389: He Changed His Strategy & Is Now Making $1M/Year! With Mike Simmons
Are you tired of toiling in the trenches... and ready to run a business that cranks out profits without your constant involvement?
That's what today's guest has managed to do! In this episode, Michigan-based investor Mike Simmons shares exactly how he went from moderate success to $1 million in annual profit.
You'll learn why Mike switched gears from flipping to wholesaling real estate, what he's learned from spending hundreds of thousands of dollars on various marketing channels, and the four-point checklist you must use when considering any kind of partnership.
Ultimately, expert marketing tactics are fine and well. But to scale, you've got to master leadership and hiring—topics Mike covers in great detail here and in his new book, Level Jumping.
So pick up a copy (see link below), and share this episode with a friend, family member, or fellow investor who you think would enjoy it!
In This Episode We Cover:
- 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
- BiggerPockets Forums
- BiggerPockets Podcast
- BiggerPockets Podcast 050: Getting Started and No Money Down House Flipping with Mike Simmons
- BiggerPockets Insights
- BiggerPockets Insights Rent Estimator
- Gary Vaynerchuk's Instagram
- Gary Vaynerchuk on Finding Deals Through Social Media & Crushing It as an Entrepreneur
- KOLBE Personality Test
Check the full show notes here: http://biggerpockets.com/show389