Weathering the 2008 market crash is no mean feat, and some fared better than others. Talking to us today about the hurricane he faced when the recession began, and the lessons he learned from the process, is entrepreneur, author, real estate trainer, public speaker, and personal coach, Mike Morawski. Mike started his professional career as a pool contractor, but through a series of events, transitioned into real estate in the early 2000s. We find out how he learned all he could from those who had succeeded, and why he prefers diving right in instead of dipping a toe. We hear how Mike moved from residential real estate into syndicates, and the techniques he used to raise capital and recruit investors. Mike also gets candid about the five big mistakes that he made when building the portfolio: growing too fast, being undercapitalized, being overleveraged, not paying attention to the red flags, and finally, not listening to those close to you. From helpful advice regarding being upfront, and paying attention, this first part of the two-part series with Mike is a fascinating listen. So, to learn from one of the greats, tune in today!
Key Points From This Episode:
- Welcome to Mike Morawski, entrepreneur, author, real estate trainer, public speaker, and personal coach.
- An introduction to our newest host, Peter Pomeroy.
- How Mike moved from being a general contractor, into real estate.
- Why it’s important to learn from those who have succeeded.
- Mike’s thoughts on “Dipping a toe” compared to jumping right in.
- Why Mike moved from residential real estate to syndicates.
- How Mike raised capital and recruited investors.
- Who comprised Mike’s team, and the five big mistakes he made.
- The perfect storm: how the crash in 2008 affected Mike’s business.
- The lessons Mike learned from the crash.
- Where you can get hold of Mike, and what to expect from part two!
Tweetables:
“I understood that if you go seek out successful people, you model what they do that you could cut your learning curve. You could do a little bit better, a little bit faster, and give yourself an edge.” — @MikeMorawski2 [0:04:57]
“I didn't dip my toe in it. I think people need to make a decision, make a choice and just do what they want to do. It gets you there a lot quicker than when we dip our toe in the water to see if it's too cold or too warm, we never make a decision.” — @MikeMorawski2 [0:06:54]
“You're not going to grow professionally till you grow personally.” — @MikeMorawski2 [0:12:32]
“I want the men to listen to this right now because I'm a firm believer that our wives are a lot smarter than we are sometimes.” — @MikeMorawski2 [0:31:51]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate Facebook Group