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Ep 020: $20K profit on his first wholesale deal | Michael Butler
02:36 – Michael tells us a story about this house that has tall grass around and in front of the door, he’s afraid of knocking on doors especially that kind of house that seems like no one can live there. He finds this old lady which seems like a hoarder, the floor was very filthy. Michael is afraid to make deals in such unlivable houses but he’s proud he overcame his fears and came out of his comfort zone.
04:53 – Michael shares how he got started in the real estate business. He was on Christmas break at the time, watching Youtube videos and Breakfast Club when one of his friends talks about the minorities, and the cycle of life of people living on paying debts and he mentioned how real estate business builds wealth and from that point he typed it into YouTube and started watching Max Maxwell videos and became highly addicted to it. After he learned how the real estate business works he decided to start doing it.
07:40 – Michael says when you find out something you never heard of, it’s addictive. How are people doing this? Why are they doing it? What are the differences between a realtor and an investor? You’re hungry to learn! says Michael.
08:34 – Michael didn’t want to get “Paralysis by Analysis” so by January 1st he got going. He was driving for dollars because it was the one thing he could afford and his wife was very supportive. Income was low, money was not coming in but he continued on doing what he believed in despite his teaching schedule, it took 4 months for it to be fruitful.
10:22 – Michael says “How do you convince somebody that something is real when you’re still trying to convince yourself?” The biggest thing is just being consistent and being faithful that it’s gonna happen.
11:05 – Michael shares his wife’s first reaction when the first check comes in. Michael says she wasn’t saying anything but she was convinced and it really happened, she was speechless.
11:56 – Michael loves coaching. It’s a hobby for him but if he keeps on doing real estate business while coaching, he chooses them both. It allows him to do something he always wanted to do but not be dependent on the income of it.
13:43 – Michael talks about his first deal. It was a duplex, they rehabbed it and the first deal was $220K and that was January. The price was too high so he waited and hoped the owner would change his mind on lowering the price. In February the owner called Michael and asked if he would do it for $175K and it was a massive drop but it was still too high. In March the owner contacted him again and the deal was $135K. One of his friends offered to sell it at $154K so there goes the $20K profit.
19:11 – Having no sales experience or no negotiation experience shouldn’t be a fear according to Michael. I can’t convince you to sell your home says Michael. Offer him your time and convenience. Be transparent about it, give him options and make him understand the situation on making a deal.
21:54 – Michael says people feel like they’re being scammed or ripping someone off for money. People sell their homes, it’s not all about money, they have a problem, if you can solve their problem for them they take care of you.
22:39 – Michael talks about his second deal. It was a Facebook add, the daughter of the seller reached out to Michael. She has this house where her relatives were living for the last 3 years and still has a mortgage, basically she is paying on a house and not staying in it. So, Michael is sympathizing with the situation and helps his client make money on it.
24:06 – Michael uses the Facebook marketplace, the buy and sell trade groups to do real estate business. There are ways that are cheap and free, advertisement is kind of expensive.
27:05 – Family is the big reason why Michael is doing this. Being a teacher and being a coach he spends a lot of time away from home. So, when you hear of something that will allow you to spend more time at home and allows you to leave a legacy for your children, why not? says Michael.
28:05 – Michael says if you have something in your mind that will give you freedom to be able to enjoy life, chase it. You don’t get a lot of years.
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