Exit Plan: Failure Exposes Blind Spots & Success Leaves Clues with Mike Morawski Episode #165
Episode description
GUEST SUMMARY
Michael Morawski is a real estate investment veteran. He has controlled over $285,000,000 in real estate transactions. He is an entrepreneur, author, real estate trainer, public speaker, and personal coach with a strong, personal resilience, and deep desire to help others accomplish an extraordinary life. He has coached hundreds of real estate investors to fulfill their dreams.
Mike started his career as a general contractor in the Northwest Suburbs of Chicago with $5 mm in annual revenue. He then sold his company and took some time off to decide what to do next. He entered the real estate industry as a sales agent building a team of agents and support staff that produced over $20 mm per year in sales production.
Mike started a private equity firm in 2005, raising $18 mm in private equity and acquired $60 mm in multi-family apartments including 4,000 units in five different US markets. As part of the company’s growth, Mike built and developed a property management division that managed 7,500 units, along the way Mike ran into some hiccups and lessons that he shares with us and leading to him being indicted into prison.
In this episode, Mike rolls up his sleeves and shares wisdom from his wins and losses and reminds us that success always leaves clues. If you want to know how to identify your blind spots and anticipate red flags with deals, partners and your portfolio, Tune in to this episode, you’ll be glad you did.
HIGHLIGHTS OF THE EPISODE:
02:44 - Background of the guest
05:44 - Transitioning to Real Estate
08:18 - For sale by owner strategy
10:33 - Disadvantages of technologies (cellphones)
KEEPING IT REAL:
13:45 - Educate yourself by reading a lot of books
16:57 - Getting different coaches
18:50 - Get a coach that is 10 steps ahead of you
21:23 - Private equity model
25:33 - Raising capital on the first deal
28:02 - Starting off with a bad deal
30:54 - What if the market’s going to crash
32:10 - Not be over leveraged
35:05 - Underwriting deals
37:02 - 3 Core Businesses of the guest
43:45 - Make sure you’re always disclosing deals to your investors
48:21 - Don’t ignore the red flag signs
54:37 - Fundamental Lessons
57:27 - What’s next for Mike 3
NOTABLE QUOTES (KEY LESSONS):
03:13 - “ If you do whatever successful people have done, you can cut the learning curve and cut the time.”
“A good coach can’t be your friend.”
17:26 “You need to go on and get something else from somebody else.”
56:22 - “Success leaves clues. And don’t let your past or your stumbles define you because they’re not who you are. Take action and move forward.”
CONNECTING WITH THE GUEST
Website: www.mycoreintentions.com
Email: mike@mycoreintentions.com
Facebook: https://www.facebook.com/mycoreintentions
LinkedIn: https://www.linkedin.com/company/mycoreintentions/