cover of episode 389: He Changed His Strategy & Is Now Making $1M/Year! With Mike Simmons

389: He Changed His Strategy & Is Now Making $1M/Year! With Mike Simmons

Publish Date: 2020/7/2
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BiggerPockets Real Estate Podcast
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Shownotes Transcript

    <p>Are you tired of toiling in the trenches... and ready to run a business that <strong>cranks out profits</strong> without your constant involvement?</p><p>That's what today's guest has managed to do! In this episode, Michigan-based investor <strong>Mike Simmons</strong> shares exactly how he went from moderate success to <strong>$1 million in annual profit</strong>.</p><p>You'll learn why Mike <strong>switched gears</strong> from flipping to wholesaling real estate, <strong>what he's learned</strong> from spending hundreds of thousands of dollars on various <strong>marketing channels</strong>, and the<strong> four-point checklist </strong>you <em>must</em> use when considering any kind of partnership.</p><p>Ultimately, expert marketing tactics are fine and well. But to scale, you've got to master <strong>leadership and hiring</strong>—topics Mike covers in great detail here and in his new book, <a href="https://www.amazon.com/Level-Jumping-business-million-profits/dp/1734832703"><em>Level Jumping</em></a>.</p><p>So pick up a copy (see link below), and <strong>share</strong> <strong>this episode </strong>with a friend, family member, or fellow investor who you think would enjoy it!</p><p>In This Episode We Cover:</p><ul>
  • Mike's remedy to cure a bad case of "analysis paralysis"
  • Why he switched gears from flipping to wholesaling
  • Why wholesaling is NOT always a great thing for newbies
  • The marketing channels Mike uses to do 100 deals per year
  • Ultra-specific direct mail tips (from a guy who's sent hundreds of thousands of dollars of direct mail!)
  • What most do wrong with direct mail marketing
  • How he made a $50K assignment fee and the key lesson he learned
  • Hiring and managing transaction coordinators
  • Hiring his first salesperson on a "straight commission" pay structure
  • Using personality assessments like DISC and Kolbe when hiring
  • Why intelligence is not the most important predictor of success in real estate investing
  • And SO much more!

    • Links from the Show

    Check the full show notes here: http://biggerpockets.com/show389

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