389: He Changed His Strategy & Is Now Making $1M/Year! With Mike Simmons

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 2 July 2020

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you tired of toiling in the trenches... and ready to run a business that cranks out profits without your constant involvement? That's what today's guest has managed to do! In this episode, Michigan-based investor Mike Simmons shares exactly how he went from moderate success to $1 million in annual profit. You'll learn why Mike switched gears from flipping to wholesaling real estate, what he's learned from spending hundreds of thousands of dollars on various marketing channels, and the four-point checklist you must use when considering any kind of partnership. Ultimately, expert marketing tactics are fine and well. But to scale, you've got to master leadership and hiring—topics Mike covers in great detail here and in his new book, Level Jumping. So pick up a copy (see link below), and share this episode with a friend, family member, or fellow investor who you think would enjoy it! In This Episode We Cover: Mike's remedy to cure a bad case of "analysis paralysis" Why he switched gears from flipping to wholesaling Why wholesaling is NOT always a great thing for newbies The marketing channels Mike uses to do 100 deals per year Ultra-specific direct mail tips (from a guy who's sent hundreds of thousands of dollars of direct mail!) What most do wrong with direct mail marketing How he made a $50K assignment fee and the key lesson he learned Hiring and managing transaction coordinators Hiring his first salesperson on a "straight commission" pay structure Using personality assessments like DISC and Kolbe when hiring Why intelligence is not the most important predictor of success in real estate investing And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast BiggerPockets Podcast 050: Getting Started and No Money Down House Flipping with Mike Simmons BiggerPockets Insights BiggerPockets Insights Rent Estimator Gary Vaynerchuk's Instagram Gary Vaynerchuk on Finding Deals Through Social Media & Crushing It as an Entrepreneur KOLBE Personality Test Check the full show notes here: http://biggerpockets.com/show389 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show 389.
0:03.7	You want to go forward, then you can steer, right?
0:06.4	You just have that car sitting there, it's not starting.
0:08.4	You can't change, you can't get better, you can't learn.
0:10.6	And frankly, if you do your first deal and break even the learning that took
0:15.1	place on that deal is off the charts. I read books I went to seminars my first deal gave me
0:20.0	ten times more confidence and education to do the next deal than everything I had done prior to that.
0:25.4	You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.
0:32.3	If you're here looking to learn about real estate investing
0:34.8	without all the height, you're in the right place. Stay tuned and be sure to join the
0:40.0	millions of others who have benefited from BiggerPockets.com.
0:44.0	Your home for real estate investing online.
0:47.0	What's going on everyone? It's Brian Turner, hosted the BiggerPockets podcast here
0:51.0	with my co-host Mr David Green.
0:54.1	David Green, welcome back to the show man,
0:56.2	how you doing?
0:57.2	I'm doing wonderful.
0:58.1	We're in peak real estate sales season.
1:00.6	The market's still hot.
1:01.7	We have an amazing show today with a guest
1:04.4	that was on once before and kind of,
1:06.9	you saw what he was at, the ground floor,
	...

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