In this episode of Grab the Map, Johnoson Crutchfield is excited to invite and talk with Mike Mannino about Mike's involvement in the real estate business. They discussed various aspects of Mike's real estate journey, his background, insights into his motivation for getting into real estate, and much more!
[0:56] Mike began his real estate journey by purchasing and renovating single houses. Over time, he expanded his business, completing over 80 houses since he started working full time in 2017. In 2020, he shifted his focus to buying and wholesaling apartment buildings.
[1:57] At 16, Mike worked at McDonald's for $6.55/hour, realizing the challenges of the rat race. Balancing school and work, he saved $14,500 by age 19. In 2012, amid Michigan's recession, he bought his first house for $65,000, a foreclosure with significant issues. Excited about homeownership, he used an FHA loan with a three and a half percent down payment. This experience marked his entry into real estate.
[5:59] Mike's motivation for success in real estate stems from his father's physically demanding job as a contractor. Witnessing the toll it took on his father, he was determined to avoid a similar fate.
[9:40] Mike shares the story of Olivia, his office manager, who went from earning $35,000 a year to making over $100,000 annually through her work with him.
[11:55] Mike follows a straightforward decision-making process based on basic math. He aims to buy houses at 70% of the after-repaired value minus repair costs and focuses on first-time homebuyer houses in Michigan.
[17:16] Prioritize becoming proficient deal finders, as the ability to locate opportunities can lead to various monetization options and provide valuable learning experiences in the real estate industry.
[20:24] Mike shares a recent success story of acquiring a distressed house for $35,000, with an estimated after-repaired value of $200,000. The property, plagued by issues like raccoons and condemned status, became a lucrative opportunity due to the seller's need to unload the burden.
[24:27] It's important to document your real estate journey. Start with weekly posts on social media to showcase the process of buying and fixing houses. By sharing videos and updates, you can generate interest and capital for your business.
[30:12] Mike describes his seemingly "boring" yet fulfilling daily routine. He values being physically active, often going to the gym with his girlfriend in the afternoon and takes advantage of the flexibility to spend time outdoors, given his move to South Carolina, where he has a pool and a boat.
[32:56] Mike talks about his social media presence on Facebook.
[34:05] You can navigate the often lonely and scary world of real estate by connecting with people at the level you aspire to reach. Leveraging networks and seeking guidance from those who are more experienced is very crucial.
Mentioned in this podcast:
Connect with Mike Mannino on Facebook at https://www.facebook.com/MikeManninoII/
If you are interested investing in real estate and making connections, shoot an email [email protected]. Read on some of our blog post http://grabthemapllc.com/