Ep 108: Creating a Mean, Lean, Real Estate Machine with Mike Wolf
The road to greater efficiency is a journey that many real estate entrepreneurs must commit to if they want to achieve success. Today’s guest happens to have made this journey several times over to create a streamlined real estate business that has secured him financial freedom. Mike Wolf has been a real estate investor for over 30 years, and today he talks to us about all things property-related. We open the show by finding out about Mike’s background and how he got into the world of real estate. After hearing about his first deals and the evolution of his success, Mike tells us about his other revenue streams, like mentoring and speaking. We then dive into deeper detail about Mike’s major focus in real estate — single-family. He touches on how he delegates responsibility among teams, the process of automation, and why he chose to make riches from niches. Together we discover more about his process of automation, hearing about the various steps he took to create his well-oiled operation. Mike goes on to tell us about mindset, how you should manage employees, and why you need to hire people who love the jobs you hate. Toward the end of the episode, we take time to look at how Mike and his team have coped with the COVID-19 pandemic, and hear his predictions for the future by looking at trends and the current state of the market. Be sure to tune in to find out more!
Key Points From This Episode:
Introducing today’s guest, investor Mike Wolf.
Mike gives us a brief overview of his professional history, and how he got into real estate.
Hear how COVID-19 has created opportunity for Mike.
Find out why Mike prefers single-family to multifamily.
The special ways Mike automated major aspects of his revenue streams.
How you can find the right people to join your team.
Why having team members with ‘skin in the game’ creates a good culture.
Mike shares the secrets behind efficient management.
Attributes Mike looks for when choosing professionals to join his team.
Mike’s experiences as a money lender.
Hear about how COVID-19 has impacted Mike’s business.
How Mike tackles payment and rent lapses.
Types of markets that are going to benefit from the pandemic.
“I prefer single-family because when something goes wrong, it’s typically something that’s very minor.” — @MikeWolf9 [0:07:37]
“When you go and put your business on autopilot, you can go and do the things that actually matter.” — @MikeWolf9 [0:13:15]
“If you want time back, you can’t have meetings with absolutely everybody on your team. But I do have people on the ground, and it’s their job to oversee what’s going on.” — @MikeWolf9 [0:16:35]
“Building a great team is about finding people who love the stuff you hate.” — @MikeWolf9 [0:21:56]
“If you have a tenant that isn’t paying rent, you gotta make sure they know it’s not going to be a free ride, but it will be win-win. You’ll make your money and they will catch up their rent.” — @MikeWolf9 [0:34:21]
Links Mentioned in Today’s Episode:
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