Mike Jake has been in real estate since 2003 and he typically does around 70-90 deals per year. Mike has been able to grow his rental portfolio to slightly over 100 doors with the use of creative financing and an eye for asset growth. On today’s show, Mike shares the strategies he’s used to achieve the lifestyle he’s always wanted, how you can build a rental portfolio without having a large stack of cash sitting around, and so much more!
Key Takeaways:
- How do you become recession-proof?
- Mike does about 70-90 deals per year. However, he’s also focusing on other strategies to put him in the best position possible — no matter what state the market is in.
- Who is Mike and how did he get started?
- Mike shares what kind of deals he does and how he builds his rental portfolio.
- What does Mike’s marketing process look like?
- How does Mike reduce his tax liabilities and fully leverage the IRS?
- Mike right now has just a little over 100 rental properties with a total asset value of $20 million.
- A big portion of Mike’s portfolio is from creative financing.
- What was a typical house Mike bought during the recession?
- Mike likes investing in assets that go up! He’ll forgo cash flow if he knows the property has growth potential.
- You have to think long-term when it comes to real estate.
- Mike recommends a couple of the ways you can build a rental portfolio.
- Mike sat down and determined what he wanted his ideal lifestyle to look like and he planned it out!
- Remember, sometimes, you’ll just end up buying the wrong house and you won’t know until years later.
- The longer you do this, the more experience you’ll get, and the more chances you’ll have to get it right.
- Where does Mike see the market going in the next few years?
- Position yourself so you don’t have to say ‘yes’ if you don’t want to.
- There’s a lot of peace of mind that comes with knowing you’ll be okay when the market turns.
- Just start! Get out there and buy your first rental property!
- It’s important to pick and choose all the good things your mentors have to offer, but be aware we’re all human and everyone has flaws, too.
- It’s not that complicated: Buy a good asset, manage it well, and keep living!
- You have to have thick skin and realize you are going to make bad decisions, but the good news is, you’ll learn from them!
Mentioned in This Episode:
Mike’s Website
Connect with Mike on Facebook
Colorado Springs Real Estate Investing Club on Meetup
Book Recommendation: Building Wealth One House at a Time, by John Schaub
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Tweetables:
“I was dedicated to working hard so that I could be lazy!”
“It’s crazy. For every $10,000 you make, the IRS putting their hand in your pocket and taking 30-40% of that.”
“Sometimes, you just buy the wrong house and you don’t realize you bought the wrong house until hindsight.”
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