Episode description

Welcome back to another episode of the REI Mastermind Network! I'm your host, Jack Hoss, and in today's episode, we have a very special guest joining us - Mike Kaeding, the innovative mind behind norhart.com. Mike and his team are revolutionizing the multifamily investing industry with their unique approach focused on tackling housing affordability and driving down costs. Through their innovative strategies, they have achieved an impressive 20-30% reduction in construction costs and have their sights set on reaching a 50% reduction in the near future. Mike's journey in the industry is equally fascinating, as he initially had no interest in joining his family's small multifamily building business. However, after his father's passing, he stepped up to the challenge and has been leading the charge ever since. Join us as Mike shares his insights into their groundbreaking techniques, their commitment to improving labor productivity in construction, and their mission to make a positive impact in the world through housing affordability. We'll also delve into Mike's podcast, "Becoming a Unicorn," and how he balances work and family life. So, grab your headphones and get ready to dive deep into the world of innovative real estate investing with Mike Kaeding on this inspiring episode of the REI Mastermind Network!

Connect with Mike Kaeding: https://www.norhart.com/

Mike Kaeding and his innovative approach to multifamily investing

• Solving housing affordability and driving down costs
• Achieving a 20-30% reduction in cost and aiming for a 50% reduction in the future
• Using strategies from other industries, like manufacturing, to improve labor productivity in construction
• Bringing all trades in-house and implementing assembly line techniques
• Creating a culture of improvement and solving thousands of small problems to drive efficiency

Mike Kaeding's background and journey in the multifamily business

• Growing up in a small multifamily building business started by his parents
• Initially not wanting to be involved, but eventually joining and taking over after his dad passed away

The importance of hiring the best employees and continuous improvement

• Flying in employees from other states and working with world experts
• Implementing lean videos to showcase team improvements
• Gradually implementing significant investments in infrastructure
• Letting go of struggling team members and hiring the best people
• The impact of hiring the right people on productivity and success

Mike Kaeding's personal values and priorities

• Making a positive impact in the world through housing affordability
• Prioritizing his relationship with his immediate family
• Eliminating anything in his life that doesn't contribute to these two main elements
• Valuing his time and trying to double up tasks
• Engaging in fun activities, like his daughter's YouTube channel

Mike Kaeding's podcast and beliefs on making a positive impact

• Mike Kaeding's podcast "Becoming a Unicorn"
• Emphasizing the shortness of life and avoiding wasting time
• Using time to make a positive impact and pushing things forward
• Motivated by the fear of not doing enough to make an impact

Breaking out of the reactionary cycle and establishing goals

• Human tendency to be reactionary and only respond to pain
• Establishing goals and a bigger "why" to break out of this cycle
• Building the right culture and surrounding yourself with the right people

Mike Kaeding's...