Show Notes

On this segment of HyperFast Wealth, host Dan Lesniak speaks with Mike Wolf, a former realtor, now real estate investor from Canada. Mike has built a diverse portfolio in real estate that allows him to live on passive income, while teaching others to do the same!

Episode Highlights: 

  • Mike is from Canada, invests in the United States, and is currently “wintering” in Mexico.
  • Like most high schoolers, Mike had no idea what he wanted to do with his life, going into college to gather a massive amount of debt.
  • After buying his second property, the market took off and Mike quit his job to become a real estate investor and agent.
  • Mike recommends that all real estate agents learn basic investing skills to be able to help more people.
  • Completely dropping his real estate license helped Mike speed up his investment game.
  • Dan and Mike compare the time investments between becoming an agent and an investor.
  • Mike’s other real estate business in Atlanta is completely automated, but it took time to get there.
  • Not all people want the same things for their houses and that’s where being an investor comes into play.
  • Present multiple options so that you can always do what is in the best interest of your client.
  • COVID is going to put a time limit on homeowners that find themselves in financial troubles.
  • Mike is able to live off the passive income from his turnkey business and rental properties that he has gathered over the last 20 years.
  • During COVID, Mike has focused on his online-training services to teach others how to get started in real estate.
  • Just because someone can benefit from providing a solution to someone in trouble doesn’t mean they are evil.
  • Back in 2007, Mike created a business that helped people who were facing foreclosure by lending them money in a time of need.
  • By helping people who lost their jobs, Mike was able to help people in their networks who also lost their jobs.
  • People that are using all this extra time presented by COVID to learn and grow are going to come out the other side way ahead.
  • Let go of the responsibilities that you don’t want so that you are maximizing your time.
  • Mike used a line of credit as his downpayment for his first house, letting the amount season in his bank account for 90 days.
  • Mike teaches his students how to buy properties with or without their own resources by building their networks.
  • Assisting people financially helps them in so many other areas of their life that you don’t know about.
  • People need to learn how to find great deals and turn them into a paycheck, then it will be easy to find partners.
  • Money is not going to disappear as we go deeper into the pandemic, but it will be transferring hands.
  • Even without COVID and the instability of the government, there will always be opportunity in the future.
  • The most important thing in real estate investing is to get started; don’t let money stop you.
  • Mike’s ego presented many challenges early on in his career, but now he focuses on personal development to continue growing.
  • Email Mike about his event and say you heard him on this show to get the discount.

3 Key Points:

  1. It would behoove real estate agents to gain investing skills because it allows them to help more people, open more doors, and attract other investors.
  2. Mike has diversified his portfolio with multiple revenue streams including rental properties, training sessions, and his turnkey business.
  3. Too many people think that because they don’t have a lot of money, they can’t invest in real estate. You don’t need to use your own money to get into real estate investing.

Tweetable Quotes:

  • “The best deals aren’t usually on the MLS. The best deals are private deals.” - Mike Wolf
  • “When you’re doing a flip, you’re kind of your own boss...Once you get a good team, your only job is going and finding the deals.” - Mike Wolf
  • “It’s really a matter of giving the people what they need and what they want, and it’s not always more money.” - Mike Wolf
  • “Whenever there are people in trouble, there’s always an opportunity to be the solution for them.” - Mike Wolf
  • “The bigger my bank account is, the more people I can help.” - Mike Wolf

Resources Mentioned: