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How To Invest In Real Estate Right Now Even If You Have Little Or No Money With Mike Wolf

REW 45 | Radical Real Estate Revolution

 

We are about to witness what could be the biggest wealth transfer history has ever seen. As COVID-19 takes its ultimate toll despite the palliative measures the government has taken, real estate is going to undergo a radical revolution that might just be your opportunity to get the real estate career of your dreams running. Are you ready to take part in this massive upheaval? If it’s money you’re worried about, you’ll be glad you tuned in to the show right now. Mike Wolf is here with Moneeka Sawyer to teach you how you can start investing in real estate right now even if you have little or no money. An investor who has over 30 years of experience, Mike is as knowledgeable in the field of distressed properties as he is generous in sharing his best practices to budding investors like you. Stick to the end for another generous gift from him that will surely start your year right!

Listen to the podcast here:

How To Invest In Real Estate Right Now Even If You Have Little Or No Money With Mike Wolf

Real Estate Investing For Women

I am excited to welcome to the show, Mike Wolf. He has been investing in real estate for many years. He is also an international speaker, mentor, philanthropist and world traveler. Mike has been featured on all the major TV networks, radio and print publications. He specializes in helping people create passive income so they can enjoy not just financial freedom but time freedom as well. Mike, welcome to the show.

It’s good to see you. How have you been?

I’ve been good. I’m glad we’re finally doing this. Tell us a little bit about your story. How did you get started?

It’s interesting because I get a lot of people that say, “Of course, you can do this, Mike.” They think I came out of the womb knowing how to do real estate. Nothing could be further from the truth. I got into this business totally by mistake. If we go way back in the middle grade twelve, I had no idea what I wanted to be when I grew up. My parents were always talking about doctors, lawyers, that’s all I ever heard. I’m terrified of blood so doctor was off the table right from the get-go. That wasn’t going to happen. Lawyers, you see shows on TV and they always have the fancy offices. I thought that was cool.

I went to a university and got my first degree. With that came a whole bunch of student loans. I decided before I go back and get my second degree, I’m going to get these paid off. I got a job at the phone company because my friend’s mother was a manager there. While I was there, I bought my first home to live in. Shortly after I bought that, my mortgage broker calls me up and says, “Mike, you’re making good money. Your credit is good. I can get you another mortgage if you want to buy another home.” I thought to myself, “Why do I don’t want another home?” He said, “You buy another property. You put tenants in there. They pay down your mortgage and 25 years from now, your home is paid off and that’s your retirement.” I go, “That makes sense.”

I bought a second property and put tenants in there, and two years later the market took off. I was still at the phone company at this time. I’m sitting on all this equity. I remember thinking to myself, “In the last two years, I made this much going into my job, which I don’t like that much. I made this much in real estate and I don’t even know what I’m doing in real estate. If I could do that by mistake, what would happen if I learned how to do this on purpose?” I wish I could say it was smooth sailing after that. I quit my job. I told my parents I’m not going to become a lawyer. My mom was still trying to get me to be a lawyer to this day but that’s all right.

I burnt all my bridges, which I don’t recommend people do. On the next deal, I managed to lose almost everything that I made. On the first one, it was meant to be long-term. That was my 25-year retirement plan. On the next one, I quit my job. I couldn’t wait two years for my next paycheck. I did things very haphazardly. I lost most of what I made. It was a very humbling lesson because back then, I was in my mid-twenties. I’m very cocky at that point because I thought I knew everything there was to know about real estate because I got this paycheck that was pretty sizeable especially back in those days.

Luckily, when I hit rock bottom after messing up, I was much humbler. Instead of being a know-it-all, I became a learn-it-all. I started to seek out and found a mentor. I started to read books on investing. I started to learn how to do this stuff as opposed to winging it. If I haven’t gotten humbler and looked for help, I’d be here maybe talking about real estate law not as an investor, but as a lawyer. I’m very grateful that I had my lessons early on.

It’s funny how many people who’ve been on this show started in real estate by accident. Ladies, I want you to know that. That’s how intuitive this is. In a lot of cases, getting started can happen. I love what you said about finding a mentor to grow and scale, and turn it into a business. I never turned it into a full-time business where it had to pay the bills until now. I’m in that transition, but now I’ve got a huge amount of equity to work with. There are different ways to do that. Could you talk to us a little bit about the last recession? I know that you have some ideas about what’s going to happen in the market and what’s coming up. I’d love to hear a little bit about that and your company that you called Foreclosure Fixers. That was what attracted me to this conversation.

Back during the last recession, a lot of people lost their shirt, unfortunately. I’m talking about investors now. Everybody was affected by it in some way, shape or form. I don’t like the term real estate investor. I prefer the term problem solver because that’s what we do. When people put their home on the market, there’s always a story behind it. Nobody wakes up one day and randomly says, “I think we’ll toss a for sale sign in the lawn.” There’s always a story behind it. Either they’re moving up, moving down, being transferred, or getting divorced. There’s always something behind that. The more problems we know how to solve and the more people we can help, the more we get paid. In this business, the best way to do it is win-win.

[bctt tweet=”The best way to do real estate is win-win.” username=””]

Every time you do a transaction, the person on the other end of that deal should also be benefiting. The goal should not be to look for some little old lady who has no idea of the value of her home, steal it out from under her, and leave her homeless. That’s not the goal of this. Back in the last recession, you’ve probably seen those postcards, “We buy homes, we buy ugly homes, we’ll pay cash for your home.” During the last recession, I went at it from a much different angle. I hired an attorney to learn the foreclosure laws inside and out. I sent out marketing materials that said, “We can help stop the foreclosure.” That was what the Foreclosure Fixers business was all about. There were two different types of people that would call me.

The type one person is sometimes bad things happen to good people. I can’t think of a time where there are more bad things happening to good people right now with COVID. Back in those days, a lot of people were losing their homes. A lot of people would have never dreamed of not missing their payments but sometimes things happen. Those type of people quite often lost their job, but then they found another job. Maybe they couldn’t get caught up on all the arrears. They may have been behind $5,000, $10,000, $20,000. They couldn’t get caught up on it, but now they can afford the monthly payments again. For people like that, quite often I would go in and I’d help stop the foreclosure. I’d loan them the money to pay off the arrears and they would pay me back with some interest. I’d help them stay in their home.

There’s the second type of person. Those are people that like to keep up with the Joneses. They like to quite often live way beyond their means. I remember when I used to do my own property management. Never do that, by the way. My tenants always had nicer TVs, better stereos. They had better everything than me. My book collection was a lot better than theirs but everything else that they had, all the material things are always better. There are lots of people that like to live way beyond their means. People like that, if you loan the money, you’re never going to see that money again. It’s going to disappear. For people like that, I give them what I call a soft landing. What I mean by that is instead of stealing their home out from under them and getting that home run, I’d always make sure that they had the money for damage deposit, several months’ rent, and money for food. I put them in a much better position than if they lost the home to the bank.

Sometimes I do a joint venture with them. I’d say, “You’re going to lose your home to the bank but why don’t we fix it up? Put it on the MLS. I know you don’t have the money to fix it. I’ll put up the cash to fix it. When we sell it, I’ll get some of the profits since I’m putting up some money but you’ll walk away with something instead of nothing.” I always looked for what was the best solution for that person on the other end of the table from me. I want to make sure that they’re in a better spot. What was interesting is that I wouldn’t get the home run. I leave some money on the table for the other person, but if they lost their job, they probably know five other people that they used to work with that lost their job too.

They start sending me their friends, and their friends would send me their friends. I never had to look for clients. Instead of getting that one home run, I always have more clients coming down the pipeline and we managed to help a whole lot of people. One of the reasons I’m so passionate about what I do is that when you help people with their financial problems, it’s like the tip of the iceberg. There’s a whole bunch of things below the surface. If they’re struggling financially, it’s almost guaranteed the relationships are there. There’s fighting going on. They’re probably stressed and depressed. Their health isn’t good. You’re fixing a whole bunch of different things. It’s not just the money thing that you’re fixing.

I remember I had one lady back in my Foreclosure Fixer days. She called me after I’d given her the soft landing. She said, “Mike, the day that I got your marketing materials, I was thinking of killing myself that day.” I don’t take very lightly the stuff that I knew. It’s not just about flipping homes. It’s about helping other people and getting paid for it. That’s why I love this business. After many years, I still wake up excited to be in this industry and that’s why.

This completely reminds me why I was excited to share you with my ladies. I heard the story the first time and this time it still chokes me up. It’s so good because I do think many people that teach about real estate investing want every last nickel that they can get. I like you, Mike. I want everybody to win. I’m focusing a lot on construction. When I buy a property that I’m going to tear down and build something else, I want to make sure that they’re getting paid market value. If they’re not getting paid market value, they’re not happy. The numbers have to work for me too, but I’m not going in there trying to low-ball them like all the other contractors are. What that means is that my profits are a little bit less but they’re getting taken care of, I feel good about what I’m doing. I still make quite a lot of money. My margins are a little bit lower. You can still make good money by being good out there. You can be kind. You don’t have to nickel and dime people. I hate to say this but I feel like it’s ripping them off.

We’re still reliant on our teams. When you have their back, they’ve got your back. I did a TED Talk and that’s one of the things I talked about, happiness and fulfillment. You can’t put a value on that. Going to bed at the end of the day and being able to sleep well and knowing that you helped somebody, that’s a much different feeling than, “I got this big paycheck. I wonder if that guy is homeless now. I made a lot of money but my team is struggling.” I think when everybody wins, you get in the flow and everything falls into place almost by magic.

It’s more gratifying. I talk so much on my show about bliss, and bliss isn’t about money. Bliss is about how you feel. When you’re in the business of making money so that you can create wealth, so that you can live the lifestyle, there’s still a disconnect. If you’re building a business that also makes you feel good and you feel good about what you’re able to do with your life, now you’ve got a full picture. You feel good in your business, you feel good in your life. It’s all working. If you have this disconnect where one is outside of yourself, it’s all about the money. There’s no gratification other than the money in that business. It’s not going to support and carry into the rest of your life. It will give you the financial means. When we talk about bliss, it’s about the support of your life and all aspects of your life.

When you do things right, you get this balance and your team will stand up for you. They’ll go above and beyond. This is a people business. I think it was Zig Ziglar that said, “How you show up in one thing is how you show up in everything.” Whether it’s the Uber driver or the server at the restaurant, every single person, it’s important to make that other person happy no matter what that is. Your teams, more than anybody, the people on the other end of that transaction. Everybody should walk away happy and wanting to keep doing it over and over again as opposed to, “I made an extra few thousand dollars on this paycheck, but that guy’s never going to work for me again. This guy’s still working for me but he hates me. The first chance he gets to jump ship and go somewhere else, he’s going to do that.” This is definitely a people business. The better you treat people along the way, the easier it’s going to be for you too. It all fits together. It’s like a puzzle. You have to take care of everybody along the way that helps you to get to the point that where you want to be.

REW 45 | Radical Real Estate Revolution

Radical Real Estate Revolution: Real Estate is a people business. The better you treat people along the way, the easier it’s going to be for you too.

 

I know we’re going to do a deep dive in Extra a lot more about the economy and what to expect. I’m excited about that conversation, but can you give us a high level of what we’re foreseeing and also what strategies might work in the coming months or years given our economy?

We’re definitely heading into some interesting times. If I had to sum up the highest level of what we’re going to see, it is probably going to be the greatest transfer of wealth in history. When I say transfer, the money is not disappearing. It’s not going into thin air. I think of those snow globes, those things you shake up and the little snowflakes fall from the top to the bottom. Imagine those are $100 bills instead of snowflakes, that money is falling from the top. We’re seeing a lot of people that were in an enviable position. Imagine you owned an office space in downtown Manhattan. In 2019, that was like you’re on cloud nine. These days, you’ve got a lot of headaches. There are a lot of people not going to offices. A lot of things shut down. A lot of businesses are never going to go back to how they used to do business.

That money is trickling down somewhere and it might as well be you who gets it. The way to get that is to educate yourself and take these downtimes. There are a lot of places that are unfortunately, back in lockdown again. There are stay at home orders at some places. How are you using that time is going to dictate how things look for you a year from now and five years from now. If you take the time to educate yourself, that transfer of wealth could be transferred down to you. In terms of what opportunities, we have this big moratorium on foreclosures and I’m glad. I’d hate to see banks throwing people out on the streets in the middle of a pandemic.

That would not be good. That’d be horrible but that’s not going to last forever. The government is sending out stimulus checks. That’s not going to last forever. What we’re going to see, and one of my favorite strategies for many years has been tax deeds. What a tax deed is when people haven’t paid their property taxes in a number of years, the county forecloses on them. The county needs that money to keep its schools, hospitals and the police force open. Eventually, they put these homes up on the auction block after 2, 3, 4 years of nonpayment. My favorite auction takes place in Houston, Texas and it’s been shut down now for a good 8, 9 months. Normally, on any given month, there are usually 500 to 1,000 homes that change hands.

You multiply 9 months times 500, that’s a lot of homes that are backlog that never went up on the auction block yet. You added that to the fact that there are a whole bunch of homes that would have been foreclosed on in addition to those, and they haven’t been foreclosed on yet. What we’re going to see is a whole lot of opportunity for people that know how to do that strategy properly. Don’t attempt that strategy if you don’t know what you’re doing. It’s very lucrative if you know what you’re doing and you will lose your shirt if you don’t. If you know how to do that, there are lots of opportunities there. One of my favorite strategies if I was starting out, we’re getting a whole lot of people in preforeclosure.

That’s not yet but that’s coming down the pipeline. Every month when we look at that auction and most of the auctions across the country, they publish a list somehow. Some of them are online. Some of it’s printed. Some you have to subscribe to. They all publish a list of all the homes that are going for auction. Most people that go to those auctions take a look at the list, do their due diligence, show up at the auction and win whatever they win. For me, when I see that list, that’s a list of people that are in trouble. That’s a list of people that need help. They are three weeks to a month away from losing their home usually over a very small amount of money.

One of my students picked up a home for $7,200. Somebody lost their home over $7,200. That’s a list of people in trouble. Those are the people that I would send my Foreclosure Fixers flyer to and try to help them, try to give them a soft landing, help them stay in their home, stop the foreclosure. I’m going to try to come up with a solution for them before it ever makes it to the auction. Not everybody is going to reply to your marketing. There will be a lot of people that unfortunately, their home will struggle on the auction block. I call this a trifecta. The first thing I’m going to do is try to help them before it goes to auction. That’s number one. Number two is I’m going to go to the auction. In my case, I have a team that goes to the auction for me and my students.

I don’t go myself anymore, but I’m going to try and pick up those properties for pennies on the dollar. The third part of the trifecta is a very little known strategy called overages. What that is, when a home goes up for auction, if the opening bid is $5,000 and let’s say it sells for $50,000, that first $5,000 belongs to the county fair and square. The additional $45,000 belongs to the previous homeowner. Few homeowners have any clue this money is owed to them. The county makes little attempt to track down these people and get them this money because after there’s a statute of limitations and certain amounts of time, that becomes their slush fund. They can do whatever they want with it. Imagine you lost your home over $5,000.

That was the only thing stopping you from saving your home, $5,000. Somebody approaches you and says, “I know somebody owes you $45,000. If you’re willing to split that with me, I’m willing to get you this money. You don’t pay me unless I’m successful,” and you can negotiate with them. He might take 20%, 30%, 40%, whatever it is that you negotiate, but you’ve helped somebody who probably lost their home over that small amount of money. They are either moving in with relatives or homeless. They are in a bad spot. You reunited them with a pretty big chunk of cash. There are billions and billions of dollars owed to people all across the country. The great thing about these strategies is this last one requires almost no money.

For those people who are thinking, “I’d love to get into real estate but I’ve got no cash.” That one requires very little money or no money. You might have to pay to get the list. There might be some minor expenses here and there, but for the most part, you can do it with almost zero. Going to auction, I’ve had students pick up properties for $7,000, $8,000, $9,000. You need a little bit of money but it doesn’t have to be your money. The first part, giving people a soft landing or if you find somebody who has a bad position in pre-foreclosure, you can do something called wholesaling. You don’t have to have a whole bunch of cash. You put the home under contract. You contact somebody like myself or you and say, “I found this good deal on a property. I don’t have the cash to do it but I will assign that contract to you.”

[bctt tweet=”When everybody wins, everything falls into place as if by magic.” username=””]

What you’re doing is if you’ve found a good deal and you said, “Mike, I found this deal that you’re going to make $100,000 on. I’ll sign it to you for $20,000.” I’ll trade $20,000 and make $100,000 all day long. I know you would too. For people thinking, “I can’t get into real estate because I’ve got no money,” there are many different strategies that you can do that require a little or no cash, and you can go help somebody else on the other end of that transaction and create a win-win.

I love your compassion for people. All three of those strategies I was like, “I want to do that.” That was amazing.

That’s the tip of the iceberg. I got so many more in this program. I can talk for days.

Tell us about the program. Ladies, I’m excited about this. I wanted to share, he’s got a three-day seminar. It’s called Mike’s Wealth Mastery. Tell us a little bit about that and what you cover.

Let me tell you how it all started. Before COVID, I was pretty much retired. I would do 1 or 2 live events a year. They’d be 3 or 4 days long. I take people to Houston, Texas. We’d spend four days. I show them how to do tax deeds inside and out. I’d give them my teams. They don’t have to keep going back to Texas. After the four days, I’d hop on a flight. I’m usually very nomadic when borders are open and airplanes are flying. When COVID hit, it grounded me. I went back to Canada where I’m from because that’s where my grandkids and my daughter are. I spent seven months there. While I was there, I got talked into it. When I first got back, I was sleeping in every day, taking it easy, watching Netflix like everybody else. The phone started to ring and lots of podcasts, summits, radio shows, and people wanted to know what’s happening with the economy. What’s happening with real estate? I could tell there are a lot of people that are very worried about what’s coming up.

A friend of mine does a three-day summit. She brought me on as a guest speaker. I was supposed to speak for 45 minutes. She teaches wealth but not the real estate side of things. It was supposed to be 45 minutes. There are so many questions. I ended up speaking for two hours. She said, “Can you do a special event for my people in the afternoon?” I go, “Sure, no problem.” I did that and then she said, “Why don’t we do a three-day for my people.” I go, “Okay, fine.” The next thing, now I’m doing a year-long group coaching program. COVID is doing weird things. I went from retired to never having worked this hard in a long time, but I’m loving it. This three-day event that’s coming up, when I first heard they were shutting down the global economy, I’m going, “This is going to be a nightmare. There’s going to be a lot of people in trouble.”

I started thinking, “I’m going to set up my Foreclosure Fixers again because there could be so many people needing that.” The universe kept putting all this stuff on my plate that made it very obvious that I needed to make this bigger. I might be able to set up Foreclosure Fixers and help 50 or 100 families. When I started to get on all these podcasts and summits, I realized what if I were to do a training and teach people some of the strategies that I talked about and a whole bunch more? I’ll put these people on the front lines and created a movement of ethical real estate investors that were on the front lines, finding people in distress, helping them and getting paid for it.

This is going to be my fourth time doing this event. The first time I did it, it was $997. We got amazing feedback but I also got some people saying, “I don’t have a job right now, $1,000 is a lot of money for me.” I’m not making a ton of money off this event, even $1,000. When people come to my live events, it’s a lot more than that. I decided I want to help get as many people trained as possible. The three-day event is $97. It’s three full days of content like teaching some of the strategies I talked about inside and out and a whole bunch more, teaching how to do deals. It’s mostly focused on how do you do deals with little or no cash.

I know a lot of people are reinventing themselves. They’re not working, their business shuts down. They’re not in a good spot financially. How can I help the people that tune in to get to a better place and have those people help other people get to a better place and create this ripple effect? It’s $97 for three days. It’s been very successful and I’m proud of these events. I never would have done if it weren’t for COVID. It’s allowed me to help a lot of people so I’m super excited about it.

What strategies specifically do you cover at that event? Is there too many to list?

REW 45 | Radical Real Estate Revolution

Radical Real Estate Revolution: There are many different strategies that you can do that require a little or no cash, and you can go help somebody else on the other end of that transaction and create a win-win.

 

We’re going to talk about fix and flips, passive income, wholesaling, subject-to, the list goes on and on. How do you use technology to generate leads? A lot more about how I did the Foreclosure Fixers business, and talk about marketing and how people can emulate and copy exactly what I did. You don’t have to reinvent the wheel. Pretty much all the strategies that are going to be the most effective. When something like this happens, when you have a pandemic or a major change in the economy, what worked a year ago is not what’s going to work now. It’s going to be totally different.

It’s focusing on the stuff that you can do even if you can’t get out of your home, you can’t go look at properties. There are stuff you can do from your computer. Getting the most relevant strategies for these crazy times that we live in. My goal is to teach as many people as possible. Wherever you’re at whether you have money, whether you don’t have money, we’re going to teach you the different strategies to get you in this business and the stuff that’s going to work.

It’s $97. Do you record it? For instance, I know that weekend is my mom’s birthday. I would have to miss it if I were to attend. Will you be recording it and stuff?

I’ve got to check with my team. We have been selling recordings in the past. I’m not sure what the price point is on those. It’s funny because I have teams that delegate to me. They say, “Mike, where’s that video?” They set all this stuff up. I believe this event is going to be $247 but because I said $97. The last one was $97. We’ll honor that for your people. Remind me to make sure that we give you a discount code for your people for $97. We’ve been trying different price points because we want to get people to show up. I’d let people on for free but people don’t put a value on what they get for free, and they don’t show up. If they get it for free, they don’t show up because you don’t put any value. We’ve been testing different price points. We started at $997, and then we did the next few at $97. We’re going to try going a little bit higher but they’ll be $97 for your people.

Let’s use a coupon code and that’s BLISS.

That sounds good. Remind me and I’ll get my team to do that because I don’t know how to do any of that stuff.

I’ll go ahead and email you this stuff. There are a couple of things. That’s the event. Do you want to do a link for that event? I’ve got one for your free gift but let’s make up one for your event also. Let’s do BlissfulInvestor.com/mikeevent. What do you think?

That sounds great. As long as you remind me, that’d be good.

We’re going to do that. It’s going to be BlissfulInvestor.com/mikeevent. The code to get the ticket for $97 is going to be BLISS. That is going to be on March 12 through 14, which is a Friday through Sunday in the middle of March 2021. That will be awesome. Thank you for that. I also know that you have a free gift for everybody. Did you want to talk a little bit about that?

I got to thank COVID. In all seriousness, it created a lot of extra time in my schedule. Normally, I’m catching flights and bouncing all over the place. At the time I settled down, one of the things that I did is I wrote an eBook on the top strategies that are working right now. It’s called the Radical Real Estate Revolution. I’m happy to give it to your followers for free. It talks about some of the things you can get started in that are working. I wrote it while locked down. All the strategies or things you can do from your sofa. If you turn off Netflix for a few minutes, this is the stuff that you can do while you’re on your computer.

[bctt tweet=”Focus on having balance in your life and life will become magical for you.” username=””]

The book is called Radical Real Estate Revolution: The Top 7 Ways to Invest In Real Estate, Even If You Have No Money. The link to get the free report is going to be BlissfulInvestor.com/mikewolf. That’s where you can get the free report. That was generous of you. Thank you for that.

The goal is to help as many people as possible. There are many people that they’re going through a lot of stuff, a lot of transformations. I feel like a lot of people are losing hope, unfortunately. If I could share what I have in here, they’d be optimistic about the future and what’s coming up. There’s going to be a lot of people struggling but if we’re problem solvers, that’s an opportunity to help them and get paid for it. We have great times coming up ahead. There are going to be a lot of people that are needing our help. If I can help the people that are reading, and they go help some more people, who knows how many people those other people can help too. It trickles down.

It is the ripple effect. You help ten people, each of them helps people like that. It’s amazing what we can do. Thank you so much for that. In Extra, we are going to go on a deep dive into what Mike is foreseeing in the economy. We’re going to do a deeper dive on that. He talks in the show all over the place about that. I’m interested in his viewpoint. He gave us a high level here, but we’ll do a deeper dive on that in Extra. Before we go to the next show, are you ready for three rapid-fire questions?

Bring it on. I get excited and get passionate. I talk for hours. I had to keep it rapid but no guarantees.

Give us one super tip on how to be successful or how to get started in real estate investing.

The first thing that I would do and the thing that I didn’t do is I would get a mentor right off the bat. I wouldn’t mess around and lose a whole bunch of money and then realize, “I need a mentor.” I’d get the mentor right at the beginning. I’m proud of myself. I did a good job.

What is one strategy in being successful in real estate investing?

The biggest thing is all here. The most important piece of real estate is right in here. I’m pointing at my head and I’m talking about mindset. Mindset is the most important thing. For me, the biggest thing is gratitude. I know it doesn’t sound like it has anything to do with real estate but when you are grateful for where you’re at and what you have. There are people that no matter what they’ve got, they’re never happy. They finish that one big thing that they’ve been trying to do, and then they’ve got the next thing and they’re not even grateful. Start to practice gratitude. Every morning write down the things you’re grateful for.

I do a lot of volunteering. I went to a place called Vanuatu, which are these islands in the middle of the South Pacific between Australia and New Zealand. They had got hit by a hurricane. Myself and several other entrepreneurs who raised a bunch of money bought a bunch of water filters and gave them clean drinking water. After you see people don’t have clean drinking water, when you come home and you turn a tap and magically water appears, you can never be ungrateful. You have something to be grateful for. If you are reading this right now, you have a lot to be grateful for. You have a computer, Wi-Fi and technology. We have so much to be grateful for. I know it doesn’t sound very real estate-esque but that’s the secret. It’s practicing gratitude. Setting goals for where you want to get but being happy for where you’re at too.

That’s one of my big tenets of real estate. I call it the master key of bliss, is gratitude. Thank you so much for sharing that. What would you say is one daily practice that you do that contributes to your personal success?

REW 45 | Radical Real Estate Revolution

Radical Real Estate Revolution

Since I answered it for the second one, I’m going to give you a different answer. The other thing that I do, and this is what I talked about on the TEDx stage. When I was younger, I was always chasing money. I became a workaholic as a result of it. I didn’t mind it because I’m very passionate about real estate. I certainly was back then when I was younger. I was extra passionate because I love being in the trenches. Now I’ve got grandkids, my priorities have changed. For me, every day I wake up, I figure what makes me happy. Instead of figuring out how do I make more money, it’s what can I do to make myself happier?

That’s why I travel a lot because that’s one of my favorite things to do or hanging out with my grandkids, spending a lot of time with them. When my daughter was growing up, when I was a workaholic, I did not spend nearly as much time as I should have. If I could go back, I would definitely change that. Happiness for sure and then fulfillment. To me, fulfillment comes from helping other people. That’s why I do a lot of philanthropy and a lot of giveback projects. I love to help other people because, at the end of the day, I do it selfishly because it’s a win for the people that you help. When I do it selfishly, I’m seeking more fulfillment in my life. Those are the things that I do every day. I look for where can I create more happiness and fulfillment for myself and for others. How can I go help other people? That’s what I would do. Don’t ever become a workaholic. Don’t ever let your business get in the way of family and your health. If you don’t have those other two things, it doesn’t matter how much money you’ve got in the bank. Focus on having that balance in your life, and life will become magical for you. Every day you wake up excited and happy.

It’s as if you’re repeating what comes out of my mouth all the time. Thank you for validating.

There was a time in my life where I had plenty of money in my bank account but everything else around me was falling apart. I had the big house and all the toys and I wasn’t happy. I wasn’t lit up. I was thinking, “I did everything that my parents told me. I got the degree and I did this and I did this. I did all things I was supposed to do.” This is all there is. I got this material stuff but that lights you up. You get the new car and for two weeks you’re excited about it. After that, it’s not a new car anymore. You need that next thing.

It’s like a drug. You need that next thing and the next thing. You get caught up on this treadmill where you’re always chasing after more money to get that other thing. I’m glad those days are behind me now. I love being a nomad because I got rid of a lot of my stuff that I worked hard to get. It was still good to get rid of it. Now I travel with a couple of suitcases and almost everything else, I got rid of it and it feels good. Focus on the things that are important in life. If money was no object, what are the things you would do? I’m pretty sure, for most people, it wouldn’t be to go to a job that you hate every day. Find those other things, get your money in a good position, put that on autopilot, which is some of the stuff that I teach, big passive income, and then focus on the things that matter in life. When you say success, success to me isn’t money. Money is part of it for sure. To me, success is having a well-rounded, healthy, happy, and fulfilled life.

Thank you for that. Ladies, we are going to be talking more about the economy specifically and what Mike foresees for us in Extra. Mike, thank you so much for joining us for this portion of the show, for what you’ve already shared. It’s been amazing.

Thank you for having me. I am grateful to be here and I appreciate you so much.

Thank you, Mike. Ladies, thank you for joining Mike and me for this portion of the show. In Extra, we’re going to be talking about the economy and what we can expect. If you’re not subscribed to Extra but would like to be, go to RealEstateInvestingForWomenExtra.com and you get the first seven days for free. You can check it out and see if you like it. Download a bunch of episodes or listen to them. If you love it, stick with it. If you don’t, no obligation at all. I have to say that I love these conversations, and I have the conversations that I want to have.

They are so juicy and full of great content. It’s like a quick pick me up, something I can do to make my world better. I love Extra. Ladies, definitely check that out. For those of you who are leaving us now, thank you so much for joining Mike and me for this portion of the show. I look forward to seeing you next time. Until then, remember, goals without action are just dreams. Get out there, take action and create the life your heart deeply desires. I’ll see you soon.

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About Mike Wolf

REW 45 | Radical Real Estate RevolutionMike Wolf is a self-made freedom lifestyle entrepreneur, multimillionaire investor, and international speaker.

He has been investing in real estate for almost 30 years and has been involved in several other entrepreneurial ventures.

 

 

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