This is episode #434, and my guest today is Mike Fisher.

Mike is a turn-key rental operator and property manager in the Chicago market. He spent a couple decades in construction, and then found a better way…by becoming a real estate investor.

Today we talk about the importance of building up cash flowing assets. If you’re wholesaling and rehabbing everything you buy, you’ll create some great paydays….but no long term cash flow.

Most of us aspire to get more of our time back, and one thing that helps you get there faster is cash flow that helps you live the life you deserve.

Let’s get started.

Please help me welcome Mike Fisher to the show!

Highlights of this show

  • Meet Mike Fisher, Chicago real estate investor, turn-key rental operator and property manager.
  • Join our conversation about building up cash flowing assets (rentals), so you won’t have to work so hard someday.
  • Learn as Mike shares his story of going from tired contractor to real estate investor.
  • Listen in as we share tips for how to create the right mix of short term income and long term wealth in your real estate investing business.

Resources and Links from this show:

Listen to the Audio Version of this Episode

FlipNerd Show Transcript:

Mike H.: This is the flipnerd.com “Expert Real Estate Investing Show,” the show for real estate investors, whether you’re a veteran or brand new. I’m your host, Mike Hambright, and each week I bring you a new expert guest that will share their knowledge and lessons with you. If you’re excited about real estate investing, believe in personal responsibility and taking control of your life and financial destiny, you’re in the right place.
This is episode 434 and my guest today is Mike Fisher. Mike is a fellow Investor Fuel mastermind member and a turnkey rental operator and property manager in the Chicago market. He spent a couple decades in construction and then knew he had to find a better way, and he found it by becoming a real estate investor. Today we talk about the importance of building up cash flowing assets. If you’re wholesaling and rehabbing everything you buy, you’ll create some great paydays but no long-term cash flow. And most of us aspire to get more of our time back so we can live a more fulfilling life, and one thing that helps you get there faster is cash flow and cash flowing assets to help you build the life you want and, truthfully, the life that you deserve.
Let’s go ahead and get this started. Please help me welcome Mike Fisher to the show.
Hey, Mike, welcome to the show.
Mike F.: Hey, hey, Mike. If it was Wednesday, I’d say, “Mike, Mike, Mike, what day is it, Mike?”
Mike H.: We’ve got two Mikes, yeah. Cool, man. I’m excited to have you on the show and talk about some of stuff we’re going to talk about today because as I get older and I like to say wiser maybe, I don’t know, I think more about . . . it’s easy to look back at our business, especially we . . . you know, I coach people and you advise people and you look back sometimes, right, and you’re like, “If I had to do over again,” or kind of share some wisdom on how you’d do things different, right?
Mike F.:Right, right, right.
Mike H.:Certainly it’s easy to say this now where we are in this market cycle but there’s wisdom to learn from this is when I look back, I mean, I’ve bought hundreds of houses and I kept, you know, about 10% of what I bought. It’s like in hindsight, with all the appreciation that’s happened and all the principal paid down and the stuff that’s happened over the last 10 years. It’s like, man, I certainly wish I’d kept a lot more of them, right? Yeah, that’s one of the things we’re going to talk about today is building up kind of cash flowing assets that can pay you for a lifetime, so someday you don’t have to work so hard.
Mike F.: That’s awesome, yeah. Right down my alley, man.
Mike H.: I know it’s right up your alley, my friend. That’s why we’re going to talk about it, so I want to pull some passion out of you today.
So, hey, before we get started here, why don’t you tell folks a little bit more about your background, for those that don’t know you yet?
Mike F.: Yeah. You know, my background’s remodeling. I spent . . . I’ve been self-employed now for 27 years and my background totally has been remodeling, new construction, and up to 2003 just out there building homes. Anybody that remembers going back to 2003, man, that was some good, solid years, man, building homes, doing remodeling. Man, I had several crews out there just cranking and grinding every day, man, and making a difference.
It was like 2003 I came to a point where I was like, “You know what? Man, I don’t know that my body can sustain this until I’m 70, 80, 90, I don’t know how old it’s going to be, man, but I’m already hurting as it is. Like, I’ve got to make some changes.” I wasn’t educated in real estate. All I knew was just, you know, fix and flip and building homes and doing some remodeling and stuff, anything to do with construction, I just knew that. So I figured, hey, I’m going to buy one home every year and I’ll manage it myself. I’ll do my own maintenance on it. I mean, it’s a perfect fit.
So I bought my first home, which I still own today. I bought it because it has a home with a little shop in the back that I can run my business out of. So I still have it today and finally it’s cash flowing. Well, you figure 2003. I bought it . . . and this would explain everything. I bought it in an A class community. So the A class community, for anybody doesn’t know, it’s all about the appreciation, not about the cash flow.
Mike H.: Right. [inaudible 00:04:32] the cash flow as well.
Mike F.: Right. So in 2003 I bought my first one, skipped 2004, off to a really good start here for one year, and then bought another one in ’05, 2006 went through a divorce. And then 2008, everybody knows what the hell happened there. So I did build up my portfolio in the A class community. We’ve probably got like six or so until I educated myself in 2009 and I searched out to the southeast suburbs of Chicago and I just learned about the cash flow out there is so much greater.
I don’t know that you can get in, at that time, at a greater year, man. I was buying up homes for 20, $30,000. If I was paying 40, I was like crying like a baby. Today talking about looking forward.
Mike H.: Those heydays are gone for right now.
Mike F.: Yeah, yeah.
Mike H.: They might be back.
Mike F.: I’d buy those up in a heartbeat for $40,000, right? So I built up my portfolio there. I was just buying them up and rehabbing them. I built a relationship with a little mom and pop bank down the street from me and we’re still doing deals together today. So it just worked out really well.
Then fast forward to about 2014-ish. I built up my portfolio to just under 30 doors. It was just myself though. So no more remodeling, no more carrying a hammer, no more carrying an air compressor, drywall, shingles, all that crap, you know, lugging it around, waking up early. Anybody that’s into remodeling or construction industry, they know, man, this just sucks when you’re working for somebody.
For example, I would be going out. I don’t want to relive it but I think people could relate with me on some level. Anybody that was doing remodeling, going out, talking to people about their kitchen, their bathroom, their basement or whatever it is, you go out there and you drive there for half an hour. You’re going to talk to them for another half an hour or more. I mean, if it’s a kitchen, way more than a half an hour. So now you’ve got, like, an hour into it. You’ve got to still drive home, so you’re an hour and a half into this thing, and then you’ve got to do the estimate. So you could be two and a half hours into this thing and guess what? You do the whole thing, email it off to them, call, follow up, you know what you get? Freaking nothing, man. You get nothing, right? You just lost two and a half, three hours of your life for nothing. How often are you going to do that, right?
Mike H.: Right.
Mike F.: I was like, “I’ve got to make some changes here, man. This is crazy. I can’t do this anymore.” The economy changed. People were working out of the back of their minivans. I don’t blame them. You know, the union guys out there stomping on my toes, man, when I’m out there grinding, now they’re stomping on my toes, right, working out of the back of their minivan. I get it, man. They’ve got to provide for their family but so do I. That’s why I had to change my focus and I’m grateful for that and that’s why I went more towards the B class community and built up my portfolio out there.
So about four years ago I was like, you know, I built it up, I’m doing some traveling, enjoying life and just really, like, wow. I know it sounds crazy but on some level I was bored. I know it sounds just . . . I like to move. I like to do things, you know? I don’t want to sit still. So I got a little reprieve there and from there, man, I just jumped out. I’m like, you know what, I made such a huge difference in my life so fast with real estate.
Mike H.: If you’re an active real estate investor already doing deals and looking to double or triple your business, you should consider joining the Investor Fuel Real Estate Investor Mastermind. We’re a small group of investors that share our best practices, tips and tricks with one another in an effort to all win. We limit our membership to only one to two members per market so everyone shares their knowledge, tips and tricks openly and honestly. Our members include some buying one to two houses a month, up to some of the most respected investors and leaders in the real estate investing industry, some of which who have personally done over 1,000 deals.
If you’d like to be considered for our invitation-only world-class mastermind, please visit investorfuel.com to request your personal invitation. Our next meeting is coming up quickly. Go to investorfuel.com now to learn more.
Mike F.: Doing some traveling, enjoying life and just like, wow, I know it sounds crazy but on some level I was bored. I know it sounds just . . . I like to move. I like to do things, you know? I don’t want to sit still. So I got a little reprieve there and from there, man, I just jumped out. I’m like, you know what, man, I made such a huge difference in my life so fast with real estate.
Mike H.: Yeah, that’s awesome.
Mike F.:[inaudible 00:09:43]. I can go help other people.
Mike H.:Fast forward, now you help lot of people build wealth with rental properties, managing multiple units.
Mike F.: Right. That’s exactly what I did. So I wanted to help other people do the same thing, so I just reached out to some people and today we’re managing over 300 doors and have many investors with us and doing the property management in-house, providing turnkey properties. I’m just out there making a difference in people’s lives today, man, so I’m just super excited.
Mike H.: Yeah, that’s awesome. So the same thing we’re going to talk about today is really what you lived through, is, hey, a lot of us work really hard. We know that you can get some nice paydays with wholesaling, rehabbing. There’s drama associated with some of that stuff, no doubt, but you can get some nice paydays.
But if you sell everything and you’re not keeping anything as a cash flowing rental or asset, not that you should keep them all. There’s ones that are the right fit for you. I mean, I’ll say this, I don’t have a huge rental portfolio. We have about 40 doors or so and we bought them really well, but there’s millions of dollars of equity in that thing now. It’s not like I have a pallet of cash sitting in my garage. I mean, it’s tied up in . . . I’m like . . . you know, real estate investors, we’re all like real estate rich and cash poor, right?
Mike F.: Right.
Mike H.: But the thing is the cash flow that throws off is way more than our corporate jobs or anything that we had previously. Like, we could live on that now. If we choose not to, we continue to pay down debt and do other investments. I’m doing some multi-family stuff now. But at the end of the day, I look back and wish instead of 40 I had 400, and there’s really no reason why I don’t other than just lack of experience of knowing that was the right thing to do. Right?
Mike F.: Yeah, absolutely, man. Yeah. I’ve doubled my portfolio in the last couple years. You know, I love cash flow, man.
Mike H.: Yeah. So let’s talk about the importance of kind of having that right mix. Like if we were talking right now and I guess there might be some people on here that haven’t done their first deal yet, kind of have new investors. There’s some people on here that are wholesaling or they’re rehabbers and maybe they just . . . and your mix of kind of what you do with houses changes with market cycles and with time and availability of cash flow and all sorts of stuff, right? But let’s kind of talk about the importance of having a mix that includes building up some cash flowing assets.
Mike F.: Yeah, so, you know, that’s a great subject. There was a guy, he used to live down the street from me 20-some years ago. He was just a kid, probably 17, 18 years old. His name’s Kevin and Kevin came to me about two and a half years ago because he saw some stuff that I was posting on Facebook and stuff and he bought his first property from me, his first turnkey property from me, and also his last.
This guy is on fire, man. I think he’s got like seven properties now. He wants to leave his job. He’s doing wholesaling. It sounds like just what you’re describing, right? He wants to leave his job. He’s got a great union job. He has such a passion for real estate. So any time I meet with him, I challenge him like, “Hey, dude, where are you going to be in 30 days?” I’ll put it in my calendar and I’ll call him up. And I’ll tell you what, this guy’s like, “Oh, man, Mike’s going to call me. Mike’s going to call me,” right?
So, you know, he’s out there doing it. He’s got his seven units right now. He’s doing wholesaling, so he’s got his cash flow coming in every month consistently and he’s doing his wholesale deals. He’s also got a couple flips going on in there. And this guy, he’s got a full-time job. I think that’s the perfect storm for somebody who wants to get into real estate. Anything works, nothing doesn’t, you know? And it’s not going to happen unless you get up off your ass and go out there and do something for yourself.
I say all the time I’m not a TV watcher. I’m not one to sit there and watch TV. I don’t have cable going to my TV. I have zero interest in it. I’m about educating myself, you know, learning from other people, going to mastermind, you know, group like yourself there and just learning and being the best that I can be and then give off the very best to other people. And Kevin is kicking ass.
Mike H.: Yeah. So I think it’s important for people to be . . . you know, there’s a lot of people that when you get started . . . you know, a lot of the coaches and mentors out there, a lot of people get started with wholesaling, right, because it’s not easy but it’s faster. You can usually put cash in your pocket faster, get some paydays. Then there’s some people that are just like, “I’m a wholesaler. I just wholesale everything.” But the problem is you’re only as good as your last deal, right?
Mike F.: Right.
Mike H.: Like every time you sell that house and you get paid, it’s awesome. You celebrate. Things are great, no doubt. But you’ve got to do it again and again and again. There’s nothing wrong with that but you can’t . . . just like you said in your construction business, you get to a point to where you like start to get some back pain or you’re like, “Oh my god, I’m getting too old for this,” and you’re going to get too old for wholesaling too.
Like, you can’t just wholesale. You can’t just rehab. You’ve got to be building up some cash flowing assets, or taking that money . . . I mean, why not take some of those wholesale fees and use that to start building long-term wealth? You’ve got to have kind of today money and short-term paydays and you’ve got to be building up some long-term wealth too, right?
Mike F.: Right, right, right. And that’s exactly what Kevin . . . that’s his plan is he’s taking his wholesale money and gone out and adding to his portfolio, adding to his portfolio. Yeah, exactly. You want to go out there and do . . . the wholesale deals, like you say, it doesn’t take much at all, right? As you get started, it really doesn’t take a whole bunch to get started and do some wholesale deals.
Mike H.: Right, right. So let’s talk about why rentals make sense. I mean, what are some of the benefits that you see of rentals, specifically even single-family rentals?
Mike F.: Yeah, the single family. I think especially coming from a new investor, you know, it’s a great way to cut your teeth in, a single family. A lot of people are nervous about the whole buying their first property. I don’t know what the phobia is. You know what the phobia was for me? The darn paperwork. I hate paperwork, man. That was just it, that was the only problem.
There’s a lot of investors that will come to me and they’re like, “I want to buy my first property,” so what we’ve done is we’ve just created a system for them to go through. And when you break it down in chunks, it’s not so bad, you know? Then the first property, I like the single family myself. I’m over 60 doors today and, you know, there’s a few multi-family mixed in there. I kind of like them both, really.
But I think as somebody just jumping in new, jump in in single family, and it doesn’t even have to be in your own backyard, really. And we can talk a little bit about the property management when it’s not in your own backyard. Or even if it is in your own backyard, if you don’t know what you’re doing, it’s going to cost you a shit ton of money, man, and you’ll be wishing you never got involved in it.
Mike H.: Yeah, so single family’s great and one of the nice things about single family is they’re just more liquid, right, than other commercial properties or bigger investments. It’s like we’re not harvesting any of our rentals now but I know that some day down the road, as part of my retirement plan, it might include the cash flow from the portfolio and selling a couple off every year to kind of harvest that as well. Or if you ever have one that, you know, is just a dog, like we’ve had a couple . . . I’ve actually never sold any of my rentals until about a year ago and we sold, I think, three or four but we seller financed them, so we still hold the notes and they cash flow even better, actually, because these were a couple of my dogs. But I didn’t want to sell them. They kept being dogs.
They’re like, how could we keep attracting the same type of tenant that just . . . in that same neighborhood for some reason they just keep turning over. But I had a hard time letting go of something that I saw as a cash flowing asset even though it was, like, reducing my cash flow in my portfolio. So I just kind of made lemonade with the lemons by seller financing. But yeah, assets like that are just powerful for building your wealth and they’re fairly liquid because, you know, you can always sell single family houses.
Mike F.: Absolutely. Multi-family right now, at least in the Chicago market, it is so difficult to find. Single families go pretty much anywhere. They’re all over the place. Multi-family, I can put out a two-unit or a four-unit, put it out there for sale and within 20 minutes it’ll be gone. It’s that fast, man. It’ll just get gone.
It’s crazy because there’s not much of it out there, right? These are seasoned investors that already have their portfolio, 20, 30 in their portfolio and they’re like, “All right, I got this.” Now they’ve got the confidence like they’re not playing with the small little onesie, twosies. And they do, they still have it, but they’re looking bigger now. It’s like, hey, they put their big boy pants on and now we’re going to go out and get a 4-unit or a 10-unit building, and those things just don’t last. The cash flow is there.
One of the things about multi-family is, and I’m sure obviously you know, is your single point of failure has just decreased. If it’s a four-unit, you’ve got one tenant that’s gone, you’re still cash flowing in that sucker. You’ve got one roof, one boiler, depending on where you’re at, one tax bill, everything works out in a much different way versus the single family. There’s arguments on both sides.
Mike H.: Yeah, no doubt, no doubt. So let’s talk about the team aspect of kind of building a team and I want to get into property management eventually here because that’s such a critical piece of owning rental properties. But let’s just talk about, without getting into a ton of detail like specifics of your team, but I know you, several years back you kind of overcame this hurdle that a lot of us face. As real estate investors, we’re cheap. Sometimes we try to do everything ourselves to save costs, right, but we’re limited by our own capacity. Just kind of talk to people out there about the importance of ultimately building up a team to help you, as we say . . . I didn’t come up with this quote but I say it takes a team to build your dream but talk a little bit about putting some people in place to help you build your business.
Mike F.: Yeah, I think that’s super critical. One of the big things for me in building the team was a few years ago when it was just me, I was just hiring some part-time people, you know, and really didn’t get anywhere. It was really difficult. You train somebody and then, boom, they’re gone. Train them and they’re gone. No commitment.
I met with this person at a mastermind group and talked with him for like 20 minutes or so and I could have left right after that advice that I’d gotten there. And what he said was, “Mike, you need to be doing more wholesaling,” which what we just talked about, because I told him about, “Hey, this is my portfolio. I’m cash flowing.” He’s like, “Look, you need to be doing more wholesaling and you need to hire a full-time person.”
Since then, now I’ve got six people that are on the team and here we are going and growing, you know, getting rid of the weeds, getting rid of the bad stuff, right, and making the difference. Not everybody is the rock star. Not everybody has the passion that I have.
It’s funny. I actually had one person on the second day believe me because I intimidated her with the passion. She’s like, “I will never be able to have the passion that you have. Like, I can’t keep up with you.” I’m like, “What?” Yeah, she was actually crying and, you know, peace out and she left.
I’m grateful for that. You know, I learned a lot right there myself. Gary has his systems in place and I’m going to be meeting with Gary too soon so I’m excited to learn from him.
Mike H.: Gary Harper.
Mike F.:Yeah, Gary Harper. He’s got some really awesome stuff and I believe his success rate is far greater than mine because that’s right up his alley. Again, my background’s remodeling, not necessarily hiring people.
Mike H.: Yep. Once you get that down though, and I found this too and we went through some things actually with Gary’s help too . . . for those of you who are listening, Gary Harper is a good friend of ours, been on the show. Fellow Investor Fuel mastermind. Mike’s in Investor Fuel. Gary’s in Investor Fuel. Gary’s one of our founding members, actually.
Yeah, when we went through that process of . . . the EOS process from the book “Traction,” the Entrepreneurial Operating System, you know, it really . . . like, I had one person on my team that I let go just a few days later because it was like, wow, it cemented something I already knew. It was like this person’s not the right fit. Then it brought the rest of our team together more because I kind of shared my vision and I allowed the rest of my team to help kind of partake in being a part of building that, right, and getting on board with it.
They helped, truthfully, tweak my vision too. Like, this is what I want to do and truthfully, one of the big things that I did was I kind of gave them permission to tell me “no.” I’m very good at coming up with ideas and taking us down a rabbit holes. Now, whenever I . . . because we defined our vision. “This is our plan. This is where we’re going.” So now I’m like, “Hey, guys, I got this new idea,” and they’re like, “Is it on our plan? Is this on the roadmap?” I’m like, “Well, no, but . . . ” Then they’ll literally just say, “Mike, we can’t do that right now.” Of course I can force it through but at least I have some checks and balances in place.
Mike F.: Yeah. I was just listening to a podcast with Jeff Bezos and Jeff was talking about . . . he comes up with all these ideas looking forward, you know, 2 years, 3, 5, 10 years down the road and some of the things that he put into place that other people didn’t do until two years later and he’s already cash flowing on this thing. But he also talked about all the failures that he had to get to where he’s at today also, right? It’s been said, “Fail fast, fail forward, and fail frequently.” If you’re not failing, brother, you’re not moving. Get up off your ass and put that remote down, man.
That’s just it, man. Go out there and do it. Stop talking about it and just do it, right? Buy that first house. Educate yourself. But don’t have that analysis paralysis too, right? And same thing with having the right team is so important, man.
Mike H.: No doubt. Let’s talk about part of your team. So you kind of have this internal team. Everybody’s a little bit different. Sometimes they have an internal team. When you’re a real estate investor that might typically include an admin or a virtual assistant and an acquisitions person. The rental business though, you’ve got to have some property management stuff going on.
I mean, I tell everybody, “You should never manage your own properties.” I’m just a firm believer that unless you’re an expert in the property management space, like you should be working with somebody else that is, because there’s just too many things that can go wrong. There’s too many issues that will just suck your time up, right? So I know you know as a property manager of hundreds of units, I know you know that. But just talk about the importance.
You know, if you’re in Chicago, of course Mike would like to talk to you about property management, but this isn’t like some pitch about you should hire Mike as a property manager. This is just telling you as a real estate investor, like, you probably have better things to do with your time than managing properties.
So, Mike, tell us your thoughts on property management and why that . . . you know, when you’re building up a rental base and you’re trying to build cash flowing assets, the way to get more cash flow long term is not to self-manage and try to save some money. Like, your time is far better spent doing one of two things: finding more deals or, god forbid, enjoying your life. That’s why you got in it in the first place. Like, property management’s not on that list, people.
So anyway. Go ahead and tell us the importance of good property . . .
Mike F.: No. It’s a short life, man, if that’s the case. That’s for sure, man. Property management is not a glorified title, that’s for sure, man, by any means. But I’ll tell you, property management in itself is . . . it’s the key to this business. It really is.
You know, you could have the best rehabbed home in an A class community, B class, doesn’t matter where that home is at. You can have the right tenant in place at that time. Everything, all the stars align. Wrong property manager in place, you will fail. It’s just a matter of time. You will fail. There’s no doubt about it. It happens so much and it’s not any one thing. It’s just multiple things that keep on coming up.
There’s been many people that have left their property managers and sought us out and are with us today. You know, we’re here to make a difference. A lot of these people, they waited until they’re having cash flow for six months. That’s horrible, man. That’s six months. Come on. That’s a lot of cash that they’ve lost. So they’ve lost their cash flow and maybe they’ve got a tenant in there, it’s going to take . . . I mean, yeah, we’re in Illinois and it takes a little while to get tenants out, especially in the winter time.
Being transparent, that’s one of the questions that people ask. “How long does it take to get a tenant out?” The answer is it just depends. It depends on the weather.
The property management is the key thing to this business, though. You’re going to fail, man, if you don’t have the right property management in place. And we’ve got some really cool systems in place to keep tenants in place. One of the things that I really think is a key thing is any straight pay, cash pay tenants, we only do two-year leases for them.
Think about it, if you do a one-year lease, the tenant moves out, you’ve got a refresh cost in there, you’ve got your cost of tenant placement in there and then you’ve got a vacancy. So let’s say hypothetically rent is $1,500. So you take $1,500 for the refresh, $1,500 to put a tenant in there, and $1,500 for a month vacancy. That’s $4,500. So what we do is we do a two-year lease. Ninety days prior to the two-year ending we’re going to send the tenant out a notice saying, “Hey, Mr. and Mrs. Jones, we noticed your lease is up in 90 days. We know there’s a cost in moving for you. Just being transparent, there’s a cost for moving to us when you move. So we’d like to offer you half off of your first month’s rent of your next two-year lease.”
So now you’re looking at $750. I call it an investment, not a cost. So it’s a $750 investment but your return is phenomenal, versus paying out $4,500 hypothetically. It could be more. Most likely it probably will be. It could be closer to 5 grand, depending, but still 750 versus 5 grand and we’ve got a really good success rate on that, keeping the tenants in there longer and it just works out all the way across the board. Investors are happy, tenants are happy, we’re happy. And we don’t charge anything to renew that either, so it’s just a win-win across the board.
Without having systems in place like that, can you imagine if you had a renewal fee every year on a one-year lease and so you had three years of renewals in there, that’s going to add up to, right?
Mike H.: Yeah, no doubt. I think one of the other things, if you’re an individual trying to figure this out, of course you’re in Chicago where there’s even more regulations and rules than someplace like Texas, right? But in every market there’s rules and regulations about how you treat tenants, how you talk to them, the eviction process, all that stuff. If you have to go figure that out on your own, you have like one or two rentals because you’re trying to save money, it’s like what is the opportunity cost of your time to try to figure that out?
By the way, you’re just never going to be as knowledgeable or learn from experience as much as somebody that’s managing hundreds of rentals, which is really kind of the case for you shouldn’t be managing these things yourself. You’ve got better things to do with your time. Like, leave it to the experts. Don’t do your own dental work either.
Mike F.: No, no, no.
Mike H.: To save money.
Mike F.: I like to say, every deal needs four things: time, money, credit, and knowledge. So leverage your money and your credit against our time and our knowledge and you will cash flow in a greater way and you’re going to have more time for your life and a hell of a lot less headaches, man.
Mike H.: Yeah, absolutely, absolutely. Well, everybody, I think what we’re trying to prove here today is just kind of the case for building up some cash flowing assets because some day that’s going to offset your income and then some day that could be double, triple, 4 times, 10 times your income. You know, you’re never going to get . . . you can get some nice paydays. Believe me, I’ve flipped hundreds of houses. I’ve wholesaled tons of houses. Rehabbed hundreds of houses. That’s all great. We had some great years, great paydays and stuff and we reinvest some of that money but my wealth is from my rentals. That is legacy building and long-term wealth type stuff that you can do that you can’t do wholesaling or rehabbing, right?
Mike F.: That’s right, man. Making a difference, building that legacy. Legacy’s not always about money, man. To me, it’s about making a difference. Money goes along with it. You go out there and make a difference and the money’s going to follow.
Mike H.: But when you’ve got that money though, I mean, let’s not fool ourselves there. I mean, money is not everything but if it gives you your time back to, like, spend more time with family, have more experiences, travel more, do the things that we are want to do more of, whether it’s travel or not, it could be spending more time with charities or other events or other things that you care about, it’s like that’s what feeds our lives. That’s what helps build legacy stuff in your family too is those experiences and opportunities, right?
Mike F.: Absolutely, yeah.
Mike H.: Well, Mike, hey, before we wrap it up here, if folks want to learn more about you, I know you recently launched your own podcast and also have your turnkey businesses. Tell us a little bit more about how people could reach out to you and learn more about you.
Mike F.: Yeah, so it’s real simple. Go to mfcashflow. So you take that “MF” and you do what you want with it, but it’s Mike Fisher Cash Flow, man, mfcashflow.com and you’ll find me there.
Mike H.: Awesome. We’ll also add a link down below for that. Mike, thanks for joining us today, my friend. Good to see you.
Mike F.: Yeah, man, likewise, likewise. I appreciate you having me, man.
Mike H.: Yeah, we’ll see you here shortly at the next Investor Fuel meeting. I’m excited to have you there.
Mike F.: You’ve got it, man. I’m excited already, man. Dog with two tails. They’re both wagging.
Mike H.: Awesome. Hey, everybody, thanks for joining us today. This is episode 434. We’re going to keep these coming at you. I keep thinking about this all the time, how do I take this show to another level, how do I make it better, how do I improve it? I really love doing the shows but what matters most to me is if you like it. So if you haven’t yet, if you could subscribe, give us a positive review on iTunes, Stitcher radio, YouTube, wherever you might watch it at. Of course all of our stuff, hundreds and hundreds of shows, are on flipnerd.com. If you can check us out there too, we would appreciate it. So show us a little love and we’ll keep them coming at you. Thank you, guys, we’ll see you on the next show.
If you’re an active real estate investor already doing deals and looking to double or triple your business, you should consider joining the Investor Fuel Real Estate Investor Mastermind. We’re a small group of investors that share our best practices, tips and tricks with one another in an effort to all win. Real estate investing can be a lonely business for successful real estate investors but it doesn’t have to be. Investor Fuel members meet four times a year but we talk to each other 365 days a year and we focus on improving the profitability of our businesses, improving the quality of our lives. That’s why we do this, right? And making an impact on those around us so we can truly leave a legacy.
We limit our membership to only one to two members per market so everyone shares their knowledge, tips and tricks openly and honestly. Our members include some buying one to two houses a month, up to some of the most respected investors and leaders in the real estate investing industry, some of which have personally done over 1,000 deals.
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