine. I read a book a long time ago by Dale Carnegie how to win friends and influence people. Probably one of the greatest books ever written, right? And you know it just how do we go out there and build relationships? But one of the things one of the first lessons that I teach my coaching clients is you have to be out every single day, build in relationships with people.

 

Brian: So just to clarify the people that you raise money with for the syndication deals, these are accredited investors only, not retail investors.

 

Mike: Now back then, you know, the way we raise money was under what’s called blue sky. It was an exemption. And that blue sky exemption allowed us to bring in non-accredited up to a certain amount. So, yeah, we would bring nine and creds into our deals as well as accredited investors. Today I’m doing a deal. It’s a 506 B. So, you know, we have had a little bit more of that flexibility for an accredited investor in there, too.

 

Brian: So, tell us what up to up to thirty-five nonaccredited investors, but don’t they have to be sophisticated?

 

Mike: Yeah, I think it’s up to 38. Yeah, I’m not 100 percent sure you might be right.

 

Brian: So, yeah, so just for the audience, for anyone who’s not familiar with that terminology an accredited investor is a wealthy investor, someone with a net worth over a million dollars or income over $200000 for each of the last two years or three hundred twenty-four married. Right, right. Well, Mike, before we wrap up, I want to talk about what you’re doing today with mycoreintentions.com. So, tell us about what your company does, how you help people and what you’re up to and how people can connect with you.

 

Mike: Yeah, so thank you. I appreciate that. So first of all, I’d like to if anybody wants my book, go download it. It’s you can go to my website at mycoreintentions.com/exitplan. And I wrote the book because I think there’s so many great trainers and teachers out there, and they all teach you how to find a deal by a deal and operate a deal. Nobody teaches us how to get out. And I always wanted to teach people how to get out, so I’m into coaching and training business. A couple of my core beliefs are teaching people how to exit, teach people how to underwrite. Those are two things that I’m really good at and I work with people on it and of course, relationship building and locating and finding deals and all the other stuff that needs to go into building a successful business. I wind up partnering with some of my coaching clients, and I only take on a few coaching clients that I personally work with throughout the year. But I’m a hands-on in the trenches right alongside you, kind of investor. You know, I have an underwriter that works with us to help underwrite deals that we’re working on, and we are looking at deals all the time. If we find a deal, we’re going to try and find one of our coaching clients to partner with. I actually just went back into the property management business with a coaching client of mine who had been after me for a while. So, we’re, you know, I’m coaching and training. I’m in the syndication business raising capital for our deals and I’m in the management business.

 

Brian:  well, you know, one of the things that I’m sure you found is that when you have when you’re so involved in so many different people’s lives within this industry, you just can’t help but come across good deals and other people who are looking to partner with you on good deals. So, you know, just being out there every day, like you said in the trenches, you just can’t help but find these deals and find people who are interested in doing these deals with you. So, and that’s something that we have found at Spark Rental as well. We earlier this year, we started doing what we call it, co-investing deals where we let people partner with us on small, single-family rental deals, you know, deals that no one else is doing because, you know, there’s not enough money in it for the person who organizes the deal. We don’t structure them as syndication, but it’s a similar concept where we have junior investors who are partnering with us for fractional ownership of deals. But they’re such small deals that there’s not a kind of there’s no money in it for us. But it’s but it’s fun. And it showed we get to show people that behind the scenes of real estate investing for their first deal so that they can then go out and do the same on their own. And you know, it sounds like you’re doing a similar thing just on a much larger scale, you know, with large multifamily deals instead of these, you know, small single-family rentals. But yeah, yeah, just being out there and I guess where I was going with that is that because we are working with people every day in this space. We end up coming across good deals, people who want a partner on good deals. You know, obviously, people who find in finance these deals and, you know, just being involved in the industry, you can’t help but have these opportunities come your way.

 

Mike: So, for sure. Well-spoken. Well-spoken.

 

Brian: And by the way, you guys, I put a link in the comments to mycoretentions.com/exitplan, and we’ll put that in the show notes as well for anyone listening to the podcast recording. Mike, do you have any final thoughts or tips or lessons that you want to share before we call this episode complete?

 

Mike: Um, you know, I just want one people, you know, I come from an old carpenter mentality. Measure twice cut. Once you make your make sure you’re underwriting is good, make sure your rent comps are solid. Know why you used a rent comp when you are comparing rental bumps. Rental increases don’t just arbitrarily say, I think because, you know, make sure you look at it. I have a great, you know, underwriting tool that we’ve built over 20 years, and it’s a very sensitive analysis. And when you do a sensitivity test or a what-if test, I’m a big what if guy, right? What if this happens? What if I buy it at this price? What if the cap rate does this? So, I want to ask those questions? People tell me sometimes, man, you ask so many questions, but you know what? I think those are what gets us to the answer, right, is the deal worth doing. So, you know, just walk cautiously if you need help or accountability. Reach out to somebody. You know, I’m in the coaching business, but you know, I’m also open to networking. Call me, email me. I mean, I love conversations with people. I love to build relationships so never know where it’ll go. So.

 

Brian: Absolutely well. Two other quick notes on that are related to your point. One is we added a link to our free rental property calculator for cash flow that I added to the links there. Use that to run the numbers and help you underwrite and to Mike’s point. It never hurts to get a second opinion from another real estate investor to just get a fresh set of eyes from someone who knows what they’re doing. You know whether that is Mike himself or just someone else. You know, in the industry, you can always email me as well or Deni, but a second set of eyes on a deal, you know it takes you five minutes to get that second opinion, but that five minutes can save you tens or hundreds of thousands of dollars down the road.

 

Mike: Yeah, and here don’t ever be afraid to pick the phone up, right? This community for as big as it is and as small as it is, people love to share here. I came home from prison in 2020. I didn’t know anybody in the business anymore. My whole world was fractured and fall apart, and I put on a live three-day event. I have 20 speakers from around the country that come to this platform and speak, and I don’t know any of them. So, I reach out to people and started building relationships and say, hey, I’m going to do this event, and they were more than willing to do that. But these are people now that that are friends of mine, that I can reach out to Brian. If I had a question, I could call you and ask you. I mean, that’s how this community works, right? So, I want people to know that don’t sit on the sidelines and not make decisions or make irrational decisions because you are afraid to call somebody or reach out.

 

Brian: Yeah. And you know, if there’s been one recurring theme of this conversation that we’ve had, it’s relationships. Yeah. And how, you know, no matter what industry you’re in, real estate investing industry is just like all the rest where your relationships matter, and your network really does determine your net worth. So, on that note, Mike, thank you so much for joining us today. This was a fantastic conversation, very educational and obviously deeply personal. So, thank you so much for sharing and being so transparent with us.

 

Mike: Yeah. Hey, Brian, I just want people to know if they want to reach out to me. I’m everywhere on social media, so wherever you hang out and get your fix, you’ll find me or my core intentions there as well as, hey, direct messaged me at Mike at my core intention.

 

Brian: So, well, Mike, thank you so much again, and we will look forward to having you back on the show sometime soon.

 

Mike: Thanks, Brian.

 

Brian: All right. Everyone have a great weekend. We will see you next Tuesday at 2:00 p.m. Eastern. Bye now.

 

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